Category Archives: IRS

Tax gap: IRS comes up $385 billion short

By doris | Published: January 7, 2012

Full Story at money.cnn.com NEW YORK (CNNMoney) — Close to 15% of federal taxes — or $385 billion — went unpaid in 2006, according to new estimates by the IRS. That’s the net tax gap number — meaning what didn’t get paid even after the $65 billion the IRS managed to collect through audits. And [...]

Also posted in Lose, Money, Spending, Tax | Leave a comment

$513 million paid in undeserved homebuyer credits

By doris | Published: April 16, 2011

Full Story at  msnbc.com WASHINGTON — The Internal Revenue Service has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn’t qualify, a government investigator said Friday. Most of the money — about $326 million — went to more than 47,000 taxpayers who didn’t qualify as first-time homebuyers because [...]

Also posted in Banking, Government, Home, Investors, Tax | Leave a comment

IRS cracks down on millionaires

By doris | Published: March 29, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Watch out millionaires: The IRS is coming for you. Especially if you make more than $10 million. Audits of these folks surged 73% last year, hitting more than 18% of taxpayers in the highest income bracket, according to recently released statistics from the IRS.

Also posted in Assets, Corporate, Financial, Government, Investigation, Money, Tax | Leave a comment

Top Democrat backs 1099 requirement repeal

By doris | Published: November 13, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Top Democrats are uniting with Republicans in a show of support for small business owners: Senate Finance Committee Chairman Max Baucus, D-Mont., said Friday that he will introduce legislation to repeal the expanded 1099 reporting requirements set to take effect in 2012.

Also posted in America, Business, Economy, employment, Financial, Government, Limits, Money, Tax | Leave a comment

5 tax breaks you should look at

By doris | Published: March 2, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Tax season is upon us. And while nobody likes shelling out their hard-earned dollars to the IRS, this year the government is offering up some new opportunities that could save you big money. As part of the American Recovery and Reinvestment Act, or stimulus bill, Congress introduced [...]

Also posted in Deductions, Financial, Government, Money, Tax Returns | Leave a comment

Taxpayer advocate to IRS: Don’t lien too heavily

By doris | Published: January 10, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The tax man has gotten a lot more aggressive in slapping liens on taxpayers who are seriously delinquent in their payments. In fact, the Internal Revenue Service issued 475% more liens last year than it did in 1999.

Also posted in America, Economy, Financial, Money, Pay Back | Leave a comment

Surprise: Uncle Sam’s jobless gift has strings

By doris | Published: March 7, 2009

Full Story At msnbc.com CHICAGO – Some Americans are learning a jarring lesson about unemployment as they prepare their tax returns. At a time when the newly laid-off are swelling unemployment rolls to record numbers, the painful surprise for many is that jobless benefits are taxed like income. That leaves many on the hook for [...]

Also posted in Government, Money, Tax, Tax Returns | Leave a comment