by Leif Jensen | Feb 11, 2012 | General |
Did you know that individuals can e-file their federal returns at no cost, no matter their income. If your adjusted gross income was $57,000 or less in 2011, you can prepare and e-file without charge by going to http://www.irs.gov/freefile and selecting a tax...
by Leif Jensen | Feb 11, 2012 | General |
The IRS has added an additional hoop for tax preparer to jump through this year. They insist in wanting to know if self-employeds, farmers, landlords, partnerships, regular corporations and S firms who made payments that must be reported on 1099s are reported. If so,...
by Leif Jensen | Feb 11, 2012 | General |
There has been a lot of discussion recently about the potential threats to the designation “Certified Public Accountant” (CPA). The IRS, in an attempt to identify all who are preparing any and all tax returns for a fee, has implemented a program that requires everyone...
by Leif Jensen | Jan 24, 2012 | General |
2011 ended up with a U6 unemployment rate of 15.2% The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts “marginally attached workers and those working part-time for economic reasons.”...
by Leif Jensen | Jan 24, 2012 | General |
The audit rate for individuals held steady in 2011 at 1.11%. That is one out of every 90 returns. The number of exams actually fell slightly. The audit rate remained the same because the number of returns filed also dropped (non-filers? Is there any follow-up?)....
by Leif Jensen | Jan 24, 2012 | General |
The most recent statistics available from the IRS is FY2009. This show that the bottom 50% of all taxpayers, half of the country paid only 2.25% of all of the taxes collected. This consisted of those whose Adjusted Gross Income (AGI) was less than $32,396. So that...
