Archive for the ‘Breaking Tax News’ Category
IRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start; Major Changes Made to Lien Process
WASHINGTON Feb. 24, 2011 — In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their tax liabilities.
WASHINGTON — The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month’s tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.
This program encourages taxpayers who haven’t paid their taxes to come forward voluntarily and pay what they owe. We offer significant incentives to taxpayers who “fess up” and pay: we won’t impose penalties and we won’t bring criminal charges against them.
This is a question all CPA’s get from clients who are in trouble with the IRS or State Taxing Authorities. The correct question is, What’s the difference between the results when a National advertising Tax Relief Company or a local CPA deal with the Taxing Authority. I’ve been telling my clients for years the answer is, “Nothing”. This answer at times has been received with some skepticism. But, recently some verification came from the Minnesota Attorney General Lori Swanson.
Breaking Tax News
Bush-era tax cuts to be extended two years
It appears that President Barack Obama has reached a deal with congressional Republicans that would extend the Bush-era tax cuts for two years and unemployment benefits for 13 months while also lowering the payroll tax by 2 percentage points for a year. His tax cut compromise is under Democratic attack, the plan worked out in secret talks with Republicans over several days.