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Tag Archives: IRS

Errors and record mismanagement can be costly

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. “We strongly suggest that people ...

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Read January 4 issue of MBJ

>> 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 ANDERSON Lt. Gov. Reeves living ...

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IRS extends tax deadlines for businesses in Gulf counties hit by Isaac

  Taxpayers who live in or have a business in Hancock, Harrison, Jackson and Pearl River counties have been been granted specific tax deadline relief based on declaration of the Mississippi counties as federal disaster areas in the wake of hurricane Issac. Certain deadlines falling on or after Aug. 26, and on or before Jan. 11, 2013, have been postponed ...

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Could it be your Social Security income will be taxed?

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 much of your SSI is ...

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Last minute tax advice for 2012

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 your pocketbook and anxiety levels. ...

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TROTTER: Last-minute tax reminders for 2012

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. Don’t forget Form 8949 — ...

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IRS, Mississippi Treasury have big dollars awaiting claims by owners

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. In Mississippi, the state Treasury Department has ...

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New IRS rule offers tax relief to drywall victims

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 for affected homeowners who have ...

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Employment tax audits take center stage with Internal Revenue Service

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 on to examine business and ...

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Whistleblowing on tax cheaters

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 to hear from you. Dee ...

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