The Department of Justice has sued a Dallas tax preparation service, alleging it filed fraudulent returns.
The complaint against Sameday Tax Services and owner Lennon Madzima
alleges he used fuel tax credit, telephone excise refunds and other
credits to file more than 1,100 returns with more ... [full story]
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As a small business owner, you are most likely going to incur some expenses related to the promotion of your business. Generally, most of the expenses you incur are deductible either as advertising expense or as some other expense. Some expenses are not deductible. In any case, the Internal Revenue Service requires that your expenses be ordinary and necessary to ... [full story]
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A Chino Hills man who operated several tax preparation businesses pleaded guilty to a series of federal charges related to a wide-ranging identity theft scheme in which he defrauded clients and the Internal Revenue Service, as well as victims who had their identities stolen. Abdul Wahid, 56, the owner of Global Accounting and Tax Service in Los Angeles, pleaded ... [full story]
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Thousands of people just like you are creating strong and profitable professional tax preparation businesses all over the country. Like you, they see the value of advancing their education to help them create the income and lifestyle that they and their families deserve. For over 25 years Universal Accounting has been teaching professionals like you the ins-and-outs of small ... [full story]
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Some taxpayers anxious to stimulate the economy by spending their economic tax rebate checks are wondering where those payments are, and in some cases, why the amount is different than they anticipated. Liberty Tax Service reports that the IRS is generally issuing the tax rebates in a minimum of six weeks after the return was filed and processed. The tax ... [full story]
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Municipal property taxes in Ingersoll are going up 6.9 per cent or $66.70 per year on a home assessed at $165,000. The increase is included in a budget council approved in principle on Thursday last week. Factoring in the county’s 3.7 per cent increase, the total impact on properties assessed at $165,000 will be $80.07 for the year. While council ... [full story]
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H&R Block(HRB - Cramer's Take - Stockpickr) on Thursday said it closed its deal to sell subprime lending unit Option One to a company owned by billionaire investor Wilbur Ross for $1.3 billion. American Home Mortgage Servicing took over Option One effective Wednesday. The bulk of the proceeds, $980 million, will be used to repay the outstanding balance on ... [full story]
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Free tax preparation is still available for taxpayers who normally don’t file a tax return but must this year to receive their stimulus checks. The Coalition for Economic Improvement, in conjunction with the IRS Volunteer Income Tax Assistance program, is open from 5-8 p.m. on Tuesdays through June 24 in the lobby at 2717 S. Vista Avenue, Boise. ... [full story]
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For many firms, annual tax compliance services represent the largest single revenue stream, often amounting to more than half of their annual gross. Individual return preparation, primarily involving clients who visit the office one time per year, make up the bulk of these receipts. With such an important part of their practice’s income at stake, many professionals have been ... [full story]
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For area tax professionals like Mike Martin, experience may be the best teacher when it comes to understanding the lively practice of tax preparation. Martin launched Independence-based Mike Martin & Associates Inc. after working nearly two decades as an executive for H&R Block Inc. Despite competition from new tax preparers and do-it-yourself software, Martin and his staff typically ... [full story]
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It’s arguably the most tedious, tiresome and at times traumatic financial task that Americans are called upon to do each year. I’m talking about doing our income tax returns. No surprise, as tax laws become ever more complex, that Americans are seeking professional help. Last year, paid preparers submitted about 63 percent of tax returns received by the Internal Revenue ... [full story]
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Constantly changing tax laws have led many to get their taxes prepared professionally, but a survey by the National Society of Accountants found Michigan residents pay more for the service than other states. The survey found Michigan taxpayers can expect to pay $229 for a professional preparation, which is slightly higher than the national average of $205. Barbara ... [full story]
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Here's how it plays out:
Someone who
receives a defined benefit pension income, at any age, is allowed to
split up to half of it with his/her spouse or common-law partner for
tax purposes.
The split isn't a physical gift of the money;
it's a notional one for tax purposes, signed for on each spouse's
income tax form annually.
Each of the partners ... [full story]
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Last year I had to find a new accountant to prepare my taxes and was charged a small fortune. (The person who had done our taxes previously refused to do them last year because he was doing my ex-husband's return and thought doing mine would be a conflict of interest.) Before tax season really is upon us, how do I ... [full story]
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As you get ready to file your taxes, you are reminded to take advantage of the Earned Income Tax Credit, which gives as much as $4700 to low-income working families. Hinds County and Jackson officials kicked off an awareness campaign at the Hinds County Human Resource Agency Thursday morning. The site is one of 9 in the Jackson ... [full story]
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Several Chattanooga agencies teamed up to offer free income tax preparation assistance. The city of Chattanooga, along with the Urban League and a local credit union, will help residents who make less than 40-thousand dollars a year. The service is free. Urban League President Warren Logan says the program may help folks become aware of tax benefits. Logan says, "Where ... [full story]
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Just a few years ago, all the cocktail-party talk was about real estate and home values and how much remodeling was going on. Back then you scored extra conversational points for know contractors well and being able to brag on their accomplishments in reshaping your home. At the height of the real estate boom, the biggest bragging rights belonged to ... [full story]
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RemitDATA has received $5 million in equity to grow its business from Atlanta-based Noro-Moseley Partners and SSM Partners, a Memphis-based venture capital firm. With the new investment, RemitDATA, a provider of Web-based software for doctors and other health care clients, will be able to build out its infrastructure and reach out to new segments of the health care industry. ... [full story]
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Intuit Inc. (Nasdaq:INTU) today announced it completed its acquisition of Homestead Technologies Inc. Based in Menlo Park, Calif., Homestead is a leader in Web site and Web store solutions for small businesses. The purchase price was approximately $170 million, including the assumption of Homestead's outstanding options and restricted stock units. The acquisition was announced Nov. 26. This transaction will ... [full story]
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In Cochise and Santa Cruz Counties, free tax services are provided by AARP Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA). The AARP Foundation administers the TCE program in Benson, Elfrida, Douglas, Nogales, Rio Rico and Sierra Vista. The program is also known as the AARP Tax Aide. It is the largest free, volunteer ... [full story]
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The nationwide mortgage meltdown spurred some of the state's biggest news stories this year, affecting homeowners and big corporations alike. H&R Block Inc., best known for its tax preparation services, got tripped up by a little-known part of its business -- subprime lending. The Kansas City-based company's Option One Mortgage Corp. subsidiary, which loaned money to people with ... [full story]
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The AARP Tax Aide Group is recruiting people to assist the area's low- and middle-income senior citizens with income tax preparation. The group offers free seasonal tax preparation assistance to residents. The program is sponsored by AARP, the Internal Revenue Service and the state Department of Revenue. Participants are invited to attend training sessions in December and January. ... [full story]
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Each year you more than likely have to fill out many tax forms in order to abide by the law. Simply put, this is something that the majority of United States citizens have to do year in and year out. But with that being said, filling out your tax forms is not always the easiest thing to do. In fact, ... [full story]
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As we move into April, tax deadlines are on the horizon. Since getting taxes prepared is pretty low on most people's list of things to do, you might need some last minute tips. First and foremost, you have a couple extra days to file this year. The usual April 15th deadline falls on a Saturday this year. As a ... [full story]
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The ease of online stock trading draws the attention of new investors and investors looking for an alternative to the old methods of trading. With little more than an account and a mouse fortunes can be made or lost from the privacy of one's own home. However, before getting carried away, investors should look into the basics of stock trading ... [full story]
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Enjoying the same tax benefits as better known Monaco, the small European tax haven of Andorra has seen some startling rises in her property values in the last two years, with a repeat performance in 2007 looking likely. In 2005 property inflation hit 19 per cent, and in 2006 the official property inflation reached sixteen per cent, and according ... [full story]
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Even though many taxpayers are able to claim merchandise, charitable contributions, or the use of a particular service on their income tax returns there are a lot who do not. Mainly because certain items and multiple deductions need to be itemized. Itemizing tax deductions, like a Common Tax Deduction is a method that many individuals who do their own taxes ... [full story]
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For just about as long as the United States has existed, people have been required to file an income tax. Income earned by the average American is taxed by the IRS (internal revenue service) due to the taxation schedule posted on their website. The taxes collected by the IRS, regardless of whether people are filing online or filling out IRS ... [full story]
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Paying taxes has always been a bothersome and time consuming work, and many people in fact dread doing this calculation in the tax paying season. Filing taxes have become so easier these days that you simply do not have to worry about anything. Meeting deadlines is one of the vital aspects of paying your taxes and tax return online is ... [full story]
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Tax return is the official entry related to the financial expenses of an individual or a company in a given financial year. Any individual who has an income is supposed to pay taxes annually to the government. The amount that a person, a company or any business has to pay as the tax amount differs depending on various factors. The ... [full story]
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Tax liens are said to be a good investment, but what is that makes them so profitable? To answer this question, you have to get a bit familiar with the basics of tax liens. In the following lines, I shall try to gather all the most important things a person must know before getting involved with such a thing as ... [full story]
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Tax preparation is the information given out by an individual or an organization to a government body declaring all liabilities for taxation. Everyone wants to pay their taxes in time and be free of the tax liability as soon as it is possible. Accounting firms and CPAs can undertake tax preparation outsourcing to meet the heavy rush from customers during ... [full story]
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