24 Şubat 2013 Pazar

Lost Your W2, or Didn't Receive Your W2, What to Do

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 If you misplaced your W2  or moved and didn't receive your W2, or your Employer mailed to the wrong address, here is what to do: 

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail.

If you have not received your W-2, follow these three steps:

1. Contact your employer first. Ask your employer – or former employer – to send your W-2 if it has not already been sent. Make sure your employer has your correct address. 2. Contact the IRS. After February 14, you may call the IRS at 800-829-1040 if you have not yet received your W-2. Be prepared to provide your name, address, Social Security number and phone number. You should also have the following information when you call: • Your employer’s name, address and phone number;• Your employment dates; and• An estimate of your wages and federal income tax withheld in 2012, based upon your final pay stub or leave-and-earnings statement, if available. 3. File your return on time. You should still file your tax return on or before April 15, 2013, even if you have not yet received your W-2. File Form 4852, Substitute for Form W-2, Wage and Tax Statement, in place of the W-2. Use the form to estimate your income and withholding taxes as accurately as possible. The IRS may delay processing your return while it verifies your information. If you need more time to file you can get a six-month extension of time. File Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return. If you are requesting an extension, you must file this form on or before April 15, 2013.

If you receive the missing W-2 after filing your tax return and the information on the W-2 is different from what you reported using Form 4852, then you must correct your tax return. File Form 1040X, Amended U.S. Individual Income Tax Return to amend your tax return.
Forms and instructions are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:
  • Form 4852, Substitute for Form W-2, Wage and Tax Statement
  • Form 1040X, Amended U.S. Individual Income Tax Return

IRS is Hiring?

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Here is some news for recent Accounting grads and advanced bookkeepers who need a change.  Or anyone with the necessary qualifications.-------------- Washington, D.C. (February 6, 2013)By Michael Cohn
                                                                                                                                                               The Internal Revenue Service is making progress in the management of its employees but faces continued challenges, according to a new report.
J. Russell Georgereleased Wednesday, by the Treasury Inspector General for Tax Administration, noted that since fiscal year 2002, TIGTA has designated human capital as one of the major management challenges facing the IRS.  TIGTA reviewed the status of actions the IRS has taken in response to recommendations on human capital issues made by TIGTA in a series of audit reports issued since fiscal 2009. TIGTA also reviewed the status of the IRS’s implementation of the recommendations of an IRS-led task force.
TIGTA’s new report found that the IRS has made progress in addressing human capital issues. For example, the IRS developed an agency-wide recruitment strategy that should place it in a better position to identify and attract qualified candidates. IRS documentation shows that it has completed corrective actions for 78 percent of the 46 TIGTA recommendations and 91 percent of the 58 recommendations made by the IRS task force formed to address serious workforce issues.
Despite this progress, however, continued focus by IRS executive management on human capital is important because the IRS’s workforce has decreased by about 10,000 full-time equivalents in the last two fiscal years, the report noted. In addition, many of the IRS’s experienced leaders and employees will be eligible to retire in the next five years.
At the same time, significant Tax Code changes, such as those implementing the Patient Protection and Affordable Care Act, are on the horizon, and the IRS needs to make improvements to stop billions of dollars in fraudulent or improper tax refunds resulting from identity theft and erroneous claims for tax credits.
“The IRS’s continued focus is needed to provide reasonable assurance that the right people will be in the right place at the right time to provide taxpayers with top-quality service and to enforce the law with integrity and fairness to all,” said TIGTA Inspector General J. Russell George in a statement.
TIGTA made no recommendations in this report; however, key IRS management officials reviewed it prior to issuance.

In a related report issued last week, TIGTA found that the IRS is hiring new employees more quickly. While in June 2009, the IRS took more than five months to hire employees from outside the government, some of its divisions, like the Information Technology organization, are now close to meeting the federal government’s goal of 80 calendar days, TIGTA’s auditors found.

At the request of the IRS, TIGTA audited the actions taken by the IRS divisions to monitor and improve the efficiency of hiring new employees. Hiring quality employees quickly is important to the IRS, as it hires a large number of employees each year. For example, the IRS hired approximately 19,000 employees in fiscal year 2011.

TIGTA found that IRS divisions and the Human Capital Office have taken action to reduce hiring timelines, but need to continue to focus on keeping hiring timelines low and making additional improvements. For example, the Information Technology organization has cut the time it takes to hire new employees from 218 calendar days in November 2009 to an average of 90 calendar days at the end of March 2012. As a result, Information Technology is close to meeting the Office of Personnel Management 80-calendar-day hiring goal. Similarly, the Wage and Investment Division has taken action to reduce hiring timelines and is also close to meeting the hiring goal.

However, the Small Business/Self-Employed Division uses a hiring process that is based on bringing large groups of employees on board at the same time for training and orientation purposes. While this may result in efficient training and orientation programs for enforcement personnel, it can take up to 200 calendar days to hire employees, which results in not meeting the hiring goal.

TIGTA made several recommendations for improvement such as deactivating certificates with lists of job applicants that are not used, providing guidance to employment offices for selecting the correct certificates, and correcting computer report-writing programming to ensure the correct date was used in calculating hiring timelines. The IRS agreed with TIGTA’s recommendations and implemented corrective actions.

The Next Industry to Crumble Will Create the Next Big Investment Opportunity

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This was in my inbox and after listening to the video, I decided that it would be best to share this information with clients, associates and friends.  I believe what The Motley Fool information and have advised clients for a couple years of this upcoming change.  Take a listen and see what you think.  Iam not being compensated for sharing this information, I just know that TV aswe know it, will be changing in the future.
Another major industry is about to fall. Hard. And it will happen much sooner than anyone on Wall Street expects. (All signs are pointing to 2014.)Everyone will claim they saw it coming. They'll say they knew all about the experimental project that Google launched in Kansas City. They'll say when they heard Apple's big March announcement, they knew for sure. They'll say that the one last "insurmountable" obstacle was obviously no big deal. And they'll be lying. But that's okay. Because you'll be the one who knew which 3 overlooked stocks to invest in now for max profit... before 57.3 million Americans hit the OFF button.
Click to watch buttonClick here for the new investor alert video!

Filing Your Own Taxes? Here's How to Determine Your Filing Status

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If you are filing your own taxes for the first time, getting your filing incorrect would cause your entire return to be incorrect.  This is NOT how you want to start off your relationship with the IRS.  The IRS sent out an announcement telling taxpayers how to determine their filing status.

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It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return.

Are you single, married or the head of your household? There are five filing statuses on a federal tax return. The most common are "Single," "Married Filing Jointly" and "Head of Household." The Head of Household status may be the one most often claimed in error.

The IRS offers these seven facts to help you choose the best filing status for you.

1. Marital Status. Your marital status on the last day of the year is your marital status for the entire year. 2. If You Have a Choice. If more than one filing status fits you, choose the one that allows you to pay the lowest taxes. 3. Single Filing Status. Single filing status generally applies if you are not married, divorced or legally separated according to state law. 4. Married Filing Jointly. A married couple may file a return together using the Married Filing Jointly status. If your spouse died during 2012, you usually may still file a joint return for that year. 5. Married Filing Separately. If a married couple decides to file their returns separately, each person’s filing status would generally be Married Filing Separately. 6. Head of Household. The Head of Household status generally applies if you are not married and have paid more than half the cost of maintaining a home for yourself and a qualifying person. 7. Qualifying Widow(er) with Dependent Child. This status may apply if your spouse died during 2010 or 2011, you have a dependent child and you meet certain other conditions.IRS e-file is the easiest way to file and will help you determine the correct filing status. If you file a paper return, the Interactive Tax Assistant at IRS.gov is a tool that will help you choose your filing status.

IRS's Tool, "Where's My Refund

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Not to worry the IRS is on time with refunds.  And if you are a little worried you can read their statement on using the "Where's My Refund" Ninety percent of all taxpayers are receiving a refund within 21 days when they file electronically using the direct deposit option.  Below are some special tips to help lower your blood pressure:
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The IRS alerted taxpayers and the tax community it is experiencing high traffic on Where's My Refund as more tax returns come in. The heavy volume of refund inquiries means that the IRS anticipates both "Where's My Refund?" on IRS.gov and the refund feature on the IRS2go phone app will have limited availability during busier periods.

Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day. IRS systems are only updated once a day, usually overnight, and the same information is available whether on the internet, IRS2go smartphone app or on IRS toll-free lines. While "Where's My Refund" is updated nightly, your account will not change that frequently.

The IRS is seeing a good start to the filing season, and tax refunds are being issued timely. Nine out of 10 taxpayers typically receive refunds in less than 21 days when they use e-file with direct deposit.
The IRS expects to see the number of tax returns -- and related refund inquiries --steadily increase around the President's Day holiday week.

Here are some tips to help taxpayers with their refund questions:

• Have the right tax information ready before using any of the IRS refund tools. This includes Social Security number, filing status and refund amount.

• You don't need to check Where's My Refund more than once a day as your information will not change.

• To avoid system delays, the best time to check on refunds is evening and weekends.

• There is no need to call the IRS about your refund; the telephone service has the same information that is available on Where’s My Refund.

23 Şubat 2013 Cumartesi

Filing Your Own Taxes? Here's How to Determine Your Filing Status

To contact us Click HERE
 
If you are filing your own taxes for the first time, getting your filing incorrect would cause your entire return to be incorrect.  This is NOT how you want to start off your relationship with the IRS.  The IRS sent out an announcement telling taxpayers how to determine their filing status.

--------

It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return.

Are you single, married or the head of your household? There are five filing statuses on a federal tax return. The most common are "Single," "Married Filing Jointly" and "Head of Household." The Head of Household status may be the one most often claimed in error.

The IRS offers these seven facts to help you choose the best filing status for you.

1. Marital Status. Your marital status on the last day of the year is your marital status for the entire year. 2. If You Have a Choice. If more than one filing status fits you, choose the one that allows you to pay the lowest taxes. 3. Single Filing Status. Single filing status generally applies if you are not married, divorced or legally separated according to state law. 4. Married Filing Jointly. A married couple may file a return together using the Married Filing Jointly status. If your spouse died during 2012, you usually may still file a joint return for that year. 5. Married Filing Separately. If a married couple decides to file their returns separately, each person’s filing status would generally be Married Filing Separately. 6. Head of Household. The Head of Household status generally applies if you are not married and have paid more than half the cost of maintaining a home for yourself and a qualifying person. 7. Qualifying Widow(er) with Dependent Child. This status may apply if your spouse died during 2010 or 2011, you have a dependent child and you meet certain other conditions.IRS e-file is the easiest way to file and will help you determine the correct filing status. If you file a paper return, the Interactive Tax Assistant at IRS.gov is a tool that will help you choose your filing status.

IRS's Tool, "Where's My Refund

To contact us Click HERE
 
Not to worry the IRS is on time with refunds.  And if you are a little worried you can read their statement on using the "Where's My Refund" Ninety percent of all taxpayers are receiving a refund within 21 days when they file electronically using the direct deposit option.  Below are some special tips to help lower your blood pressure:
----------

The IRS alerted taxpayers and the tax community it is experiencing high traffic on Where's My Refund as more tax returns come in. The heavy volume of refund inquiries means that the IRS anticipates both "Where's My Refund?" on IRS.gov and the refund feature on the IRS2go phone app will have limited availability during busier periods.

Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day. IRS systems are only updated once a day, usually overnight, and the same information is available whether on the internet, IRS2go smartphone app or on IRS toll-free lines. While "Where's My Refund" is updated nightly, your account will not change that frequently.

The IRS is seeing a good start to the filing season, and tax refunds are being issued timely. Nine out of 10 taxpayers typically receive refunds in less than 21 days when they use e-file with direct deposit.
The IRS expects to see the number of tax returns -- and related refund inquiries --steadily increase around the President's Day holiday week.

Here are some tips to help taxpayers with their refund questions:

• Have the right tax information ready before using any of the IRS refund tools. This includes Social Security number, filing status and refund amount.

• You don't need to check Where's My Refund more than once a day as your information will not change.

• To avoid system delays, the best time to check on refunds is evening and weekends.

• There is no need to call the IRS about your refund; the telephone service has the same information that is available on Where’s My Refund.