Friday, 28 April, 2017

IRS issues last call to collect leftover tax refunds

Caption Bill Wimbiscus Caption Bill Wimbiscus
Juana Turner | 18 April, 2017, 00:56

If you wait until tomorrow evening, e-filing will be your only option if you want to avoid a fine for filing late, because the post office will be closed. The average refund: $2,851. "If you're in a situation where you don't think you can meet the filing deadline requirement ... it's always best to go out and hire competent tax advisors to assist you".

Tuesday at Midnight is the deadline for tax returns.

The 40 million taxpayers who still have not filed a tax return need to file either a return or an extension by the April 18 deadline. Though I'd recommend that everyone file electronically, it's an especially good idea if you're pressed for time.

The IRS said more than $1 billion still remains untouched as a result of people not filing their 2013 federal tax returns.

Taxes are still due by mid-April each year, but if a taxpayer leaves a refund on the table, they can claim it within three years, said Verenda Smith, the deputy director of the Federation of Tax Administrators.

Gayas also promoted the Bureau of Internal Revenue (BIR)'s Electronic Filing and Payment System (EFPS) where filing and payment of tax is done on-line.

President Duterte, in Puerto Princesa earlier this month, said the company did not pay the proper taxes during the Aquino administration, and its tax liabilities were "fixed" by former BIR chief Kim Henares.

Dulay said another case he is looking into is that Lucio Tan who allegedly has unpaid taxes.

The IRS reminds taxpayers that there is no law that permits taxpayers to refuse to file a federal tax return or refuse to pay their taxes. Thus you could decide to keep your tax-deferred account distributions and capital gains below $13,000, and if you need more income than that, you could take a distribution from your Roth account. Anyone not sure whether they need to file a return should see Do I Need to File a Tax Return or refer to Publication 17, Your Federal Income Tax for Individuals, on IRS.gov.

A recent press release from the IRS details one new scam that poses as you asking your tax preparer to make a last-minute change to your refund destination, often to a prepaid debit card.

Accountants says it's not too late to file, or ask for help.

Experts stress the importance of getting your taxes done ahead of the deadline. Business-related items are tax deductible, of course, but so are odd items like swimming pools and hot tubs, the cost of which can be deducted if they are doctor-prescribed (in one adviser's case, her client's child needed swim therapy). For most taxpayers, it's fairly easy to get an extension, but you'll have to follow instructions, submit the right documents and get your request in on time. The memorandum notes that the goal of the lien discharge process is to permit the transfer of property free from the lien when it's necessary to clear title and directs the IRS agents to consider whether the estate tax liability is adequately provided for, either through the prior receipt of estimated payments or the escrow of proceeds that are equivalent to the estate tax liability. In other countries, IRS agents have baseball caps and T-shirts, they have bands and slogans, and they brag about it and they're very respected people.

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