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Tax Preparedness Series: Employees Should Take Time to Check Withholding

 

10/26/2015

WASHINGTON — The Internal Revenue Service reminds taxpayers that the earlier in the year they check their withholding, the easier it will be to get the right amount of tax withheld. Besides wages, income tax is often withheld from other types of income, such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax at the end of the year and may have to pay interest and a penalty.

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Offshore Compliance Programs Generate $8 Billion IRS Urges People to Take Advantage of Voluntary Disclosure Programs

 

10/20/2015

WASHINGTON—With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations.

Both the Offshore Voluntary Disclosure Program OVDP and the streamlined procedures enable taxpayers to correct prior omissions and meet their federal tax obligations while mitigating the potential penalties of continued non-compliance. There are also separate procedures for those who have paid their income taxes but omitted certain other information returns.

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No checks, please: IRS no longer takes checks for $100M

Sep 15, 2015.

Owe the tax man $100 million or more? Your check is no good at the IRS.

Starting next year, the IRS says it will reject all checks for more than $99,999,999.

Checks of $100 million or more have to be processed by hand, increasing the risk of theft, fraud and errors, according to a pair of memos from the IRS and the Treasury Department.

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2016 Back To School Tax Tips

Aug 29, 2016. The Internal Revenue Service recently reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns.

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2015 Tax Law Changes and Extensions That May Affect You

Aug 28, 2015. With no major new tax legislation making headlines in 2015, you may assume the tax laws are staying much the same. You, of course, know that’s not quite true.

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IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists

08/17/2015

WASHINGTON — Following the emergence of new variations of widespread tax scams, the Internal Revenue Service today issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These schemes – which can occur over the phone, in e-mails or through letters with authentic looking letterhead – try to trick taxpayers into providing personal financial information or scare people into making a false tax payment that ends up with the criminal.

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Think IRS Can Audit Three Years? Now, You Better Worry About Six

08/06/2015

If you are hiding income from the taxman, are you at risk three years, six, or more? Even if you did your best with your taxes, you might be worried. Taxes are horribly complex, and even innocent activities might be interpreted as suspect. It pays to know how far back you can be asked to prove your income, expenses, bank deposits and more. Start with the basic rule that the IRS usually has three years after you file to audit you.

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2015 Georgia Tax-Free Weekend is Only 2 Days Long

07/29/2015

Georgia’s tax-free weekend is July 31 and August 1. It’s a chance for you to save money on back-to-school items. But not everything is tax-free.

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