Category Archives: irs

The U.S. Corporate Tax Rate

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Is the U.S. Corporate Tax Rate the Highest in the World?

There is a popular belief that the current corporate tax rate in the country is very high, and a reduction of the prevailing rate will stimulate investments which will have a wide range of positive effects on the economy. Those who support this theory are referring to the current rate which stands at 39.1% (the highest in the industrialized world). According to proponents, this income tax rate is putting U.S. corporations at a competitive disadvantage. But is there more to the story?

Income Tax rates by Country based on OECD 2005...

Income Tax rates by Country based on

Read more at 2008 Taxes.

IRS Forms To File Back Taxes

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IRS Forms To File Back Taxes

Even if one is certain there are no mistakes in the forms when following federal tax procedures, a little shiver goes down a taxpayers spine at the very thought of a letter arriving from the IRS. The Internal Revenue Service blundered recently when the office sent penalty notices to business owners who had requested an extension in filing tax return Form 5500 to file back taxes. An error in programming caused the mistake regarding the required Form 5558, the Application for an Extension of Time to File Certain Employee Plan Returns, before … Read more at 2008 Taxes.

700 IRS Workers Owe Millions In Back Taxes

700 IRS Workers Owe Millions In Back Taxes

A report released Wednesday has revealed that nearly seven hundred IRS employees (about five percent of the ninety-thousand Internal Revenue Service contracted workers) owe a combined $5.4 million in back taxes.

The report says that it is the responsibility of the IRS to make sure contractors are current and do not need to file back taxes. Incidentally, most of these workers are not enrolled in payment plans, despite the fact that this should make them ineligible for employment by the IRS.

The IRS is the only federal agency that requires its … Read more at 2008 Taxes.

Tax Carnival Ecstasy – October 1, 2013

Good Lord, I'm sure that's Councillor Bill Smi...

Good Lord, I’m sure that’s Councillor Bill Smith from Melrose – unless my eyes deceive me (Photo credit: Ninian Reid)

Welcome to the October 1, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article from Matt Becker on the deductability of mortgage interest and why it’s not the great tax deal everyone thinks. Bill Smith reports on TurboTax and eHealth working together and the IRS Fresh Start Program. Laura Anderson has some Nanny Tax Myths that you should know about. Hope you enjoy all the articles, bookmark, share, tweet and come back soon.

deductions

Matt Read more at 2008 Taxes.

How To File A Tax Extension

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How To File A Tax Extension

Each year, millions of people find that they are unable to file their taxes in time for the April deadline.  While the IRS can be very unforgiving about some aspects of their collections, one thing that they do make available for all tax payers is a tax extension available for several months.  You can use TurboTax 2013 software in order to take advantage of this tax extension.

IRS Form 1040X, 2005 revision

IRS Form 1040X, 2005 revision (Photo credit: Wikipedia)

E-File First

Begin by using the TurboTax 2013 software to actually file you taxes, putting in as much information … Read more at 2008 Taxes.

Tax Carnival Ecstasy – April 15, 2013

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Welcome to the April 15, 2013 edition of Tax Carnival Ecstasy. In this final edition for the 2013 tax season we have a number of good articles beginning with one from John Schmoll on last minute tax deductions for those that still need to file. Bill Smith has a post on the popularity of Turbo Tax for online tax filing. And if you are wondering the status of your tax refund since you have already filed and not seen a check from the IRS in the mailbox, KC Beavers covers finding the status of your refund in a great piece. … Read more at 2008 Taxes.