Wednesday, March 20, 2013

Relief For Late-Paying Penalty For A Lot of Filers


Relief Available To Many Extension Requesters Claiming Tax Benefits
 

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.

The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.

Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in Notice 2013-24, posted today on IRS.gov.

Individuals and businesses qualify for this relief if they properly request an extension to file their 2012 returns. Eligible taxpayers need not make any special notation on their extension request, but as usual, they must properly estimate their expected tax liability and pay the estimated amount by the original due date of the return.

The return must be filed and payment for any additional amount due must be made by the extended dud date. Interest still applies to any tax payment made after the original deadline.
  
A complete list of qualifying forms here: http://www.irs.gov/pub/irs-drop/n-13-24.pdf

Monday, March 4, 2013

Show Me The Money!

Where's My Refund?




IRS:

If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are some things the IRS wants you to know about checking the status of your refund. "Where’s My Refund?" is an interactive tool on http://www.irs.gov and is the fastest, easiest way to get information about your federal income tax refund. Whether you split your refund among several accounts, opted for direct deposit into one account, used part of your refund to buy U.S. Savings Bonds or asked the IRS to mail you a check, Where’s My Refund? gives you online access to your refund information, 24 hours a day, 7 days a week. It’s quick, easy and secure. If you e-file, you can get refund information 72 hours after the IRS acknowledges receipt of your return. If you file a paper return, refund information will generally be available three to four weeks after mailing your return. When checking the status of your refund, have your federal tax return handy. To get your personalized refund information you must enter your Social Security Number or Individual Taxpayer Identification Number, your filing status which will be Single, Married Filing Joint Return, Married, Filing Separate Return, Head of Household, or Qualifying Widow(er), AND the exact whole dollar refund amount shown on your tax return. IRS2Go is is the IRS’ first smartphone application that lets taxpayers check on the status of their tax refund. Apple users can download the free IRS2Go application by visiting the Apple App Store. Android users can visit the Android Marketplace to download the free IRS2Go app.
 
OREGON:
Want to check on the status of your 2011 Oregon personal income tax refund? With just your name, your Social Security number, and last year's Oregon Taxable Income, you can look up your status online! It's safe, it's secure, and it's really easy, just go to "Where's My Refund?" and follow the steps online.
 
CALIFORNIA:

You will need the following to check the status of your 2011 California personal income tax refund:
Your social security number, your mailing address, and the refund amount shown on your tax return. For more information and to check on your refund, see "Where's My Refund California?"

NEW YORK:

Generally, you'll get your refund in six to eight weeks from the date we receive your return. You'll get it faster if you e-file your return and have your refund deposited directly into your bank account. If we identify an issue with a tax return, our review may take longer than six to eight weeks.
To check the status of your refund, see Income Tax Refund Status.

What Is The Arts Tax for Portland?


 
 
Did You Recieve This in the Mail?
 


 On November 6, 2012, Portland voters passed the Arts Education and Access Income Tax (Arts Tax). This new income tax will fund Portland school teachers and art focused non-profit organizations in Portland.
Each Portland resident, age 18 and older, must file. Your tax is $35 unless:
Call 503-865-4ART (4278) to speak to a customer service representative Monday thru Friday, from 8 a.m. to 5 p.m., or email artstaxhelp@portlandoregon.gov.
 
 
 
How To Pay The Tax
 
 
MB Tax Pro, does NOT file this on your behalf, you are required to file.
 
Where Does the Money Go?
 
Net revenues from the Arts Education and Access Fund will be disbursed by the Revenue Bureau to six Portland area school districts and Regional Arts & Culture Council (RACC). The Citizen Oversight Committee is charged with reviewing the expenditures, progress and outcomes of the Arts Education & Access Fund and reporting their findings annually to City Council.

 Arts Education: Portland School Districts

  1. Funds distributed to school districts will be used to hire certified arts or music education teachers for elementary school students for Kindergarten through 5th grade (K-5).
  2. Distribution is based on a ratio of one teacher for every 500 K-5 students at schools that serve Portland K-5 students. Schools and Charter schools with less than 500 Portland K-5 students will get funds on a pro rata basis based on the number of students attending that school.
  3. Students attending schools that receive no distribution of funds will not be counted.

Funds will not be distributed to elementary schools within the school districts:

  1. That have no Portland K-5 students.
  2. That have Portland K-5 students enrolled, but whose catchment does not overlap with the City of Portland’s geographical boundaries.

Districts receiving funding:

Arts Access: Regional Arts & Culture Council

Any funds remaining after distribution to the School Districts shall be distributed to RACC. The City’s contract with RACC ensures the funds are spent as follows:


Grants to support non-profit Portland arts organizations


  1. Up to 95% of the remaining funds will be distributed to RACC for grants to support non-profit Portland arts organizations.
  2. RACC will decide which arts organizations will get funds based on their contract with the City.
  3. If RACC distributes less than 95% of the funds to non-profit Portland arts organizations, the remaining funds will go to non-profit organizations and schools that will give access to arts experiences to K-12 students and for grants and programs that will make arts and culture experiences available to Portland residents.