Feb 2 2010 Tax Due Dates

Furnish Forms 1098, 1099 and W-2G to recipients for certain payments made during 2009, and Form W-2 to employees who worked for you during 2009. Deposit FUTA tax owed through Dec if $500 or less. File 2009 Form 940, Form 941, Form 943, or Form 944 if you did not deposit all taxes when due. Certain small employers: File Form 720 for the 4th quarter of 2009. File Form 730 and pay the tax on wagers accepted during Dec 2009. File Form 2290 and pay the tax on vehicles first used in Dec 2009."

LLC, LLP and General Partnerships Annual Filing Fee

LLC, LLP and General Partnerships Annual Filing Fee

If you are a single or multi member LLC, LLP or General Partnership (new for 2010) you need to pay an annual filing fee to New York State by January 30, 2010. The fee is based on 2008 income (this is not a typo). NYS is mandating this form should be filed electronically and the fee paid electronically with the state. As Certified Public Accountants in New York we are required to file this electronically by NYS mandate.

Tax Tip: How to Obtain a Transcript of Your Past Tax Information

"How to Obtain a Transcript of Your Past Tax Information

Taxpayers who need their past tax return information can obtain it from the IRS. Here are nine things to know if you need copies of your federal tax return information.

1. There are two easy and convenient options for obtaining free copies of your federal tax return information — tax return transcripts and tax account transcripts.

2. The IRS does not charge a fee for transcripts, which are available for the current year as well as the past three years.

3. A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions, such as those offering mortgages and student loans.

4. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data – including marital status, type of return filed, adjusted gross income and taxable income.

5. To request either transcript by phone, call 800-829-1040 and follow the prompts in the recorded message.

6. To request a tax return transcript through the mail, individual taxpayers should complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Form 4506T-EZ is only for individuals who filed a Form 1040 series return. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T, Request for Transcript of Tax Return.

7. You should receive your tax return transcript within 10 working days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript.

8. If you still need an actual copy of a previously processed tax return, it will cost $57 per tax year and take much longer. Complete Form 4506, Request for Copy of Tax Form, and mail it to the IRS address listed on the form for your area. Please allow 60 days for actual copies of your return. Copies are generally available for the current year as well as the past six years.

9. Visit the IRS Web site, IRS.gov, to determine which form will meet your needs. Forms 4506, 4506T and 4506T-EZ can be found at IRS.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).

Links:


Form 4506-T, Request for Transcript of Tax Return (PDF 45.3K)
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Form 4506, Request for Copy of Tax Form (PDF 42.3K)"

The biggest IRS headaches that plagued taxpayers in 2009 Printer friendly Order reprints of this content Posted by AccountingWEB in Tax, Income Tax on

The biggest IRS headaches that plagued taxpayers in 2009

Printer friendly
Order reprints of this content

Posted by AccountingWEB in Tax, Income Tax on 01/14/2010 - 00:26

Every year the National Taxpayer Advocate -– Nina E. Olson -- submits a report to Congress which takes a critical look at the IRS. It’s her job to identify at least the 20 most serious issues taxpayers face in dealing with the tax agency, and to recommend solutions. After an in-depth look, Olson says that overall, the IRS had a successful year, but there are big problems. This year Olson pinpointed 21 problems, updates on two previous issues, and recommended dozens of administrative and legislative changes. Superimposed over this long list of problems is her concern about the IRS as a whole. As the House and Senate work to reconcile their version of the health reform bill, Congress is poised to add significant new areas of responsibility to the IRS. This comes at a time when the tax agency is already beleaguered by budget cuts, staffing shortages, an outdated computer system, and, based on this year’s list, an inability to meet current obligations with a high degree of effectiveness.

Here are some of the highlights of Olson’s report:

Telephone Assistance for Taxpayers

Problem: The IRS has a declining ability to answer taxpayer phone calls on the toll-free lines, even as demand for assistance is rising. For 2010, the agency’s goal is to answer 71 percent of calls. Olson points out that this means three out of ten callers will not get the help they need. “This level of service is unacceptable,” she says. In 2007 the answer rate was 83 percent.

Recommendation: The report advises the IRS to staff its toll free lines sufficiently to raise the answer rate to 85 percent. The report also advises the IRS to create a dedicated phone line manned by those trained to deal with national disasters, late year, or one-time tax law changes.

Examinations and Collections

Problem: There is no “overarching strategy” governing the process of examinations and collections, according to the report. The policies have, instead, been hammered together piecemeal. Olson is concerned that the way the IRS seeks to collect unpaid tax liabilities causes harm to taxpayers, damaging them financially and impairing their ability to get credit, while not raising tax revenue. She speculates that the harshness of the IRS collection process may drive many taxpayers into “long-term noncompliance.”

Of particular concern is lien filing, which the report cites as the second most serious problem facing taxpayers. Liens are filed through an automated system, even in some cases where there is no property to encumber. Over the last decade, the IRS has increased lien filings by nearly 475 percent, yet, adjusted-for-inflation, revenue from collections fell by 7.4 percent over the same period.

Recommendation: The NTA report recommends that Congress instruct the IRS to change the method of lien filing and take the “automatic” element out. That is, before a lien is filed, to assess whether the benefits of the lien outweigh the harm to the taxpayer and whether the lien will jeopardize the taxpayer’s ability to pay future taxes. Another related study shows that the IRS fails to consider a taxpayer’s other debts, such as credit cards, school loans, and medical bills. “Any taxpayer with these debts will tell you that these creditors don’t go away,” Olson said. “Taxpayers are placed in the intolerable position of agreeing to pay the IRS more than they can actually afford (given their other debts) and then defaulting on the IRS payment arrangements when they channel payments to unsecured creditors in order to get some peace.”