Tuesday, May 14, 2013
Officials say the head of the government office knew his agency was targeting tea party groups in May 2012. Tell us what you think of the agency’s recent admissions.
It’s bound to be no party for Internal Revenue Officials in the coming days. The Associated Press reported Monday that IRS officials revealed that acting IRS Commissioner Steven T. Miller knew back in May 2012 that the agency had targeted tea party groups by unfairly investigating them to see if they were violating their tax-exempt status. Monday’s revelation came on the heels of last week’s acknowledgment by the agency that the groups had been targeted during the 2012 election season. Organizations that faced IRS scrutiny included those that had “Tea Party” or “Patriot” in their names. According to the AP’s report, about 300 groups were singled out for additional review; while about half of those cases had been closed and no group had …
Sunday, February 17, 2013
The Internal Revenue Service reports experiencing high traffic on its online “Where's My Refund?” tool.
The deadline to file tax returns isn't until April but taxpayers appear to be filing early and are already asking, Where's my refund?" “Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day,” the IRS said, according to a report by Accounting Today. “IRS systems are only updated once a day, usually overnight, and the same information is available whether on the Internet, IRS2go smartphone app or on IRS toll-free lines. While 'Where's My Refund?' is updated nightly, your account will not change that frequently.” According to the report, nine out of 10 taxpayers typically receive refunds in less than 21 days when they use e-file with direct deposit. …
Saturday, January 19, 2013
It's tax time again! Standard deductions will increase, but the ceiling for itemized deductions decrease in 2013, plus other changes that will affect your taxes this year.
Saturday, January 19
On Friday, the Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation-adjusted items were published in October 2012 in Revenue Procedure 2012-41. -News release from the Internal Revenue Service Keep up with news by subscribing to our free email newsletter, liking us on Facebook and following us on Twitter.
Friday, January 11, 2013
The agency is retooling after the massive 'fiscal cliff' legislation.