The IRS Audit Blog

Archive for December, 2006

Business briefs: Jan. 31, 2010

Certification obtained PLATTSBURGH — Ed Davis, CIC, CRM, associate vice president of Northern Insuring Agency Inc. in Plattsburgh, has successfully completed his Certified Risk Manager designation.

WHAT DID YOU GET ON BLACK FRIDAY? [11/30/09] – 222

Question: IRS questions …what is ‘stimulus package’…?

what is the ‘stimulus package’?

can this be taken by govt. for a student loan in default?

Also what is the ‘homestead credit’?

can it also be taken (even though i understand that it is state money) by the federal dept of education

state money can likewise be siezed to pay off such debt.??

laslty-
If i make a payment to a collection agency for 1 month towards my student loan,
can the above still be taken after filing for it and getting approved for it?

Answer: For stimulus info, see http://www.irs.gov/newsroom/article/0,,id=177937,00.html – and yes, it will be taken for a student loan in default.

What can be taken in state money depends on your state.

It takes much longer than 1 payment to rehabilitate a student loan to the point where refund money won’t be taken.

Obama calls for crackdown on tax cheats

Federal contractors, including physicians and other health professionals who receive Medicare and Medicaid funds, might lose federal business if they’re behind on tax payments.

Concordia Foundation Talks to the IRS

Question: Filing 2006 taxes?

I am filing my 2006 taxes late i was told by the IRS that i could file as long as it was with 3 yrs of the current year.. Well i forgot to ask for state and federal are the forms the same for both the1040 EZ or are they different please help me. Thank You… I live in VA.

Answer: State forms are issued by the state, not the IRS.

For Virginia income tax prior year forms, download them from:

http://www.tax.virginia.gov/site.cfm?alias=indforms

Langley Tax Center takes the headache out of tax season

LANGLEY AIR FORCE BASE, Va. — Filling out tax returns can be confusing, but Langley’s Legal Office plans to remedy this by opening a tax center to guide people through the process.

Kad man vairs nebūs sešpadsmit [LV full karaoke]

Question: IRS form 1041 and bank interest?

My mother died in 2007, proceeds from the sale of her house were distributed in 2008 including 3 (testamentary) bank accounts in my nieces names, NOT in their SS #’s but with EIN’s that I obtained from the IRS (I am the trustee). Withdrawals were made as requested by my nieces (one is NOT a minor, the other will be 18 in July) for college fees, etc. and the interest on these accounts combined is under $600. do I need to file a 1041 or issue K1′s? thank you

Answer: The estate has a $600 exemption. If the nieces are US citizens and the ONLY income is the interest and it’s less than $600, no you don’t need to file.

However, if you sold the house and that was in, 2008, you need to show the sale of the house (usually at a loss) and issue the k-1s. If you don’t show the sale, the IRS assumes the estate got it for free.

Tax questions: You asked, our experts answered

For nearly four hours Wednesday at lunchtime and early evening you called in to ask — and our tax experts from the Savannah CPA firm of Hancock Askew & Co. answered — your most pressing tax questions. They were questions such as: Is filing a long Form 1040 more beneficial than filing a short Form 1040EZ? When my husband and I moved to Savannah last summer, we bought a home and were told that …

Tax Tips & Advice : How to Report Taxable Inheritance Income

Question: If there aren’t enough lines on a tax form depreciation sheet for all my items what do I do?

I’m filling out IRS form 4562, part V, section A, line 26. There isn’t enough space for all the items I need to include. Do I add another sheet with a table with the additional items?

Answer: You can make a spreadsheet on excel as botygy mentioned, but if you don’t happen to know how, or you don’t have excel on your computer, go to http://www.irs.gov, and read the information there for the form, part, section and number you need. You may not need to list each item individually. I have included a link below for the instruction for this form, plus a downloadable form so you can make additional copies if needed. Page 8 of the instruction manual refers to this form, part V, section A, Line 26… This may help.. but if it doesn’t at least you can duplicate the form here without having to go anywhere. If all else fails, hilite the section on the form, and copy it by holding ctrl c then paste it in a blank document to reproduce it…

Business expenses that benefit you

If you paid work-related costs and weren’t reimbursed, your dedication might give you a tax break.