The IRS Audit Blog

Posts Tagged ‘IRS Rules’

CCH Tax Briefing Examines Obama’s 2011 Budget Proposals

In his latest budget, President Obama has unveiled tax proposals for 2011 that generally follow the pattern laid down last year, but with changes in scope and details that reflect a heightened concern with job creation and the rising deficit. Â CCH has issued a Special Tax Briefing on the measures that would affect millions of individual and business taxpayers.

Pay News Network: Taxing of Cell Phone Use, Small Business Payroll and other tax tips

Students’ work influences new IRS rules

By Brian Reynolds Staff Writer After nearly three weeks of undercover work last January, students from the University of Alabama hoped their efforts would result in legislation regulating commercial tax preparers in the state.

A look at the many capital gains rates

Capital gains tax is a complicated game with high stakes for investors. We break down the rules.

Tax Tips & Advice : How to Give Tax-Free Gifts

Will US health reform affect you?

President Obama’s landmark healthcare reform bill has been passed. How will this affect you?

North Korea love IRS long time glorious

Question: Can I get advisement on my taxes?

At about the beginning of this month (July 2008), I filed my 2007 1040. While trying to check the status online, I found that I had left a seemingly vital box blank. Line 74 states the amount that you overpaid in taxes, and line 74a asks how much of that you would like back. I filled in 74, but not 74a.

Have I forfeited my refund, or can I amend this? Or (hopefully) is there some type of default rule where the blank box automatically means the full amount will be refunded?

(I’m asking this on yahoo because I don’t want to have to spend all day for 3 days in a row just waiting on the IRS’s phone line, just to be driven around in circles.)

Answer: don’t amend! IRS will send you a letter for any corrections they make on your tax return. IRS has not even started processing your return yet so you will have to wait 6-12 weeks before you hear from them.
Sit back relax and be patient.

Preparers face tough IRS rules

In an effort to curb mistakes in income tax returns and assure paid preparers are qualified, the Internal Revenue Service next year will begin enforcing new regulations.

Filing Status, Exemption Info from The “Tax Lady Sings”