Hello from Joan Murad EA
Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
The proposed regulations (REG 153340-09) would eliminate the rules for making federal tax deposits by paper coupon because the paper coupon system will no longer be maintained by the Treasury Department after Dec. 31, 2010. The proposed regulations generally maintain existing rules for depositing federal taxes through the Electronic Federal Tax Payment System (EFTPS).
Using EFTPS to make federal tax deposits provides substantial benefits to both taxpayers and the government. EFTPS users can make tax payments 24 hours a day, seven days a week from home or the office.
Deposits can be made online with a computer or by telephone. EFTPS also significantly reduces payment-related errors that could result in a penalty. The system helps taxpayers schedule dates to make payments even when they are out of town or on vacation when a payment is due. EFTPS business users can schedule payments up to 120 days in advance of the desired payment date.
Information on EFTPS, including how to enroll, can be found at www.eftps.gov or by calling EFTPS Customer Service at 1-800-555-4477.
Some businesses paying a minimal amount of tax may make their payments with the related tax return, instead of using EFTPS. More details regarding taxes required to be deposited using EFTPS, dollar thresholds and other specific requirements are in the proposed regulations.
Reporting your investment income-
You call it making your money work for you.
The Internal Revenue Service calls it unearned income.
Regardless of the name, the tax collector wants to know how much you make each year on earnings from your savings accounts, stocks and bonds, certificates of deposit or mutual funds.
(thank you BANKRATE)
Recently, one of my clients told me the story of how he requested a copy of his prior year's tax return from one of my competitors (a franchise...)
He was charged $24.
That same copy could have been obtained from the I.R.S. for free.
Any client requesting a copy of a prior year's tax return from me will receive it for a nominal fee-to cover my time involved in locating and reprinting the return- but not $24!!!!!
He was charged $24.
That same copy could have been obtained from the I.R.S. for free.
Any client requesting a copy of a prior year's tax return from me will receive it for a nominal fee-to cover my time involved in locating and reprinting the return- but not $24!!!!!
US pilot crash into federal building was 'deliberate'
http://www.presstv.ir/detail.aspx?id=118993§ionid=3510203
The kamikaze plunge of a small plane into an Internal Revenue Service building in Austin, Texas on Thursday has been described an act of deliberation.
The pilot Andrew Joseph Stack, 53, left a suicide note on the Internet before going to a Georgetown airport to take off with a single-engine plane aiming to hit the seven-story IRS building. The incident killed two and injured 13 others.
"Violence not only is the answer, it is the only answer," wrote Stack, a software engineer, in his post.
"I saw it written once that the definition of insanity is repeating the same process over and over and expecting the outcome to suddenly be different. I am finally ready to stop this insanity. Well, Mr. Big Brother IRS man, let's try something different; take my pound of flesh and sleep well."
Police have declined to confirm whether the pilot, who also torched his own house before going for the federal building, is among those reported dead.
In his suicide memo posted on the internet, Stack also mentions his financial problems, his difficulty finding a job in Austin, and at least two disputes with the IRS, one of them after he filed no return because, he said, he had no income, and the other after he failed to report his wife's income.
The California State records suggest that Stack had a troubled business history, twice starting software companies in California that ultimately were suspended by the state's tax board, one in 2000 and the other in 2004.
Furthermore, Stack's first wife had filed for bankruptcy in 1999, listing a debt to the IRS of nearly $126,000.
http://www.presstv.ir/detail.aspx?id=118993§ionid=3510203
The kamikaze plunge of a small plane into an Internal Revenue Service building in Austin, Texas on Thursday has been described an act of deliberation.
The pilot Andrew Joseph Stack, 53, left a suicide note on the Internet before going to a Georgetown airport to take off with a single-engine plane aiming to hit the seven-story IRS building. The incident killed two and injured 13 others.
"Violence not only is the answer, it is the only answer," wrote Stack, a software engineer, in his post.
"I saw it written once that the definition of insanity is repeating the same process over and over and expecting the outcome to suddenly be different. I am finally ready to stop this insanity. Well, Mr. Big Brother IRS man, let's try something different; take my pound of flesh and sleep well."
Police have declined to confirm whether the pilot, who also torched his own house before going for the federal building, is among those reported dead.
In his suicide memo posted on the internet, Stack also mentions his financial problems, his difficulty finding a job in Austin, and at least two disputes with the IRS, one of them after he filed no return because, he said, he had no income, and the other after he failed to report his wife's income.
The California State records suggest that Stack had a troubled business history, twice starting software companies in California that ultimately were suspended by the state's tax board, one in 2000 and the other in 2004.
Furthermore, Stack's first wife had filed for bankruptcy in 1999, listing a debt to the IRS of nearly $126,000.
U.S. Senate approves rapid tax deduction for Haiti relief contributions-
In a whirlwind procedure, the U.S. Senate by voice vote approved legislation this afternoon to allow taxpayers who make contributions to the Haiti earthquake relief effort between January 12 and February 28, 2010, to take a deduction for those contributions on their 2009 income tax returns.
Those who have already filed their 2009 income tax return may amend to take advantage of the new deduction.The language of the bill states that a taxpayer may treat any contribution, defined as a "cash contribution made for the relief of victims in areas affected by the earthquake in Haiti on January 12, 2010, for which a charitable contribution deduction is allowable under section 170 of the Internal Revenue Code of 1986," made after January 11, 2010 and before March 1, 2010, as if such contribution were made on December 31, 2009.
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Red Cross texting info:
This is so very sad and every little bit helps for sure!
Text "Haiti" to 90999 for a $10 quick donation for starters.
(Your Cell phone carrier will add it on the next bill)
This way you are sure that your donation gets to the right place and you will also have a receipt!
In a whirlwind procedure, the U.S. Senate by voice vote approved legislation this afternoon to allow taxpayers who make contributions to the Haiti earthquake relief effort between January 12 and February 28, 2010, to take a deduction for those contributions on their 2009 income tax returns.
Those who have already filed their 2009 income tax return may amend to take advantage of the new deduction.The language of the bill states that a taxpayer may treat any contribution, defined as a "cash contribution made for the relief of victims in areas affected by the earthquake in Haiti on January 12, 2010, for which a charitable contribution deduction is allowable under section 170 of the Internal Revenue Code of 1986," made after January 11, 2010 and before March 1, 2010, as if such contribution were made on December 31, 2009.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Red Cross texting info:
This is so very sad and every little bit helps for sure!
Text "Haiti" to 90999 for a $10 quick donation for starters.
(Your Cell phone carrier will add it on the next bill)
This way you are sure that your donation gets to the right place and you will also have a receipt!
Get ready for the arrival of records. When your W-2s, investment statements and other tax-related documents start coming in, create a collection point and put them there. It could be as simple as a large envelope. You might have received a few documents in December, but most will arrive throughout January. Just make sure that whenever the material shows up you put it all together in an accessible place, so when you are ready to fill out your return you have all the data you need. Remember, the IRS gets a copy of most of these, too, so figures on those statements are critical to ensuring your return sails through the system.
Tax Tips
While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are some tips that will help your tax filing process run smoother than ever this year.
- Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support an item of income or a deduction you’re taking on your return.
- Be on the lookout W-2s and 1099s will be coming soon from your employer; you’ll need these to file your tax return.
- Try e-file If you use direct deposit, you will get your refund in about half the time it takes when you file a paper return. E-file is now the way the majority of returns are filed. In fact, last year, 2 out of 3 taxpayers used e-file
- Don’t panic! If you run into a problem, remember that I am here to help.
Disclosure and Retention of Personal Information
Exact Tax Service does not disclose the personal information of its client without their consent to any outside party, except as required by law or as specifically requested by the client, e.g. in a mortgage letter to a broker looking for income verification. Exact Tax Service retains personal information for its clients after which it is destroyed unless otherwise instructed by the client, in which case it is disposed of as per the client’s instructions.
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