If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: 1. When to amend a return Generally, you should file an amended return if your filing status, number of dependents, total… Read More
Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return.… Read More
The South Carolina Department of Revenue (SCDOR) is currently investigating a tax refund scam involving numerous individuals in the Mt. Pleasant and Charleston area, and another arrest was made this morning. Tameka Coakley was arrested today for one count of assisting in the preparation of a false tax return and one count of forgery. If… Read More
Columbia, SC — Less than a month away in South Carolina is the annual Sales Tax Holiday – the state’s popular three-day sales and use tax break on traditional back-to-school purchases. The 13th annual Sales Tax Holiday, which was implemented in 2000, will begin Friday, August 3 at 12:01 a.m. and tax-exempt purchases can be… Read More
Military personnel and their families face unique life challenges with their duties, expenses and transitions. The IRS wants active members of the U.S. Armed Forces to be aware of all the special tax benefits that are available to them. Here are 10 of those special tax benefits: 1. Moving Expenses If you are a member… Read More
School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in their paychecks because their employer must withhold taxes. Here are six things the IRS wants… Read More
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker. An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the… Read More
During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a tax credit that can help them offset some day camp expenses. The Child and Dependent… Read More
WASHINGTON — The Internal Revenue Service today announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. “We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not… Read More
WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues. “Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations… Read More