Wednesday, May 15, 2013
More than $30 million has been donated by individuals and corporations to help those most affect by the Boston Marathon bombings.
One Fund Boston has gained official tax-exempt status from the Internal Revenue Service, meaning contributions are tax-deductible. IRS Spokesperson Peggy Riley confirmed to Patch that One Fund Boston was granted official 501(c)(3) status by the IRS, which is also posted on One Fund's website. One Fund Boston has received more than $12 million in public donations, and $17 milion from corporate donations, according to its site. Forms for victims to file for claims to receive money are being distributed on Wednesday, and money is expected to be handed out starting June 30. Noted administrator Kenneth Feinberg is heading up the distribution of funds.
Wednesday, April 17, 2013
The IRS will automatically provide this extension to anyone living in Suffolk County.
The IRS is granting a three-month extension of income tax filings and payments to anyone living in Suffolk County, and those affected by the Boston Marathon bombings. Instead of the April 15 deadline, taxpayers will have until July 15 to file their 2012 returns and pay taxes without penalty, according to an IRS announcement. This tax relief applies to all individual taxpayers living in Suffolk County, including victims, their families, first responders, and others "impacted by this tragedy who live outside Suffolk County and taxpayers whose tax preparers were adversely affected." “Our hearts go out to the people affected by this tragic event,” said IRS Acting Commissioner Steven Miller through press release. “We want victims and others …
Tuesday, April 2, 2013
It could be that the IRS has a special project underway to look at self-employed individuals who are reporting losses. Or perhaps you just got unlucky, and your name was selected at random to see whether or not you are complying with IRS regulations.
Ron Mutascio is a certified public accountant with a business office located at 415 Belgrade Ave., West Roxbury. He is providing tax tips - do you have a tax question that you would like him to answer? Leave a comment below this article or email firstname.lastname@example.org. Patch: I got a note saying I'm being audited - what does that mean? What should I know? What should I do? Mutascio: Oh, ohh!! You got a letter from the Internal Revenue Service that says you are being audited. The average person’s reaction is instant doom. "That’s it!!! I’m going to jail." Who will shovel the snow, who will cut the grass, who will play my numbers, who will feed the cat? This first reaction mellows a bit into, "Well at least I will get some peace and quiet, I …
Tuesday, January 22, 2013
Standard deductions go up, but the ceiling for itemized deductions go down in 2013, plus other changes that will affect your taxes this year.
Tuesday, January 22
The Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan. 28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41.