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December 4, 2012

Woman Sentenced to Five Years Following Tax Fraud Scheme

Woman Sentenced to Five Years Following Tax Fraud Scheme

  The plan seemed perfect to the three young Sacramento women: use internet tax software like TurboTax, steal Social Security numbers, and start filing fraudulent tax returns in the hopes of getting large refunds.  However, the United States criminal justice system caught up with Tomisha McKinnee, Nadiyah Woods, and Nakia ...

December 4, 2012

Proposed Pregnancy Tax Break Creates Controversy

Proposed Pregnancy Tax Break Creates Controversy

  Michigan lawmakers have proposed a controversial new law that would give tax breaks to some pregnant women.  If passed, the law would allow for women who were at 12 weeks' gestation or further at the end of the tax year to claim their fetus as a dependent under the tax code. Under the current United States tax structure ...

November 26, 2012

Statistics of Income Bulletin Released

Statistics of Income Bulletin Released

The Internal Revenue Service (IRS) released the 2012 issue of the Statistics of Income Bulletin last Wednesday.  The issue includes data on individual income tax returns during the 2010 tax year.   During the 2010 tax year, almost 143 million individual income tax returns were filed with the IRS.  The number of ...

November 12, 2012

More Tax Relief for Victims of Hurricane Sandy

More Tax Relief for Victims of Hurricane Sandy

The Internal Revenue Service (IRS) has announced more tax relief for businesses and individuals affected by Hurricane Sandy in Connecticut, New Jersey, and New York.  The IRS states that more areas will likely qualify for tax relief after FEMA conducts more damage assessments.   The newest wave of tax relief resulting ...

October 22, 2012

2013 Inflation Adjustments and Pension Plan Limitations

2013 Inflation Adjustments and Pension Plan Limitations

On October 18, 2012, the Internal Revenue Service announced the increase of certain tax benefits because of inflation adjustments and 2013 pension plan limitations.  The increased tax benefits are listed below: -annual exclusion for gifts increased to $14,000 from $13,000 in 2012 -amount for unearned income on child’s ...

October 8, 2012

Farmers Affected by Drought Have Time to Replace Livestock

Farmers Affected by Drought Have Time to Replace Livestock

According to the Internal Revenue Service, farmers and ranchers affected by the huge drought in the United States have an extension to replace livestock and defer tax on gains made through forced sales.  The crippling drought has affected 43 states, and currently stands as one of the worst droughts in U.S. history.   Many ...

October 2, 2012

Executive Director Pleads Guilty to Illegal Campaign Contributions

Executive Director Pleads Guilty to Illegal Campaign Contributions

On October 1, 2012, the US Attorney’s Office for the District of New Jersey announced that Thomas J. O’Leary was sentenced to 30 months in prison for illegally funneling campaign contributions to Joseph Vas who ran for Congress in 2006.  O’Leary, the former executive director of the South Amboy Housing Authority, ...

October 1, 2012

Filing and Payment Extensions End October 15th

Filing and Payment Extensions End October 15th

On September 28, 2012, the Internal Revenue Service announced that taxpayers who received tax-filing extensions will have to file the forms by October 15.  If qualified parties did not yet file the forms, the IRS suggested checking their returns for tax benefits that are easily overlooked.  The parties should then file their returns ...

September 25, 2012

Much Awaited Statistics of Income Bulletin

Much Awaited Statistics of Income Bulletin

On September 24, 2012, the Internal Revenue Service released the Summer 2012 issue of the Statistics of Income Bulletin.  The report contains a large amount of information about sole proprietorships for the 2010 tax year.  The Statistics of Income (SOI) Division under the IRS releases the bulletin every quarter, and the publications ...

September 25, 2012

Victims of Straight-Line Winds in WV Eligible for Tax Relief

Victims of Straight-Line Winds in WV Eligible for Tax Relief

On September 20, 2012, the Internal Revenue Service declared that victims of severe storms in parts of West Virginia that occurred on or around June 29, 2012, may receive tax relief.  President Obama has declared a federal disaster area in the counties of Fayette, Kanawha, Nicholas, and Raleigh.  If you have a personal residence ...

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