IRS To make it Easier for Groups to Achieve Tax Exempt Status

The new principal deputy commissioner of the Internal Revenue Service, Daniel Werfel, was handpicked by President Obama to overhaul the IRS's operations concerning the current scandal of obvious discrimination alongside conservative-leaning groups filing for tax-exempt position. Werfel indicated that such groups seeking tax-exempt position would find a far easier procedure for achieving that status going forward.

The scandal erupted when it was resolute that the Internal Revenue Service was placing groups that had words such as "tea party" or "patriot" in their names under extended review. While the focal point seems to have been on the conservative groups, moderate groups were discriminated against as well. Many individuals with upper level situations have since resigned or been fired and the Internal Revenue Service is still attempting to get back on its feet.

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While it is said that there was no suggestion of intentional wrongdoing by the lower-level workers deemed to be the major culprits of the events, the IRS has created an responsibility Review Board to conclude within the next 60 days whether any person else ought to be let go. In addition, groups that have been waiting longer than 120 days for tax-exemption condition will efficiently be decided that position routinely after a straightforward certification that they will "not engage in excessive political activity in violation of tax exempt law."

It is likely that this is not the end of the IRS's woes on this matter and that as the answerability Review Board continues its investigations, more information will come to light on the matter.

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IRS has tax lien on your home -- now what?

If you are past due on your federal income taxes, the IRS can file a tax lien against your house. A lien can make difficult selling the home and make it tricky to refinance the mortgage.

You're topic to an Internal Revenue Service lien whenever you're past due on your taxes, says E. Martin Davidoff, a tax attorney and certified public accountant in Dayton, N.J. An IRS tax lien on a home isn't official until you get a notice of federal tax lien, which means that the IRS has made a lawful claim to your assets as safety for a tax liability.

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"You typically require owing $5,000 or more before an IRS tax lien is triggered," Davidoff says.

Elizabeth Gonsalves, a tax attorney in Encino, Calif., says, "IRS tax liens on homes are usually triggered whenever the IRS perceives it will be hard to gather the full amount you owe within the statute of limitations for the payment of Internal Revenue Service debt, which is 10 years."

Tax authority must follow procedures

An IRS tax lien can be filed only after a legal responsibility is assessed, a notice and demand for payment is served on you, and you fail to pay the debt within ten days of that notification, Gonsalves says.

Even if you have an IRS tax lien on your assets, this doesn't mean the IRS can power you to sell your home or that the government has taken over your assets. On the other hand, if you want to sell the home, the IRS has a right to take the proceeds from the sale to convince your tax bill. If you want to refinance, the federal government may be willing to subordinate the lien, mainly if you use home equity to pay your taxes.

Regrettably, an IRS tax lien may make it difficult for you to qualify for a refinance.

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Reinvested dividends

This isn't actually a tax assumption, but it is a significant calculation that can save you a bundle. And this is the break that previous Internal Revenue Service commissioner Fred Goldberg told Kiplinger's that a lot of taxpayers overlook.

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If, like the majority investors, your mutual fund dividends are routinely used to buy extra shares, keep in mind that each reinvestment amplifies your tax basis in the fund. That, in turn, decrease the taxable capital gain (or increases the tax-saving loss) when you redeem shares. Forgetting to comprise the reinvested dividends in your basis results in double taxation of the dividends -- once when they were paid out and without delay reinvested in more shares and later when they're included in the proceeds of the sale. Don't make that expensive mistake.

If you're not sure what your basis is, inquire the fund for help. (Starting with sales in 2012, mutual funds must report to investors -- and the IRS -- the tax basis of shares redeemed during the year. But note this: The new rule applies only to shares purchased in 2012 and later years. If you redeemed shares you purchased prior to 2012, it's still up to you to figure your basis. Don't forget those reinvested dividends!)

Here we also provide Free Tax Calculator 2013 for easily calculate your income taxes.

Should You Get Help to File Your Taxes?

Tax moment is officially here.  But how should you get it complete?  Should you do it yourself or hire outside help?

I have mixed feelings on this subject.

On the one hand, I consider that it is empowering to do your individual taxes.  It seems menacing at first, which makes it experience actually fine to understand it is not so hard after all.  I did my own taxes with paper and pencil when I started working part time jobs in high school and college.

I went to tax store once in my twenties, but went back to doing it on my own when I realized they were just typing in the numbers I gave them.  There are citizens that found it surprising and inspiring that a young woman (well, I’m not so young anymore) would do her own taxes.

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On the other hand, I suppose in the importance of expert help.  (How could I not?)  The taxes of a business owner, rental property owner, or lively investor are more complex than a W-2 worker.   A tax specialized can add value by saving time and money, avoiding errors, and reducing the anxiety in the procedure.

Specialized help also ensures that the job gets done – more than one person has “confessed” to me that they filed their taxes late or not at all!

So, what are your options?

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