Posts Tagged ‘irs’

PRWeb Picks: five news releases we love this April

Bookkeeping Tips for Business Deductions

TaxMasters: How to Avoid Being Audited by the IRS

Patrick Cox, CEO of TaxMasters, Gives Tips on Some Common Taxpayer Mistakes That Can Lead to IRS Audits

HOUSTON, Feb. 10, 2011 /PRNewswire/ — As we enter yet another tax season, many individual taxpayers and small business owners share fears about being audited by the IRS, often fueled by misconceptions concerning the audit process and a lack of information about how to avoid being selected for an audit. While audit regulations can be complicated, there are specific steps you can take to stay off the IRS’s radar, according to Patrick Cox, CEO of TaxMasters.  Read more... (754 words, estimated 3:01 mins reading time)

Genesee Community College Offers Free Income Tax Preparation Services by Genesee Community College

BATAVIA, NY (02/10/2011)(readMedia)– Volunteers at Genesee Community College will once again provide free income tax preparation services through the Volunteer Income Tax Assistance (VITA) program and the Internal Revenue Service (IRS) for the 2011 tax season. The Genesee County Department of Social Services is coordinating with volunteers at the College to provide appointment-based services (at DSS) as well as several walk-in service days at the Batavia Campus. The walk-in service days are Thursday, March 24 and Thursday, April 7 from 4:00 pm – 7:00 pm in T205. Preparation is also being done on Tuesdays and Thursdays (other than the campus session days) beginning February 10 from 5:00 pm – 8:00 pm at the Department of Social Services office at 5130 East Main Street Batavia. An appointment is needed if clients are planning on going to the DSS office. Community members can call Betty at 344-2580 ext. 6552 to schedule an appointment. The VITA Program offers free tax preparation to low to moderate-income (generally, $49,000 and below). Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations. Most locations also offer free electronic filing. Genesee Community College is one of several local community groups to provide these tax services. Genesee’s volunteers consist of faculty, staff and current students. They have been certified and trained by the IRS to prepare the tax returns. The tax returns are prepared by the certified volunteers with the IRS approved “Taxwise” program, an online program that the preparers use. Both Federal and State returns are filed. The client leaves with a copy of the returns that have been prepared. Mark Castiglione from the Department of Social Services is the site coordinator. Under the leadership of Cheryl Corke, assistant professor of Accounting at Genesee and a Certified Public Accountant, the student and faculty volunteers have undergone rigorous online training to be able to use the IRS computer software. In addition to the certified faculty members, there are a number of accounting students and college staff who have been active and will assist in the program. “I want to personally thank all of those who have been involved in this program. We have several certified preparers from GCC including faculty and students and three people certified from DSS,” Cheryl Corke said. “Several others have put time and effort into this endeavor. A special thank you to Amy Conley, instructor of Accounting, who has worked with our income tax course students to become certified intermediate preparers. Thanks to the other students and staff who have given their time learning tax law and assisting with the program.” The 2010 income tax season was the inaugural year GCC participated in VITA. In 2010, 102 Federal and NYS income tax returns were prepared. The clients received $102,588 in Federal income tax refunds (including $19,058 in Federal earned income tax credits, $8,826 in child tax credits and $10,454 in education tax credits). The VITA program is a free service for clients with basic returns (no schedule C’s, D’s and no businesses) and with a combined income of $49,000 or less. There will be a welcome table with a checklist of all the materials people need to have prior to preparation services (social security cards for all individuals including dependents, all W-2′s and 1099′s, etc. and proof of identity such as driver’s license) For more information please contact Cheryl Corke at 585-343-0055 x6323 or at cacorke@genesee.edu.

Business Owners: Less than One Week to File W-2 and 1099s

Tips for Making Last-minute Filing a Breeze from FileTaxes.com

GRAND RAPIDS, Mich., Jan. 26, 2011 /PRNewswire/ — Memo to business owners with employees or anyone who has contracted out more than $600 in work to a freelancer or subcontractor: you have until Jan. 31, 2011 left to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.  Read more... (864 words, estimated 3:27 mins reading time)

Small Business Tax Credit Calculator™ Computes IRS Form 8941 and Provides Guaranteed Numerical Data for Health Reform Tax Credit Filing

Completion of Lines 1-14 of Form 8941 Turns Hours of Work into Minutes in Tax Preparation

MECHANICSBURG, Pa., Jan. 20, 2011 /PRNewswire/ — The Small Business Tax Credit Calculator™, developed and launched by Tax Credits, LLC™ and available for use by tax professionals and self-filers at http://www.smallbusinesstaxcreditcalculator.com, is the only online calculator tool valid in all 50 states to complete lines 1-14 of IRS Form 8941 for the tax preparer. This 100% guaranteed numerical calculation turns what the IRS projects to be a 12-16 hour task into minutes, saving time and frustration for tax preparers and small business owners everywhere.  Read more... (588 words, estimated 2:21 mins reading time)

Drag Racing Association’s Tax-Exempt Status Under Scrutiny

WASHINGTON, Jan. 21, 2011 /PRNewswire-USNewswire/ — The IRS has recently received an anonymous complaint, challenging the tax-exempt status of the National Hot Rod Association (NHRA). The complaint contends that the drag racing organization’s activities mimic those organized by for-profit automobile entertainment companies.  Read more... (366 words, estimated 1:28 mins reading time)

Free File Brand-Name Software and Online Forms Available Today

IRS Relaxes Requirements, Opens Offer in Compromise Program to Thousands

IRS Commissioner Doug Shulman announces ‘big shift’ in offer in compromise program to accommodate taxpayers impacted by unemployment or financial problems

Final Countdown to April 15

Illinois CPA Society Answers Last Minute Tax Questions  Read more... (659 words, estimated 2:38 mins reading time)