The IRS Audit Blog

Archive for August, 2007

Question: Registering and doing Business in China – Hainan?

I wish to setup a small massage business catering to the tourist in Sanya Hainan together with a local partner.
1. How do I go about registering the business, and should I locate and rent the premises first?
2. How do I contribute capital?
3. Do I need to hire a local accountant considering that it is a small setup? Do I need to have my accounts audited?
4. Is it easy to declare and pay taxes?
5. How do I pay taxes and remit my profits outside China?
6. Is there any trust worthy property agent to recommend for locating the premises?
Thanks for your help!

Answer: you are overestimating the yahoo answers crowd

Malaysia faces its own credibility crisis.

LETTER I write in response to your Opinion article The Third Way. Thatcherism was the natural response to decades of socialist policies that threatened to make her country economically sluggish. It worked to a degree.

Patriots Unite: Buy Gold and Silver! Yes We Can End the Fed and Prevent Hyperinflation.

Question: Help me find form on this website for self employment taxes efile?

Ok ive been all through the irs website and I cant find the actual form or page where I can efile for self employment tax. I am self employed and need an extension since I need more time to file. I have clicked all the links on the irs website that say “efile for self employed” but everytime I click a link it brings me to a page that doesnt seem like its what im looking for. I clicked on one page and it brought me to a corporate efile page, but im not corporate im just an individual and I only made about $5,000 in self employed income. Here is the farthest page I got to on this site, can you please reply back with a link for where the efile page is for me? I found the 1040 efile page but Im self employed so thats not what I need.

http://www.irs.gov/efile/article/0,,id=118519,00.html

Answer: Your self-employment taxes are part of the 1040 filing (Schedules C and SE, to be exact). Thus, you should begin your e-filing journey on the 1040 page. As you work your way through the 1040 process, you should come to the schedules you need. If all you need today is an extension, however, don’t go to the e-file pages now. You need to mail in a paper form 4868 today (see web page listed below) with an estimated payment. Later, when you have all the information you need to make the actual 1040 filing, go to the e-file page.

IRS Presents: Top Ten Tax Time Tips

While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year.

You Can Still Get Your Tax Rebate: File 1040-A by October 15

Influx of new residents as recession started worsened its effects, AP review of IRS data shows

Christy Nameche moved with her family to Kendall County, Ill., in 2007, joining thousands of other hope-filled newcomers who made the county No. 1 in population growth in the nation that year. Namech…

Cash Gifting A Scam? IRS Says No!

Massachusetts Governor Patrick Vows Jobs Amid Republican Gains

Jan. 22 (Bloomberg) — Massachusetts Governor Deval Patrick said he laid the groundwork for the state economy to rebound from the highest jobless rate since 1976, as he prepares to seek re-election amid growing support for the Republican opposition.

Attorney Jobs Boston

Question: Tax Withholding – Married but still filed as Single?

My wife and I have not yet filled out new W-4 forms and we’ve been married for over a year. I’m a bit worried we might owe the IRS this year since we might not be having enough withheld since we make decent money together. Should we fill out new forms and have more withheld or is the single filing tax rate higher than filing joint? Plus, we bought our first house in June and I know we can deduct points, interest and taxes from our 2008 taxes.

Can someone help us out?

Thanks!
Here’s some more info – we make decent money together (just over 100k) and we’re both claiming 1-single on our forms.

Answer: The single withholding rate is higher than married rate. if anything, you’ll owe less, or get a bigger refund if you’re withheld at the higher single rate.

City man charged with 186 felony counts of tax fraud

MARTINSBURG – A 40-year-old Martinsburg man remained in custody Wednesday after being arraigned on 186 felony counts in connection to a fraudulent tax return preparation scheme. Vincent Tyrone Glover, of Karla Court, allegedly bilked at least 34 clients out of thousands of dollars in tax return money.

Recovery: Making Work Pay – General – June 09