Under the special provisions issued in March, taxpayers with these accounts originally had until Sept. 23, 2009, to come forward. Those taxpayers who do not voluntarily disclose their offshore accounts by Oct. 15 face harsh civil penalties, where applicable, and possible criminal prosecution.
Deadline nears for Special Offshore Voluntary Disclosures
By Admin on October 1, 2009
Posted in Blog | Tagged Offshore, voluntary disclosures Comments Off
Hawaii’s Tax Fresh Start Program
By Admin on May 27, 2009
The State of Hawaii Department of Taxation (“DOTAX”) announced that it is offering a “Tax Fresh Start Program”, running from May 27, 2009 through June 26, 2009. The program provides an opportunity for eligible taxpayers to pay their back taxes to the state while avoiding penalties and potentially avoiding referral for criminal prosecution. It also offers a 50% reduction in interest from the statutory rate of 8% per annum to 4% per annum. The program is available to all eligible taxpayers owing eligible Hawaii tax(es) for any taxable period ending…
Posted in Blog, Hawaii Tax News | Tagged hawaii, Tax Fresh Start Program Comments Off
Ten Last Minute Tax Filing Tips
By Admin on April 7, 2009
With the tax filing deadline close at hand, the IRS offers ten tips for those still working on their tax returns: File Electronically – Consider filing electronically instead of using paper tax forms. If you efile and choose direct deposit, you can receive your tax refund in as few as 10 days. Check the Identification [...]
Posted in Tax Tips | Tagged efile, extension, United States Treasury Comments Off
Top Seven Facts About the Tuition and Fees Deduction
By Admin on March 25, 2009
The Tuition and Fees deduction of up to $4,000 is available to help parents and students pay for post-secondary education. Below are ten important facts about this deduction every student and parent should know.
Posted in Tax Tips | Tagged Form 8863, Form 8917, Hope, Lifetime Learning, Publication 970, tuition and fees, Tuition and Fees deduction Comments Off
Are Your Social Security Benefits Taxable?
By Admin on February 27, 2009
How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income for 2008, your benefits are not taxable and you probably do not need to file a federal income tax return. If you received income from other sources, [...]
Posted in Tax Tips | Tagged benefits, Social Security, social security benefits Comments Off
Expanded Tax Break Available for 2009 First-Time Homebuyers
By Admin on February 26, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. Qualifying taxpayers [...]
Posted in 2008 Changes, Tax News | Tagged 2009, First-Time Homebuyers, homebuyer credit Comments Off
