Archive for October, 2008
Question: IRS said my amended return is closed out?
IRS received my amended return on June 19th for the 1st time homebuyer credit. I still have not recived it. I called and they mentioned that it has been ‘closed out’ on July 20th. Now it looks like a new person is possibly working on it. The woman I spoke to left me hanging – I asked if there was someone else I could speak to and she said no. What do I do now? Where’s my refund????
Answer: The current time it takes to process these is now 20 weeks. It’s only been around 12 weeks.
IRS too busy to talk to 3 in 10 who call for help
Need help with your taxes? Good luck reaching the IRS. Three out of 10 people who call the toll-free help line this tax season won’t get through to a human being — and that’s if the agency meets its goals for service.
Question: My organization has lost the Non Profit (501c3) number – now what?
I am the President of a Religious and Social organization this year. Every year new executive committee is selected to run this organization. The new team organizes a few programs during the year. One of my friends was a president in 1987 and swears by the fact that a 501c3 form was filed and IRS asigned a Non Profit number. The trouble is that the IRS letter approving 501c3 status has been lost. There is no proof of 501c3 in existence at this time. How do I find out if the organization is a Non Profit one and if it is, how do I find the 501c3 number assigned in 1987?
Answer: Publication 78, Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986, is a list of organizations eligible to receive tax-deductible charitable contributions. This online version is offered to help you conduct a more efficient search of these organizations.
Tax Time is Near
If you haven’t filed a tax return by April 15 and have a balance due, you must pay interest on the unpaid taxes as well as a failure-to-file penalty. If you can’t file by April 15th , request an extension to file either by e-filing or mailing Form 4868, Automatic Extension of Time to File.
IRS Commissioner Doesn’t File Own Taxes: I Find The Tax Code Too Complex
The Great Compromise Over Jubilee
Government of Ghana (GoG) has updated its stance on the GNPC – Kosmos – ExxonMobil triangular impasse. The updated position contains many new and interesting things.
The SBA’s Offer in Compromise procedure is not as simple as you may think!
Question: IRS rules say I am an employee, no deductions from my check, do I file 1040-C?
My employer does not deduct anything from my pay check. I will receive a 1099-mis with pay in box 7. Do I file 1040-C and 1040-SE, and can I contribute to a standard IRA? IRS rules say I am not an independent contractor. My employer’s clients direct my actions.
Answer: You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
IRS Requires Firms to Report Iffy Tax Breaks
IRS requires corporations to report aggressive use of tax breaks that might not pass muster Internal Revenue Service – Corporation – Tax – Business – Accounting
Tax Help : IRS Rules for Filing an Offer in Compromise
Question: Question about poker winnings?
Hi, I just recently turned 21 yrs old, and I have been playing Texas hold’em since i have been around 16 or so. I have quite a bit of experience, and I am looking to start playing more often. I went to a casino nearby the day after my 21st birthday and won minimal (like 30 dollars or so), and just out of curiosity, around 2 days ago I started playing online poker. I only bought in for around 25 dollars, but I got up to around 180 before falling back to around 115$. I was just wondering if this is major for not filing taxes on, and what I need to start doing for future play? Also, I was wondering what one must do before getting audited by the IRS? Any information is welcome because I’m new to the whole gambling/paying taxes on it thing. Thanks in advance for your input.
Answer: As a general rule, you don’t have to worry about gambling winnings until you hit $10k in the US. All gambling winnings over 10k are reported to the IRS, and if you deposit a check over 10k, the bank also reports that to the IRS.
Once you are over that threshold, and winnings are seriously large, you should start documenting your gambling more carefully. At this stage, you should consult an accountant.
Don’t be fooled by tax code myths
The U.S. tax code is massive and complicated — the perfect fodder for myth-making.Perhaps the most well-worn fallacy — shot down by many courts despite the best efforts of tightfisted taxpayers — is that federal taxes are actually illegal.It’s an argument often used by people who have turned to Tax Masters, which helps filers in trouble with the IRS, says company president Patrick Cox. Some …
Tips for Filing Taxes : Gambling Winnings Tax Tips