Tag: storm striken tax relief

Tropical Storm Nestor expected to form on way to Florida Panhandle

A strengthening weather disturbance in the Gulf of Mexico was expected to intensify into Tropical or Subtropical Storm Nestor Friday before making landfall over the Florida Panhandle, bringing strong winds, storm surge flooding, heavy rainfall, and even the chance of tornadoes, according to the National Hurricane Center.

As of 11 a.m. ET, the system had maximum sustained winds of 60 mph, the hurricane center said.

After hitting the Panhandle, the system was then expected to track northeast through the weekend, pounding a swath from Georgia through the Carolinas with heavy rainfall and gusty winds.

Gale-force winds are possible along portions of the Atlantic coast of the southeastern United States by Saturday.

A risk of severe weather, including tornadoes, is also expected along parts of the Florida Gulf Coast late Friday and across northern and central Florida, southeast Georgia and the coastal Carolinas on Saturday, the Weather Channel said.

A cluster or line of strong to severe thunderstorms will likely push into northern Florida on Saturday morning, according to Weather Underground meteorologist Bob Henson. Tornadoes would be possible within this area, as well as in other thunderstorms and squall lines forming just to the east and northeast of Nestor as the storm tracks inland.

The system, labeled Potential Tropical Cyclone 16, was located early Friday about 395 miles southwest of Panama City, Florida, and was moving to the northeast at 22 mph.

Gov. Ron DeSantis, of Florida, warned on Twitter of the possibility of heavy rain and isolated tornadoes and called on residents to prepare for the chance of flooding and power outages.

A tropical storm warning was in effect from the Mississippi and Alabama border to Yankeetown, Florida, about 90 miles north of Tampa, and from Grand Isle, Louisiana to the mouth of the Pearl River.

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A storm surge warning was also in effect from Indian Pass to Clearwater Beach, Florida. “A storm surge warning means there is a danger of life-threatening inundation from rising water moving inland from the coastline,” the hurricane center said.

High schools from Alabama to the eastern Florida Panhandle canceled or postponed football games scheduled for Friday night, and officials in Panama City tried to assure residents that the storm wouldn’t be a repeat of Category 5 Hurricane Michael last year.

Source: Tropical Storm Nestor expected to form on way to Florida Panhandle

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A disturbance in the southwestern Gulf of Mexico now has an 90 percent chance of development, and is expected to strengthen into Tropical or Subtropical Storm Nestor later tonight or Friday.

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The National Hurricane Center has begun issuing advisories on what is expected to be the season’s next tropical system. Tropical Storm or Subtropical Storm Nestor will form in the Gulf of Mexico later today, bringing rain and wind to Florida this weekend. MORE: http://www.myfoxhurricane.com

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News & Politics

 

TurboTax Glitch Led To $216 Million Tax Bill For Thrift Store Worker

Nobody likes getting a tax bill in the mail. It’s especially concerning when your tax bill is a bit higher than you anticipated. But what happens when it’s hundreds of millions of dollars more than you were expecting? Just ask Donna Smith from Aurora, Colorado. Smith, a part-time worker at a local thrift store, got quite the surprise when she opened a tax bill from the Colorado Department of Revenue to find that the state claimed she owed $216,399,508 in taxes.

Smith, who makes about $10 an hour, couldn’t understand the tax bill. To put the amount in perspective, it’s nearly a quarter of the City of Aurora’s entire budget for the year (report downloads as a PDF).

Smith’s returns are self-prepared, of sorts. Her mother, Diana Valencia, prepared Smith’s tax return for 2018 and couldn’t understand what happened. She told 9News that she went back to check the return, saying, “I mean, I thought, ‘Wow, was that an error on my part?’”

Today In: Money

It was an error – but not on Valencia’s part. Valencia used TurboTax to prepare the return. According to the Colorado Department of Revenue (DOR), the TurboTax software made an error tied to Smith’s federal taxable income.

A spokesperson from TurboTax confirmed the error, saying, “For a small number of TurboTax online customers that filed their taxes between June 13-16, there was an issue that caused select fields on their tax return to be incorrectly transmitted during e-file. The issue was quickly fixed and we have been working directly with affected Colorado taxpayers and the Colorado State DOR to help resolve.” If you were affected by the billing error and aren’t currently working to resolve the matter, you should contact the Department of Revenue at (303) 866-4622 to reach a citizen’s advocate.

The Colorado DOR pegged the number of affected taxpayers at 44. That doesn’t mean, however, that a few dozen taxpayers received multi-million dollar tax bills. According to Daniel Carr, Taxation Communications Manager at the Colorado DOR, that number represents taxpayers who encountered the same glitch using TurboTax software during a three-day window in June of this year. “What the taxpayer entered into TurboTax was correct,” Carr said, explaining that “an error in the TurboTax transfer reported incorrect amounts to the State of Colorado.”

The bills went out, explains the DOR, because “[o]n our end it was simply data in data out and we could only process what we were given by TurboTax. We cannot determine the accurate amounts based on the information provided.”

Once the errors were discovered, however, the DOR worked with affected taxpayers. “We have reached out to all of the taxpayers affected and are helping them resolve this issue,” says Carr.

That doesn’t mean that the taxpayers don’t have work to do. According to Carr, “Taxpayers, in this case, who kept a copy of what they submitted are able to send us that copy and we will correct the error. Otherwise, they would have to amend their return.”

(For more information on how to file an amended federal income tax return, click here.)

Mistakes happen all of the time – just maybe not quite this big. No matter the size of the return, taxpayers can protect themselves, Carr advises, by always keeping a copy of filed returns. And if the bill seems out of place? “Contact the Department of Revenue immediately to have it resolved.”

Don’t ignore the problem. That’s good advice for all taxpayers, no matter whether the bill is federal, state or local. In most cases – even when the bill is hundreds of millions of dollars – errors are totally fixable. But don’t wait and hope that it goes away: it’s important to reach out to the respective tax authorities to clear up any problems as soon as possible.

(For more on how to fix a mistake on your return, click here.)

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Kelly Phillips Erb

Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. While at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, “Gentlemen, she’s exactly right.” I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.

Source: TurboTax Glitch Led To $216 Million Tax Bill For Thrift Store Worker

I just finished reviewing TurboTax 2018-2019, and I’m excited about how easy it is to use. 💵But, if you don’t qualify for free file (and it’s limited), they are one of the most expensive options for filing your taxes this year. Check out the full article with all the links here: https://thecollegeinvestor.com/20778/… Here’s what we’re going to talk about in this video: ▶︎ Look at the pricing of TurboTax Online 2018 – 2019 ▶︎ See how easy it is to file your taxes and why I like it so much ▶︎ The limitations of TurboTax Free Edition ▶︎ What upsells to avoid and what upsells you should consider Be sure to subscribe: http://www.youtube.com/subscription_c… ★☆★Resources Mentioned in this video:★☆★ 💵TurboTax 2018 – 2019: http://go.thecollegeinvestor.com/Turb… 💵TurboTax Amazon Deal: https://amzn.to/2EctYxn 💵H&R Block Online: http://go.thecollegeinvestor.com/HRBlock ★☆★ Want More From The College Investor? ★☆★ 💻 Check out my blog here: https://thecollegeinvestor.com/ Connect with me on Instagram: https://www.instagram.com/thecollegei…

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Educatio

IRS Announces Tax Relief For Taxpayers Affected By Hurricane Michael – Kelly Phillips Erb

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The Internal Revenue Service (IRS) has announced tax relief for victims of Hurricane Michael. Those taxpayers in parts of Florida and elsewhere who have been affected by the storm have until February 28, 2019, to file individual and business tax returns and make certain tax payments. Relief is available for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, affected taxpayers are those in Bay…..

Read more: https://www.forbes.com/sites/kellyphillipserb/2018/10/12/irs-announces-tax-relief-for-taxpayers-affected-by-hurricane-michael/#11971e7885ff

 

 

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