January 9, 2011
Tax News for You
3-day Extension to Tax Deadline
You will have 3 extra days to file you tax returns this year due to a holiday
in the District of Columbia. In its recent announcement, the IRS has
declared that the new tax return filing deadline will be Monday, April 18
this year to submit your tax returns for 2010.
This is because of the Emancipation Day holiday this year falling on Friday,
April 15, the traditional deadline for tax return submission. Emancipation
Day is a public holiday in the District. By law the IRS must observe
District holidays in addition to federal holidays for the purposes of tax
filing.
This has not been the first time the tax submission deadline has been changed
by Emancipation Day. In 2007, the tax deadline was pushed back by a day and
the same thing will happen again in 2012.
Emancipation Day commemorates the emancipation of former slaves in the US.
Hence, if you request for an extension, you will have until October 17.
In a related development, if you intend to claim itemized deductions on
mortgage costs or donations to charity or certain tuition tax deductions, it
is best you wait till around mid to late-February before filing your tax
returns. This is because the IRS is currently adjusting its computer systems
to accommodate last-minute tax law changes passed by Congress last month.
The IRS plans to announce plans in the near future for when it will start
processing returns impacted by changes to the law. The agency anticipates
that it will process more than 140 million tax returns this year.
Little Fockers Star Owes the IRS
Teri Polo, one of the stars of the hit movie ‘Little Fockers’ is reported to
owe the IRS over $458,000 in overdue taxes arising from 4 tax years. Several
liens have been filed by the IRS including one on January 25, 2010 in LA for
$116,620, another filed in Kent County Delaware on August 7, 2009 for
$114,844, another lien in LA for $91,748 filed on April 28, 2008 and a final
lien for $227,144 filed in Kent County on February 20, 2008.
According to Ms. Polo’s business manager, Bob McGowan, the actress’ tax woes
primarily came about due to a costly divorce and being unemployed for several
years. However, the star has come to an agreement with the IRS on repaying
her debts.
Polo, 41 is best known for her role as Pam Focker in the movies Meet the
Parents in 2000, Meet the Fockers in 2004 and Little Fockers last year.
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