Mississippi Business Journal » IRS

Errors and record mismanagement can be costly

Lisa Monti — Fri, 19 Apr 2013 22:06:03 +0000

It’s the little things that can get taxpayers. Simple math errors, poor penmanship or hurriedly filling out your tax form at the last minute account for loads of filing errors. And those slip ups, which typically happen with paper returns, give the Internal Revenue Service another opportunity to tout the benefits of filing taxes electronically. [...]

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Read January 4 issue of MBJ

MBJ Staff — Fri, 04 Jan 2013 23:43:17 +0000

>> HOSPITALITY New hotel to replace Oxford’s Downtown Inn— by Clay Chandler Also in this week’s paper: >> HEALTHCARE NMMC implants first absorbing heart sent >> OUR VIEW Tight budget covers possible government oversight cuts >> EDITOR’S NOTEBOOK Viking sale leaves Greenwood hanging >> PHIL HARDWICK Exploring disconnects between economic and community developers >> NANCY [...]

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Could it be your Social Security income will be taxed?

Ike Trotter — Sun, 08 Jul 2012 06:01:52 +0000

Many new retirees today assume that Social Security income (SSI) is tax-free. Unfortunately, that is not always the case these days. This is because the door to taxation was opened in 1983 when Congress passed a law in which some might have to pay . . . depending on the amount of income earned. How [...]

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Last minute tax advice for 2012

Becky Gillette — Sun, 15 Apr 2012 06:01:52 +0000

So it is tax day, this year on April 17 due to a Monday Emancipation Day holiday on April 16. But you haven’t filed a return, or asked for an extension. If you have asked for an extension, you might not have paid the estimated taxes due. Any of those things could bode badly for [...]

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TROTTER: Last-minute tax reminders for 2012

Ike Trotter — Sun, 08 Apr 2012 06:01:43 +0000

Every year, the IRS enacts certain changes to the tax code; some large — but most fairly small. There are those situations, however, where some changes to the tax code don’t receive as much notice as they should. This year is no exception. Here is a rundown of what may affect some taxpayers this year. [...]

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New IRS rule offers tax relief to drywall victims

Amy McCullough — Thu, 07 Oct 2010 15:51:30 +0000

Source: Press release Tax Agency Announces Instructions to Help Offset Costs of Repairing Corrosive Drywall WASHINGTON, D.C. – U.S. Senators Thad Cochran and Roger Wicker (R-Miss.) today suggested that Mississippians consult a new federal procedure that provides favorable tax relief for property losses associated with corrosive drywall. The Internal Revenue Service (IRS) has issued guidance [...]

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Employment tax audits take center stage with Internal Revenue Service

Lynn Lofton — Sun, 08 Aug 2010 06:01:35 +0000

Started with individual returns, then business and partnership returns The Internal Revenue Service is extending its National Research Program to cover employment taxes and their contribution to the tax gap. Businesses could face random audits under the program as soon as this fall. This program began with a concentration on individual returns and then moved [...]

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Whistleblowing on tax cheaters

Nash Nunnery — Sun, 14 Mar 2010 06:01:07 +0000

IRS wants to hear from you if you know someone playing fast and loose with the numbers Everybody does it. Or do they? Most people wouldn’t admit it if they fudged on their tax return but would you blow the whistle on someone else? If the answer is affirmative, the Internal Revenue Service wants [...]

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Delta city owes IRS big tax check

Associated Press — Tue, 02 Mar 2010 21:06:50 +0000

METCALFE — Metcalfe Mayor Corey Holmes says the city has not remitted taxes to the government and now the Internal Revenue Service wants $200,000. Metcalfe and city attorney Bennie L. Richard say the money comes from federal income taxes the town failed to pay over a 10-year period. The taxes are from the withholdings of [...]

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