IRS Delays Tax Season, Will Start Accepting Returns On January 30

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Irs Delays Tax Season

The Internal Revenue Service says late changes to federal tax laws should mean only a short delay for most taxpayers to file their 2012 returns.

The agency said Tuesday that more than 120 million taxpayers – about 80 percent of all filers – should be able to start filing their federal returns on Jan. 30. Others will have to wait until late February or March to file because the agency needs time to update and test its systems.

Those who will have to wait include people claiming residential energy credits, depreciation of property or general business credits. The filing season had been slated to start Jan. 22 but was delayed because of the big tax package passed by Congress Jan. 1.

(IRS)

Atlanta Funeral for Stepson Kile Set for Today

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The 11-year-old son of Usher’s ex-wife Tameka Foster was taken off life support last weekend after a horrific July 6 jet-ski accident that left Glover brain-dead.

The Atlanta Journal-Constitution reports that the funeral will take place at the Wieuca Road Baptist Church in Atlanta at 11 a.m. Friday morning.

“We know God’s in control and are leaning on our faith in Him and His word at this most difficult time,” the family said in a statement just after Glover’s accident. (A 15-year-old girl was also injured in the accident, though she’s expected to make a full recovery.)

Earlier this week, TMZ reported that the investigation into the driver of the jet-ski, family friend Jeffrey Hubbard, was ongoing, though charges have yet to be pressed against him.

You Can Own A Piece Of Facebook Soon

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The long-awaited tech IPO (Initial Public Offering) of the year — perhaps of the decade — is almost here. Facebook will file its paperwork for an Initial Public Offering on Wednesday, according to The Wall Street Journal.

You can start gathering your pennies to invest in the company but it will still be several months until the company goes public hits Wall Street.

The initial offering is expected to raise as much as $10 billion, which would make it the biggest U.S. Internet IPO in history. The record currently stands at $1.9 billion, by Google when it went public in 2004.

Facebook’s reported valuation of $75 billion to $100 billion means the company will be one of the few top companies on wall street. Just to give you an idea, McDonald’s Corp. is worth $100 billion , $90 billion for Citigroup Inc. and Amazon.com Inc. and $75 billion for Bank of America Corp.

Both Facebook and Google earn most of their money from advertising and are now competing to gain as much information as possible about their users to help advertisers target niche audiences.

Zuckerberg, 27 who created Facebook is already worth $17.5 billion, based on the latest estimates from Forbes magazine. Most of that wealth is drawn from the value of Facebook shares that have traded among a small universe of well-heeled investors that buy stakes in companies before they go public.