June 6, 2007 |
The federal government has widened its probe into whether the nation's No. 2 tax-return preparer helped customers file fraudulent returns to get bigger refunds. One large franchisee of Jackson Hewitt Tax Services Inc. was accused of fraud two months ago, and the company hired a former Internal Revenue Service commissioner to review the allegations.
April 19, 2007 |
Taxpayers who couldn't electronically file last-minute returns using Intuit Inc.'s TurboTax, ProSeries and other software won't be penalized for delays caused by the company's overtaxed servers, the IRS said. A record number of returns from individual taxpayers and accountants choked the Mountain View, Calif.-based company's computers Tuesday, leading to delays in customers receiving confirmation that their returns had been submitted successfully, Intuit spokeswoman Julie Miller said.
April 11, 2007 |
Jackson Hewitt Tax Service Inc., the second-largest U.S. tax preparer, said Tuesday it would stop offering "pre-season" tax-refund anticipation loans that some state officials and consumer advocates said took advantage of low-income taxpayers. Finance companies that helped the firm provide the loans left the business and Jackson Hewitt decided to follow suit, the Parsippany, N.J.-based company said.
March 25, 2007 |
Joe and Melody Sheridan had no idea that the federal government would help them finance their 21-year-old daughter's college education until a few weeks ago, when a tax-savvy friend happened to mention it. "This means that we may be able to save a little -- and not deplete our savings account so much," said Joe. The fact that he would have completely missed a $4,000 deduction if not for this coincidence is tragically common, tax experts say. The U.S.
March 5, 2007 |
Most American taxpayers are likely to get an extra $30 to $60 in their refund checks this year, thanks to a one-time credit available to anyone who made long-distance phone calls. But nine people whose returns were filed electronically from a Riverside halfway house for drug and alcohol abusers last month sought phone-tax refunds totaling $439,632 -- an average of $48,848 each, according to the Internal Revenue Service. Fat chance, tax investigators said.
January 7, 2007 |
Legislation designed to fix some pension, healthcare and energy problems ushered in a host of minor tax breaks -- and a handful of tax traps -- that will affect 2006 returns. That could make filing returns more rewarding, but even more bedeviling than usual this year. "Sales taxes, college tuition and out-of-pocket expenses for teachers are all deductible again, but they're not on the tax return," said Mark Luscombe, principal tax analyst with CCH Inc.
April 18, 2006 |
Spotted two extra days by a friendly calendar, procrastinating taxpayers scrambled Monday to file their returns on time -- and grudgingly give up whatever they owed. In Little Rock, Ark., Ronald Edwards said he had been clinging as long as possible to the $2,500 he owed to the state and federal governments. He finally gave in on the last day. "If I had a refund, you wouldn't see me here right now," said Edwards, a 49-year-old computer programmer.
April 15, 2006 |
Haven't filed your tax return? You're not alone. Internal Revenue Service statistics indicate that more than one-third of individual taxpayers hadn't filed as of April 7 and might be waiting until the final days before Monday's deadline. (This year's deadline is extended two days because the 15th, today, is a Saturday.) If you're among the tax procrastinators, be careful. Last-minute filers are prone to errors that can be costly and can single out returns for audit.
April 5, 2006 |
Tax return preparers at commercial chains made mistakes on virtually every tax return prepared at the request of undercover congressional investigators, the auditors said Tuesday. In 19 visits, the Government Accountability Office asked for assistance from preparers to file returns for two hypothetical families. Only two of 19 tax returns showed the correct refund amount, but both of those returns included errors.
CALIFORNIA | LOCAL
March 10, 2006 |
State Treasurer Phil Angelides, campaigning for governor, released seven years of tax returns Thursday showing that his income totaled $11.6 million and he paid $3.4 million in state and federal taxes. Although he is a millionaire, Angelides, who built his wealth in real estate in the Sacramento area, is the least wealthy of the three main gubernatorial candidates. His annual income averaged $1.66 million between 1998 and 2004. The high was 2003, when his adjusted gross income was $3.4 million.