Topic: IRS

Nearly Seventy Percent of Tennesseans Now Using IRS e-File

November 3, 2009 |

NASHVILLE — Tax return e-filing for this year ended Oct. 15 and Tennesseans e-filed a record 1.96 million federal income tax returns in 2009. With a projected 2.82 million paper and electronic returns to be filed by Tennesseans by the end of the year, 69.6 percent of tax filers in the state chose electronic filing over paper. “Most Tennesseans have made the sensible switch to e-filing,” said IRS spokesman Dan Boone. “It’s fast, easy, secure and for most filers it’s available at no cost.” «Read the rest of this article»

Sections: Business | No Comments

Oct. 17 is Last Day for Businesses to Request Tax Credit Certification for Some New Hires

October 8, 2009 |

Businesses planning to claim the recently-expanded work opportunity tax credit for eligible unemployed veterans and disconnected youth hired before mid-September now have until Oct. 17 to request the certification required for these workers, according to the Internal Revenue Service.

In Notice 2009-69, released in August, the IRS extended the certification deadline from Aug. 17, 2009, to Oct. 17, 2009, and clarified the definition of “disconnected youth.” Revised Form 8850 , available on IRS.gov, is used by employers to request certification from their state workforce agency. «Read the rest of this article»

Sections: Business | No Comments

New Vehicle Deduction

October 7, 2009 |

The “Cash for Clunkers” program for new cars may have ended, but the IRS wants to remind taxpayers that many people might overlook another special break available. If you buy a new vehicle this year, there’s a special federal tax deduction available that can help you save money, in some cases hundreds of dollars. This tax break will allow people who buy a new vehicle in 2009 to deduct the sales and excise taxes they pay when they file their tax return next year.  The tax deduction is available on the 2009 federal tax return even for those who claim the standard deduction.

Wyatt-Johnson Subaru & Hyundai in Clarksville Tennessee

Sections: Business | No Comments

Taxpayers Have Until Oct. 15 to File Extended 2008 Tax Returns

October 3, 2009 |

Offshore Voluntary Disclosures Also Due

Nashville – The Oct. 15 deadline is fast approaching for millions of taxpayers who requested a six-month extension to file their 2008 tax returns. That includes about 156,000 Tennesseans.

It’s also the deadline for special voluntary disclosures by taxpayers with assets in previously undisclosed offshore financial accounts.

In most cases, Oct. 15, 2009, is the last day taxpayers may timely file their 2008 federal tax returns. The IRS expects to receive as many as 10 million tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers, for example, may have requested a filing extension to claim the first-time homebuyer credit for a home purchase that closed after the April 15 deadline.

Some taxpayers can wait until after Oct. 15 to file. This includes those serving in Iraq, Afghanistan or other combat zone localities and people affected by recent natural disasters. «Read the rest of this article»

Sections: Business | No Comments

Tennesseans file nearly 36,000 claims for first-time homebuyer credit

September 18, 2009 |

Taxpayers Must Close Before Dec. 1 to Qualify

Nashville — With the deadline quickly approaching, the Internal Revenue Service today reminded potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which so far has provided a tax benefit to more than 1.4 million taxpayers nationwide, including 35,892 in Tennessee.

The number of claims filed by Tennesseans is the 13th highest in the nation. “IRS is glad to see that many Tennesseans have taken advantage of the homebuyer credit,” said IRS spokesman Dan Boone, “but the clock is ticking for those who hope to and have not.”

The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.  The IRS has a new YouTube video and other resources that explain the credit in detail.

A house for sale in Clarksville, TN by Crye-Leike reality

«Read the rest of this article»

Sections: Business | No Comments

IRS Features Recovery Tax Credits on YouTube, iTunes

September 1, 2009 |

Washington —  The Internal Revenue Service today announced the availability of video and audio products to help taxpayers take full advantage of the 2009 tax provisions in the American Recovery and Reinvestment Act.

The IRS has launched a YouTube video site and an iTunes podcast site to better serve taxpayers.

People can visit the video site at www.youtube.com/irsvideos to view information about the Recovery, tax tips and how-to videos. These videos will be in English, Spanish, American Sign Language and other languages. «Read the rest of this article»

Sections: Business | No Comments

IRS alerts public to new identity theft scams

August 6, 2009 |

Washington —The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other federal agency names, such as the U.S. Department of the Treasury.

In an identity theft scam, a fraudster, often posing as a trusted government, financial or business institution or official, tries to trick a victim into revealing personal and financial information, such as credit card numbers and passwords, bank account numbers and passwords, Social Security numbers and more. Generally, identity thieves use someone’s personal data to steal his or her financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name and even file fraudulent tax returns. «Read the rest of this article»

Sections: Business | No Comments

IRS warns of fraud with Homebuyer Credit

July 30, 2009 |

Washington — The Internal Revenue Service today announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud involving the credit. The agency has a number of sophisticated computer screening tools to quickly identify returns that may contain fraudulent claims for the first-time homebuyer credit. «Read the rest of this article»

Sections: Business | No Comments

IRS Seeks Public Comment by Aug. 31 for Tax Preparer Study

July 25, 2009 |

Washington D.C. — The Internal Revenue Service is inviting the public to contribute ideas as part of an effort to ensure high performance standards for all tax preparers.

“We are casting a wide net and seeking comment from not only tax preparers and the industry but also from the general public,” IRS Commissioner Doug Shulman said. “We encourage a wide range of people, including taxpayers themselves, to give us their ideas and suggestions.” «Read the rest of this article»

Sections: News | 1 Comment »

Buy home or new vehicle, get tax break

July 19, 2009 |

Purchase of Home or New Vehicle Could Generate Tax Break

NASHVILLE – If you’re considering buying a main home or a new vehicle, the Internal Revenue Service wants you to know you may qualify for a tax credit or a deduction after the purchase.

“Qualifying homebuyers generally can file for the First-Time Homebuyer Credit immediately after they purchase a home,” said IRS spokesman Dan Boone. “However, the deduction for buying a new vehicle is taken when you file your 2009 tax return next year.”

Homebuyers can get a tax credit, while new vehicle buyers can get a tax deduction. A tax credit comes directly off the taxes you owe, while a deduction lowers your taxable income, indirectly reducing your taxes. «Read the rest of this article»

Sections: Business | No Comments

© 2009 Clarksville, TN Online is owned and operated by residents of Clarksville Tennessee.
» We are Hosted by Compu-Net Enterprises; In Partnership with Discover Clarksville and Discover Paris