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The
Presti & Naegele Advantage
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Lawmakers add tax measures to trade package, approve other tax bills
CTax provisions are often included as revenue raisers in non-tax bills ...Read More
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Liability for the "nanny" tax
Employers of course have to pay employment taxes on the wages they pay to their employees. A nanny who takes care of a child ...
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FAQ: What is the saver's credit?
Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed ...
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June 2015 tax compliance calendar
June 2015 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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How the IRS resolves an identity theft case
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The IRS has responded to criticism from the Treasury Inspector General for Tax Administration and the National Taxpayer Advocate, among others, that resolution of identity theft accounts takes too long by increasing its measures to flag suspicious tax returns, prevent issuance of fraudulent tax refunds, and to expedite identity theft case processing. As a result, the IRS's resolution time has experienced a moderate improvement from an average of 312 days, as TIGTA reported in September 2013, to an average of 278 days as reported in March 2015. (The 278-day average was based on a statistically valid sampling of 100 cases resolved between August 1, 2011, and July 31, 2012.) The IRS has recently stated that its resolution time dropped to 120 days for cases received in filing season 2013.
Even with a wait time of 120 days, taxpayers who find themselves victims of tax refund identity theft likely find the road to resolution a frustrating and time consuming process. This article seeks to explain the various pulleys and levers at play when communicating with the IRS about an identity theft case. ... Read More
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How do I? File an amended return
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A taxpayer who discovers an error after filing his or her income tax return may need to file an amended return. A change in filing status, income, deductions, or credits would require an amended return. This could happen, for example, if an investment broker sends a corrected Form 1099 that changes the amount of dividends or capital gains earned by the taxpayer. Or a taxpayer who sold stock may recalculate the basis of the stock for determining gain or loss. A taxpayer amending his or her federal income tax return may also need to amend a state tax return, to reflect the change or correction.
An amended return would be needed if a partnership sends a corrected Schedule K-1 showing the amount of income or losses earned by the partnership. This could also happen if the partnership is slow to provide Schedule K-1 to its owners or beneficiaries, and the taxpayer files an income tax return before receiving the K-1.
Form 1040X
Taxpayers use Form 1040X, ... Read More
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