Britts Laclie & Associates LLP
Tip of the Month for April 2000
Interesting IRS News
1. The IRS approved $71.6 billion of personal income-tax refunds as of March, 2000. This number is up 17% from last year. The average refund was $1,731, up 5.8%.
2. Electronic filing with the IRS is up 14% from last year. As of February 2000, the IRS has received about 21.2 million individual income-tax returns over the Internet.
3. Interest rates will rise next quarter on IRS underpayments and overpayments. The rate will rise from 8% to 9% on underpayments.
4. IRS rates job-hunting expenses as one of the most overlooked deductions. See your CPA for details. You will be surprised.
5. Time is running out to claim old refunds. If you know anyone of the 1.6 million people who paid taxes for 1996 but never filed a return, you should tell them they will lose their refund if they don't file by April 15. Over $2 billion in refunds will be lost to taxpayers if they miss this date. The IRS says you can claim a refund by filing within three years.
2. Electronic filing with the IRS is up 14% from last year. As of February 2000, the IRS has received about 21.2 million individual income-tax returns over the Internet.
3. Interest rates will rise next quarter on IRS underpayments and overpayments. The rate will rise from 8% to 9% on underpayments.
4. IRS rates job-hunting expenses as one of the most overlooked deductions. See your CPA for details. You will be surprised.
5. Time is running out to claim old refunds. If you know anyone of the 1.6 million people who paid taxes for 1996 but never filed a return, you should tell them they will lose their refund if they don't file by April 15. Over $2 billion in refunds will be lost to taxpayers if they miss this date. The IRS says you can claim a refund by filing within three years.
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals.
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Readers are encouraged to contact their CPA regarding the topics in these articles.
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