Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ

New Mileage Rates for 2005 WASHINGTON — The Internal Revenue Service today released the optionalstandard mileage rates to use for 2005 in computing the deductible costs ofoperating an automobile for business, charitable, medical or moving expensepurposes.Beginning Jan. 1, 2005, the standard mileage rates for the use...

Earned Income Credit worth up to $4204 People who earned under $34,692 in 2003 might qualify for the Earned Income Credit (EIC). Refundable tax credits like this one usually mean more money in your pocket because they either reduce the amount of tax you owe or...

HOSPITALS WOULD NO LONGER BE EXCEPTED FROM PAYING EMPLOYMENT TAXES FOR MEDICAL RESIDENTS UNDER IRS PROPOSAL In what some analysts characterize as an attempted end run around court decisions that cut in the opposite direction, the Internal Revenue Service issues a proposed rule under which most medical residents and their...

Pa. Court OKs Class Suit Against H&R Block for E-Filing Fee Suits filed against H&R Block alleging unnecessary fees for electronically filing clients' tax returns may be tried as a class action and need not be arbitrated individually, the Pennsylvania Superior Court has ruled. H&R Block...

Help for Child Tax Credit Available on IRS.gov The Internal Revenue Service reminds practitioners that taxpayers claiming the Child Tax Credit cannot claim the full $1,000 per child if they received an advance payment check last year. When figuring the credit, they must subtract the amount they...

Senators Push to Tax VoIP after 2 years Sens. Thomas Carper and Lamar Alexander revived the debate over taxing Internet access with the introduction of a bill that would reinstate for two-years the now-expired ban on state and local taxation of Internet access services. The senators...

Taxation of Lottery Winnings A lump sum payment for the right to receive future installments on a winning lottery ticket is taxable as ordinary income, not capital gain, the Ninth Circuit holds. see: http://www.TaxEsq.com...

Not Filing Tax Returns Costs Billions in Lost Refunds Nearly 2 million students, retirees and other taxpayers stand to lose $2.5 billion in refunds if they don't act quickly to claim the money. The Internal Revenue Service said Monday that anyone who should have gotten a...

IRS to Audit More Small Businesses A restructuring announced by the Internal Revenue Service recently could mean that more small businesses see audits of their income tax returns. The IRS said it would be adding 2,200 new positions to its enforcement, or audit, operations in...