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Posts from July, 2012

  • Failure to File or Pay Penalties: Eight Facts The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you ... Continue Reading
  • IRS Announces More Flexible Offer-In-Compromise Terms The Internal Revenue Service announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many ... Continue Reading
  • Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income. Below are tips on reporting ... Continue Reading
  • FAQ: Education Credits Question: Do tuition and related expenses paid to attend a private high school qualify for an education credit? Answer: No. Expenses paid to attend a private high school do not qualify for an education credit because a high school is not an eligible educational institution. ... Continue Reading
  • Upcoming Tax Deadlines July Mon 2 File Form 11-C to register and pay annual tax if you are in the business of taking wagers. Mon 2 File Form 730 and pay the tax on wagers accepted during May. Mon 2 File Form 2290 and pay the tax for vehicles first used during May. Thu 5 Deposit payroll tax for ... Continue Reading