Posted by taxguru on February 24, 2012
IRS Interest Rates Remain the Same for the Second Quarter of 2012
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2012. The rates will be:
- three (3) percent for overpayments (two (2) percent in the case of a corporation);
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
With the record low interest rates in the market, it would be nice if some of the States also brought their interest rates into line with everyone else. For example, Arkansas has always charged 10%. As you can see in this chart from the TaxInterest program, some states even charge much more than that.
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Posted by taxguru on February 24, 2012
IRS still experiencing delays in sending tax refunds – I have been hearing about a lot of snags in the IRS’s electronic filing system from other tax preparers. It just makes me glad I have stuck to my policy of only preparing paper tax returns.
Posted in E-Filing, IRS | Leave a Comment »
Posted by taxguru on February 17, 2012
IRS Releases the Dirty Dozen Tax Scams for 2012
1. Identity Theft
2. Phishing
3. Return Preparer Fraud
4. Hiding Income Offshore
5. “Free Money” from the IRS & Tax Scams Involving Social Security
6. False/Inflated Income and Expenses
7. False Form 1099 Refund Claims
8. Frivolous Arguments – listed here
9. Falsely Claiming Zero Wages
10. Abuse of Charitable Organizations and Deductions
11. Disguised Corporate Ownership
12. Misuse of Trusts
Posted in IRS, scams | 1 Comment »
Posted by taxguru on February 16, 2012
Washington DC financial and accounting principles are literally from
a different planet because they make no sense whatsoever for those
of us who live and work here on Earth.
Governor MoonBeam is up to his old tricks:
Marxism is a religion as well…
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Posted by taxguru on February 12, 2012
Ten New Tax Laws That May Affect 2011 Return – Just some of the changes that keep taxes a moving target and not something for do-it-yourselfers.
Posted in NewTaxLaws, TaxReturns | Leave a Comment »
Posted by taxguru on February 10, 2012
Here’s the Beatles version of TaxMan, along with illustrative photos synchronized to the lyrics. Very well done.
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Posted by taxguru on February 8, 2012
I Will Pay My “Fair Share” of Taxes When… – Sentiments many of us share. It’s extremely frustrating when Marxist are allowed to define what is “Fair” in this country.
Posted in Commies | Leave a Comment »
Posted by taxguru on February 8, 2012
Why Do We Stick With Broken Social Security Model? – The corrupt, insane SS system was destined to eventually implode from the very beginning. No sane person would ever invest in a scam like this if the IRS didn’t put a gun to our heads to force participation.
Posted in SSA | Leave a Comment »
Posted by taxguru on February 7, 2012
Tax reform in this election year: It’s not likely – As always, this means there will be no shortage of work for the professional tax advisor community. The higher taxes are, the more people need the assistance of tax pros to help them hold onto their money.
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Posted by taxguru on February 6, 2012
Understanding the tax system…
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