Tax season ends: from boom town to ghost town

The gold rush is over, how did you fare? Did you find yourself breaking even, did you get your gold back, or did you find yourself stuck in the mine shaft? If you’ve never been around a public accounting firm during tax season, then you probably don’t quite understand my metaphor. Around the beginning to …

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On sale now – your tax refund

It’s going to be hard not to notice in the coming weeks. On radio, TV and media of all kind. Even standing on the street corner spinning a sign. No, it’s not where to go to get a yummy breakfast or a bargain haircut. It’s to tell you where to go to get money NOW …

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IRS Tax Refund Offset Program Needs Improvement

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS’s computer programming and current processes are not able to effectively identify taxpayers’ outstanding tax debts and apply refunds to outstanding debts. The IRS requires that a taxpayer’s refund be offset first to pay outstanding federal tax debt before it …

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Your IRS Tax Season Questions Answered Part II

I got this IRS notice and I don’t understand it. What does it mean? As tax season continues, these are some of the top gripes of taxpayers. If these aren’t frustrating enough, no one wants to sit on hold for hours trying to call the IRS to get them resolved. Here’s some helpful information for …

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Your IRS Tax Season Questions Answered Part I

Where’s my refund? Why does it take so long for me to get the money? What is this IRS form 5071(c) notice? What does it mean? With less than 50 days left to file your tax return, here’s some helpful information for getting these common tax season questions answered. Where’s my refund? If you’re anxiously …

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IRS “Get Transcript” Fiasco Gets Worse

Following the Sarbanes Oxley Act more than a decade ago, security and fraud have been two of the cornerstone focuses of the accounting profession. Proper and secure system controls have become a necessity, not only for auditors and tax accountants, but for every profession in business. This may lead one to believe that the IRS, …

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Whose Identity is being Protected with Fraudulent Refunds?

A recent report from the Government Accountability Office reported that while the IRS estimates it prevented $24.2 billion in fraudulent refunds in 2013, it actually paid out $5.8 billion in fraudulent refunds that it realized were fraudulent only after refunds were paid out. Evidence indicates that number may grow larger in coming years. The Federal …

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Safeguard Your Refund – Choose Direct Deposit

Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check. Here are four reasons more than 80 million taxpayers chose direct deposit in 2012: 1. Security.  Every year the U.S. Postal …

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