The IRS Audit Blog

Archive for June, 2009

Latest Georgia news, sports, business and entertainment

Latest Georgia news, sports, business and entertainment

Atlanta GA, Criminal Defense Attorneys Wesley Kent Hill, LLC

eSmartTax.com, Powered by Liberty Tax, is All New for 2010

Help Center and real-time customer support among features of the newly redesigned website. (PRWeb Jan 7, 2010) Read the full story at http://www.prweb.com/releases/2010/01/prweb3410274.htm

Eli Noam PhD, Air date 01-19-98

Question: In India, if an individual is ivolved in share trading, do he need to submit audited Balance sheet in I.tax ?

Suppose I’m filling my I.tax returns as an individual and I’m involed in Share trading on daily basis thru internet. If my annual transations are more than Rs. 40 lacs in a particular year ( a limit which is mandatory for any individual/ HUF/fim or company involved in any business to produce audited balance sheet and Tax audit report U/S 44AB to Income tax department during filing of annual return ) Is it mendatory for me too to file audited balance sheet and tax audiit report ?

Answer: It is income from business. You have to fill ITR-4 return which requires balance sheet. Tax audit for shares for 40 lakhs of turnover is not correct. 40 lakhs turnover can be done in just a second in shares. It is the duty of the Income Tax department to clearly clarify the same.

In case of Chit Fund company, only the commission is taken for 40 lakhs turnover and not the chit turnover.

In case of money lending, only interest is taken for 40 lakhs turnover and not the money given on loan.

Robert Peston

Will Obama’s bank bail-out tax go global?

Obamas Health Care Reform Featuring Bill Clinton Town hall Style

Question: Do I have to claim home sale if exempt from capital gains?

Thanks in advance – I sold my home and profit about 160,000 – according to IRS rules (primary residence at least 2 yrs, lived there, married file jointly, etc) I should be exempt from the cap. gains tax. Do I have to report it anywhere when I file my taxes? I did use the money to buy out my bro and sis on my late mom’s house, which we all inherited.

Answer: You are fine.

IRS publication 523 says not to report it at all if you have no gain and no left over depreciation issues from business use/rentals.

What you used the money for is a non-issue. (Have fun with mom’s house! I merely took all the furniture which was had both sentimental value and was better quality than mine.)

Buying a home or making green home improvements? Don’t miss out on these tax credits

(ARA) – A wide range of tax law changes over the last year will result in considerable savings for millions of Americans on their 2009 federal tax returns.

Ray Gives the ‘A’ Episode 2 What you MUST know about IRS Form 982

Question: How do I get the IRS to fax a 2007 tax return transcript to my college?

My college needs a copy of my 2007 tax return to process my financial aid application. The harddrive that is holding that information took a dump. IRS will send a transcript copy but it takes 2 weeks. College said that they would accept a faxed copy (and that they have in the past), but they don’t know how to do it. IRS has everything automated and I cant request a fax. Anyone know what I’m supposed to do?

Answer: The problem is that you have to be present at the fax machine when it is faxed, and the automated system the IRS uses will make multiple attempts within a 48 hour period–thus there is no guarantee you will be present when the fax is actually transmitted. Sometimes the representative will be willing to manually fax the information while you’re present at a fax machine, but that’s up to the policy at the particular call site you’ve reached.

The other option is to fill out Form 8821, granting the financial aid office the authority to receive your tax information. You will then have to call the IRS and be able to fax that form to the representative while on the phone.

Celebrity Tax Expert Roni Deutch Answers Common Questions About The IRS Offer In Compromise Program

The Tax Lady Roni Deutch is continuing her efforts to educate the American public on taxes, and tax debt relief. Ms. Deutch has published a list of answers to the most common questions about the IRS’ OIC program.

Anonymous request to followers of Scientology