U.S. citizens and resident aliens living overseas or serving in the military outside the U.S. have a June 15, 2015, deadline for filing their 2014 income tax returns. Taxpayers using this automatic two-month extension for their 2014 filing must attach an explanation to their return that states whether they live overseas or serve in the military outside the country.
Friday, May 29, 2015
Thursday, May 28, 2015
The IRS reports that its enforcement budget has been cut by $254 million, a 5% reduction from the previous year. As a result, the Agency expects to cut the number of individual and business audits it conducts. In 2014 the IRS audited 0.86 percent of individual taxpayers and 26% of large corporations. Though audit statistics show a decline in examinations, the IRS contacts many more taxpayers with questions about their returns. Once statistics include these taxpayer contacts, the 2014 return examination rate is closer to 4% or one in every 25 returns filed.