April 15th comes to mind when you think about when taxes are due. This is a friendly reminder that if your business is an S-Corporation or a C-Corporation, your business tax return is due before March 15th. S Corporations Your S-Corp (LLC’s taxed as an S-Corp count too) is required to file IRS Form 1120S […]

The IRS has released a warning to the public in regards to tax schemes that promise higher refunds to those with low income.  The IRS would like to specifically warn the elderly, church members, and working families.  Under this scheme, the promoter claims to be able to obtain a tax refund or “non existent stimulus […]

The IRS will no longer send out reminders to First Time Home-buyers who purchased a home in 2008.  The credit in 2008 was essentially an interest free loan from Uncle Sam.  Most people pay back the loan in 15 years (15 installments of $500 through his/her tax return).  Undoubtedly and obviously, the IRS will still […]

The IRS regularly conducts national, regional and local compliance initiative projects (CIPs) to study perceived areas of noncompliance. The IRS uses the data from these projects to develop more comprehensive projects and allocate its audit resources in the areas showing significant noncompliance. Projects to be conducted through March regard Schedule C filers, taxpayers taking duplicate […]

Be sure to inform your clients that they have until April 17th this year to file for 2008 tax refunds credits.  The IRS estimates that there is over 1 billion dollars in unclaimed refunds still waiting for returns to be filed.  Many people feel that they do not need to file tax returns due to […]