1040

Tax News

April 18 is near: Timely tips for tax procrastinators April 11--Haven't filed your tax return for 2010? The IRS recently reported that, through March 25, it had received slightly more than half of the 141 million returns it expects to process this year. Other stimulus credits available for the 2010 tax year are the Making Work Pay credit and those for energy-efficiency improvements to a home, such as the installation of new heating and cooling systems, insulation, and exterior windows and doors (IRS Form 5695). No time for your business taxes? Get an extension NEW YORK - If you're only now starting to work on your company's tax return, maybe you shouldn't try to finish it by April 18, the deadline to file returns this year. Accountants and tax attorneys advise small business owners at this point in filing season to get an extension. If you showed up at a tax preparer's office now hoping to get your return done, chances are they'd say no - and get an extension for you. Filing tax return is not voluntary Dear Action Line: Is it true that filing an income tax return is voluntary? Promoters have long made outlandish claims, including that "filing a return and paying taxes are merely voluntary." The IRS offers an overview of these bogus arguments in its website summary, "The truth about frivolous tax arguments" tulsaworld.com/frivoloustaxarguments IRS offers new amnesty for disclosing foreign accounts March 21--Last month, the IRS announced a second voluntary disclosure program for taxpayers with unreported foreign assets. It is called the 2011 Offshore Voluntary Disclosure Initiative -- OVDI. In announcing the 2011 OVDI, IRS Commissioner Douglas H. Shulman said, "The situation will just get worse in the months ahead for those hiding assets and income offshore.