The Daily Deduction

Weekly Tax Inventory - 11/16/2012

TIGTA Reveals Cause of Refund Delays that Occurred in Early 2012William 
 Many taxpayers reported excessive delays in the IRS processing their year 2011 tax return and issuing their federal tax refund in early 2012.

The IRS wasn't very forthcoming about the reason for the delays. The most the agency has said was, "The one-week delay for some refunds relates to fine-tuning IRS systems to adjust for new safeguards put in place this tax season to provide stronger protection against refund fraud.  The IRS is providing additional screening for fraud this year before issuing refunds, but the vast majority of taxpayers can still continue to expect to receive their refunds in a timely fashion."

Republicans Target Increased Revenue Without Tax Hikes -  Mike Godfrey, Tax,

The United States House of Representatives Speaker John Boehner (R – Ohio), who will have the main task of negotiating with President Barack Obama on how to resolve the pressing problems of the ‘fiscal cliff’ and deficit, is suggesting a compromise that would increase revenues without the tax rate hikes for wealthy taxpayers the Republicans oppose.

Senate Democratic and Republican Tax Cut Extension Proposals, 2013Tax Policy Center 

Are Tax Dollars or Consumer Dollars the Best Source of Disaster Relief Funding?  - MauledAgain 

In a recent commentary, Sheldon Richman explains why FEMA should be abolished and governments should abandon disaster relief. According to Richman, the best approach to disaster relief is to leave it to the free market.

The New 1099 LawIRS Problem Solver Blog 

New Jersey Property Owners Who Suffered Significant Damages as a Result of Hurricane Sandy May Be Entitled to Property Tax Relief - by Duane Morris LLPJDSupra 

Any property owners in New Jersey who have suffered substantial damages to their real property as a result of Hurricane Sandy should be entitled to tax relief pursuant to New Jersey law.

Posted To: The Daily Deduction By: Lauryn on 11/16/2012 11:50:00 AM
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