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Extensions of Time to File Your Tax Return

CLG Professional Services
June 22, 2011
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There are three choices for filing Form 4868, Application For Automatic Extension of Time To File U.S. Individual Tax Return: 1) electronically (such as by computer), 2) by paying part of your tax due with a credit card through an outside service provider listed on the form, or 3) by mail. If you file your Form 4868 electronically you will receive an acknowledgement or confirmation number for your records and you do not need to...

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Tax on a Child’s Investment Income

CLG Professional Services
June 22, 2011
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The following two rules may affect the tax on the investment income of certain children: If the child's interest, dividends, and other investment income total more than $1,900, part of that income may be taxed at the parent's tax rate instead of the child tax rate. See Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, or If the child's interest and dividend income (including capital gain...

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Notice of Underreported Income — CP-2000

CLG Professional Services
June 22, 2011
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The IRS compares the information reported by employers, banks, businesses and other payers on forms W-2, 1098, 1099, etc., with income and deductions reported on your income tax return. If you failed to report any income, payments, and/or credits (or if you overstated certain deductions) on an income tax return, you may receive a Notice CP-2000. The notice informs you of the proposed adjustments to income, payments, credits, or...

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