Finance Globe

U.S. financial and economic topics from several finance writers.

Taxpayers Affected by Tax Law Can File Returns Now

In late December, the IRS had informed taxpayers who were affected by recent tax law changes to wait to file their returns until notified that the IRS was ready for them, which was estimated to be around mid-February.On Monday, IRS began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions for state and local sales tax, higher education tuition and fees and educator...
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Last Chance Amnesty for Tax Evaders with Offshore Accounts

Taxpayers using offshore accounts to hide money from Uncle Sam have been given a second chance to come clean and avoid criminal prosecution. The Internal Revenue Service’s 2011 Offshore Voluntary Disclosure Initiative (OVDI), which began last week, will be in effect until August 31 this year. The amnesty program is intended to bring tax revenue back to the U.S. and help people get current with their taxes before they get in trouble with the law. “As...
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IRS Releases Smartphone App

Want an easy way to check on the status of your refund this tax season? There’s an app for that. The Internal Revenue Service today announced the release of IRS2Go, the first smartphone application that lets taxpayers quickly get the status of their refund and other helpful tax information on both the iPhone and Android operating systems."This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when they...
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Requested a Federal Tax Extension? October 15th is Just Around the Corner

Just a reminder to taxpayers who requested an extension for the 2009 tax year - the October 15th due date is just around the corner. It’s also a crucial due date for thousands of small nonprofit organizations at risk of losing their tax-exempt status because they have not filed the required forms in the last three years, the Internal Revenue Service pointed out in a statement.“The October 15 deadline is particularly important this year because it’s...
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IRS Announces the End of Debt Indicator for RALs

Refund anticipation loans (RALs) have always been a bad idea for taxpayers due to the high cost of getting a tax refund only a few days sooner than if the taxpayer had efiled and opted for direct deposit.But that cost can become even higher for the 2011 tax year - the Internal Revenue Service announced last week that starting next tax season it will no longer provide taxpayer information known as the “debt indicator” to tax...
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Filing for a Federal Tax Extension

The deadline to file your income tax return is just around the corner - it really comes up fast for those who aren't ready. But don't panic. If you don't see being able to complete your tax return before the deadline, just file for an extension by April 15th and you'll automatically be granted another six months to complete your tax return.To be timely for your extension, follow the same rules as if you were filing...
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The Earned Income Tax Credit (EITC)

The Internal Revenue Service (IRS) announced on Friday the expanded Earned Income Tax Credit (EITC), a larger credit for larger families that offers greater relief for people who struggled through difficult financial times last year.EITC is one of the federal government's largest benefit programs and is now in its thirty-fifth year. Last year, almost 24 million people received $50 billion in benefits, and the average credit was more than $2000."As part of the economic recovery efforts,...
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2009 E-file Open for Business January 15

The IRS announced today that e-file, the electronic tax return delivery service, is open for business January 15. The most popular method of filing taxes, e-file debuted 20 years ago, delivering 4.2 million tax returns. Last year, IRS e-file delivered 95 million tax returns and is used by two-thirds of the nation's taxpayers."Electronic filing is more and more popular every year, and most taxpayers now e-file. IRS e-file means faster refunds. It means the option to...
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IRS Has $123.5 Million in Undeliverable Tax Refunds

Our friendly Internal Revenue Service (IRS) issued a notice last week stating that over a hundred thousand taxpayers have yet to receive the tax refund they are due because the IRS doesn't have an accurate, up-to-date mailing address for them.The IRS has 107,831 undeliverable refund checks for a combined total of $123.5 million. These checks were returned to the IRS by the U.S. Postal Service due to mailing address errors.“We are eager to get this money...
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Child and Dependant Care Credit 2009

Facts about the Child and Dependant Care Tax Credit 2009If you paid someone to care for your child, spouse, or dependant so that you or your spouse could work or look for work, you may be able to reduce your tax by claiming the Child and Dependant Care Credit on your federal tax return.Below are the top things to know about taking the child and dependant care credit: You must have paid for care for one...
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