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Internal Revenue Service

Pop Quiz for the Professional Artist

Daniel Grant | Posted 05.25.2011 | Arts
Daniel Grant

Who or what is an artist, and what makes an artist a professional? Neither question generates an easy answer but, perhaps, there are ways to approach them.

Extra Time to File Form 1040

Julian Block | Posted 05.25.2011 | Business
Julian Block

For most people, this year's deadline for filing Form 1040 is Monday, April 18. Miss the deadline and you could get slapped with a substantial, nondeductible penalty.

The Taxman Cometh

Christopher Brauchli | Posted 05.25.2011 | Politics
Christopher Brauchli

"It was a true. . . as turnips is. It was as true. . . as taxes is. And nothing's truer than them." -- Charles Dickens, "David Copperfield" Talk a...

Divorce Versus Annulment: the Big Tax Difference

Julian Block | Posted 05.25.2011 | Divorce
Julian Block

There's a difference between a divorce and an annulment.

IRS Liens 'Torment' Struggling Taxpayers

AP | STEPHEN OHLEMACHER | Posted 05.25.2011 | Business

WASHINGTON — A government watchdog says the Internal Revenue Service is tormenting struggling taxpayers in the midst of a slumping economy by in...

With a Tax Deal Imminent...

Dylan Ratigan | Posted 05.25.2011 | Politics
Dylan Ratigan

With a tax deal imminent, here are some things worth knowing, from Zero Hedge: "When anyone starts lecturing you that the US has the highest tax rate in the industrialized world, just turn around and walk away."

Open Letter to Congress: Two Employee Misclassification Bills Deserve Support

Louis Provenzano | Posted 05.25.2011 | Politics
Louis Provenzano

Two bills recently introduced in Congress take on the issue of employee misclassification which puts companies that properly classify their workers at...

Amanda Terkel

Lawbreakers In The 2010 Elections May Go Unpunished For Years | Amanda Terkel | Posted 05.25.2011 | Politics

With an unprecedented amount of spending and a surge of new independent expenditure organizations thanks to the Supreme Court's Citizens United ruling...

Thousands Of Small Nonprofits To Lose Tax-Exempt Status After Oct. 15

Posted 05.25.2011 | Impact

The Internal Revenue Service will revoke the tax-exempt status of tens of thousands of nonprofits nationwide on Oct. 15 if the charities fail to file ...

A Last Chance for Charity: 300,000 Non-Profits Risk Losing Tax-Exempt Status

Jim Thomas | Posted 05.25.2011 | Impact
Jim Thomas

Traditionally, very small tax-exempt entities were also exempt from annual IRS filings. That changed a few years ago, although many organizations apparently didn't get the word.

Obama, Billionaires Classified As Small Businesses In GOP Tax Argument

Huffington Post | William Alden | Posted 05.25.2011 | Business

If Mitch McConnell (R - KY) is taken at his word, then President Obama is a small business. In the debate over extending the Bush tax cuts for the wea...

The Computer-Man's New Best Friend

Christopher Brauchli | Posted 05.25.2011 | Technology
Christopher Brauchli

We can all take comfort in the fact that it seems to be as hard for the federal government to keep current in the world of technology as it does the rest of us. It is, however, more of a surprise than a reassurance.

Own a Small Business? Say Hello to Your New Best Friend: IRS Form 1099

Kristie Arslan | Posted 05.25.2011 | Business
Kristie Arslan

Deep within the new health reform law is a little known provision that will increase tax regulation on all of America's businesses beginning in 2012. Who will be hardest hit? You got it... small business.

Small Business Tax Credit Could Pay 35 Percent Of Health Care Premiums

AP | RICARDO ALONSO-ZALDIVAR | Posted 05.25.2011 | Business

WASHINGTON — The Obama administration Monday unveiled a tax cut for small companies that provide health insurance, but business groups gave it a...

IRS Will Audit 6,000 Businesses and Some May Owe Lots of Money

Jerry Chautin | Posted 05.25.2011 | Business
Jerry Chautin

.before you decide to convert all of your employees to independent contractors, you need to know the difference as defined by federal and state law. The IRS is gunning for businesses that mischaracterize employee.

Tattling For Dollars: The Ranks Of IRS Tax Informants Grows

DailyFinance | JONATHAN BERR | Posted 05.25.2011 | Business

The numbers of people who are informing the IRS about delinquent taxpayers is growing. The agency gets about 40 to 50 tips a month from ex-spouses,...

IRS: BP Payments For Lost Wages Should Be Taxable

AP | STEPHEN OHLEMACHER | Posted 05.25.2011 | Business

WASHINGTON — The Internal Revenue Service says oil spill victims who receive BP payments for lost wages will have to pay up come tax time. Unde...

Whistleblower Birkenfeld Asks Obama For Pardon | David Voreacos | Posted 05.25.2011 | Business

Birkenfeld, 45, has asked President Barack Obama to commute a 40-month term he began in January at Schuylkill Federal Correctional Institution for his...

Is Income Inequality Increasing? | Nancy Folbre | Posted 05.25.2011 | Business

Most economists seem to agree that income inequality has increased significantly in the United States over the last 30 years. But they don't agree on ...

Americans On The MOVE | Jon Bruner | Posted 05.25.2011 | Business

More than 10 million Americans moved from one county to another during 2008. The map below visualizes those moves. Click on any county to see coming...

Money, Money, Money

Tabby Biddle | Posted 11.17.2011 | Healthy Living
Tabby Biddle

I felt so happy and responsible -- like a big lady out in the world making money, saving, investing, and putting away for my retirement. The perfect money manager.

Tax Bills Are LOWER This Year For Most Americans, Despite Rhetoric

AP | STEPHEN OHLEMACHER | Posted 05.25.2011 | Business

WASHINGTON — You wouldn't know it by the Tax Day rhetoric, but Americans are paying lower taxes this year, even with increases passed by many st...

Republican IRS Expansion Claims 'Wildly Inaccurate'

Jeff Muskus | Posted 05.25.2011 | Politics

With April 15 approaching, conservative hysteria about an alleged hidden cost of health care reform -- a small army of new IRS agents -- is gaining tr...

IRS Launches Unit Aimed At Catchy Wealthy Tax Cheats

Reuters | Kim Dixon | Posted 05.25.2011 | Business

WASHINGTON (Reuters) -- Audits are underway at a new Internal Revenue Service unit set up to catch rich tax cheats hiding funds in tax shelters, but ...

One in Three Businesses at Risk in Independent Contractor Crackdown

Jim Thomas | Posted 05.25.2011 | Business
Jim Thomas

An effort by the Treasury and Labor Departments to reclassify independent contractors as employees is projected to add $7 billion to the government's bottom line over the next ten years.