Tax News

The bomb blasts in Boston went off on April 15, the deadline for filing 2012 returns. However, in view of this event, the IRS has given affected taxpayers 3 additional months to timely file 2012 retur...

The IRS has extended the due date for filing certain returns and paying estimated taxes for taxpayers in certain counties and municipalities in North Carolina, New Jersey, New York, and Puerto Rico. T...

Usually, the IRS has only 3 years from the due date of a return to commence an audit. However, if there is an omission of gross income of more than 25%, than the IRS has 6 years to act. A question tha...

Through the tax filing deadline of April 18, 2011, the IRS has reported that there were almost 101 million e-filed returns, representing an 8.8% increase from last year. This makes nearly one billion ...

Tax scams can cost taxpayers penalties, criminal prosecution, and other serious consequences. Tax scams abound, and the IRS commissioner warns taxpayers to avoid them. In an effort to help, the IRS ha...

The interest rate that individuals will pay on underpayments rises to 4% starting on April 1, 2011; it was just 3% in the first quarter of 2011. A 4% interest rate had been effective from April 1, 200...

The IRS started electronic filing in the mid-1990s. In 1997, Congress directed the IRS to increase electronic filing of individual income tax returns to 80% by 2007. While the IRS has yet to achieve t...

Those who were in contract by April 30, 2010, to purchase a home that would qualify them for a tax credit as a first-time buyer or long-term resident now have more time to complete the sale. Originall...

If you take a distribution from your IRA and want to avoid any tax on it, you must roll it over-to the same IRA, a new IRA, or a qualified retirement plan-within 60 days. The 60 days is fixed by law. ...

The severe Southern California wildfires that ravaged homes and businesses in October 2007 affected thousands of individuals. Those living in the Presidential Disaster Area, comprised of Los Angeles,...