The IRS will not be accepting returns for processing on its originally scheduled date of January 22, 2013. Instead, the IRS has pushed the date back to January 30. Read about how this may impact when you receive your refund.
A professional tax preparer’s perspective on the new Fiscal Cliff Deal.
The American Taxpayer Relief Act of 2012 (the Act), passed by the Senate and the House and Representatives on New Year’s Day and signed by the President on January 2, 2013, includes several direct and indirect consequences for the municipal bond market. The Act averted the looming “fiscal cliff” by making permanent certain Bush-era tax rates and allowing taxes on wealthy individuals to increase. The Act only postponed the “sequestration” budget cuts enacted in 2011, however, and did not address the fact that the federal government has again reached its borrowing limit.
In case you’ve missed some of the updates, here is another analysis of the Fiscal Cliff negotiations.
A Connecticut physician was sentenced to six months in prison for tax evasion.
Faddi J. Bejjani, 56, of New Hartford, Conn., had pleaded guilty to subscribing a false income tax return for the year 2007.