May 142016

New York.

Here is a checklist to see if you’re getting the most out of your company retirement plan.

Does your employer’s plan have autoenrollment, and is so, is the contribution rate high enough ?

Can you “autoescalate” your contributions ?

Does your company offer a match ?

Do you know what your funds costs ?

Are you saddles with hgih administrative costs ?

Has anything changed in your plan lately ?

Have your allocations gotten out of whack ?

Are you making the right contribution type ?

Jul 092015

wash. D.C. IR-2015-95

Taxpayers interested in receiving helpful consumer tips this summer to get a jump start on this year’s taxes should consider joining the more than 660,000 subscribers who already receive IRS tax tips.

Starting July 1st, the IRS began offering its Summertime Tax Tip series which include useful information in English and Spanish. tax Tip subscribers receive a new tip via e mail three times a week during july and August. IRS Tax Tips are plain language messages that are easy to understand and cover a wide range of topics.

 July 9, 2015
Jun 012015

Wash. D.C. IRS.Gov

The IRS announced that it will provide limited relief for taxpayers who have a balance due on their 2014 income tax return as a result of reconciling the advance paynments of the Section 36B premium tax credit against the premium tax credit actually allowed on the tax return on the new IRS Form 8962.

The relief is from the Section 6651(a)(2) penalty for “underpayment of estimated tax”. In order to qualify for the relief, taxpayers must meet certain requirements. This relief only applies for the 2014 tax year.

 June 1, 2015
May 212015

Los Angeles. Fox News

Washington Republicans said this week that their requests to the IRS for correspondences between the agency and congressional Democrats remain unfulfilled after two years, raising questions about whether the Obama administration is trying to withhold information for a third straight election cycle.

“Instead of holding the IRS accountable, Democrats are trying to cover up their involvement in the IRS targeting scandel.” National Republican Senatorial Committee spokesman Andrea Bozek said friday.

 May 21, 2015
Mar 302015

New York.

Federal workers and retirees owed more than $3.5 billion in unpaid taxes last year, a $200 million increase over the previous year, the IRS stated. Almost 305,000 federal workers owed back taxes, which is actually down from 318,000. The delinquency rate was 3.1 percent for the 9.8 million workers and retirees included in the data. That’s down from 3.3 percent the previous year.

The IRS complies data each year on unpaid taxes by federal workers. The data does not include workers who have enrolled in installment agreements to pay their back taxes.

 March 30, 2015
Mar 162015

New York. Daily Finance

Unscrupulous tax preparers are suing President Barack Obama’s health care law as a ploy to pocket bogus fines from unsuspecting taxpayers, including some immigrants not bound by the law’s requirements, the IRS warned. In an advisory, the tax agency said consumers can be sure something is wrong when a tax preparer says they collect the health law fines that may be due the government.

“The payment should never be made directly to an individual or return preparer.” the IRS said. “Most people don’t owe the fine at all because they have health coverage or qualify for a coverage exemption.”  Sometimes the con artists promise to lower the purported fine if the consumer pays them directly.

 March 16, 2015
Mar 142015

New York, Daily Finance

After several states suspended e-filing through the popular online tax preparer, TurboTax itself temporarily pulled the plug on its state tax returns e-filing services due to security concerns. The company, owned by Intuit, which also owns QuickBooks, Mint, Quicken, and other personal finance and small business accounting products, resumed all regular services the following day.

Julie Miller, a spokeswoman for Intuit, says TurboTax has enhanced security measures, which includes multistep authentication, similar to the protections used by bnks and financial institutions.

One of the best ways to secure your tax data is to simply use the Post Office and mail in your tax returns. If you do, make sure you send it Certified with Signature, so if the IRS loses your return, you have re-course to abate the penalties, based on the fact you can claim, with the Postal receipt, that they in fact did receive and sign for your tax return.

 March 14, 2015
Mar 102015

Wash. D.C. IR-2015-28

The IRS says more taxpayers are visiting its Web site this year to get help and information. According to the IRS, the number of visitors to is up almost 20 % compared with last year. The IRS web site has been visited more than 100 million times so far this year compared with 85 million times last year.

The IRS reminds taxpayers that the site contains a wealth of information and options, including tools that allow taxpayers to check the status of a refund, access transcripts of their tax returns, request electronic filing personal identification numbers, find answers to tax law questions, and check the status of amended returns. Usage of the tool to check the status of a refund is up 91 percent. compared to a year ago.

 March 10, 2015
Mar 092015

New York. Daily Finance

Filing separately can disqualify or limit your use of potentially valuable tax breaks, including : The child and dependent care tax credit. The Adoption credit. The earned Income credit. Tax Free exclusion of U.S. bond interest. Tax Fess exclusion of Social Security benefits.

You may also lose, the credit for the elderly and disabled. The deduction for college tuition expenses. The student loan interest deduction. The American Opportunity Credit and Lifetime Learning Credit for higher education expenses. The deduction of net capital losses. Traditional IRS deductions. Roth IRS deductions.

If you need to know the proper “Status” for filing your tax return, call us for a free consultation, if you have unfiled tax returns. One way to lower what you owe the IRS, is to make sure your tax returns are filed correctly to begin with.  Toll Free Consultations, 1-888-689-7861.

 March 9, 2015
Mar 022015

New York. Yahoo Finance

Robert De Niro owed $6.4 million to the IRS for his 2013 tax return, but it appears he just learned of it. The Oscar winner’s tax debt surfaced in documents first uncovered by the Smoking Gun. Mr. De Niro has an estimated worth of over $200 million, and is reputed to spend $125,000 a month on his rental on Central Park West. In that sense, this tax bill doesn’t seem so large.

But right away, Mr. De Niro took action. As soon as the actor learned of the tax lien, he had a check for the full amount hand delivered to the IRS.

 March 2, 2015