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Topic: U.S. Department of the Treasury

IRS Adopts “Taxpayer Bill of Rights”

 

10 Provisions to be Highlighted on IRS.gov, in Publication 1

Internal Revenue Service - IRSWashington, D.C. ? The Internal Revenue Service has announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights.

The Taxpayer Bill of Rights takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories, making them more visible and easier for taxpayers to find on IRS.gov.

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Investigating Tax Refund Fraud

 

FBI Works Cooperatively with Federal Partners

FBIWashington, DC – A Georgia woman was recently sentenced to 27 years in prison for stealing the identities of nursing home patients and using their information to apply online for about half a million dollars in fraudulent tax refunds from the Internal Revenue Service (IRS).

Criminals who use stolen personally identifiable information to line their own pockets perpetrate a wide variety of fraudulent financial schemes, like hacking into online accounts, submitting phony insurance claims, and applying for loans and credit cards. Increasingly, though, tax refund fraud using stolen identities is fast becoming a favorite money-making endeavor of the criminal element.

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Fort Campbell Welcomes Home 53 Soldiers from the 101st Sustainment Brigade

 

Returning Soldiers part of the 101st Finance Company

Fort Campbell KY, 101st Airborne Division101st Sustainment Brigade - LifelinersFort Campbell, KY – Early yesterday morning Fort Campbell and the 101st Airborne Division welcomed home 53 soldiers from the 101st Finance Company part of the 101st Sustainment Brigade after a year long deployment to Afghanistan, in support of Operation Enduring Freedom.

The unit was responsible for handling financial transactions in RC-East and RC-South. “When you talk about the effect of this company it’s pretty staggering. 1.7 Billion dollars this company has either touched or passed back to the Defense Finance and Accounting Services to make sure we are able to pay our financial obligations going forward,” said Col. Michael Peterman the Commander of the 101st Sustainment Brigade.

The returning soldiers of the 101st Finance Company

The returning soldiers of the 101st Finance Company

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Sixty-One Additional Community Banks Across the Country Receive $608 Million to Help Small Businesses Access Capital, Create New Jobs

 

Total of 191 Banks Have Now Received More Than $2.4 Billion in Funding Through Small Business Lending Fund. Beneficiaries include Clarksville based Planters Bank.

U.S. Department of the Treasury SealWashington, D.C. – On Wednesday, the U.S. Department of the Treasury announced that an additional 61 community banks across the country received a total of $608 million as part of the next wave of funding provided through the Small Business Lending Fund (SBLF). The SBLF, which was established as part of the Small Business Jobs Act that President Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.

 Including Wednesday’s announcement, 191 community banks have now received more than $2.4 billion in SBLF funding. Additional SBLF funding announcements will be made in the weeks ahead. «Read the rest of this article»

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IRS Begins Notifying Tax Return Preparers on PTIN Renewals

 

Internal Revenue Service - IRSWashington, DC — The Internal Revenue Services has begun notifying about 1 million tax return preparers to remind them that they must renew their Preparer Tax Identification Numbers (PTIN) if they are still paid preparers. Use of the PTIN will be required on all federal returns prepared by paid tax return preparers starting Jan. 1.

Tax return preparers can register immediately using a new PTIN sign-up system available through www.IRS.gov/taxpros. Preparers will need to create an account, complete the PTIN application and pay a $64.25 fee before getting their PTINs.

http://www.youtube.com/watch?v=yn6ilrV_2QU «Read the rest of this article»

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Housing Scorecard shows continued increase in Home Affordability, neighborhood stabilization, but challenges remain

 

July report on nation’s housing market includes new measures of affordability and tracks, for the first time, impact of the $6 billion NSP investment in hardest hit communities

U.S. Department of Housing and Urban Development (HUD)Washington, D.C. — The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the second edition of the Administration’s Housing Scorecard (www.hud.gov/scorecard) showing that, thanks in part to interest rates continuing at all-time lows, home affordability in the U.S. remains near the most attractive levels in 10 years.

In addition, for the first time, the report now tracks the impact of HUD’s Neighborhood Stabilization Program (NSP), which has spurred local investment and is beginning to make affordably-priced homes available to consumers. The Housing Scorecard is the Administration’s comprehensive report on the nation’s housing market. «Read the rest of this article»

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IRS Offers Summer Tax Tips

 

Nashville, TN – Before you start a summer job, take a vacation, or send the kids off to camp, the Internal Revenue Service wants you to know that certain summertime activities may qualify you for tax breaks, but there are also some tax issues that must be handled correctly now to avoid problems later.

“Knowledge of the rules can help make sure you get all the possible tax benefits from summertime activities,” said IRS spokesman Dan Boone.

Here are some tips from the IRS that may help you lower your taxes and avoid tax problems: «Read the rest of this article»

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The IRS offers help for financially distressed taxpayers

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2010 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help: «Read the rest of this article»

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IRS Forms and Publications: Get ’em when you need ’em

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

The IRS has free tax forms and publications on a wide variety of topics. If you need IRS forms or information, try one of these easy options:

  • Internet: You can access forms and publications on the IRS website 24 hours a day, 7 days a week, at IRS.gov.
  • Phone: Call 1-800-TAX-FORM (800-829-3676) to order current year forms, instructions and publications and prior year forms and instructions. You should receive your order within 10 days.
  • Locations in your community: During the tax-filing season, many libraries and post offices offer free tax forms to taxpayers. Some libraries also have copies of commonly-requested publications, including the Clarksville-Montgomery County Public Library. Braille materials may also be available. Many large grocery stores, copy centers, and office supply stores have forms you can photocopy or print from a CD.
  • Mail: Order your tax forms and publications from the National Distribution Center, P.O. Box 8903, Bloomington, IL, 61702-8903. You should receive your products 10 days after receipt of your order.
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More taxpayers may qualify for Earned Income Tax Credit this year

 

With tax season fast approaching the IRS would like to ensure you have the best information available to make informed decisions on tax matters as you prepare your 2010 income tax returns.

The EITC is for people who work at least part of the year but have lower incomes. If you qualify, it could be worth up to $5,657 this year. So you could pay less federal tax or even get a refund. That’s money you can use to make a difference in your life.

The IRS anticipates that many who had reduced incomes in 2009 may qualify for the EITC but may not be aware it exists.

Did you know that last year nearly 24 million taxpayers received $49 billion in EITC – making the credit a great investment in the lives of those who claim it? However, the IRS estimates 20 percent to 25 percent of people who qualify for the credit do not claim it. At the same time, there are millions of Americans who have claimed the credit in error, many of whom simply don’t understand the criteria.

It’s easy to determine whether you qualify for the EITC. The EITC Assistant, an interactive tool available on IRS.gov, removes the guesswork from eligibility rules. Just answer a few simple questions about yourself, your children, your living situation and your income to find out if you qualify and to estimate the amount of your EITC. You will see the results of your responses right away. «Read the rest of this article»

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