by Action Tax | Tax Blog
There’s less chance the IRS will audit you. The 2014 IRS audit rate was at the lowest level in at least 10 years and may drop even further according to the agency. The percentage that an individual’s tax return was examined in person or through the mail fell to 0.86%...
by Action Tax | Tax Blog
The federal insurance marketplace healthcare.gov recently announced that approximately 800,000 taxpayers were sent incorrect information on their form 1095-A and they are urged to wait to file their taxes until the first week of March. The 800,000 people who used the...
by Action Tax | Tax Blog
Due to potentially fraudulent activity that was found on tax returns filed with Turbo Tax in Minnesota, the Minnesota Department of Revenue has stopped accepting tax returns submitted using Turbo Tax software. Intuit, the company that produces Turbo Tax, had...
by Action Tax | Tax Blog
According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS is working to comply with an executive order for reporting requirements. Even though there has been a decline of improper payment for Earned Income Tax Credit (EITC) since the 2003...
by Action Tax | Tax Blog
The IRS has announced that the tax filing season for 2015 will open on schedule following the passing of legislation for tax extenders. The IRS will accept tax returns electronically on January 20, 2015, with paper returns processing at the same time. Congress...
by Action Tax | Tax Blog
The IRS is concerned that payers are failing to backup withhold on 1099 reportable payment without Taxpayer Identification Numbers (TIN). The National Research Program (NRP) did an audit and found the following will need a sharper audit focus: Backup Withholding...
