Rapid Tax

A blog focused on providing informative tax and personal finance information.

Archive for the ‘Regulations’ Category

Easy Tax Returns: Is the 1040-EZ as easy as can be?

Friday, July 24th, 2009

Some of the earliest examples of writing historians have discovered include records of tax payments. And complaints that taxes are too complicated are nearly as old. Tax authorities have always tried to strike a balance between a simple tax code and a tax code that rewards behaviors they’d like to encourage.

The most effective way to do that? Give different taxpayers different ways to file — big corporations like GE may file a 40,000-page tax return, while an individual might file a 1040-EZ. But are these “easy” tax returns easy enough?

Photo credit: striatic on Flickr.

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IRS: “Help us decide who does your taxes.”

Wednesday, July 15th, 2009

This just in: the IRS wants taxpayers to help them decide which tax preparers… they can decide to work with. At first, it seems like a pretty redundant exercise: the IRS is asking taxpayers and other interest groups to decide what criteria they’d like someone to satisfy before that person can prepare their taxes. People already do this — by paying someone to prepare their taxes.

So what is the IRS trying to add here? (more…)

IRS Commissioner and Treasury Secretary Talk Up a Tax Cut

Wednesday, June 17th, 2009

Contrary to recent rumors, the IRS isn’t trying to tax employee mobile phones as a benefit. Instead, they’re getting rid of the existing tax — which nobody had bothered to pay.
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New Regulations Ahead: Will Your Taxes be Affected?

Tuesday, June 9th, 2009

The IRS has announced an overhaul of their tax preparer regulations. This comes at a time when a tough economy makes scams more attractive. At the same time, the possibility of a safe income from preparing taxes has encouraged less qualified people to join the industry. The IRS’s attention to this issue makes sense, but there are more questions about their actual plan.

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