InternalRevenueService
We're Getting Taxed for Frequent Flier Miles? Thanks a Lot, Citibank
10:00AM 1/31/2012
It's tax season, which means the annual deluge of W-2s, 1099s and other financial forms. But thousands of Citibank customers will have an extra surprise in their mailboxes: 1099 forms reporting their frequent flier miles as income.
Over the years, taxpayers have concocted a lot of zany arguments to justify tax deductions. We've come up with what we think are the 10 most creative ones that the tax courts decided didn't quite pass muster.
Tax Refunds Are Shrinking -- and That's a Good Thing
6:30AM 1/12/2012
2011 wasn't a good year for those expecting big checks from the IRS. Not only were fewer refunds delivered, but the average refund was smaller. That's no surprise in this economy, but it's also a sign that Americans are getting smarter about how we handle our taxes.
Congress is damaging the Internal Revenue Service by shortchanging its budget, making it harder for the agency to help taxpayers, detect fraud and bolster revenue collection even as budget deficits surge, a government watchdog said Wednesday. "The imbalance between its workload and its resources is becoming unmanageable," Nina E. Olson, the national taxpayer advocate, wrote in her annual report on the IRS.
Tax Season, Scam Season: How to Avoid the Fake Refund Cons
2:30PM 1/06/2012
Uncle Sam isn't the only one looking to collect from taxpayers this year: A rapidly growing number of Internet scammers are also using the guise of the IRS to siphon money out of consumers' pockets, security experts say.
There may be a way to unlock some extra cash for the holidays right under your nose. If you're getting a tax refund of more than $500 come springtime, it means you are giving the government an interest-free loan. Wouldn't you rather have some of that money now? Here's how to get it.
For some of us, getting a financial fresh start might begin with paying back taxes. More than 1 million taxpayers had federal tax liens filed against them in 2010, a 60% increase from 2007. On Saturday, the IRS will host open houses at 74 Taxpayer Assistance Centers around the country to provide assistance with getting liens withdrawn and answer questions about ongoing issues.
Memos to the IRS: A Peek Inside Its Suggestion Box
2:00PM 7/08/2011
In the complicated, confusing, and confounding world of taxes, we citizens have a little-known ally within the IRS: the Office of the Taxpayer Advocate, Nina Olson. Olson welcomes your thoughts via a suggestion box on tax reform. So far, she's received roughly 1,500 submissions, and she's still asking for more.
Many of us know that deep sinking feeling which can occur when we receive an unexpected letter from the Internal Revenue Service. Before we even open that envelope, the ugly questions begin to rise. Did I forget to sign my tax return? Do I owe more than I expected? Am I going to be exposed to a...
IRS to help struggling homeowners, somewhat
9:05AM 12/21/2008
The Internal Revenue Service recently announced a program to speed lien relief for homeowners trying to refinance or sell. While it won't get anyone out of their tax bill or erase a federal lien on their home, it's at least some help if they're trying to sell their home in this tough housing...
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