The IRS Audit Blog

Archive for February, 2009

Question: 1099-MISC form and W-2?

I am doing my boyfriends taxes by printing the forms off the IRS.GOV website…do I include the wages from the 1099-MISC form on the 1040-EZ, or is the 1040_EZ only for W-2′s? On the 1099 the only amounts listed are under non-employee compensation.

Answer: You can’t use Form 1040-EZ. You MUST use Form 1040 plus Schedule C or C-EZ. If the net income on the Schedule C is $400 or more you also need to attach Schedule SE to calculate the self-employment tax.

IRS: More money for some deductions

People who do standard deductions will see more money in their tax returns this year.

Question: Where do i mail my IRS 8453 form to?

I live in SC and the form 8453 that i printed gives me an Andover, MA and an Austin TX address to chose from which one do i use?
I used turbotax online to do my return since i didn’t work but 2 months this year due to being an armed robbery victim.

Answer: Your confirmation e-mail should tell you which processing center processed your return. Send the form to the address as noted in the table on page 2 of the form.

Professional Development Day

Exploring for Excellence! The theme for this one day event is “ Exploring for Excellence ”. The keynote speaker is Pat Johns, President and CEO PFJ Communications in Dallas, TX. Mr. Johns is an expert motivator, business leader, author, photographer, keynote presenter, corporate trainer, leadership expert and expert athlete.

Braille – ‘Interview (Live At SXSW – Austin, TX – 3/13/08)’

Question: U/s 44ab of the Income tax act, do the day traders of shares have to get audit for turnover above 40 lakhs?

There is an article, link http://www.moneycontrol.com/india/news/tax/declare-investments-nowsave-tax-later/03/15/289586 which says it is not necessary, but my CA says I need to audit.

Answer: if u are dealing in shares, buying them, keep for some time and then sell them audit is not required. but if u buy and sell the same day without taking delivery and ur trun over exceeds 40 lakhs and u make a profit audit is required.
In futures and options segment, as there is no delivery of physical shars, an audit is neccessary.
but in both case only when u make profit. .

Audit finds chamber running at a deficit

The Fayetteville-Cumberland County Chamber of Commerce has been losing money for at least the past four years, tax records and a newly released audit show.

Personal Financial Planning Tips : How to Avoid an IRS Income Tax Audit

Obama calls for fight on issues

The president also calls on his party to get out of “the echo chamber” of Washington media. In a morning pep talk to Senate Democrats, President Barack Obama urged his allies to buck up despite electoral setbacks, bear down in the final push to overhaul healthcare – and, whatever they do, quit relying on blogs and cable television for news.

Where Did The Money Go?: The IRS And Madoff

Question: Where can I find the different practices of law and the definitions of each?

Such as litigation attorney, tax/estate, labor, etc…

Answer: http://www.career.virginia.edu/students/preprof/prelaw/types.php

http://www.findanattorney.com/types-of-law.html

The first link is a huge list of almost any type of law you could think of, but does not have definitions. Some of the types on here are self-explanatory though.

The second link is a smaller list, but has definitions.

Let’s Elect the Attorney General: Loose Lips Daily – City Desk – Washington City Paper

Morning all. First legislative meeting of the year today! On the agenda, Nikita Stewart notes in WaPo , is first reading on a measure to elect the District’s attorney general—which ‘comes amid the council’s ongoing friction with Attorney General Peter Nickles .’ Both bill sponsor Phil Mendelson and Chairman Vincent C. Gray deny that the measure is aimed at Nickles personally.

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