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What Taxpayers Should Do if They Missed the April 15 Deadline
It's the day after, and for some American taxpayers, there may be a lingering question... What can they do if they missed yesterday's April 15 deadline to file their income tax return and also didn't file an extension.
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April 15 – Failing to File Taxes Can be Painful
By law, the IRS can assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes. But the failure-to-file penalty is generally higher than the failure-to-pay penalty.
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Is the IRS Doing Enough to Combat Identity Theft?
But with income tax refund identity theft rapidly becoming a scourge, is the less than 300 cases for 2014 keeping up or even putting a dent in the epidemic? After all, in 2013 alone, there were 33,000 claims of identity theft just in Florida, one of the hardest hit states because of the abundance of residents who are at higher risk, particularly the elderly and immigrants.
More Americans are Saving Income Tax Refunds
April 15 is a day away and for the millions of American taxpayers who expect or have already filed and received a refund there's some surprising news. More than two thirds have decided to save their refund.
Debunking Common Income Tax Myths
The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The 2014 version includes numerous recently-decided cases that demonstrate that the courts continue to regard such arguments as illegitimate.
7 Reasons People Haven’t Paid For Obamacare
The White House now says without equivocation that 7.1 million individuals signed up for Obamacare by March 31, the deadline for open enrollment in 2014. But how many of those people actually paid for health insurance coverage acquired through the marketplace? That’s where the “counting” gets a little trickier.
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The Worst Countries for Inheritance Taxes
According to a new study conducted by the UK-based accounting firm network UHY International, “Old” world economies charge higher inheritance and estate taxes than “New” world economies.
IRS May Lack Resources to Enforce ObamaCare Insurance Mandate
The IRS has been struggling in its efforts to close an estimated $385 billion “tax gap” between the amount that taxpayers owe and the amount they’ve actually paid. Now, to add another crushing weight, it has to ramp up Obamacare activities despite recent budget cutbacks.