Why the IRS Should Push Tax Day to June 15

Credit.com on Yahoo
January 28, 2016

“The only way to stop tax refund fraud is to change the way the tax filing and refund system works, and while this may be a painful process for employers and taxpayers alike, it’s necessary…”

Read more at: Tax Day

Obama Signs 2014 Tax Extenders: Money In Your Pocket

forbes.com 12/19/2014

“It’s finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act today. While businesses are celebrating the one-year extension of the research and development credit and bonus depreciation, individual taxpayers have cause to celebrate too. That’s because the list of 50-plus tax extenders means money in your pocket come tax day next April…”

Read more at: Obama Signs 2014 Tax Extenders

Here are the eight personal income tax provisions still up for a vote in the Senate

washingtonpost.com 12/14/2014

“The $1.1 trillion spending bill that the Senate passed late Saturday will keep the government open until next September, funding a host of government agencies. By Wednesday, Congress also needs to extend dozens of tax breaks affecting a broad swath of the economy. Most of those tax breaks affect corporations, but eight are especially valuable for individuals. These are nowhere near as significant as previous battles over income tax rates, but for specific groups of people — teachers, residents of certain states, people underwater on their mortgage, parents with kids in college — they can be especially meaningful.

The following eight tax breaks would expire if Congress doesn’t pass a law extending them…”

Read more at: Eight ways the new big government spending bill affects your personal taxes

Beware of 2015 health insurance individual mandate penalty

marketwatch.com 12/9/2014

“The Obamacare law imposes a penalty on individuals who fail to have so-called minimum essential health insurance coverage for any month. This requirement is commonly called the individual mandate, and the penalty is the cost of noncompliance with the mandate. The bad news is the penalty can be considerably more expensive in 2015. If you are like me and had your health insurance cancelled (again), you must obtain coverage quickly to avoid getting socked with the penalty in 2015. Here’s what you need to know…”

Read more at: Beware of 2015 health insurance individual mandate penalty

Switzerland says will begin talks with EU on sharing bank data soon

Reuters.com 10/8/2014

“(Reuters) – Switzerland will begin negotiations soon with the European Union and some other countries on automatically sharing data on Swiss bank accounts held by foreigners, the government said on Wednesday.

It could start exchanging data in 2018 at the earliest, once an international standard is in place and pending parliamentary and even voter approval.

Switzerland, the world’s biggest offshore financial center with more than $2 trillion in assets under management, has come under huge pressure from the European Union and the United States to end bank secrecy as cash-strapped countries clamp down on tax evasion…”

Read more at: Switzerland says will begin talks with EU on sharing bank data soon

Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

irs.gov IR-2014-84, Aug. 28, 2014

WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.

To read more, click here: Scam Phone Calls

 

Donald Sterling’s last laugh: Tax-free $2 billion Clippers sale

Forbes.com – June 5, 2014

“L.A. Clippers owner Donald Sterling seems to be sitting pretty. Sure, he endured bad press and probably would not have sold the team were it not for the NBA action. He may not even get to do his own negotiating, since the NBA stepped in. But a $2 billion sale to Microsoft’s Steve Ballmer isn’t half bad.

Still, taxes could eat a big piece of his outsize profit. With these high numbers and Sterling’s advanced age, income and estate taxes look bleak, but are they? First, let’s take income tax.

Mr. Sterling only paid $12.5 million for the Clippers in 1981. The Clippers are apparently a corporation, but is it a C or an S corporation? C corporations pay corporate taxes, S corporations don’t. The legal owner is the Sterling Family Trust, though that trust could just be a living trust that avoids probate but is not taxable.”

To read more, click here: Donald Sterling’s last laugh

IRS Scandal’s Origins Become Clearer Amid Other Questions

Bloomberg.com – June 19, 2013

Internal Revenue Service employees flagged a Tea Party case to their bosses in 2010 because they thought it might receive media attention. They couldn’t have known just how right they would be.

The IRS didn’t turn that concern in its Cincinnati office into an efficient process for handling the applications by politically oriented nonprofit groups for tax-exempt status, agency officials say. Instead, the case ballooned into a controversy that has led to resignations, congressional inquiries and a criminal probe…”

For link to full article, click here: IRS Scandal’s Origins Become Clearer Amid Other Questions