Tag Archive | "irs"

Interest rates unchanged for third quarter 2011

Interest rates unchanged for third quarter 2011

MEDIA RELEASE The Internal Revenue Service has announced interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter. The rates will be: * four (4) percent for overpayments (three (3) percent in the case of a corporation) * four (4) percent for underpayments * six (6) […]

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IRS: Use IRS2Go app to check refunds

IRS: Use IRS2Go app to check refunds

MEDIA RELEASE The Internal Revenue Service is reminding taxpayers to use new mobile phone applications launched this filing season to check the status of their refunds and to get other tax information on the go. To date, there have been more than 250,000 downloads of the IRS2Go app. In late January, the IRS unveiled IRS2Go, […]

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Tsunami 2011: IRS announces qualified disaster treatment

Tsunami 2011: IRS announces qualified disaster treatment

MEDIA RELEASE The Internal Revenue Service has issued guidance that designates the earthquake and tsunami in Japan in March 2011 as a qualified disaster for federal tax purposes. This guidance affects recipients of disaster relief payments as well as employer-sponsored private foundations. The guidance allows recipients of qualified disaster relief payments to exclude those payments […]

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IRS: April 18 filing deadline approaching

IRS: April 18 filing deadline approaching

MEDIA RELEASE The Internal Revenue Service is reminding taxpayers they have two weeks remaining until the April 18 filing deadline and they can use IRS Free File to do their taxes or file an extension. As of March 25, the IRS has received more than 82 million individual income tax returns, which is 58 percent […]

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IRS seeks volunteers for Taxpayer Advocacy Panel

IRS seeks volunteers for Taxpayer Advocacy Panel

MEDIA RELEASE The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service. “TAP members are a voice for the nation’s taxpayers and provide valuable insights that are important to effective tax administration,” […]

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IRS has $1.1B for people who have not filed 2007 return

IRS has $1.1B for people who have not filed 2007 return

MEDIA RELEASE Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service has announced. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18. The […]

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IRS processing forms affected by late changes

IRS processing forms affected by late changes

MEDIA RELEASE The Internal Revenue Service has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately. On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions […]

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Free tax help available across island

Free tax help available across island

MEDIA RELEASE More than 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations providing vital tax preparation services for low- to moderate-income and elderly taxpayers. The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to […]

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National EITC Awareness Day (Jan. 28)

National EITC Awareness Day (Jan. 28)

MEDIA RELEASE This year, working families earning up to $48,362 may be eligible for an earned income tax credit (EITC) worth $5,666, depending on their income and number of children. The Earned Income Tax Credit is a federal tax credit that rewards work by low- and moderate-income families. Refunds are often used to help families […]

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Free tax software, online forms available

Free tax software, online forms available

MEDIA RELEASE IRS Free File is starting its ninth year of helping make taxes a little less taxing. Everyone can use Free File, the free way to prepare and e-file federal taxes either through brand-name software or online fillable forms. Individuals or families with 2010 adjusted gross incomes of $58,000 or less can use Free […]

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National taxpayer advocate's annual report

National taxpayer advocate’s annual report

MEDIA RELEASE National Taxpayer Advocate Nina E. Olson has released her annual report to Congress, identifying the need for tax reform as the number one priority in tax administration. The Advocate expressed continuing concern that the IRS’s increasing use of hard-core enforcement actions, particularly tax liens, is inflicting unnecessary harm on financially struggling taxpayers. The […]

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IRS deadline extended to April 18

IRS deadline extended to April 18

MEDIA RELEASE The Internal Revenue Service has opened the 2011 tax filing season by announcing taxpayers have until April 18 to file tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds. Taxpayers will have until Monday, […]

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Tax benefits increase slightly due to inflation adjustments

Tax benefits increase slightly due to inflation adjustments

MEDIA RELEASE In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law […]

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The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

IRS Announces 2011 Standard Mileage Rates

The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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