IRS Attempts to “Bag” Tea Party

IRS officials Admit Targeting Conservative Groups  On Friday, the Internal Revenue Service apologized for “mistakes” made in the past few years in its flagging conservative groups’ applications for tax-exempt status. Lois Lerner, the director of tax-exempt organizations for the IRS admitted publicly on Friday to using terms such as “tea party” and “patriot” to flag tax-exempt status applications for additional scrutiny. Although Lerner insisted that the keywords were used as a shortcut for picking applications for further review, both the … Continued

Making a Mad Rush to the Post Office with Your Tax Return?

Will you be in the mad rush to the post office this afternoon with your income tax return? Helpful information from the United States Post Office is available here: [url href=”https://www.usps.com/taxes/” title=”Post Office Tax Filing Info” ]Post Office Tax Filing Info[/url]. Area Post Office Hours on Tax Day Make sure you are not headed in the wrong direction to get your return in that big blue box! Below is a list of area post offices and their extended hours today: Pensacola  … Continued

Only 5 Days Left to Meet IRS Tax Filing Deadline

Can’t Complete Your Return by April 15th? Midnight, April 15th, 2013 is fast approaching. Much too fast for many taxpayers. If you are one of the 20% to 25% of Americans that submit your returns during the final two weeks of tax season, you are far more likely to fall into the 5% to 7% who will file an extension. If you are anticipating filing an extension rather than a return by April 15th, keep the following in mind. 1. … Continued

Business Tax Returns Now Being Accepted

Many Businesses Can Begin Filing Tax Returns Today The IRS announced that at 9:00 a.m. EST today, they will begin accepting and processing 2012 tax returns, both electronic and paper filings, for businesses who file the following forms: Form 1120 filed by corporations, Form 1120S filed by S corporations, Form 1065 filed by partnerships,  Form 990 filed by exempt organizations, and Form 720 Quarterly Excise Tax Return [for most users]. Some Businesses Must Still Wait For The IRS’ Nod Businesses … Continued

IRS More Social Than Ever

Most people would not use the words “social” and “IRS” in the same sentence. However, the IRS is literally becoming more social – at least in their efforts to beef up an online presence in such a technologically connected world. The IRS has revamped its website, gone viral on YouTube, is tweeting to the taxpayer flock on Twitter, rolled out Tumblr, and created an App for that.  IRS Website Revamp According to the IRS, 340 million visits to their website … Continued

Tax Season Kick Off Official Today

Much Anticipated 2013 Tax Season Kicks Off The IRS announced today that they have begun accepting and processing most 2012 federal tax returns. The delay in accepting and processing returns was due to the final hour passage of the American Taxpayer Relief Act (ATRA) on January 2nd. Due to the many changes and extensions included in the ATRA, the IRS was afforded less time to update forms and complete programming and testing of its processing systems.  No Rain Check for … Continued

Florida Residents Impacted by Payroll Tax Changes

Smaller Paychecks in the Sunshine State One tax incentive not extended by the American Taxpayer Relief Act of 2012 was the Payroll Tax Holiday, commonly referred to as the “Payroll Tax Cut(s).” The Payroll Tax Holiday was part of the Tax Relief Act of 2010, which reduced the total percentage of Social Security tax on earnings to 10.4%. For employees, 4.2% of the total percentage came directly from their earnings, while the employer paid the remaining 6.2%. Although the amount … Continued

Florida Residents Benefit from Tax Cut Extension

Florida Among States with No Income Tax Florida is one of only seven states which do not tax residents’ income. Those states are: Alaska, Florida, Nevada, South Dakota, Texas, Washington state, and Wyoming. Two additional states – New Hampshire and Tennessee – do not tax earnings, but do tax interest and dividend income. No State Income Tax, No Federal Deduction Taxpayers who itemize deductions, rather than claiming the standard deduction, can claim their state and local income tax as a … Continued

IRS Pushes Back Opening Day of 2013 Tax Season

The Internal Revenue Service (IRS) announced on Tuesday, January 8, 2013, that it “plans to open the 2013 filing season [for filing 2012 tax returns] and begin processing individual income tax returns on January 30.” The vast majority of tax filers “should be able to start filing” on January 30. The remainder of tax filers should be able to start filing in late February or March, however a specific date has not yet been announced. No One can file before … Continued