Another Look at the IRS

Tax season is fast approaching and tax payers are finding that the IRS customer service is lacking. Michael Hiltzik for the Los Angeles Times suggests that the blame may not be on the organization itself but on the federal government who has repeatedly cut funding for the agency. In the last thirty years the tax payer base has grown from 254 million people, collecting $1.1 trillion in revenue to 330 million people now dealing with over $3.5 trillion. During this time, the staff at the IRS has been cut by almost 30,000 and over the last decade, “the agency’s budget has declined by 20% in inflation-adjusted terms.” According to  statistics published by the IRS National Taxpayer Advocate, last year only 11% of calls to the agency were answered. What does this mean for the IRS and the general taxpayer? Read more here: Don’t blame the IRS for its lousy service. Blame Congress

Does Your Business Qualify?

The promising new tax break for business owners lacks well defined language and at the moment is causing more confusion than celebration.  While businesses struggle to figure out if they will be able to take part in this tax break worth $415B, they await further definition from those drafting the paperwork.

No one’s sure who qualifies for this $415B tax deduction

College Financial Aid Changes

fafsaProposed changes in the timeline for college financial aid offers will give students more time to weigh their options and make an informed choice about which school is the best fit.  Starting this year, families can file FASFA (the Free Application for Federal Student Aid) as early as Oct. 1st.  This  gives students more time to compare the affordability of various schools and to gather information about their educational programs, leading to a more informed choice and a better college experience.

At Last, Your Financial Aid Ordeal Has Gotten Easier