BLOG

The Internal Revenue Service announced in July 2011 that it will “extend help to more innocent spouses” who were unaware that their husband or wife understated or underpaid taxes on their jointly filed returns.

While most taxpayers say they are satisfied with their personal interactions with the IRS, public support for IRS funding has declined somewhat in the wake of high-profile controversies surrounding the agency.

Not knowing the factors that can trigger an IRS audit often contributes to high levels of anxiety.

According to the IRS, the “Taxpayer Bill of Rights” document will provide the nation’s taxpayers with a better understanding of their rights that are already embedded in the tax code,

Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute.

The IRS has been stepping up its efforts to ensure that Americans are accurately reporting the taxes they owe and is auditing a growing number of taxpayers.

Although the federal Tax Code (the Code) and its accompanying regulations cover myriad topics, they do not address every possible financial transaction.

Each time you start a new job, your employer will give you a Form W-4 to complete that determines the amount of Federal income tax that is withheld from each paycheck. You should strive to match the amount withheld as closely as possible to your actual tax liability, adjusting your rates and allowances as your status changes.

The April 15th tax deadline always seems just around the corner. Preparing in advance to file your federal income tax return might help make a sometimes overwhelming process easier to tackle.

Whether you’re new to summer work or been at it for years, here are eight tax tips you need to know from the Internal Revenue Service.