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Be Sure To Get Your Refund

October 5, 2011 6:16 am / Leave a comment

Cash

Refund Refund Refund

By Stacie Kitts, CPA

Unbelievably, there are people who never bother to check up on their tax refunds.  Really.

If you move be sure to complete a change of address Form 8822 and check out this info from the IRS

Unclaimed Refunds

Some people earn income and may have taxes withheld from their wages but are not required to file a tax return because they have too little income. In this case, you can claim a refund for the tax that was withheld from your pay. Other workers may not have had any tax withheld but would be eligible for the refundable Earned Income Tax Credit, but must file a return to claim it.

  • To collect this money a return must be filed with the IRS no later than three years from the due date of the return.
  • If no return is filed to claim the refund within three years, the money becomes the property of the U.S. Treasury.
  • There is no penalty assessed by the IRS for filing a late return qualifying for a refund.
  • Current and prior year tax forms and instructions are available on the Forms and Publications page of www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
  • Information about the Earned Income Tax Credit and how to claim it is also available on www.irs.gov.

Undeliverable Refunds

Were you expecting a refund check but didn’t get it?

  • Refund checks are mailed to your last known address. Checks are returned to the IRS if you move without notifying the IRS or the U.S. Postal Service.
  • You may be able to update your address with the IRS on the “Where’s My Refund?” feature available on IRS.gov. You will be prompted to provide an updated address if there is an undeliverable check outstanding within the last 12 months.
  • You can also ensure the IRS has your correct address by filing Form 8822, Change of Address, which is available on www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676).
  • If you do not have access to the Internet and think you may be missing a refund, you should first check your records or contact your tax preparer. If your refund information appears correct, call the IRS toll-free assistance line at 800-829-1040 to check the status of your refund and confirm your address.

IRS Patrol -Tax Credit For New Markets (NMTC) Proposed Changes

June 7, 2011 8:31 am / Leave a comment

WASHINGTON — The U.S. Treasury Department and the Internal Revenue Service today announced proposed changes to the new markets tax credit (NMTC) program to encourage more investment in non-real estate businesses located in low-income communities.

Treasury and IRS are also seeking public comments on other potential changes that would promote greater investment in non-real estate operating businesses.

The new markets tax credit, created as part of the Community Renewal Tax Relief Act of 2000,   provides incentives to invest in businesses in designated low-income communities.

Treasury and the IRS today filed a notice of proposed rulemaking and an advance notice of proposed rulemaking, which invites public comments and describes potential changes to the credit that might be made to facilitate more investment in non-real estate businesses. A notice of public hearing was also issued.

(REG-101826-11 and REG-114206-11 are available on the Federal Register website and will be published in the Federal Register on June 7.)

The proposed modifications to the credit are intended to promote greater investment in non-real estate businesses under the new markets tax credit program while still maintaining the structure of the credit that has been successful for other types of investments.

Potential changes to the tax credit include revising reinvestment requirements for entities investing in operating businesses, streamlining compliance requirements, and modifying ownership rules to reduce noncompliance risk over the course of an investment, among others.

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The IRS Announces: No More Paper Coupons It’s Time to Learn How To Use EFTPS

September 16, 2010 9:28 am / Leave a comment

Treasury Department official, surrounded by pa...

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Stacie Clifford Kitts, CPA

It’s time for those taxpayers who are fighting the electronic age to step it up.  The IRS today issued proposed Regs to discontinue the use of paper coupons as early as next year.  If you try to send in a paper coupon after December 31, 2010, there wont be anyone at the Treasury Department to process it.  More information about the proposed Regs is presented below:

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year

Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.

The proposed regulations (REG 153340-09) would eliminate the rules for making federal tax deposits by paper coupon because the paper coupon system will no longer be maintained by the Treasury Department after Dec. 31, 2010.  The proposed regulations generally maintain existing rules for depositing federal taxes through the Electronic Federal Tax Payment System (EFTPS).

Using EFTPS to make federal tax deposits provides substantial benefits to both taxpayers and the government.  EFTPS users can make tax payments 24 hours a day, seven days a week from home or the office.

Deposits can be made online with a computer or by telephone.  EFTPS also significantly reduces payment-related errors that could result in a penalty.  The system helps taxpayers schedule dates to make payments even when they are out of town or on vacation when a payment is due.  EFTPS business users can schedule payments up to 120 days in advance of the desired payment date.

Information on EFTPS, including how to enroll, can be found at EFTPS website or by calling EFTPS Customer Service at 1-800-555-4477.

Some businesses paying a minimal amount of tax may make their payments with the related tax return, instead of using EFTPS.  More details regarding taxes required to be deposited using EFTPS, dollar thresholds and other specific requirements are in the proposed regulations.

Additional Information:

  • Publication 4132, which explains the process of enrolling and paying via the Internet
  • Publication 966, The Secure Way to Pay Your Federal Taxes for Businesses and Individuals
  • Publication 4169, Tax Professional Guide to Electronic Federal Tax Payment System
  • Publication 4320, EFTPS Toolkit, which contains PDF(s) and descriptions of EFTPS educational materials and their intended target audience, and is for use by tax professionals and financial institutions to assist in educating their clients on the benefits of EFTPS.
  • Publication 4275, Express Enrollment for New Businesses
  • Electronic Payment Options Home Page
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