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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
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
