The Tax Preparation Blog

Archive for the ‘Tax Return Deadline’ Category

Special reporting requirements for U.S. domestic use of U.K. dual consolidated loss.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 2010. The length of the article is 1006 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Special reporting requirements fo…

Florida Power & Light Reaches Agreement on Rates with Office of Public Counsel and Other Parties

JUNO BEACH, Fla.—-Florida Power & Light announced today that it has reached an agreement with the Florida Office of Public Counsel, Florida Attorney General and intervenors in the company’s rate proceeding that would freeze base rates paid by customers through the end of 2012.

KINGSGATE GOLD MINING COMPANY STRONG SECOND HALF PROFIT & RETURN TO DIVIDENDS

Question: is it too late to file for a tax return and interpreting a publication?

I am a non-resident, who have worked as a seasonal worker in the USA for 4 months in 2006. By this moment I have not filed for my tax return. I have to get 100% on the tax paid as a refund, because my income is below the taxable income line. Some people tell me that I have missed the deadline and I’ll be charged penalties. However, this is what I found in IRS publication 519, p.40:
“If you file for 2006 calendar year, your return is due April 17 2007″
Moreover: “When to file for deductions and credits. To get the benefit of any allowable deductions or credits, you must timely file a true or accurate return. For this purpose, a return is timely if it is filed within 16 months of the due date just discussed”.
The due date is Apr. 17th, which means that if I file before Aug 17th 2008 for 2006, my return filing would still be timely.
Is my reasoning correct? The due date is Apr. 17th, so it is 16 months after that date, right?

Answer: in regards to the 2006 federal income tax return, if you are getting a refund then it only matters that you file the return before april 15, 2010….irs does not care about giving you money so its up to you to file to claim it but you only have a 3 year statute of limitations to do so….no penalties or interest will accrue in this instance…..if you owe them money…the return and the money are due on april 17, 2007….penalties and interest will accrue on returns not filed and paid timely…..you can file 2006 anytime before the date in 2010 to receive a refund…after that you can file it but it is not likely you will receive a your refund but you could fall through the cracks…i have seen it happen

POLITICAL ECONOMY

South Africa: an inflection point? Returns on mining in the country continue falling to amongst the world’s lowest.

Tips from the IRS – 2008 tax return–don’t miss out on free money!

Question: Do I have to claim all received wages or is there a minimum amount per employer?

I have two employers that each only paid me a very small amount of money and they did not withhold federal income tax but did withhold SS and Med. The first company paid me only $38. I left the company about 2 weeks before the end of the prior tax year but I suppose they had some vacation pay or something left to pay out and the check was dated 2009. So they sent me a W2 a few days ago.
The next company paid me $102 and they also did not withhold federal income but did withhold SS and Med. It was on-call work and I only performed one job but it was also W2.

Do I need to claim these? I couldn’t find anything on the IRS website related to this. And since they sent me a W2 I would assume that I need to claim them but since they didn’t withhold any federal income tax I thought there might be a minimum dollar amount that has to be exceeded before fed income tax is due.

Please submit links to the IRS website to backup your statements if possible. Of course any input is appreciated.

Answer: You have to include all wages on the W-2s you receive. That is the nature of a W-2….reportable income, meaning reported to you as well as the IRS. Reporting is a legal requirement. If you submit a tax return with incomplete or incorrect income information, that will be a red flag for an audit, something you absolutely want to avoid.

You can call the IRS yourself to verify. 1-800-829-1040

On Tap community calendar

ONGOING EVENTS: MOMS CLUB OF POTTSGROVE/POTTSTOWN Meeting are held every third Wednesday of the month at 9:30 a.m. at St. James Church, off High St. in Pottstown. The MOMS Club of Pottsgrove/Pottstown welcomes all stay-at-home moms and their children from the area. The MOMS Club is a national support group; our chapter offers playgroups, activities, Mom’s Night Out, scrapbook and book clubs and …

Federal tax credit deadline dates for first-time home buyers

Question: Cornell Financial Aid forms help?

I filled out all of the nessesary forms for cornell College Scholarship Service (CSS) PROFILE, Noncustodial Parent PROFILE, and Free Application for Federal Student Aid (FAFSA). On time!. The only thing need is I filled out the Freshman Financial Aid Application and the Custodial Parent Taxes (2008 and 2009) but the forms will get to the admissions office 1 day after the due date. Is this a big deal?

Answer: Normally, Cornell allows you to send the papers a day after the deadline, there is no problem, the thing is that should be postmarked by Jan 2.

good luck!

Ferro Corporation Announces Extension of Tender Offer for Its 6.50% Convertible Senior Notes Due 2013

CLEVELAND—-Ferro Corporation , announced today that it is extending its previously announced tender offer for all of its outstanding 6.50% Convertible Senior Notes due 2013 until midnight, New York City time, on August 30, 2010.

Using Electronic Payment for Federal Taxes

Question: i have filed my income tax return late two days after due date. what is my penalty?

Answer: death

IRS offers relif for small charities

Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the Internal Revenue Service announced today.

what do i do if i dont have the money to pay my taxes when my tax return is due