Archive for November, 2008
Question: accounts receivable, notes receivable or other receivables on the balance sheet?
could you please help me determine which each of these are?
1. advanced $1,000 to a trusted employee
2. accepted a $2,000 promissory note from a customer as payment on account
3. determined that a $10,000 income tax refund is due from the IRS
4. sold goods to a customer on account for $5,000
5. recorded $500 accrued interest on a note receivable due next year
6. loaned a company officer $4,000
I think # 4 is accounts receivable # 5 is other receivables as well as # 3 but I’m really not sure. please help!
Answer: 1. Other receivable
2. Note receivable
3. Other receivable
4. Accounts receivable
5. Other receivable
6. Other receivable
Family charged with mortgage fraud
Six members of a family that ran local real estate companies were charged Thursday with defrauding banks of more than $3 million. A U.S. Attorney said the scheme is part of a larger problem with mortgage fraud that has been worsening in Ohio over the past two years.
HOW TO DO A SHORT SALE in 3 Minutes! – Simple SOFTWARE
U.S. Taxpayers with suspected undisclosed offshore accounts being issued Information Document Requests for the FBAR (Foreign Bank Account Reporting) reports in the wake of the UBS AG fallout and IRS Offshore Settlement Initiative.
The IRS and U.S. Department of Justice started their highly publicized probe in 2009 into Swiss bank UBS AG and U.S. account holders who failed to disclose their taxable holdings to the U.S. Government. However, the investigation did not finish with UBS. To lure taxpayers to come forward and make known their foreign assets in exchange for smaller fines, the IRS instituted the Offshore Settlement Initiative Voluntary Disclosure Program (the Initiative). Even though the deadline to participate in the Offshore Settlement Initiative came and went, it is clear that offshore tax evasion remains a top IRS enforcement priority. U.S. taxpayers that still have undisclosed offshore accounts that missed the October 15, 2009 Offshore Settlement Initiative deadline should expect to be notified by the IRS shortly.
The IRS can be expected to issue many more Information Document Requests or IDRs with a focus on offshore bank accounts. U.S. Taxpayers may then receive the Information Document Request Form 6564. This form is a request to compile the necessary books, papers, and other material relevant to the IRS examiners look into the tax return for verification of its accuracy. Although less formal than a subpoena the Information Document Request is part of a structured process for the IRS uses to secure information from taxpayers, including information regarding offshore bank accounts. However, an IDR does carry with it consequences for failure to comply and can lead to additional inquiry and potential sanction.
The IRS will focus Information Document Requests on U.S. taxpayers with offshore assets and accounts that failed to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Foreign Bank Account Reporting (FBAR). If IRS agents discover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose steep penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets.Additionally, taxpayers could be subject to criminal prosecution and jail time for tax evasion.
The issues surrounding these IDRs are quite sensitive and should be addressed with caution. Taxpayers who have been forwarded an Information Document Request by the IRS are best served by setting an appointment with a tax attorney who specializes in resolving disputes with the IRS expediently. An attorney can direct the taxpayer how best to get back an Information Document Request and will be able to communicate with his attorney on the most beneficial course of action. Otherwise the Internal Revenue Service can seek considerable penalties and possible criminal prosecution against those U.S. Taxpayers believed to be hiding money in undisclosed offshore accounts.
IRS should regulate all tax-return preparers
Maybe it’s just me, but when I see the word “all,” I assume it means all-inclusive.
2009, 2010 IRS Federal Capital Gains Tax Law Information
Question: Can my employer re-do my W-2 Form, and send it back to me?
When I recieve my W-2 Forms, some information was incorrect. Such as, a number was wrong with my SS#, my name was missing my middle name, and the address was off a bit on one. I contacted my previous employer and they told me to give the the right information and they will correct it and send it back to me? Is that right, because this is my first time filing, and having a job! Can I recieve another W-2 Form, or will I have to ask them to file W-2c Form with the SSA. I wanted to file online and you can’t with the W-2c Form. What should I tell her? Can I recieve a redo from my employer and just ask them to change in their system? Then, will I be able to file with Efile on the IRS site? Please help!
Answer: yes they can correct it. In the future you should not worry about your middle name missing or the address of by one. The only important parts are your SS# and the amount. Once they issue you a W-2, they can only correct it. They can not delete the first one. Just go with it and learn from this. Employers do not try and mess up W-2′s.
NEW HARTFORD — The National Alliance on Mental Illness meets at 6:30 p.m. the second Tuesday of each month at Zion Lutheran Church, 630 French Road. This is a support group for family mem…
SEASON OF CHANGE People Getting involved with the holidays Find out how.
All W.Va. Counties Meet Manchin’s Cleanup Goals
State officials say all 55 counties are doing a better job at controlling littering and eradicating illegal open dumps across West Virginia.
Darwin Boedeker Returns to Alex Jones Tv 1/4: Gun Shows Banned in Austin, Tx-It’s Time to Be Heard!
Question: I e-filed 1/25/08 and received my state tax refund this morning (direct deposit). Are they any IRS delays?
I called the IRS toll free number and my federal tax refund is due 2/12/08. Have you heard of any processing delays? Thank you for responding.
Jessica’s Man: Yes, thanks, this listing helped me and several people on this site!
Answer: Nope… no delays… you JUST missed the cutoff for direct deposit. Here’s the IRS refund cycle briefly:
Return Accepted by IRS between: Jan 24 and Jan 31 2008
Direct Deposit sent: Feb 8, 2008
Check Mailed: Feb 15, 2008
Return Accepted by IRS between: Jan 31 and Feb 7 2008
Direct Deposit sent: Feb 15, 2008
Check Mailed: Feb 22, 2008
Return Accepted by IRS between: Feb 7 and Feb 14 2008
Direct Deposit sent: Feb 22, 2008
Check Mailed: Feb 29, 2008
Return Accepted by IRS between: Feb 14 and Feb 21 2008
Direct Deposit sent: Feb 29, 2008
Check Mailed: Mar 7, 2008
And then however long it takes for your bank to process the direct deposit after they send it is when you’ll see the money. So, 2/12 seems about right.
Hope this helped.
IRS lets you salt away tax refund check via I Bond program
Admit it: You’ve already broken your New Year’s resolutions. A half-eaten chocolate truffle cake sits in your fridge, your new running shoes are still in the box, and you haven’t saved a dime.
Red State Update: Tax Rebate Checks (RSU Sells Out)