The Internal Revenue has announced that the 2014 tax season would open on January 31,2014 for individual taxpayers. They will start accepting business tax returns on January 13, 2014. This is great news seeing that in October the 2014 tax season start dates were expected to be delayed due to the government shutdown. So how does an early start date help you? Well, an earlier start date means that taxpayers and businesses can receive refunds earlier and they have a longer window to work in to file their returns and prepare payments if needed.
Remember, despite the fact that the start dates for tax filing have changed, the April 15th tax deadline is set by statute. If you need more time to file then you can request an extension. It is important to understand that an extension to file is not an extension to pay. If you believe you owe taxes then then you should make an estimated payment when you file for an extension. To read more about the IRS start date announcement see: http://www.forbes.com/sites/kellyphillipserb/2013/12/18/irs-finally-announces-start-date-to-2014-tax-filing-season/"continue reading
In December the U.S. Senate confirmed that John Koskinen has been appointed as the new IRS commissioner. The IRS has had a year full of scandal, so much so that their credibility as an organization dropped dramatically. Operating without a commissioner since November 2012 the entire bureaucracy is in need of an image overhaul. There is hope that John Koskinen, known as a corporate restructuring expert, can help give the organization back some consistent credibility but only time will tell.
However, Forbes, in an article about the new commissioner, pointed out that having a permanent commissioner at the helm of the IRS over the last year would not have saved the organization from the scandal of targeting specific tax exempt conservative organizations. The truth was that Douglas Shulman was still serving as commissioner when most of those scandals were taking place. To read more about the new IRS commissioner and what challenges he will be facing see this article by Forbes. http://www.forbes.com/sites/taxanalysts/2013/12/20/the-irs-has-a-new-commissioner/"continue reading
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