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IRS plans for the advance payment checks
IRS will start sending out the advance payment checks for the rebates starting on July 23rd under a new law that was recently passed by the government.
The IRS Lowers Quarterly Interest Rates
The Internal Revenue Service announced that it would be lowering quarterly interest rates starting on July 1st eight days after it started to do so.
The IRS Gets $128 Million For Its Modernization Program
By year 2011, the estate tax will be history. Starting with next year’s reduction of 2 percentage points, down from 55% to 53%, the estate tax will be completely phased out by the beginning of the second decade of this century
.On Saturday June 16, 2001, the IRS will hold its annual National Problem Solving Day to help its tax customers get more acquainted with, and better understand, the tax system
Being Married Ain't So Bad Anymore
All you married couples out there, don’t get giddy with delight just yet. The marriage penalty is not all together gone yet but it’s definitely something to celebrate. Our good friends on Capitol Hill have decided to cut us all a break.
Bush’s Tax Cuts Beginning to Take Shape
On March 1st, 2001 close to 2/3 of the members of the House Ways and Means Committee approved a bill to cut tax rates. This bill will now go in front of Congress with high hopes of becoming law.
Bush Tax Cuts Will Claim Additional AMT Victims
Alternative Minimum Tax created for the sole purpose of curbing the tax breaks claimed by the wealthy has started to show it’s ugly face to average Americans. In 2001 one million Americans will be affected by this Tax; in 2002, if the bush tax rate cut is approved by congress on March 9th 2001, the number will rise to 3 million.
Form 8873, "Extraterritorial Income Exclusion"
Form 8873 is used to figure out the total gross income exclusion for transactions that result in foreign trading gross receipts. This exclusion will be in effect for most transactions that take place after September 30, 2000.
IRS Issues Tax Scam Warnings for this Season
It's common fact that everyone hates to pay taxes. But we all do for one reason or another. We either want to strengthen our government or build better school systems for future generations....more
IRS consolidates the mainframes
The consolidation effort that began in 1997 to ensure a better tax system has finally been implemented. The number of mainframe computers that were the backbone of the IRS tax system has been reduced to 20.
More Individuals Filing Taxes Electronically than ever Before
In a recent report released by IRS, the statistics are beginning to show an upward move in the number of people e-filing their taxes from home computers. There is a 31% increase in income tax filing done from your home computer compared to last year around the same time.
Bush Submits Tax Cuts to Congress
On Feb 8th, President Bush submitted his tax cuts to Congress. Fearing an Economic slowdown creeping up on the American economy, he believes the only solution before him is to put money in the hands of consumers and entrepreneurs....more
IRS Develops a Blueprint for the Future
IRS has developed a blueprint for the agency's future. It will help them guide and develop their tax systems to better serve the taxpayers. The blueprint a.k.a IRS enterprise architecture was first created in 1997.
Additional Authority Allocated to National Taxpayer Advocate
Small businesses with less than $2500 in employment taxes in a three-month period no longer have to make monthly deposits of those taxes. They can make them quarterly with form 941. Previously the threshold for employment taxes in a quarter was $1000...more
New IRS Regulations for IRA Withdrawals
IRS has finally decided to put forth a life expectancy table that makes sense for IRA withdrawals. No longer will there be various calculations to figure out the minimum payouts using the joint life expectancy of the IRA owner and the beneficiary...more
Chairman Greenspan in Favor of Tax Cuts
On January 25th, 2001 Mr. Greenspan speaking for himself and not as the chairman of the Federal Reserve, chose his words carefully addressing the senate’s committee on the budget never mentioning President Bush’s name or endorsing his tax plan but instead focusing on the recent revisions of the "on-budget surpluses" for the coming decade and how that surplus should be dealt with?...more
$2.4 Billion in Refunds for 1997 Non-Filers
$2.4 billion are waiting in refunds for the individuals who did not file their 1997 tax returns. Taxpayers have up to three years to file a return. If they don’t, the refund they would have received is lost. The deadline for filing a return for 1997 is April 16th, 2001. The penalty for filing a late return is waived when there is a refund due...more
Quakers Unsuccessfully Fight the Government Citing "Religious Hardship"
Many Quakers have repeatedly refused to pay a certain portion of the federal income taxes that is used to fund the military. Their argument is that it violates their religious beliefs. Yet when two Quaker families were recently faced with back taxes, they agreed to pay them but not the late fees and penalties that IRS is charging them with....more
$6 Million Granted to Low-Income Taxpayer Clinics
102 low-income taxpayer clinics are going to be funded by IRS this year. Last year it was 88 clinics that received this grant to provide legal assistance for taxpayers. Low-income taxpayer clinics exist to help out taxpayers who are in legal trouble with the IRS or owe taxes but don’t have the funds to properly represent themselves and their case to the agency...more
Estate Tax Repeal Approved by House Committee
By year 2011, the estate tax will be history. Starting with next year’s reduction of 2 percentage points, down from 55% to 53%, the estate tax will be completely phased out by the beginning of the second decade of this century
