Tag Archives: filing season

Filing season ends with no red flags

The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most refunds were deposited electronically. Although the filing season has ended...
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Working out the reasonable compensation levels for your business

When you’re running an owner-managed business, it’s incredibly important to know the right amount to pay yourself. First and foremost, this is about understanding the remuneration needed to maintain your own personal lifestyle. But knowing your ‘reasonable compensation’ as the business owner is also critical to minimize tax liabilities and...
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Tax-related identity theft remains serious problem as filing season begins

In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect the false return and will...
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Preliminary filing season stats show successes and challenges for IRS

Preliminary information from the 2015 filing season shows a mixed bag of success and failures for the IRS. The IRS successfully processed returns and issued refunds, taking into account new requirements under the Affordable Care Act. At the same time, taxpayers experienced significant difficulties in contacting the IRS and tax-related...
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2014 tax filing season opens

The 2014 tax filing season opened on January 31 and the IRS’s new Commissioner has emphasized that the agency is focused on making it run smoothly. The agency expects to process more than 140 million individual returns in 2014 and to issue more than 110 million refunds. At the same...
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