IRS Adjusts Revenue Procedure on Mileage (21 Mar 2006) Recent gas price trends have impacted the standard mileage rate allowed by the IRS. Small business owners should be aware of the latest adjustments and take full advantage of all available deductions.
IRS Audits and the Percentages (13 Sep 2006) For most Americans, the mere suggestion of an IRS audit is enough to require the changing of the pants. So, what percent chance do you have of an IRS audit? IRS Audits and the Percentages Relax; the percentages of IRS picking you for audit are very .......
IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction (21 Mar 2006) The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000.
IRS Crushes Credit Counseling Groups Claiming Non-Profit Status (04 Jun 2006) Many credit counseling groups claim they are in it just to help you and not make a profit as indicated by their charitable organization status. The IRS is not happy. IRS Crushes Credit Counseling Groups Claiming Non-Profit Status For the last five .......
IRS Extends Tax Deadlines for Katrina Victims (21 Mar 2006) Following Katrina, the IRS acted quickly to relieve victims of any tax burdens. One step was to extend any tax filing dates to late October and now those dates have been extended again.
IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters (21 Mar 2006) The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others.
IRS Offer-in-Compromise, Hype or Hope? (21 Mar 2006) Review of current IRS policy on settlement of taxes via the Offer-in-Compromise. Discussion of hype being used to market Offers to taxpayers.
IRS Reacts to High Gas Prices (21 Mar 2006) As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate.
IRS Reports Tax Gap of $300 Billion (21 Mar 2006) The IRS is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion.
IRS Simplifies Reporting Requirements for Corps and Shareholders (04 Jun 2006) The IRS is heavily promoting electronic filing options. This promotion has run into problems with corporations because of complex regulations. The IRS is now moving to correct this problem. IRS Simplifies Reporting Requirements for Corps and Sharehold.......
