News
OBAMA CARES TOO (12/01/14)On November 15th open enrollment began for the 2nd year of the Affordable HealthCare act. This year (we hope) there will be fewer clitches. Know one thing, having medical insurance is mandatory. For those of you who are not covered, you will be fined. This year (Tax Year 2014) the fine is $97 per person that is uninsured. In other words, if your wife and you are not covered you will be fine $97 twice. An insured family of 4 will pay almost $400 in fines. Next year the fine will increased, the following year as well.
Point of the story, get covered. Visit www.visithealthcare.gov for more information. There are many options and payment choices. You can find an option in your budget. Once you obtain coverage, use it. Go to the doctor. Get checked out. Get healthy. Take the medicine your doctor prescribes.
Though the fight continues over this law, we believe it is a good thing.
If you have any questions regarding the Affordable Health Care Act give us a call, or send an email.
@taxdoc4u
taxdoc4u.com
323.292.5407
more info...Must people have heard of Yelp. It is a website where people post reviews of businesses. When you are looking for a business, you checkout their Yelp reviews. As a small business owner reviews are important. I had several good and one poor review on Yelp. For some reason ALL the positive reviews had been taken down and only the bad one remains. Truth is I do not know the client who posted the poor review. I did post a response. I have emailed Yelp to no avail. Maybe because I do not advertise on their site I am being punished? I recently had a client post a review. However, after 3 days Yelp removed the review. Again, I do not advertise with Yelp. Hmmmmm!
Needless to say I am not happy with Yelp. You can not defend yourself. When positive reviews are written, Yelp takes them down. No wonder they face constant litigation
more info...Do you own an overseas bank account?
Do you gamble on-line? Do you maintain a balance in your account?
Did you open an account in Switzerland or the Cayman Islands just for fun?
Did your relatives in Europe start a savings account for you?
If you answered yes to any of these questions, the IRS wants to hear from you.
All foreign accounts must be reported per FBAR.
What is FBAR? Report of Foreign Bank and Financial Accounts was enacted to preclude U.S Citizens from hiding assets overseas.
This from the IRS:
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.
The penalty for not reporting varies on the amount and number of accounts. The non-willful can penalty is $10,000.00 per account. Willful disregard $50,000.00 or more.
Don’t get penalized. We can file these documents for you, online, the same day.
more info...Are your taxes sick? Or are you just sick of your taxes? Call the Tax Doctor! There is relief. The IRS has a program called Offer In Compromise. You may qualify and reduce the amount of taxes owed. This is the same program attorneys (usually for an absorbanent fee) use to lower income tax debt. Checkout this webpage to see if you qualify. http://irs.treasury.gov/oic_pre_qualifier/
This tool will save you money and time. If you do qualify, you can file the paperwork and submit to IRS.
We can assist you with filing the paperwork.
Give us a call or send an email.
more info...Last year the IRS issued $5 Billion in fraudulent tax refunds. WOW. 60 Minutes had a news article on this subject. So my question is how to stop the fraud?
1. Issue ALL taxpayers are personal PIN, just like with your debit card.
2. Require ALL W-2 form to be electronically filed by Jan. 31st each year.
Simple in my mind. Of course getting Congress to agree on something is NOT simple. With the annual deficit in our country around $1 Trillion per year we can not continue giving away billions of tax dollars to criminals.
more info...Do you know your net worth? Net worth is the amount your assets exceed your liabilities.You should monitor this number regularly. It will tell you if you are headed in the right direction. Your net worth is not hard to compute. Add your bank accounts, investments, savings and checking accounts. Add in your retirement accounts and Social Security monthly benefit. Next determine the value of your personal property such as cars, jewelry, watches, and the value of your home. Be honest (underestimate) in your appraisals.
Then subtract all debts, mortgages, credit cards, and all other outstanding obligations.
Now you have it. Your net worth. Check this number every three months. You want it to increase.
more info...What happens when you take a disbursement from a 401k, or IRA account before you reach 59 1/2?
You will pay taxes on this income at your effective tax rate and are subject to additional taxes of 10%, as a penalty for early withdrawal.
In essence you are taxed twice on YOUR money. CalltheTaxDoctor.com advises you to NEVER take a early disbursement from your retirement accounts. Many employers will let you borrow the money and pay it back. You may be able to borrow on an IRA from your bank and use the account as security for the loan.
Whatever it takes, don't do it.
Send us an email or give us a call for more info!
www.taxdoc4u.com
more info...WASHINGTON — The Internal Revenue Service today reminded taxpayers that quick and easy solutions are available if they can’t file their returns or pay their taxes on time, and they can even request payment options online.
The IRS says don’t panic. Tax-filing extensions are available to taxpayers who need more time to finish their returns. Remember, this is an extension of time to file; not an extension of time to pay. However, taxpayers who are having trouble paying what they owe may qualify for payment plans and other relief.
Either way, taxpayers will avoid stiff penalties if they file either a regular income tax return or a request for a tax-filing extension by this year’s April 15 deadline. Taxpayers should file even if they can’t pay the full amount due.
We can help you file your taxes or prepare an extension.
more info...March 31st is the deadline for the Affordable Healthcare Act, or Obamacare.
Visit the IRS website www.irs.gov with your questions and concerns.
Remember this is a penalty for you AND your dependents if there is no coverage.
We can help you navigate this information.
Give us a call.
323.292.5407
www.taxdoc4u.com
more info...Was your income tax refund offset? short? Call the number below for more info.
More Information on FMS Debt Offsets
The Department of the Treasury's Financial management Service, which issues IRS tax refunds, can use all or part of a taxpayer's refund to repay all or part of an unpaid debt of the taxpayer. When this occurs, the taxpayer will receive a letter from the IRS explaining what has occurred.
If a taxpayer's refund was offset, the taxpayer should call the FMS Offset Hotline at 800-304-3107 to get additional instructions and specific information about the debt that triggered the offset.
The types of debts that may be offset by the IRS include:
Past-Due Child Support
Past-Due Student Loan Debt
Federal or State Income Tax Obligations / Tax Liens
more info...Federal Banking System is Closed on Monday February 17
Please remember that the entire U.S. Banking system is closed on Monday February 17 due to a federal holiday. Although most branches are open to walk-in traffic, the U.S. Federal Reserve will not allow money to move between banks during the holiday.
As a result of the banking holiday, please note that all banks nationwide are unable to post new deposits into taxpayer bank accounts on Monday. Taxpayers expecting funds to post to their accounts may experience a delay due to the holiday. In addition, fee deposit payments into tax preparers bank accounts may also experience a delay.
Also, please note that the federal government will not be releasing refunds on Monday due to the holiday. As a result, there may be delays in the IRS releasing refunds surrounding the holiday, and the information on the Advance Notification Report may not follow the typical patterns.
more info...So far this year, the IRS appears to be releasing about 40%-50% of all refunds in about 7 to 8 days of when the return is filed. Of the remaining refunds, it appears that the IRS is currently set to release most (but not all) of those within 10 to 14 days. But, keep in mind that the IRS official guidance says only that the IRS will release most refunds within 21 days.
Because the federal banking system is closed on weekends, the IRS does not release refunds on weekends. So, keep in mind that you will not see refunds post on weekends.
Over the rest of the year, we expect the IRS to release refunds each business day, with larger amounts mid-week. By Wednesday February 12, we expect the IRS to have released refunds for most of the returns which were filed prior to Tuesday February 4.
more info...February 7, 2014 - IRS Funding Information
Today, the IRS released refunds of about 50% of returns filed through 1/29, and about 15% of returns filed on 1/30. Each day, we update the funding statistics at about 2pm eastern. You can view updated funding information each day by clicking the FUNDING STATS tab in the ERO DASHBOARD.
The next batch of refunds to be released by the IRS is expected to include about half of the refunds filed between 1/30 and 2/1. We expect those checks to be released late tomorrow. Taxpayers whose refunds are deposited to their personal bank account should allow one business day for their bank to post the funds.
more info...Current News
February 6, 2014 - IRS Has Begun Releasing Refunds
The IRS has begun releasing refunds. Checks and other funds are available to taxpayers today. For taxpayers receiving their refund to their personal bank account, these taxpayer should allow 24 hours for their bank to post the funds to their account.
more info...Current News
February 5, 2014 - IRS Funding Update
As of this morning, the IRS has still not released any refunds. As you may know, according to the IRS Wheres My Refund, there are SOME refunds scheduled by the IRS to be released on Thursday. However, the IRS has not yet provided information to banks as to which refunds, if any, will be released.
While everyone in the country waits for the IRS to start releasing refunds, be sure to remind taxpayers that it is best to file with the IRS sooner rather than later, because the IRS generally releases the refunds of early filers before later filers. Early filers will be "first in line" when the IRS/U.S.Treasury starts paying refunds.
more info... US Treasury Warns of Debt Ceiling.
What Does that Mean for Tax Season?
This season marks the latest start date to the tax filing season in U.S. history. This season also marks the latest start date for the IRS to remit refund payments to taxpayers. With this late start, many are wondering when the IRS may finally begin to release refunds this year.
Currently, the IRS Wheres My Refund shows a batch of refunds that are expected to be released by Thursday. This batch includes SOME (but not all) of the refunds filed prior to the January 29 to January 30 timeframe. This batch appears to include few (if any) returns filed after that period. The IRS has not yet scheduled any refunds to be released past Thursday. And, the IRS has not yet released the information to banks as to which refunds will be released by Thursday. As a result, we are currently unable to provide specific information on which refunds may be released this week.
Yesterday, the U.S. Treasury issued a warning that it could start defaulting on the governments obligations "very soon" and warned that it will lose the ability to borrow additional funds to make payments starting this Friday. As you know, the IRS is part of the U.S. Treasury. In the warning, the government noted that it will hit the "debt ceiling" on Friday. Click Here for more information.
Given this warning, it may NO
more info...Current News
We now expect the IRS to begin releasing some refunds around the middle of this week. Once refunds are released by the IRS, these first refunds are expected to include some of the returns filed on or before January 30. As always, we will let you know what type of patterns we observe, once the IRS has begun to release refunds.
Last year, once the filing season had begun, about 40% of all refunds were released by the IRS within about 7 to 8 days of when the return is filed, with most (but not all) of the remaining refunds released within 10 to14 days of when the return was filed. It is too soon to tell whether the patterns this year will be same as last year or not. Like last year, the official IRS guidance is that refunds are generally issued within 21 days after the return is filed.
more info... IRS Refunds (what to expect)
Now that the official start date of the IRS filing season is here, we wanted to provide you with updated information on what to expect.
As of this morning, the IRS has NOT yet started releasing refunds this year. Expectations are that the IRS will start releasing refunds in the first part of February. We will let you know once the IRS has started releasing refunds, or if we receive additional information on what to expect.
Currently, taxpayers who look at their refund status at the IRS Wheres My Refund will see the "Return Received" message. No taxpayers are receiving the "Refund Approved" message as of this morning. Once the IRS has begun to release refunds, the Wheres My Refund message will change to "Refund Approved" and then to "Return Sent."
Although the IRS is NOT yet releasing refunds, many states ARE releasing state refunds.
more info...Current News
Start of Income Tax Filing Season
Please remember that, although the IRS is not currently accepting tax returns, tax preparers are encouraged to prepare tax returns and send those returns to their software company for transmission to the IRS. But, until the season actually opens, the software company is unable to transmit the return to the IRS.
We expect the IRS to begin paying refunds in early February, approximately seven days after they accept the first tax returns. Once the IRS begins paying refunds, you can monitor what percentage of refunds have been released by the IRS.
We are looking forward to the start of the season.
more info...The IRS announced today that it has set January 31 as the official start day of the filing season. This is delayed from the original date of January 21, and is three days later than the preliminary start date of January 28 announced by the IRS in October. The IRS says the delay was necessary due to the partial government shutdown that occurred in October.
It is expected that the IRS will begin accepting some returns prior to the official start date of January 31, as was the case last year. However, it is likely that even if the return is accepted prior to January 31, the IRS will not release the refund any sooner than it does for returns accepted on January 31.
more info...Recently a client of mine received a phone call from the "IRS". They demanded payment in full of taxes due that day or he would be arrested! However, the client was paying his tax bill monthly on time. He was being scammed.
He hung up and called the IRS. They knew nothing of the call.
Remember, the IRS generally speaking corresponds by mail.
The IRS will NEVER text you or send you an email.
The IRS will NEVER ask you to wire transfer payment.
If you are in doubt, hang up and call the IRS at 800.829.1040.
Obamacare Info (11/06/13)Six Things You Need to Know
The Affordable Care Act is hundreds of pages long, and impacts virtually every taxpayer and employer. When it takes effect on January 1, 2014, it is important that tax professionals understand the basics at the very least. While every page is important, we've broken down the most critical information for tax professionals into six must-know facts.
1 Health Care Reform Provides Affordable Insurance to the Uninsured.
2 Health Care Reform Provides Expanded Coverage
Ability for young adults to stay on parents' plan until age 26.
3 You May Be Eligible for a Government Subsidy
4 You Can Start Checking Insurance Options Before 2014
5 You May Receive a Penalty if Not Insured by March 31, 2014
6 You May Be Exempt from the Health Care Reform Law
NCCPAP Upset (10/28/13)Congress, not the Internal Revenue Service, is to blame for the recently announced postponement of the beginning of next year’s tax season, according to the National Conference of CPA Practitioners -- and it called on the legislative branch to take quick action to prevent further delays.
This is the 5th or 6th year running that the IRS has dificulties at the start of tax season. The are hurting the publice in general and the tax preparer industry in part.
What Are They Waiting For? (02/05/13) IRS E-File Volume Down Nationwide
The IRS has published its e-file volume through and including January 31. Using this data, e-filing volume so far this year, compared to the same period in 2012, appears to have declined about 30% nationwide (as of January 31).
Many EROs note that their volume is down, in comparison to this time last year. The volume information published by the IRS means that the decline is nationwide, effecting both EROs and self-filer web sites.
Many industry sources believe that the taxpayers have simply delayed filing this year and have yet to come in to get their taxes prepared.
IRS FUNDING PATTERNS (02/02/13)This year, like last year, the IRS appears to be releasing about 40% of all refunds within 7 days of when the return is filed. Of the remaining refunds, using last year as a guide, we would expect the IRS to release most (but not all) of those within 10 – 14 days. But, keep in mind that the IRS official guidance says only that the IRS will release most refunds in within 21 days.
Shulman to Finish His Term as IRS Commissioner on Nov. 9 (10/11/12)WASHINGTON — The IRS today announced that Doug Shulman, the 47th commissioner of the Internal Revenue Service, has decided to step down on Nov. 9, the last day of his term. Shulman indicated earlier this year that he planned to step down at the end of his term.
Shulman has served as IRS Commissioner since March 24, 2008. Under the law, IRS commissioners are nominated by the President and confirmed by the Senate for a term of up to five years with their terms ending on Nov. 12 of their final year (Nov. 9 is the last work day of Shulman's term because Nov. 12 is a federal holiday).
"The IRS team made remarkable progress in the last few years during a challenging period," Shulman said. "It has been an honor to serve the American people during this dynamic time."
Deputy Commissioner for Services and Enforcement Steven T. Miller, who is a 25-year veteran of the IRS, will serve as acting IRS Commissioner when Shulman steps down.
The question is how will this affect your taxes...
Student Loan Problems (03/18/12)Student Loan Forgiveness Act of 2012
Since 1980, average tuition for a 4-year college education has increased an astounding 827%.
Since 1999, average student loan debt has increased by a shameful 511%.
In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America for the first time ever.
In 2012, total outstanding student loan debt is expected to exceed $1 Trillion.
In short, student loan debt has become the latest financial crisis in America and, if we do absolutely nothing, the entire economy will eventually come crashing down again, just as it did when the housing bubble popped. Reasonable minds can disagree as to the solutions, they cannot, however, disagree on the existence of this ever-growing crisis, as well as the unsustainable course we're on towards financial oblivion.
Learn More...
Now for the good news: there's finally hope on the horizon!
Representative Hansen Clarke of Michigan has just introduced H.R. 4170, The Student Loan Forgiveness Act of 2012, in the House of Representatives - legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.
Student loan debt has an undeniable and significant suppressive effect on economic growth. The Student Loan Forgiveness Act of 2012 directly addresses this enormous boot on the neck of the middle class and represents a glimmer of hope
$ 1 Billion for You (03/10/12)WASHINGTON - Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.
made quarterly estimated payments.
In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.
For 2008 returns, the window closes on April 17, 2012.
Call us today. We can file your 2008 income tax return. Why let the government keep your money?
FREE MONEY?!?! (02/29/12)It has come to our attention during this tax season, someone has pilfered our company name. These individuals are promising "stimulus" checks or free money. We are unsure the exact nature or type of scheme involved. We have received numerous phone calls. For the record, Call the Tax Doctor.com does not and has not participated in this perceived fraud. We find this type of behavior outrageous, immoral, and predatory.
People do not fax or give your personal information over the phone or by fax to someone you do not know!
We at Call the Tax Doctor.com are here to assist our clients received the largest possible income tax refund available, legally.
If you want professional, reliable, and quick service, you have found us. Give us a call, click, or send an email.
CalltheTaxDoctor.com
323.292.5407
taxdoc4u@yahoo.com
Updated Information on Nationwide IRS Refund Delay (02/22/12)Today, the IRS released some of the older refunds that had been delayed due to the nationwide computer problems at the IRS. While the IRS has made some progress in releasing the affected refunds, up to 40% - 50% of the refunds for taxpayers who filed between 2/2 and 2/4 still have not been released by the IRS due to this nationwide IRS problem. For many of these taxpayers, the IRS "Where's My Refund" had not been displaying any information at all. This problem at the IRS was incorrectly leading these taxpayers to think that their tax return was not filed even though it was actually filed. The IRS continues to make progress in fixing this problem and appears to be slowly releasing these older refunds. Tomorrow and again on Friday, we expect the IRS to release another batch of these older refunds that had been affected by this nationwide IRS problem.
Hey IRS Where's My Refund? (02/16/12)New Problems at the IRS cause Nationwide Refund Delay
Due to new problems at the IRS, up to 50-60% of the refunds expected to be released by the IRS today were not released. Most of the effected returns seem to have been filed between 2/2 and 2/7. Earlier this week, the IRS released a statement noting that some problems with their computer systems would delay some refunds. The IRS also notes that Where's My Refund is incorrectly giving the impression that many of these returns have not been filed when in fact they have been. Taxpayers who visit the IRS and click Where's My Refund will see a statement explaining this problem at the top of the page. The IRS is working on this problem.
This problem is a nationwide problem effecting all tax preparers and millions of taxpayers nationwide.
Refund Advantage, thanks for the info.
February 12, 2012 - IRS Funding Update (02/12/12)Remember that the IRS does not release refunds on weekends. As a result, the next time refunds will be released by the IRS is Monday. The IRS releases most refunds timely. However, each year, a number of refunds will be delayed by the IRS. The delay can last one week or sometimes several months. Other taxpayers will see their refunds offset by the IRS to be used to repay a debt of the taxpayer, such as a past due student loan or child support.
As of today, looking at our statistics of tax returns filed, for returns filed on or before 1/26 the IRS has already released most refunds. For returns filed between 1/27 and 1/29, approximately 10% of the refunds have not yet been released by the IRS. For returns filed on 1/30, approximately 15% have not yet been released by the IRS. For returns filed on 1/31, the number is closer to 30%, while for returns filed on 2/1, about 45% of refunds have not yet been released by the IRS. For returns filed on 2/2 or 2/3, approximately 80% of refunds have not yet been released by the IRS.
more info...Just in from the IRS...
If you filed electronically, you should expect a refund to be issued 10 – 21 days after the IRS accepts the return. Please do not call our toll-free number as our representatives cannot provide further information before processing is complete nor expedite processing. You may continue to check this website (irs.gov) for the latest refund information. The information at this website contains the same information provided on our automated telephone application.
To check your refund status go to irs.gov and search "where's my refund"
Call the Tax Doctor will continue to provide information throughout the tax season. Does your tax professional provide this type of service?
Give us a call for all your income tax or income tax refund questions?
IRS Refund Patterns and IRS Refund Delay (02/07/12)This year, there is a new pattern of IRS funding emerging. In past years, most refunds were released by the IRS on Thursday. However, this year, refunds are released more evenly throughout the week with one exception. The one exception is Tuesday. Last Tuesday, we noticed that the IRS released an unusually large batch of refunds and that most of those refunds were ones that had been previously delayed by the IRS.
This week, we expect another large batch of refunds to be released Tuesday as well (tomorrow). Of the refunds expected tomorrow, estimates are that as many as 40% of the refunds released tomorrow will be refunds that were expected to have been released by the IRS last Thursday.
Article written by Refund Advantage
INSTANT TAX DRAWS INJUNCTION (08/12/11)Instant Tax Service, which claims to be the fourth-largest tax preparation chain, has consented to a preliminary injunction that bars it from preparing false returns or offering phoney loans. A trial on the government's effort to shut down the operation is scheduled to begun on May 20 in Dayton, Ohio.
The government charges the chain's franchisees routinely prepared fradulent tax returns, fabricating deducations and inventing phony businesses. Instant Tax is also accused of filing returns with taxpayer authorization and without proper W-2s while charging customers exhorbitant and bogus fees.
Defendants and their franchisees allegedly lure mostly low-income customers into ITS stores by offering deceptive and misleading loans such as "Instant Cash" or "Holiday" loans, often before the tax return filing season begins. The defendents have denied the government's allegations.
Under the terms of the preminarly injunctions, the defendants are barred from preparing false returns or filing returns without cusotmer authorization, along agreeing not to perform other acts of which they are accused. Instant Tax is also barred from offering loans that rely on a customer's paystub and must hire a neutral company to conduct secret shippers visits to its offices.
They are waiting (05/13/02)IRS E-File Volume Down Nationwide
The IRS has published its e-file volume through and including January 31. Using this data, e-filing volume so far this year, compared to the same period in 2012, appears to have declined about 30% nationwide (as of January 31).
Many EROs note that their volume is down, in comparison to this time last year. The volume information published by the IRS means that the decline is nationwide, effecting both EROs and self-filer web sites.
Many industry sources believe that the taxpayers have simply delayed filing this year and have yet to come in to get their taxes prepared.
IRS Delays Refunds (12/31/69)The IRS is working on releasing many of these held refunds that were caught up in this nationwide problem at the IRS. Based on information we have received, we expect most of these refunds to be released late Tuesday afternoon. This was a nationwide problem that effected every tax preparer across the nation. Returns filed after January 18th should not be effected.
more info...Checking out your tax preparer
By signing your 1040 form, you agree to abide by the tax law that holds you responsible for paying your taxes, regardless of who prepares your return. When it comes to collecting on mistakes, innocent or otherwise, the Internal Revenue Service looks for the taxpayer, not the person who filled out the forms.
So before you turn your tax life over to someone else, make sure that the preparer is right for you and will do the right thing when it comes to filing your taxes.
IRS regulations
In 2011, the IRS began a new tax preparer oversight program. Now in order to file a return for a client, the preparer must register with the agency and receive a preparer tax identification number, or PTIN.
Eventually, the IRS will require registered preparers to pass a competency exam.
So your first vetting step is making sure the tax preparer you hire has a PTIN.
Call the Tax Doctor is in compliance with the IRS and FTB. All preparers have passed a competency exam and have registered with the IRS.
more info...The IRS released an average number of refunds on Monday. As has been the case the past two Tuesdays, we expect the IRS release a slightly larger than normal number of refunds on Tuesday. This past weekend, the IRS sent out a notice to industry partners that it is experiencing problems with some of their computer systems which has caused some refund delays. These delays and problems are nationwide. At roughly the same time, the IRS posted a notice on its WHERE'S MY REFUND service that WHERE'S MY REFUND is NOT showing the status of some taxpayer refunds even though the returns were actually filed and accepted by the IRS. This IRS problem causes a taxpayer to think their return was NOT filed even though it was filed. The IRS says it hopes to correct this problem in the next few days.
As of today, looking at our statistics of tax returns filed, for returns filed on or before 1/28, IRS has already released most refunds. For returns filed between 1/29 and 1/30, approximately 10% of the refunds have not yet been released by the IRS. For returns filed on 1/31, approximately 35% have not yet been released by the IRS. For returns filed on 2/1, the number is closer to 50%, while for returns filed on 2/2, about 75% of refunds have not yet been released by the IRS. For returns filed on 2/3 through 2/5, approximately 80% of refunds have no
more info...Instant Tax Service, which claims to be the fourth-largest tax preparation chain, has consented to a preliminary injunction that bars it from preparing false returns or offering phoney loans. A trial on the government's effort to shut down the operation is scheduled to begun on May 20 in Dayton, Ohio.
The government charges the chain's franchisees routinely prepared fradulent tax returns, fabricating deducations and inventing phony businesses. Instant Tax is also accused of filing returns with taxpayer authorization and without proper W-2s while charging customers exhorbitant and bogus fees.
Defendants and their franchisees allegedly lure mostly low-income customers into ITS stores by offering deceptive and misleading loans such as "Instant Cash" or "Holiday" loans, often before the tax return filing season begins. The defendents have denied the government's allegations.
Under the terms of the preminarly injunctions, the defendants are barred from preparing false returns or filing returns without cusotmer authorization, along agreeing not to perform other acts of which they are accused. Instant Tax is also barred from offering loans that rely on a customer's paystub and must hire a neutral company to conduct secret shippers visits to its offices.
Lets Make a Date! (12/31/69)The IRS announced today that it has set January 31 as the official start day of the filing season. This is delayed from the original date of January 21, and is three days later than the preliminary start date of January 28 announced by the IRS in October. The IRS says the delay was necessary due to the partial government shutdown that occurred in October.
It is expected that the IRS will begin accepting some returns prior to the official start date of January 31, as was the case last year. However, it is likely that even if the return is accepted prior to January 31, the IRS will not release the refund any sooner than it does for returns accepted on January 31.
STOP RUNNING! (12/31/69)They say you can run, but you can't hide. This is true when dealing with the IRS. Do you have past due tax returns? Are you on the run from the IRS? Are you hiding your money? It is just a matter of time until they find you. They are very patient. Once found, they can garnish your paycheck, levy your bank accounts, and place a lein on your property. The longer you wait, the more penatlies and interest accumulate.
STOP RUNNING! File those past due income tax returns. Get the IRS off your back. Once you are current with your taxes, you can file an Offer In Comprise and ask for a reduction of the past due balance. That is where we come in. We can assist you with the OIC and filing all past due tax returns.
There was an old commercial that said:
You can pay me now, or you can pay me later. Later cost more!
STOP RUNNING! (12/31/69)They say you can run, but you can't hide. This is true when dealing with the IRS. Do you have past due tax returns? Are you on the run from the IRS? Are you hiding your money? It is just a matter of time until they find you. They are very patient. Once found, they can garnish your paycheck, levy your bank accounts, and place a lein on your property. The longer you wait, the more penatlies and interest accumulate.
STOP RUNNING! File those past due income tax returns. Get the IRS off your back. Once you are current with your taxes, you can file an Offer In Comprise and ask for a reduction of the past due balance. That is where we come in. We can assist you with the OIC and filing all past due tax returns.
There was an old commercial that said:
You can pay me now, or you can pay me later. Later cost more!
YES YOU OWE TAXES (12/31/69)No one wants to hear these words. But if you do hear them, it does NOT mean your tax professional is at fault. Usually it has to do with under-withholding of income taxes either on your paycheck or under paying estimated payments as an Independent Contractor. Did you change tax preparers because you owed last year? Did you owe again this year?
The question you should ask is WHY do you owe ever year. If your tax person cannot give you a sufficient answer, ASK US. If there is something about your taxes you do not understand, ASK US. We can help you understand your taxes.
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