IRS warns on charity deductions
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Being charitable is a good way to get into the holiday spirit. But the Internal Revenue Service is concerned that a lot of taxpayers sidestep the spirit of the law by going overboard on how they deduct contributions.
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Charities that raise money through vehicle-donation programs are seeing a small but steady increase in donations ahead of a Jan. 1 change in tax laws that will limit the deductions taxpayers can take for such gifts.
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People earning over Â£150,000 should pay 10% extra tax or give the same amount to charity, says Frank Field.
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Many people could use some extra money this time of year. It just so happens the Internal Revenue Service has some extra money on hand -- and if you are among the 2,915 taxpayers in Georgia
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Vulnerable areas of CPA funds spark questioning
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In addition to doing good, your donation can also nab you some tax benefits.
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At tax time you can find lots of advice on how to boost your deductions or credits. People are focused mostly on getting as much money back from the government as possible.
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The U.S. Senate Finance Committee said on Wednesday it asked the Internal Revenue Service to update it on the latest and greatest tax avoidance schemes including those using nonprofit groups.
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Experts are concerned that data may not being properly protected by the IRS and that a massive data loss by the agency, similar to the one last month by the U.K.'s Revenue and Customs office, could disrupt the nation's banking system.
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Hundreds of thousands of families may lose their tax credits if they do not submit their renewal forms this week.
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But this year some retail giants are telling the Salvation Army and other charities to stay off their properties. by News Channel 8&#39;s Chris Velardi.
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The Internal Revenue Service is gearing up for tax season. And while it may be a kinder, gentler IRS these days, the agency is still coming after you - especially if you make a lot of money.
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The Internal Revenue Service said it may try to prevent tax preparers such as Jackson Hewitt Tax Service and H&R Block from offering customers refund loans and audit insurance because those products can encourage fraud.
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There's no question that our tax code causes a lot of confusion. But don't let confusion or misinformation from others lead to an audit or cause you to miss out on a deduction.
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The new tax act adds some complications to contribution requirements.
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Some new rules to keep in mind while donating your money and goods.
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Ebay sellers are warned to check if they need to register as a business with Revenue and Customs and pay tax.