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February 9, 2012 11:40 am
IRS Releases New App
The IRS released IRS2Go 2.0, which is an expanded version of its smartphone application. The new app works on both the iPhone and Android platforms. It enables taxpayers to check the status of their federal tax refund, get tax updates, and follow the IRS Twitter newsfeed @IRSnews. The new version also enables taxpayers to view YouTube, get the latest news releases, and order tax return transcripts. The app is free.
Source: IR-2012-16
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
