From the IRS newsroom:
All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return.
Here are four tips for those who can’t pay their taxes in full by the April 18 due date:
Taxpayers will have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. That’s because of the combined impact of the weekend and a holiday in the District of Columbia.
WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return.
Tax season is prime time for scammers and cyber criminals. Beyond identity theft, which is seemingly quite commonplace, tax scams have the dubious distinction of rising to the top of the Better Business Bureau's list of scams in 2016.
According to the Better Business Bureau Scam Tracker, the top ten list includes:
This article appears in Crains Cleveland Business
By Steven A. Dimengo and Richard B. Fry III
Buckingham, Doolittle & Burroughs, LLC.
February 12, 2017 - Gov. Kasich’s quest to lower the Ohio personal income tax rate continues in his latest proposed biennium budget, even in the face of Ohio’s tax revenue falling short of estimates.
Employees of closely held corporations, whether structured as a C corporation or an S corporation, who also serve as shareholders of that same corporation, may find themselves in a precarious position when it comes to determining their compensation.
For the taxpayers who went through the painstaking process of sifting through their shoebox full of receipts in the attempt to file their income tax return early, we have to offer you a gentle and friendly reminder that refunds stemming from returns claiming the Earned Income Tax Credit or the Additional Child Tax credit will be delayed until February 15.
Like many taxpayers, you may have recently (or routinely) donated a few bags of clothing and household items to a 501(c)(3) charitable organization. The $125 designer jeans, a box of barely-used stuffed animals, and eclectic wall art were sought-after purchases that found their way to your home through your hard-earned dollars. Certainly, your goods were priceless treasures to you and you presumed the same for the lucky charity to which you would donate them.
| It's that time of year again when most are thinking about filling out their tax return. Many are sifting through shoeboxes full of receipts, others, wondering if they have a receipt. |
