Tax Season Is Gearing Up

Tax Season is gearing up a little bit later each year and this year is no exception. Now that the corporate tax deadline is over (and the 1042 filing deadline has passed) we are settling into the 1040 tax filing season crunch– April 15th is just around the corner! I booked my vacation this year for April 16th for the first time in forever it seems. (I promised myself I was going to treat myself to a little bit of Rest and Relaxation this year- something to look forward to!)

Identity Theft: One of the Fastest Growing Crimes Nationwide

Today's tax blog is a reminder that the IRS will never contact you over the phone. Identity theft is one of the fastest growing crimes nationwide. The IRS provides tips to protect yourself from becoming a victim of Identity Theft – visit their website at and search "identity theft".

IRS Looks to Distribute $760 Million in Unclaimed Tax Refunds – Are you one of the lucky ones?

The Internal Revenue Service announced today that refunds totaling almost $760 Million have yet to be claimed by an estimated 918,600 taxpayers for the tax year 2010 alone. The lucky individuals have until April 15, 2014 to file a tax return to claim their refunds - so time is running out – contact us today to help you with your tax filings!

“The window is quickly closing for people who are owed refunds from 2010 who haven’t filed a tax return,” said IRS Commissioner John Koskinen in a statement. “We encourage students, part-time workers and others who haven’t filed for 2010 to look into this before time runs out on April 15.”

What are your chances of being audited? IRS's 2013 data book provides some clues

The IRS has issued its annual data book, which provides statistical data on activities conducted by IRS from Oct. 1, 2012, to Sept. 30, 2013, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and IRS's budget and workforce. In addition, the data book provides valuable information about how many tax returns IRS examines (audits) and what categories of returns IRS is focusing resources on, as well as data on other enforcement activities such as collections.

Common Misconceptions: My Tax Preparer Made Me Do It

“My spouse and I separated last year and lived apart for most of the year – so I can file Single.”

Unless you were legally divorced or separated as of the end of the year, you cannot file as single.

“Even though we are married, I want to file as Head of Household”

If you are married on December 31st – your filing status is either “Married” or “Married Filing Separately”

IRS Provides Relief to Married Victims of Domestic Abuse

The IRS recently stated in a Notice that for the calendar year 2014, taxpayers who are victims of domestic violence can satisfy the joint-filing requirement necessary to qualify for the premium tax credit with a married-filing-separate return. The IRS indicated that this rule would be incorporated into forthcoming proposed Tax Regulations.

Taxpayers With Foreign Assets Reminded of Filing Deadlines and Requirements

The IRS notes that federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attach Schedule B to their tax return. Certain taxpayers also may have to fill out and attach Form 8938, "Statement of Foreign Financial Assets."

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