Tax season

Calls to the Internal Revenue Service’s toll-free phone lines for tax help may exceed the agency’s projections this tax season.

Tax preparers are persevering despite being hit with a number of negatives at the start of filing season, including bad weather, the effects of the poor economy, and the demise of several major bank product programs.

house, chile, earthquake, donations

House Ways and Means Committee Chairman Sander Levin, D-Mich., and ranking member Dave Camp, R-Mich., have introduced legislation to allow taxpayers to claim charitable deductions in 2009 for Chilean earthquake relief.

After two years of paying down debt and skipping family vacations, many Americans cautiously intend to start spending their tax refunds once again.

Company.com, an information portal for small and midsized businesses, has provided the following set of tips for small businesses to decrease their chances of being audited by the IRS.

The Internal Revenue Service said it has unclaimed refunds totaling more than $1.3 billion awaiting nearly 1.4 million people who did not file a federal income tax return for 2006, including over $150 million in the state of California alone.

New York City’s Department of Consumer Affairs has investigated nearly 800 income tax preparers in a month-long investigation and issued 2,010 charges for violations, including illegally advertising refund anticipation loans as “instant” or “rapid” refunds.

H&R Block blamed the recession for a drop-off in tax filings so far this season.

New York State’s budget deficit and dysfunctional legislative process may prompt the government to withhold state income tax refunds, according to embattled Governor David Paterson.

Preparing for your first tax season can be a challenging task. While most have the technical knowledge to do the work, they often lack the confidence that experience provides. To help those facing their first tax season, I sat down with Erich Holmes, senior accountant in the Tax Services Department at Rea & Associates in Medina, Ohio. Erich has four years of experience in public accounting and he focuses on providing income tax services for individuals, partnerships and corporations.

The 2010 filing season promises to be unique both in the amount of advice sought by clients, and in the volume of analysis and planning necessary to service them.

The California Society of CPAs has signed on as one of the sponsors of a statewide media campaign that aims to raise awareness of the opportunity for California taxpayers to make a charitable gift while completing their state tax returns.

New York City has launched a free Web-based tax preparation and electronic filing service that is available to all residents who earn less than $58,000.

The Internal Revenue Service is considering requiring some business taxpayers to report uncertain tax positions on their tax returns, according to Commissioner of Internal Revenue Douglas Shulman.

The Internal Revenue Service listed the guidelines for the tax deductions that taxpayers can take for the contributions they make toward Haiti earthquake relief this year.

The Internal Revenue Service issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes.

The Internal Revenue Service has issued advice on how to claim the Making Work Pay Tax Credit that was included in the Recovery Act if an employer has not provided the full credit.

The Senate has unanimously passed legislation that allows taxpayers to deduct charitable contributions to aid victims of the devastating earthquake in Haiti.

The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.