There is nothing like living in a sunshine state and the perks one gets to enjoy are awesome … beautiful sandy beaches, tropical breezes, and glorious weather greeting you nearly every new day. But like everything else in life, you have to accept the good with the bad; and in Florida, that means contending with severe tropical storms and hurricanes. When the local ...

Deadline for Taxpayers Living Abroad Taxpayers living abroad who automatically qualified for the two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The normal file date is June 15, however it falls on a Sunday this year. The automatic June 16 extension deadline applies to any U.S. citizen or ...

Tax Refund Identity Theft Incidents of tax refund identity theft are on the rise. It is important to know how to prevent this from happening to you. In 2010, 15 percent of identity theft complaints were related to tax returns; by 2013, this had risen to 43 percent. The IRS reports that there were 1.6 million victims of tax refund identity theft in the first half of ...

From the IRS: Amended Tax Returns The Internal Revenue Service projects that almost 5 million taxpayers will amend their returns by filing Form 1040X during 2014. Taxpayers who need to amend their returns should file this form only after filing the original return. Generally, for a credit or refund, taxpayers must file Form 1040X within 3 years, including extensions, ...

From the Internal Revenue Service: Make Plans Now for Next Year’s Tax Return Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are six IRS tips to help you start to plan for this year’s ...

Annual Report Filing Deadline on May 1st Florida Secretary of State Ken Detzner released the following statement reminding business entities in Florida that the deadline for filing their annual reports is May 1, 2014. The filing deadline is approaching on May 1, and I encourage all business entities to file their annual reports as soon as possible,” said Secretary ...

How to Adequately Prepare for an Audit Do you find the audit process to be a downright burden? Businesses and entities often find themselves unprepared for an audit. Here are some tips on how to prepare for an audit. Remember, the results of the audit are your responsibility. As such, you should be preparing all year long, not just during audit season. Here are a few ...

Chance of Audit Declines From: ACCOUNTINGTODAY.COM By: Michael Cohen, Editor-in-Chief Washington, D.C. (April 17, 2014) The Internal Revenue Service is anticipating the chances of a tax return being audited to be the lowest in years. The IRS audited less than 1 percent of individual tax returns in 2013, the lowest rate since 2005, and the number of individual returns ...

From the Internal Revenue Service: Eight Facts about Penalties for Filing and Paying Late April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight ...

From the Internal Revenue Service: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply The Internal Revenue Service recently issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications ...