IRS May Delay Refunds for Delinquent Taxpayers
We recently read an article in Accounting Today about a new program the IRS may expand. Under this program, the IRS would delay tax refunds for up to 6 months for delinquent payers, based on advice provided to the agency in a report from TIGTA (the Treasury Inspector General for Tax Administration).Â
The IRS claims that holding the refund encourages taxpayers to resolve their delinquent filing issues from any earlier tax year.Â
In their report, TIGTA said that it believed the expansion of this particular program is important in order to increase taxpayer filing compliance and taxpayer revenue at a lower cost then other traditional collection programs implemented by the IRS.
Read all the details on the report and about this program at Acounting Today. And please call experienced Denver accountants Bloch, Rothman & Associates, LTD if you have become delquinent on past years' taxes or have any questions about the refund process for those who owe prior years' tax.Â
Call in Denver: (303) 321.7160
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The IRS claims that holding the refund encourages taxpayers to resolve their delinquent filing issues from any earlier tax year.Â
In their report, TIGTA said that it believed the expansion of this particular program is important in order to increase taxpayer filing compliance and taxpayer revenue at a lower cost then other traditional collection programs implemented by the IRS.
Read all the details on the report and about this program at Acounting Today. And please call experienced Denver accountants Bloch, Rothman & Associates, LTD if you have become delquinent on past years' taxes or have any questions about the refund process for those who owe prior years' tax.Â
Call in Denver: (303) 321.7160
Â
Getting Ahead for 2015: Tax Tips for June
Continuing with our series on how to get ahead for your 2015 taxes, we've got great tips for June to minimize the stress and hassle.
For the month of June:Â June is a great month to consider going through your home and garage to find gently used items you can donate to charity. Be sure to pick up a receipt from that charity for your taxes. If they don't provide itemized receipts, take photos of the items you donate for proper documentation.Â
If you're self-employed, your 2nd quarter estimated taxes are due to the IRS by June 16.
June can also be a great month to sign up for a continuing-ed course if you've been thinking about it. You could easily be eligible to receive a tax credit on tuition and fees.
Contact Bloch, Rothman & Associates - professional Denver accountants - for any expert Denver tax advice and assistance. (303) 321-7160
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For the month of June:Â June is a great month to consider going through your home and garage to find gently used items you can donate to charity. Be sure to pick up a receipt from that charity for your taxes. If they don't provide itemized receipts, take photos of the items you donate for proper documentation.Â
If you're self-employed, your 2nd quarter estimated taxes are due to the IRS by June 16.
June can also be a great month to sign up for a continuing-ed course if you've been thinking about it. You could easily be eligible to receive a tax credit on tuition and fees.
Contact Bloch, Rothman & Associates - professional Denver accountants - for any expert Denver tax advice and assistance. (303) 321-7160
Happy Upcoming Memorial Day Weekend from Bloch, Rothman & Associates
Bloch, Rothman & Associates, Accountants in Denver, Colorado, would like to wish everyone a safe and happy upcoming Memorial Day Weekend.
To the members of the United States Armed Services, past and present, we thank you kindly for your service.
“The cost of freedom is always high, but Americans have always paid it. And one path we shall never choose, and that is the path of surrender, or submission.†John Fitzgerald Kennedy
To the members of the United States Armed Services, past and present, we thank you kindly for your service.
“The cost of freedom is always high, but Americans have always paid it. And one path we shall never choose, and that is the path of surrender, or submission.†John Fitzgerald Kennedy
Think Like a CPA
According a recent opinion piece we read in The New York Times, more Americans should start thinking like CPAs. You can read the full article here at the New York Times. We felt like this was worth sharing with our website visitors.Â
The author of the article argues that very few Americans are knowledage about finance, basic accounting, or even know what a balance sheet is. He goes on to speak of double-entry accounting as a tool to help average citizens understand the "nuts and bolts" of finance.
The author speaks about those in history, such as the Italians, Dutch, and even Benjamin Franklin, who used accounting for their income and expenditures.Â
His argument ends that if our population was more well-versed in accounting, it could help solve financial crises and issues we often face, as well as increase accountability - the word from which "accounting" was derived.
Whether you know basic accounting or not, At Bloch, Rothman & Associates, LTD. in Denver, we believe there should be importance placed on the understanding of your finances and keeping track of basic income and expenditures. However, we understand often times these issues can become complex, complicated, and confusing. That's why we're here to help with any of those questions. Call a professional Denver accountant today at (303) 321-7160.Â
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The author of the article argues that very few Americans are knowledage about finance, basic accounting, or even know what a balance sheet is. He goes on to speak of double-entry accounting as a tool to help average citizens understand the "nuts and bolts" of finance.
The author speaks about those in history, such as the Italians, Dutch, and even Benjamin Franklin, who used accounting for their income and expenditures.Â
His argument ends that if our population was more well-versed in accounting, it could help solve financial crises and issues we often face, as well as increase accountability - the word from which "accounting" was derived.
Whether you know basic accounting or not, At Bloch, Rothman & Associates, LTD. in Denver, we believe there should be importance placed on the understanding of your finances and keeping track of basic income and expenditures. However, we understand often times these issues can become complex, complicated, and confusing. That's why we're here to help with any of those questions. Call a professional Denver accountant today at (303) 321-7160.Â
Getting Ahead for 2015: Tax Tips for May
We wanted to share with our website visitors some steps you can take each month to get ahead on next year's taxes to minimize the stress and hassle.
For the month of May: You've probably received your tax refund by now if you learned you were receiving one. Based upon your refund amount (or lack thereof), it's a not bad idea to spend a bit of time in May deciding whether or not you need to adjust your withholding. Our advice at Bloch, Rothman & Associates - experienced Denver accountants - is to make sure you pay in just enough. If you received a large refund, that means you have withheld too much from your paycheck. You are basically giving the IRS a tax-free loan. The goal should alaways be as close to a zero refund if at all possible. If your refund was $1,000 or less - you are on the right track with your withholding.Â
May is also a great month to catch up on some of your record keeping. Make sure to keep copies of the previous year's W2s and any pertinent information from the previous filing year to make filing next year even easier.
And as alyways, we know your personal situations are unique. That's why we are here as seasoned Denver tax experts and accountants to help you every step of the way.
Call us today at Bloch, Rothman and Associates in Denver, Colorado.Â
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For the month of May: You've probably received your tax refund by now if you learned you were receiving one. Based upon your refund amount (or lack thereof), it's a not bad idea to spend a bit of time in May deciding whether or not you need to adjust your withholding. Our advice at Bloch, Rothman & Associates - experienced Denver accountants - is to make sure you pay in just enough. If you received a large refund, that means you have withheld too much from your paycheck. You are basically giving the IRS a tax-free loan. The goal should alaways be as close to a zero refund if at all possible. If your refund was $1,000 or less - you are on the right track with your withholding.Â
May is also a great month to catch up on some of your record keeping. Make sure to keep copies of the previous year's W2s and any pertinent information from the previous filing year to make filing next year even easier.
And as alyways, we know your personal situations are unique. That's why we are here as seasoned Denver tax experts and accountants to help you every step of the way.
Call us today at Bloch, Rothman and Associates in Denver, Colorado.Â