DIRS.INFO The most relevant business & tech news

☆ New York tax preparer charged with causing more than $100 million in losses from fraudulent returns
▼ + stars: | 2024-04-15 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Damian Williams, U.S. Attorney for the Southern District of New York, speaks during a press conference in New York City, Sept. 22, 2023. A New York tax preparer was arrested Monday on charges related to causing "substantially" more than $100 million in tax losses through the filing of false returns — one of the largest tax frauds ever by a preparer, federal prosecutors said. The false information allegedly included bogus itemized deductions, fake capital losses, and phony business expenses and tax credits. ATAX New York grossed more than $15 million from 2016 through 2019, according to Thomas Fattorusso, the IRS special agent in charge of criminal investigations. Alvarez was the CEO, owner and manager of ATAX from 2010 through 2020, and the firm during that time prepared more than 90,000 income tax returns, according to prosecutors.

Persons: Damian Williams, preparer, Rafael Alvarez, Alvarez, Thomas Fattorusso, ATAX Organizations: Attorney, Southern, of, New, Manhattan U.S, ATAX New, IRS, Attorney's Locations: U.S, of New York, New York City, New York, York, Manhattan, ATAX, ATAX New York, United States, disgorgement

☆ Some H&R Block customers faced hours of outages on Tax Day
▼ + stars: | 2024-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Some H&R Block customers who waited until the last day to file their taxes faced frustrating outages that began Sunday night, according to the company and Downdetector. The IRS had expected “tens of millions” more returns to be filed in the last few days, and many tax filers rely on online services such as H&R Block. The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. H&R Block advised customers to either file again or print, file and mail the form to the IRS. “We have notified our clients via an in-product message and as they reach out to customer service that they can now efile their return,” H&R Block said in a statement to CNN.

Persons: Block, X, ”, CNN’s Jeanne Sahadi Organizations: New, New York CNN, IRS, Block, CNN, Taxpayers, “ Taxpayers, Patriots, District of Columbia Locations: New York, Maine, Massachusetts, District

☆ US tax returns are due in two weeks, but millions of people have some extra time to file
▼ + stars: | 2024-04-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so. But keep in mind, that extension only gives you more time to file your federal income tax return. The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday. Besides a refund, the IRS further notes low- and moderate-income earners also may be eligible to receive the Earned Income Tax Credit. And if you do file and are owed a refund, it may be withheld if you have yet to file your 2021 or 2022 returns.

Persons: haven’t, you’re, David Hubber, ” Hubber Organizations: New, New York CNN, Taxpayers, Patriots, Washington , D.C, IRS, “ Taxpayers, Department, DOJ, DOJ’s Locations: New York, Maine and Massachusetts, Washington ,, Idaho, Pennsylvania

☆ The job more parents are taking to get a discount on their kids' college tuition
▼ + stars: | 2024-03-06 | by ( Kevin Williams | ) www.cnbc.com time to read: +5 min

As a college staff member, Heater gets deeply discounted tuition at the private Marianist Catholic college with approximately 8,000 undergraduate students. She compared universities in her area and their benefits and decided on University of Dayton, which offers tuition benefits for staff workers and their dependents. Washington said that workers and their dependents can also use a tuition exchange program, which allows them to transfer their tuition benefits within a pool of participating schools. For instance, once the tuition benefit exceeds the IRS' guidelines of $5,250 annually, the rest is generally considered taxable income. She said she thinks a lack of awareness about tuition benefits programs keeps them from being more popular.

Persons: Ariel Skelley, Troy Washington, Washington, Jacob Channel, Sherry Kirkland, Kirkland Organizations: Digitalvision, Getty, University of Dayton, Catholic, University of Dayton's, College and University Professional, for Human Resources, Wilmington University Locations: Ohio, Delaware

The tax return my CPA prepared instead reported a $16,000 gain, and it took months to fix the error. I get started with tax season in January now — even with a CPA, things can go awry. They had helped me resolve an issue with a previous tax return. Content to have identified the problem, I reported my findings, expecting my CPA would simply amend the return. If I had known how day trading could complicate my return, I might have changed my approach.

Persons: —, aren't Organizations: CPA, Service, GameStop

—Tax credits, such as child tax credit, retirement savings contributions credit, etc. Earlier this month, Congress announced a bipartisan agreement to enhance the current child tax credit. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries. If you are due for a refund, you will not receive a penalty and you will receive your tax return payment.

Persons: Courtney Alev, ” Alev, Tom O’Saben, O'Saben, O’Saben, “, ” O’Saben, —, Alev, You’re, you’ve, It’s, ___, Charles Schwab, ” Organizations: —, Credit Karma, Savings, IRS, National Association of Tax, Elderly, People, Social Security, Social, Center, Budget, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: United States

The answer explains why Congress is racing to wind down what is known as the employee retention tax credit. Lawmakers aim to use the savings to offset the cost of three business tax breaks and a more generous child tax credit for many low-income families. Households benefitting from the changes in the child tax credit would see an average tax cut of $680 in the first year, according to an estimate from the nonpartisan Tax Policy Center. Under current law, taxpayers have until April 15, 2025, to claim the employee retention credit. But in this case, the employee retention tax credit appears to have few friends left on Capitol Hill.

Persons: Danny Werfel, ’ ”, Sen, Ron Wyden, Elizabeth Warren, Ron Johnson, ” Johnson, “, ” Warren, Wyden, Jan, Larry Gray, Gray, ”, ” Gray, preparer, Werfel, Mark Warner Organizations: WASHINGTON, Senate, IRS, —, Center, Senate Finance, Capitol Locations: Rolla , Missouri, America, New Jersey

☆ How Long Does It Take to Get a Tax Refund?
▼ + stars: | 2024-01-15 | by ( E. Napoletano | ) www.wsj.com time to read: +6 min

By E. NapoletanoOver dinner with friends, you toast to having finished this year’s tax return: Everyone’s getting a tax refund! How you file your tax return greatly impacts how quickly your refund arrives. Four ways to get your tax refund fasterThere are a few basic situations where your refund can be delayed. E-fileIf you still put a stamp on your tax return, you may want to upgrade to e-filing. How to check your refund statusNo matter how you file, you can easily check your refund status using the IRS’s Where’s My Refund?

Persons: they’ve, Uncle Sam, Rob Burnette, haven’t, you’ll, “, you’re, Brian Eberle, it’s, Eberle, ” Organizations: Internal Revenue Service, IRS, Outlook Financial, Social Locations: Troy , Ohio, Minneapolis

If you have all or most of your money in a single investment account, you're missing opportunities to build wealth. If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. If you're making estimated quarterly tax payments, you'll need to accumulate funds in your tax savings account as you earn them. Note that a "tax savings account" is not a different banking product — it's just a designated use for a savings account, like an emergency fund would be. (Like the tax savings account, this isn't a different product your bank offers — it's a specific use for an account like a high-yield savings account.)

Persons: —, Ally, Charles Schwab, it's, you'll, Roth, you've, It's, Robinhood, That's, We're, There's, I've, multimillionaires, Read Organizations: Service, Roth IRA, Roth, IRA

Start your search for a tax preparer or tax advisor before the peak of tax season. How to find the best tax preparer or advisor near youLike finding the right doctor or therapist, it can take time to find the best tax preparer or tax advisor for your situation. A tax attorney has demonstrated expertise in areas of federal and/or state tax preparation and complex tax planning. How to choose a tax preparer frequently asked questionsWho is the best person to get tax advice from? A tax preparer must obtain a preparer tax identification number (PTIN) from the IRS in order to prepare a tax return in exchange for compensation.

Persons: —, it's, Kristine Stevenson Seale, Seale, It's Organizations: Service, IRS, Society of Accountants, Better, BBB, Chevron Locations: Austin , Texas, Chevron

☆ What Is the Mortgage Interest Deduction?
▼ + stars: | 2023-10-15 | by ( Aly J. Yale | ) www.wsj.com time to read: +11 min

That’s thanks to the Home Mortgage Interest Deduction, which lets you write off the interest you pay on your mortgage loan throughout the year. What is the mortgage interest deduction? The mortgage interest deduction is a type of itemized tax deduction that has been around in some form since a federal income tax was introduced in 1913. Mortgage pointsMortgage points—an upfront fee you can pay at closing to lower your interest rate—are another form of mortgage interest, just prepaid. Whether you should take the mortgage interest deduction comes down to the age-old question of itemizing vs. using the standard deduction.

Persons: Aly J, you’re, won’t, ”, Paul T, Joseph, Joseph & Joseph, We’ll, “, Aaron Cirksena, “ You’re, ” Cirksena, Jan Organizations: Yale, Home, Joseph &, Joseph & Joseph Tax, MDRN, IRS, — Locations: Williamston, Mich, California, Annapolis, Md, “

☆ Do I Get Taxed on a High-Yield Savings Account?
▼ + stars: | 2023-10-09 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

Today, you can even find some banks offering high-yield savings accounts with 5% APYs or higher, up from just 0.50% to 1% a few years ago. Has your high-yield savings account been racking up interest this year? How high-yield savings accounts are taxedThe interest you earn on a high-yield savings account—or any other savings account, money market account or certificate of deposit, for that matter—is subject to state and federal income taxes. What’s more, savings account and CD interest contrast with investment income, which is often taxed at lower rates. Some IRAs offer access to high-yield savings accounts.

Persons: Aly J, Uncle Sam, you’d, ”, Rob Burnette, that’s, They’re, Jan, You’ll, you’ll, Banks, you’ve, ” Burnette, you’re, Roth, won’t, Burnette, “ Organizations: Yale, Federal Reserve, Outlook Financial, IRS Locations: Texas, Illinois , Indiana , Michigan, Pennsylvania, Troy , Ohio

☆ Israel-Hamas war causes oil prices to spike. Here's what drivers in the U.S. need to know
▼ + stars: | 2023-10-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Oil prices jumped more than 3% after members of the militant group Hamas launched a surprise attack on Israel from the Gaza Strip last weekend. However, neither Gaza nor Israel produce much petroleum, so the overall effect on oil and gas prices is likely to remain limited — as long as no third parties from in or outside the region become involved, according to industry experts. "The impact on the oil price will be limited unless we see the 'war' between the two sides expand quickly to a regional war where the U.S. and Iran and other supporters of the parties get directly involved," Middle East managing director of energy consultancy Facts Global Energy, Iman Nasseri, previously told CNBC. More from Personal Finance:Widow lost $661,000 in a common elder fraud schemeWhy so many workers are striking in 2023How to vet a qualified tax preparer for next seasonAs long as the violence does not spread, oil and gas prices in the U.S. are likely to be unaffected.

Persons: Iman Nasseri, Widow Organizations: Hamas, Global Energy, CNBC, Finance Locations: Israel, Gaza, Iran, U.S

☆ 'Buyer beware.' Anyone can call themselves a tax preparer. Here’s how to find a qualified professional
▼ + stars: | 2023-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's a staffing shortage in the accounting industry, and it's not too early to lock in a tax preparer for next season. "Buyer beware," said April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. "Truly, anybody can call themselves a tax preparer." In her 2022 annual report to Congress, National Taxpayer Advocate Erin Collins highlighted the "absence of minimum competency standards for return preparers" as a top problem. When a preparer makes a mistake, the filer is ultimately responsible for their return and can face IRS enforcement action, she wrote.

Persons: it's, Walker, Roth, there's, Erin Collins Organizations: American Institute of CPAs, Finance, IRS, National

My mother died in 2021, and my father passed away in 2023, both in their 90s with long lives and, thankfully, gentle passings. Because of that planning, wrapping up my mother's financial affairs after her death only took a few months. We did everything rightActing as their power of attorney, I managed my parents' financial planning for several years before their deaths, including placing most of their assets into irrevocable trusts. What I've learned about handling a second parent's estateOther than hiring someone else to handle your deceased parent's affairs, there's no easy way to wrap up financial affairs after both your parents are gone. Estate planning: Having a will and (if needed) trust documents prepared by a lawyer will make your life easier.

Persons: I've, I'd, I'm, preparer, they're Organizations: Will

☆ US FTC wins administrative ruling in deceptive advertising case against Intuit -- company
▼ + stars: | 2023-09-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 1 (Reuters) - The Federal Trade Commission won an administrative ruling against TurboTax tax software maker Intuit (INTU.O) after the commission said the company misled consumers with deceptive advertisements pitching "free" tax filing products that millions of consumers were unable to use, the company said on Friday. In April 2022, a U.S. judge refused an FTC request to block Intuit from running ads for "free" tax filing products. The settlement also required the largest U.S. online tax preparer to suspend ads containing slogans such as "TurboTax Free is free. Free free free free". It said it has "has been clear, fair, and transparent with its customers and is committed to free tax preparation".

Persons: David Shepardson, Leslie Adler Organizations: Federal Trade Commission, Intuit, D.C, Internal Revenue Service, Consumers, New York, Thomson Locations: U.S, Washington, View , California

☆ Stocks making the biggest moves premarket: Target, Tesla, Cava and more
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

The company posted earnings of $1.80 a share, versus the $1.39 expected by analysts polled by Refinitiv. Tesla – The electric vehicle stock lost more than 2% premarket on news that it cut prices on existing Model S and Model X inventories in China. H&R Block – The tax preparer's stock jumped more than 4% after topping fiscal fourth-quarter earnings expectations and hiking its dividend by 10%. Agilent topped its third-quarter revenue and EPS expectations, posting adjusted earnings of $1.43 a share on $1.67 billion in revenue. Otherwise, it beat analysts' expectations in its most recent quarter.

Persons: Cava –, Cava, TJX, JD.com, Dr Pepper, Refinitiv, Agilent, Jack Henry, Jack Henry &, FactSet, FactSet's StreetAccount, —, Sarah Min, Jesse Pound, Tanaya Macheel Organizations: Refinitiv . Revenue, Revenue, National Futures Association, CFTC, Nasdaq, UBS, Associates, Jack Henry & Associates, Mercury Systems, Mercury Locations: China, Cava, JD.com –

H&R Block — The tax preparer rose nearly 5.9% after posting quarterly earnings per share of $2.05 that beat Wall Street's expectations of $1.88, according to Refinitiv. H&R Block reported $1.03 billion in revenue, while analysts expected $1.01 billion. The fast-casual chain posted $172.9 million in revenue, exceeding analysts' expectations of $163.2 million, according to FactSet. AgEagle reported a loss of 5 cents per share, 2 cents less than in 2022. Analysts surveyed by FactSet estimated 52 cents earned per share and revenue of $278.8 million for the quarter.

Persons: —, FactSet, AgEagle, Stride Organizations: New York Stock Exchange, AgEagle, Mercury Systems, Mercury, FactSet Locations: Cava

☆ Stock futures are little changed as Wall Street looks beyond losing session: Live updates
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are near flat Tuesday night as investors came off a losing session that marked the latest leg down in an August slump. S&P 500 and Nasdaq 100 futures were also both little changed. The moves follow a losing session on Wall Street, with all three of the major indexes finishing more than 1% lower on Tuesday. Meanwhile, the S&P 500 ended the session below its 50-day moving average, which could signal a downturn ahead. The Nasdaq Composite and S&P 500 are on track to end 5% and 3.3% lower, respectively, while the Dow is slated to drop 1.7%.

Persons: Dow, Wells, Fitch, Neel Kashkari, Keith Buchanan, It's Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, JPMorgan, Bank of America, Minneapolis Federal, Regional Banking, Globalt Investments, Target, TJX Companies Locations: New York City, Cava, Wells Fargo, China

☆ Opinion | How to Make Sure Federal Climate Money Helps Everyone
▼ + stars: | 2023-08-13 | by ( Farah Stockman | ) www.nytimes.com time to read: +2 min

More solar panels appeared on my neighbors’ roofs. Mini split units that heat and cool became all the rage. People seem more focused on keeping a roof over their head than affixing solar panels to it. A contractor tried to talk us out of installing a mini split. That’s a hangover from the past, when tax credits aimed at encouraging energy efficiency largely excluded landlords and renters.

Persons: Biden, Teslas, won’t, don’t Organizations: Great Society Locations: Cambridge, Detroit

☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ Lawmakers scrutinize free IRS filing options. “The whole process needs to be improved,” commissioner says
▼ + stars: | 2023-04-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

IRS Commissioner Danny Werfel on Wednesday fielded questions from the Senate Finance Committee about the agency's spending priorities, including research on the IRS direct e-file program. However, he admitted there are issues with the current IRS Free File program. A public-private partnership between the IRS and the Free File Alliance, IRS Free File offers free online guided tax prep software to taxpayers with an adjusted gross income of $73,000 or less for 2022. Warren said private companies "sabotaged the program" by making it harder for users to find free filing options to "keep raking in money." IRS free filing raises 'conflicts of interest'Throughout Inflation Reduction Act negotiations, many Republicans have been skeptical about the IRS creating its own free filing program, as well as the $15 million allocated for the study.

☆ Tax Day: Here's what you need to know if you haven't filed your return yet — and even if you have
▼ + stars: | 2023-04-18 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +10 min

New York CNN —It’s April 18, the official deadline to file your federal and state income tax returns for 2022. Whether you have already filed your tax return or still need to, the good news is this tax filing season has gone much more smoothly than the past three, which were hurt by the pandemic. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. If you’ve already filed your return, you’re probably glad to have it in the rear view mirror. But one thing is common for the vast majority of US tax filers: Audit rates are exceedingly low.

☆ Last-minute tax-filing tips
▼ + stars: | 2023-04-13 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —So far this tax season, the IRS has received more than 90 million income tax returns for 2022. If yours is among them, here are some last-minute tax-filing tips to keep in mind as the Tuesday, April 18 deadline approaches. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. Proofread your return before submitting it: Do this whether you’re using tax software or working with a professional tax preparer. Note, however, that an extension to file is not an extension to pay.

☆ Safety Net Barriers Add to Child Poverty in Immigrant Families
▼ + stars: | 2023-04-06 | by ( Jason Deparle | ) www.nytimes.com time to read: +1 min

The prosperous couple were taking their 5-year-old, Gabriel, to Disney World, when they learned that intruders had broken in their house. In a country saturated with political violence, Mr. Garcia, a government computer engineer, had already survived a kidnapping. Ineligible for most aid while waiting, they were afraid to seek it anyway for fear it would harm their case. “I thought it might be illegal,” Mr. Garcia said. Until recently, Mr. Garcia drove for Uber, with net earnings of $20,000 a year.

Search resuls for: "preparer"

25 mentions found