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A tale of taxes and how we got to today’s 1040 woes

KCLink — Mon, 15 Apr 2013 00:44:00 +0000

Monday is tax day, and maybe you're feeling a bit sorry for yourself. Buck up! It's not so bad. Here's a hop, skip and a jump through ancient tales of taxes and how we got to today's tales of 1040 woes.

New Tax Reform Suggestions Posted to Tax Toolkit

DagnyKight — Tue, 26 Feb 2013 05:00:00 +0000

New tax reform suggestions submitted by members of the public are available on the Tax Reform Suggestion Box page of the Taxpayer Advocate Service (TAS) Tax Toolkit. Visit this page to read other taxpayer perspectives and submit your own ideas about tax reform.

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PTIN Requirements Not Affected by Court Ruling on Tax Preparer Regulation

DagnyKight — Thu, 14 Feb 2013 05:00:00 +0000

On Jan. 18, 2013, the U.S. District Court of the District of Columbia issued an injunction to keep the IRS from enforcing regulatory requirements for tax return preparers. In accordance with this order, tax return preparers covered by this program are not required to complete competency testing or secure continuing education. The ruling does not affect the regulatory practice requirements for CPAs, attorneys, enrolled agents, enrolled retirement plan agents or enrolled actuaries.

On Feb. 1, 2013, the court released a modified order clarifying that all paid tax return preparers must still obtain a PTIN. Following this clarification, the IRS has reopened the PTIN system. Learn the specifics about what this ruling means for tax professionals on the Tax Preparer Regulation page of the Taxpayer Advocate Service’s (TAS) Tax Toolkit.

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Finding the Right Filing Status

DagnyKight — Tue, 12 Feb 2013 04:48:03 +0000

When preparing a tax return, one of the first decisions we make is to pick a filing status. Filing status determines which tax rates apply to our income and determines our standard deduction. Filing status is based on two general factors: whether a person is married or not, and whether a person has closely-related dependents.

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IRS Announces Start Dates For Processing Some Tax Returns

DagnyKight — Sat, 09 Feb 2013 15:58:43 +0000

The Internal Revenue Service has delayed the processing of several tax forms which needed to be revised due to the American Taxpayer Relief Act. Previously, the IRS had announced that some forms would be delayed, possibly as late as the middle of March. The IRS needed additional time to reprogram their computer systems to reflect changes made by legislation that passed Congress on January 1, 2013. The IRS has announced dates that the agency will be able to process tax returns containing the following forms:

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IRS Provides Further Disaster Relief for Hurricane Sandy

DagnyKight — Tue, 05 Feb 2013 06:35:52 +0000

Taxpayers in New Jersey and New York may be eligible for a further extension of time to file tax returns and to remit payment of federal taxes as a result of Hurricane Sandy.

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IRS Announces Processing of Returns Claiming Education Credits by mid-February

DagnyKight — Tue, 05 Feb 2013 05:00:00 +0000

The IRS recently announced that taxpayers using Form 8863, Education Credits, can begin filing their tax returns for processing in mid-February. Form 8863 is used to claim two higher education credits – the American Opportunity Tax Credit and the Lifetime Learning Credit. Learn more about tax credits available to you on the Taxpayer Advocate Service (TAS)’s Tax Toolkit.

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Reynolds: Tax the Revolving Door

DagnyKight — Tue, 29 Jan 2013 10:22:00 +0000

USA Today op-ed: Tax the Revolving Door, by Glenn Harlan Reynolds (Tennessee): When President Obama ran for president in 2008, he promised to "close the revolving door" and clean up both ends of Pennsylvania Avenue, but that hasn’t happened. Which isn’t to say that it shouldn’t happen now. But I…
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Author: Paul Caron

Anderson: Plastic Grocery Bag Bans and the $87,500 Seagull

DagnyKight — Mon, 28 Jan 2013 10:00:00 +0000

Rob Anderson (Pepperdine), Law Profs Bag $87,500 Seagull: Law professors Jonathan Klick (U Penn Law) and Joshua D. Wright (George Mason Law) have posted a paper, Grocery Bag Bans and Foodborne Illness, that has been making the rounds in the news and blogs in the last few days. The paper…
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Author: Paul Caron

When Can You Begin Filing Your 2012 Federal Tax Return?

DagnyKight — Wed, 09 Jan 2013 18:38:09 +0000

The Internal Revenue Service plans to begin processing tax returns on January 30, 2013, for the year 2012 (IR-2013-2). The IRS previously expected to begin processing tax returns on January 22nd.

The delay in processing tax returns is due to the American Taxpayer Relief Act (ATRA), which was signed into law on January 2, 2013. “The opening of the filing season follows passage by Congress of an extensive set of tax changes in ATRA on Jan. 1, 2013, with many affecting tax returns for 2012. While the IRS worked to anticipate the late tax law changes as much as possible, the final law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns.”

Most taxpayers will be able to file their tax returns as early as January 30, 2013. The IRS will begin processing returns filed by mail or via electronic filing on that date.

However, some taxpayers will need to wait until later before filing. “There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future.”

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