Getting Right with Your Government

The Internal Revenue Service calls it “Getting Right with Your Government”.
        
“Getting Right with Your Government” means filing any and all current or delinquent tax returns as well as paying the taxes you owe the Government or at least arranging for a payment plan.
        
The ultimate deadline for filing your 2011 Federal and California individual income tax returns is Monday, October 15. Make sure you file your returns and pay your tax on a timely basis to minimize or avoid penalties and interest.
 

Obamacare Penalty to hit 6 Million Mostly Middle-Class Taxpayers

Imagine that!  Government estimates that are a little off the mark!
 
Recently in sworn testimony before Congress, an Internal Revenue Service executive estimated only 3 million people would be hit by the Affordable Care Act (ACA) or Obamacare Penalty. 
 
In 2010, the nonpartisan Congressional Budget Office had estimated 4 million people would be subject to the penalty shortly after the bill was passed.
 

Procrastinators Rejoice!

Procrastinators
are excited this year! They have three extra days to file their 2011 Federal
and California tax returns. 

A combination
of Leap Year, a Washington D.C. holiday and April 15 falling on a Saturday
allows them an additional 72 hours to procrastinate until as late as 11:59 pm,
Tuesday, April 17 to file their 2011 Federal and California tax returns and pay
any balance due.

Warning! IRS Audit Activity Increasing!

Warning! IRS Audit Activity Increasing!

By Joseph W. Walloch, CPA, MBA, MBT

“We are from the
government and we are here to help you”. Have you received a recent letter from
your friends at the Internal Revenue Service?

Don’t File Your Tax Returns Yet!

Don’t File Your Tax Returns Yet!
By Joseph W. Walloch, CPA, MBA, MBT
Don’t file your tax
returns yet! Let your tax returns age like a fine vintage wine.

My advice is to
prepare your 2011 Federal and California tax returns as soon as possible, but
wait until at or near Tuesday, April 17, 2012, the ultimate filing date to file
your Federal and California tax returns if taxes are due.

The IRS announced that

Oh Boy! Extra Days in Tax Season!

Oh Boy! Extra Days in Tax Season!
By Joseph W. Walloch, CPA, MBA, MBT
Oh boy! We have three extra days this tax season! We have an extra day on February 29 for Leap Year combined with April 15 on a Sunday and Patriot’s Day on Monday, April 16 resulting in an official tax deadline day of Tuesday, April 17. This is big news for CPAs preparing tax returns.
Your 2011 Federal and California individual income tax returns will be more burdensome, more complicated and will require more time to complete. I estimate increased preparation time of 10% to 25%.

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