SavvySugar

IRS Gets in On the Twitter Action

SavvySugar — Mon, 14 Sep 2009 04:30:01 -0700

It's official. Everyone is now on Twitter, even the IRS. By following @InternalRevenue you can keep up with tax updates and IRS announcements. Unfortunately, the IRS won't be tweeting to network with taxpayers, and you'll still have to wait on hold during tax time. They'd have to hire a slew of employees just to answer all of the inquiries received via Twitter - we need more jobs in this country anyway, right?

I don't see the IRS expanding its use of Twitter beyond posting announcements anytime soon, but at least you can stay on top of taxing changes. Speaking of Twitter, are you following yours truly yet?

3 Ways Obama Plans to Help Americans Save More

SavvySugar — Tue, 08 Sep 2009 04:30:14 -0700

The federal government is in an unfathomable amount of debt, but that's not stopping President Obama from trying to help US citizens improve their personal finances. The message from his weekly address was clear.

Even before this recession hit, the savings rate was essentially zero, while borrowing had risen and credit card debt had increased. More broadly, tens of millions of families have been, for a variety of reasons, unable to put away enough money for a secure retirement . . . We cannot continue on this course.

The President isn't wasting any more time to remedy this reality and announced changes this weekend that will take effect immediately. The administration is hoping these changes will make it easier for Americans to save, particularly for retirement. Find out the three main ways saving will be made easier when you read more.

Auto enrollment in retirement plans: The administration will eliminate many hurdles smaller employers have had to automatically enroll workers in to retirement plans. Employees will still be able to opt out of employer-sponsored retirement plans, but the existence of auto-enrollment makes higher-rate of participation more likely.
Saving tax refunds: There will be a third option when selecting how you'd like to receive your 2010 tax refund. Besides choosing to receive a paper check or direct deposit, the IRS will allow those eligible for refunds to receive payment in the form of U.S. savings bonds.
Sick days and vacation time become 401(k) money: I can see this one becoming particularly popular, because so many workers are in the habit of letting their accrued vacation days go to waste. The White House will make it easier for employers and workers to convert unused vacation and sick leave pay into 401(k) contributions.

Nicolas Cage's Unpaid 2007 Tax Bill: Guess How Much?

SavvySugar — Wed, 05 Aug 2009 04:30:49 -0700

He's certainly not the first celebrity to get in trouble with the IRS for not paying his taxes, and Nicolas Cage is currently under scrutiny for unpaid taxes from 2007. Can you guess how much the IRS is after him for?

Take the quiz

Failure to File: 7 IRS Penalties You Should Know

SavvySugar — Mon, 09 Feb 2009 07:15:20 -0800

If you are considering anything less than legal when it comes to your filing your taxes spend a little time and consider the very real consequences. It's not just Wall Street powerhouses who can be taken down for failure to file returns (on time or in general) or pay taxes as required. Wondering what's at stake? Check out some of the penalties you can expect if you don't pay up to the Tax Man.

View Slideshow ›

How to Handle an Overwhelming Tax Bill in 2009

SavvySugar — Fri, 16 Jan 2009 09:30:01 -0800

While understanding has never been an adjective used to describe the IRS, the agency claims it will aim to be more so this year as people are slapped with tax bills they can't afford. We saw unemployment consistently grow in 2008 and jobs were particularly hard hit during the fourth quarter of the year, so many newly unemployed Americans who aren't earning a salary will owe the government money they don't have come tax season - which is right about now.

IRS Commissioner Doug Shulman conceded, "Citizens are facing enormous challenges. We will be balancing our responsibility to enforce the law with the economic realities facing many American citizens today." If you're worried about having the cash to cover your tax bill, visit the IRS website and skim their 'What If?" section for what action to take for your specific situation, and if that's unhelpful give the agency a call at (800) 829-1040.

The slightly softer IRS policies don't just apply to those who are new to tax trouble. Depending on the circumstance, taxpayers with existing installment plans or have been turned down in the past for help due to hardship may be eligible for some extra leeway this year.

Source

250,000 Couples Will Receive Stimulus Checks

SavvySugar — Wed, 15 Oct 2008 12:30:32 -0700

When rebate checks were distributed to Americans this Summer the IRS only cut checks to citizens whose names and social security numbers matched. The IRS recently announced they would be issuing overdue checks to 250,000 couples that qualified for the stimulus but were overlooked because of mismatched names and social security numbers.

If one person decides to change their name after marriage, the change should be reported to the Social Security Administration so their social security number matches the new legal name. Some couples fail to take this step, and this time the oversight meant they missed out on stimulus checks from the government. Going forward, make sure you're accounted for appropriately by following my checklist for changing your name.

Source

Did You Receive Your Rebate Check on Time?

SavvySugar — Thu, 26 Jun 2008 14:06:41 -0700

The IRS didn't do itself any favors by publishing very precise schedules for sending stimulus payments to expectant Americans. There have been numerous issues throughout the process and the schedule didn't turn out to be as accurate as the IRS had hoped.

Direct deposit payments started making their way to bank accounts back in late April, and taxpayers with social security numbers ending anywhere from 64-99 will receive their checks over the next few weeks (64-75, your check is supposed to be mailed no later than tomorrow!). Did you receive your check according to schedule?

Source

Cost of Rebate Checks Could Be Counterproductive

SavvySugar — Mon, 23 Jun 2008 04:08:16 -0700

IRS employees haven't had the chance to be bored at work since the economic stimulus plan was announced this year. The IRS fielded six times the call volume during the week of May 24 than the same week last year, which meant extensive waiting time for callers.

A new report from the Government Accountability Office makes it clear that any consumer spending resulting from the checks may be outweighed by expensive processing and administration costs of the checks. Nothing says efficiency like spinning in circles, but at least the checks gave us some temporary relief from ever increasing gas prices.

Official IRS Timeline For Issuing Rebate Checks

SavvySugar — Wed, 30 Apr 2008 11:29:02 -0700

Last week the Treasury Department announced they'd be sending the rebate checks ahead of schedule. The IRS updated their old schedule and produced a new schedule on Monday, the first day that taxpayers started receiving their rebates. Please note that this schedule is different from the previously posted estimated schedule, as the IRS didn't release the below schedule until this week. Just as the checks started being deposited four days earlier than expected, the IRS notes that it will start mailing paper checks with an early start date of May 9. To see the official schedule, which applies to those who filed their returns by April 15, just read more

Direct deposit payment

Last 2 Digits of SSN	Check Deposited By
00-20	May 2
21-75	May 9
76-99	May 16

Paper check

Last 2 Digits of SSN	Check Will Be Sent By
00-09	May 16
10-18	May 23
19-25	May 30
26-38	June 6
39-51	June 13
52-63	June 20
64-75	June 27
76-87	July 4
88-99	July 11

If you didn't receive your rebate check on time, go here to see the steps you can take.

Source

Don't Be Afraid of That Letter From the IRS

SavvySugar — Sat, 01 Mar 2008 11:12:29 -0800

Usually, getting mail is one of life's small joys in my opinion. And since I've opted out from receiving credit card offers, I rarely see an envelope addressed to me. A return address labeled IRS might have me taking back any hope that paper mail weren't so out of mode, especially if it arrived out of the blue. That would probably make me a little nervous! But this time, the envelope arriving from the IRS won't be a surprise since they've issued a notice to be expecting their note. To see what 130 million households will soon be receiving from the IRS just read more

The purpose of the letter is to simply remind people to file their 2007 tax return so they don't miss out on their tax rebate. When you receive your letter, it will be pretty obvious that it's about the rebate check: the letters are headlined "Economic Stimulus Payment Notice" and begin "Dear Taxpayer." You need to file your 2007 return in order to get your check - a little give and take - though your rebate check will arrive separate from any tax refund you may receive.

Source