You wanna get socked with a tax penalty in addition to paying extra taxes? Its easy. Just don't keep any records. As a recent tax court case reveals you not only could get your deductions denied, but also have the fraud penalty imposed. Read more »
February 14, 2011 — IRS Accepting 1040 Schedule A e-file
In the last blog, we mentioned that for many tax filers, the IRS was delaying e-file acceptance; it will not process certain kinds of tax returns until their system has been modified to incorporated tax law changes passed very near the end of 2010. The IRS has announced it will [...] Read more »
IRS Annouces Delays in Processing for Itemizers & Other Taxpayers
Because the congress passed certain extenders very late last year, the IRS has to play catch up. The IRS has asked tax preparers NOT to e-file certain kinds of tax returns until they give the go-ahead, some time in mid-to-late February, 2011. What does this mean? Among the affected taxpayers are those that itemize, take the [...] Read more »