Taxpayers can check refunds, get tax information WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. "This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when [...]
The IRS has announced on its website that victims of the severe storms, tornadoes, straight-line winds and flooding in counties of Alabama that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief [...]
According to the congressional Joint Committee on Taxation, 77 tax deductions, tax credits and other tax-saving laws expired on Dec. 31, 2011. The most popular deductions for individuals are state and local sales tax deductions and the college tuition and fee deductions. Companies are also seeing some of their favorites expire like the 100 percent bonus [...]
Prior to May 28, 2009, pay-as-cut sales proceeds were not required to be reported on 1099 information forms. However, in T.D. 9450, the Treasury Department clarified that both pay-as-cut timber sales and lump-sum timber sales are now required to be reported on Form 1099-S. Please contact our office if you need more information. We would be more than happy [...]
As if it is not enough to have to face the grief of losing a loved one, there are so many other administrative tasks set in motion by someones death that must be taken care of. From collecting the information needed to document the contents of the decedent's estate, all the way through to distribution [...]
Many clients wonder just how long it takes to get their refund back from the IRS. You can always check on the status of your refund at the Where's My Refund? at the IRS site. Where's My Refund? will usually have information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or [...]
Get started on the right path in planning your best strategies for minimizing taxes in 2012. Below is access to a guide that will help you find ways to benefit your retirement, family and heirs by being pro-active in your planning. We are always here to help answer questions and keep you informed of any [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]
Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]
The annual gift tax exclusion for 2012 remains at the 2010 and 2011 level of $13,000. If you are married, you can gift up to $26,000 per donee, per year, by using the gift-splitting rules while avoiding any federal gift tax ramifications. Gifting is a good way to reduce your taxable estate. For example, if [...]