Reuters Money

Friday is D-Day to voluntarily tell the IRS about your offshore assets

September 9, 2011

If your financial life spans multiple countries and you’ve not been paying close attention to your tax issues, be forewarned: This Friday is the deadline for the Internal Revenue Service’s latest offshore tax reporting voluntary disclosure program.

IRS sees staggering jump in identity theft cases

May 27, 2011

Identity theft fraud caught by the IRS has skyrocketed since 2008, the Government Accountability Office said in a report released this week.

Do higher taxes encourage tax avoidance?

May 11, 2011

Nothing riles Americans quite like taxes: who pays what, whether the government needs to raise them or might slash them, and how much they’re eating away at our paychecks.

Dear IRS: Where is my tax refund?

April 15, 2011

A suitcase full of counterfeit money lies on the floor during a protest in Caracas August 15, 2007.  REUTERS/Edwin Montilva Whoo hoo! A refund. Speaking personally, this is the first time in about 10 years that I’ve qualified for a refund. I think it’s because I took this full-time job at Reuters and signed up to have big bucks deducted from my paycheck. And it’s because 2010 tax breaks passed retroactively actually lowered my total tax bill (and those of many others).

Taxes: How to file an extension

April 15, 2011

Denise Jameson wears a costume while carrying a sign to remind people passing on foot and in cars that it is income tax filing season outside a tax consulting business in San Francisco, California February 3, 2009. REUTERS/Robert Galbraith If you are one of those chronic procrastinators who has yet to close out the 2011 tax season, don’t waste time reading all of this. Just file an extension asap. If you think you’ll owe money, send a check along with it.

Tax problems? The art of negotiating with the IRS

April 13, 2011

A woman looks over tax papers in this file photo. REUTERS/Jillian KitchenerWhether it’s the NFL player who forgot to mail in his tax return or the person who exercised his stock options and triggered a huge tax bill, negotiator Jim Camp has seen a lot of people get into sticky situations with the Internal Revenue Service.

Six ways to cut your tax bill now

April 7, 2011

Tax deadline day, April 18, is quickly approaching.

Before you file, make sure you’re grabbing all of the deductions due to you. Robert Spielman, a certified public accountant and partner in the tax and business services practice at Marcum LLP, sat down with Prism Money and shared several ways to navigate the muddy waters of tax season. Here is his advice.

10 mistakes to avoid at tax time

April 6, 2011

A tax form is pictured on tax deadline day at the main Post Office in New York April 15, 2009.  REUTERS/Chip EastIt’s the simplest things that can trip you up at tax time, like not getting money into your account or forgetting to sign your return. But this year, with so many tax changes, there are even more minefields.

IRS commissioner: My taxes are done. Where are yours?

April 6, 2011

Commissioner of Internal Revenue Doug Shulman speaks to Reuters during an interview at his office in Washington, October 8, 2009. REUTERS/Hyungwon Kang   A threatened government shutdown won’t stop Internal Revenue Service commissioner Douglas Shulman from filing his own taxes on time; they’re already done. “I make sure it gets done on time,” he told Reuters. “I just have to look it over.” He said that taxpayers should follow that example and not expect to get any extra filing time if there is a temporary federal work stoppage.

5 ways to avoid a tax audit

April 5, 2011

Holding a tax rebate letter from the Internal Revenue Service, U.S. President George W. Bush speaks about the economy during a visit to a small business in Sterling, Virginia March 26, 2006.   REUTERS/Kevin LamarqueDon’t stay up at night worrying about having your taxes audited, or imagining horrible interrogation scenarios with tax agents and windowless rooms. Fewer than one percent of returns are ever examined, and the vast majority of those are done through the mail and not in person. More reassuringly, more than one in 10 of those audits result in “no change” in the amount the taxpayer owes.