IRS Tips for Reporting Natural Resource Income

Taxpayers who own land that contains valuable natural resources should be aware that arranging for the development of the resources by means of a lease creates tax consequences.

How Do I Check on My Tax Refund? IRS Blog Tells How

Check out this Video Blog from the IRS on how to find the status of your tax refund.

What Papers Can You Toss after Tax Filing Season?

IRS weighs in on what paperwork you should keep and what you can ditch

Can you throw away your tax documents durng your spring cleaning? Maybe some of them. The IRS says taxpayers should keep a copy of their tax returns and all return-related, substantiating documents. The IRS typically requests to review wage and other income statements, plus receipts for qualifying expenses, for those tax returns selected for audit. “Most taxpayers only need to keep tax records going back three years,” said Jennifer Jenkins, IRS spokesperson in Columbus. “You’ll want to hold onto some documents a bit longer. Records relating to real estate, stock transactions, retirement accounts and business or rental property can help establish cost basis and gain or loss, which is needed to determine gross income potentially years down …

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Time to Pay Your Taxes -- Or Face the Consequences

People do go to jail for tax crimes, authorities say

Several northeast Ohioans have been charged with tax law violations in recent months, and they should serve as reminders that there are penalties for filing erroneous tax returns, a federal official said. “Tax day is not fun, but the vast majority of Americans who properly report and pay their fair share need to know that we will aggressively prosecute those who shirk or flaunt their obligations,” Steven M. Dettelbach, US Attorney for the Northern District of Ohio, said in a news release. Deadline to file tax returns this year is Tuesday, April 17. Details of some recent cases: Aesha Johnson, 35, was charged in March with filing false claims for fraudulent income tax returns. Johnson, of Woodmere, is accused of preparing 28 income tax …

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Refunds Waiting for People Who Didn't File Tax Returns in 2008

IRS says 36,000 Ohioans could have money coming

Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service said. But to collect the money, a return for 2008 must be filed with the IRS no later than April 17, 2012. The IRS estimates that half of these potential 2008 refunds are more than $600. In Ohio, more than 36,000 people didn't file a return in 2008. The estimated median return for those people is $622. In some cases, people may not have filed their 2008 returns because they had too little income to require filing, even though they had taxes withheld from their wages or made quarterly estimated payments. Workres have three years to claim a refund. If they don't, the money becomes the…

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12 Income Tax Scams to Watch Out For

IRS warns of phishing, identity theft and other frauds

The Internal Revenue Service has released its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.  The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.  Identity Theft Topping this year’s list Dirty Dozen list is identity theft.  Identity theft cases are among the most complex ones the IRS handles, but the agency is committed to working with taxpayers who have become victims of identity theft. The IRS is …

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IRS Filing Deadline Extended this Year

Procrastinators will have 2 extra days to get their income tax returns in

Taxpayers have two extra days -- until April 17 -- to file their income tax returns with the IRS this year. The extended deadline is due to the fact that April 15 falls on a Sunday and April 16 is Emancipation Day, a holiday celebrated in Washington D.C. Federal law says District of Columbia holidays affect IRS deadlines the same way federal holidays do. The IRS is urging taxpayers to e-file their returns for better accuracy and faster refunds.  The agency said it has introduced improvements to the e-file system, inlcuding new navigation features and interactive video for help with tax issues. The IRS will begin accepting e-file and Free File returns Jan. 17. IRS Free File provides options for free brand-name tax software or online …

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IRS Offers Up Some Tax Advice for Year-End Giving

Get ready for tax season with these tips for preparing your returns.

Plan now and be ready for tax time. With the holidays and the end of the calendar year quickly approaching, the Internal Revenue Service is offering up some tax tips for donating around the holidays. The following tips are straight from the IRS, with some new features noted in the code: Rules for donating clothing and household items To be deductible, clothing and household items donated to charity generally must be in good used condition or better. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return. Household items include furniture, furnishings, electronics, appliances and linens. Guidelines for …

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The IRS Owes Five Twinsburg Residents a Refund Check: Are You One of Them?

Mailing address errors leave 99,000 checks undelivered

It's better to have the IRS pay you than the other way around, right? Well the IRS has a list of thousands of Ohio resident they tried to send refund checks to but couldn't find, for various reasons. Five of them have Twinsburg addresses. Are you one of them? The IRS is looking for: If you're one of the lucky four, head over to the IRS website and check out their "Where's My Refund?" page or call 1-800-829-1954. Even if you're not on the list, if you don't think you've gotten a refund check, it can't hurt to head over to the page and check. We also have attached a pdf of the full list to this article so you can search for your name (or someone you know). The list is in alphabetical order by last name. Remember: Don't fall for scams! The …

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IRS Warns of Social Security Scam

Internal Revenue Service says elderly taxpayers in Ohio have been targeted

The Internal Revenue Service is warning Ohioans to be on the lookout for a scam in which they are persuaded to file a false income tax return with the promise of a large tax refund. The scam, which has targeted elderly residents in the Midwest, has now spread to Ohio, an IRS news release says. The victim, typically a senior citizen, is duped into paying someone to file an unneeded tax return – not only losing that money, but opening the door for identity theft. “Scammers are posing as tax return preparers, targeting the elderly and others receiving Social Security benefits. The scammers promise large tax refunds, and lure unsuspecting victims into paying for the preparation and filing of fraudulent tax returns claiming false withholding, …

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