The Tax Man Cometh
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The annual visit of tax man is inevitable and it is something we all know and dislike. Obviously, we know that income taxes are a necessary evil and that our government could not run efficiently without our hard-earned money. If we don't pay our taxes, does the government really care? Yes, the Internal Revenue Department is adamant that we all do our part to keep the country economically viable. Ever heard of Al Capone. The FBI tried for years to convict him of his many heinous crimes. Who finally got him and trotted him off to jail where he died? Yes, the IRS tried him for income tax evasion and put him in prison. Finally, one of the most notorious criminals of the Twentieth Century finally went to jail because he didn't pay his taxes. Obviously, we all need to understand the basics of Income taxes or we can join all of those other criminals sitting in jail because they thought they could beat the IRS.
Everyone who has made an income is required to report income to the federal and state governments by completing and filing an income tax return every year. Income tax returns are required whether or not income tax has been withheld. While all businesses except partnerships must file an annual tax return. For the individual, when determining whether you must file or not, the IRS takes into account your income, filing status, and age.
Completing and filing a tax return is extremely important and the requirement to file an income tax return is mandatory as specified in the Internal Revenue Code §§ 6011(a), 6012(a), et seq. If you fail to file an income tax return it is considered a Class A misdemeanor with a maximum penalty of one year in jail and a $10000 fine. While the penalty for filing a frivolous income tax return is only $500, the penalty.
There are now two additional methods available to you for filing your income ax return, either by mail or electronically. No matter how simple or complicated your income tax return is these methods will work. The primary form for the income tax return is either the 1040 NR or 1040 NR-EZ. The average time to process an accurate tax return is between six and eight weeks. Your tax return is due on April 15th. If the income tax return is late (even one day), there is an automatic tax due of 25% of your tax return. If you know that you’re going to be late, file an extension, taxpayers are granted an automatic six month extension for filing an individual income tax return.
Please discover more about the advantages of using an e-file service for your income tax return, before filing a paper return. By e-filing your tax return and using direct deposit; you can receive your tax refund in as little as 10 days. Even if you do not choose the direct deposit option, you will usually receive your tax refund in half the time by e-filing.
When completing and filing a federal income tax return on paper, use the simplest form available and make sure that you sign the form. If you need a copy of a previously filed state income tax return you may obtained it by submitting a written request to the IRS.
It is very important to correctly complete and file your income tax return. There are trained volunteers from non-profit organizations who provide free tax counseling and basic income tax return preparation for senior citizens. If you need help, contact the IRS or a tax service. Tax returns leave no room for mistake.
Copyright 2007 Income Tax Returns - All Rights Reserved
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| Local Companies Fined For Income Tax Returns Failure (BruDirect.com) A press release yesterday from the Attorney General's Chambers stated that Sha Zan Sdn Bhd was charged with failure to furnish the Ministry of Finance's Revenue Section with the relevant Return of Income and Particulars Form that is required for the purpose of ascertthning the income tax chargeable to the company... | |
Provision Preventing Unenrolled Tax Return Preparers From . 31 CFR 10.7(c)(1)(viii) is a valid regulation that did not unlawfully and arbitrarily limit an unenrolled tax return preparer's right to represent taxpayers before the IRS. In a case of first impression, CA-11 determined that 31 CFR ... | |
IRS suspects accountant of tax evasion, fake returns - Minneapolis Star Tribune The Internal Revenue Service is investigating a Brooklyn Park accounting firm and its general partner on suspicion of tax evasion and assisting in the filing of false or fraudulent tax returns. IRS criminal investigators said in recently unsealed ... | |
Savings Bond Working Group Asks Treasury To Return US Savings Bond . - MarketWatch
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You Need IRS Representation, You Cannot Do it Alone The person who prepares your tax return may only have six weeks of training, and that training may be limited to how to put numbers into an IRS income tax return. Your bookkeeper is not a tax expert. Your CPA prepares tax returns for ... | |
Savings Bond Working Group Asks Treasury To Return US Savings Bond . . a nationwide coalition, the Savings Bond Working Group (SBWG), will next week request the Department of the Treasury to make US Savings Bonds available for taxpayers to purchase easily as part of the tax return process... | |
Wealth Tax Return Wealth Tax Return... | |
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