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Taxation Legal News
Late Tax Scam Discovered; Free File Users Reminded To Use IRS.gov
The Internal Revenue Service learned late Friday of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance. The IRS reminded taxpayers the only place to access the Free File program is through the official IRS.gov Web site.
“The final days of the tax season always bring tax scams,” IRS Commissioner Mark W. Everson said. “Make sure you’re really dealing with the IRS. Taxpayers can feel safe using Free File, but the only way to do it is through the secure IRS.gov Web site.”
The latest twist on tax scams involves tax preparation Web sites that inaccurately say they are part of the Free File Alliance, a partnership between 19 tax software companies and the IRS. The IRS is working with the Treasury Inspector General for Tax Administration to look into allegations that the Web sites accepted tax information from taxpayers, changed the taxpayers’ bank account numbers to their own and then filed the return through a legitimate Free File partner. Read more at ftp.irs.gov.
There are tax rules if change in accounting method is made
Generally, the partnership must get IRS consent to change its method of accounting used to report income (for income as a whole or for any material item). To do so, it must file Form 3115, Application for Change in Accounting Method. See Form 3115 and Pub. 538, Accounting Periods and Methods.
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Definition:
If you need more time to file a partnership return, file Form 8736, Application for Automatic Extension of Time To File U.S. Return for a Partnership, REMIC, or for Certain Trusts, for an automatic 3-month extension. File Form 8736 by the regular due date of the partnership return.
Income taxes
Definition:
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
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