The IRS Audit Blog

Archive for September, 2009

The Year of the Bank Robbery

Editor’s note: The following is a comprehensive, month-by-month look at what made news last year. But first, here’s a review of the story that kept coming back in 2009.

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Question: IRS Tax Disclosure form for Stated Income No Doc Loan?

I’m in escrow on a stated income product. I have given my monthly income, and documented my self employment with an “accountants letter” for 2-years per the Loan Officer’s request. Now I’m getting ready to sign Loan Docs in the escrow office. The escrow officer at my request described the forms we would be asked to sign, one of which is an “IRS FORM” that gives the Lender permission to check my income per tax returns for prior years. Due to all my deductions the income will not appear identical. Can they deny funding my loan based on what the IRS gives them? I thought this was supposed to be a “no doc” loan, but now I’m surprised w/this form and escrow is due to close any day now. Will this be a problem for me?

Answer: I think the form you’re being asked to sign is one that gives a bank auditor permission to pull your tax returns if the lender gets audited. It’s usually to show that the tax returns used to secure the loan were really what the IRS had also. Since you didn’t show your returns, I wouldn’t expect them to be pulled.

“Stated income” type loans, although probably over used to get people into houses that they cannot afford, are supposed to be within “reasonable range” for amount of income for your type of work.

Answers to your fiscal questions

I don’t believe we scratched the surface with last week’s Q&A column, so here’s another round. I try to select questions that are representative of hot topics right now, so even if you don’t s

I’m Not a Slave Says Tax Protester Michele Seven

Question: According to the IRS, more Republicans feel the “Bush Recession” than Democrats do. Why would that be?

Funny how: “freedom of information” works.

Answer: Because all the money went to Democrat areas, while the Republicans refused to sign our children’s’ future away in the liberal dream bill a.k.a. the stimulus bill and on top of all that , Obama has promised to bankrupt the oil and coal industries and tax the rest of them into the ground, so Republicans have everything on hold and as soon as the stimulus money runs out, we will all be in trouble–Democrats ,Republicans and Independents************

Pasco business news

BrieflyThe Perich Eye Center/Zephyrhills Eye Institute, 38921 Market Square Drive, Zephyrhills, has opened a new retail optical shop.

Cracking The IRS Code – Time For The TRUTH- Part One

Question: I keep receiving e-mail from IRS, FBI, Fed Ex & Bank of Nigeria about an inheritance. R these spam mailings?

Over the past 8 – 10 months I have received mailings from them wanting me to claim an inheritance of $10,000,000.00. I searched the FBI information and found it to be connected to the Recreation Association Dept. Left messages but didn’t receive any return calls. The e-mails from the various establishments request my personal information – name, address, home, cell, fax phone #’s and my occupation. Some require a $250.00 payment to release the funds to me. I’ve marked most of them spam and I have a couple still left in my e-mail folder.

Answer: Don’t waste your time. You have a better chance getting hit by a bag of $100 bills falling from the sky than some bank official finding you as the next of kin of some billionaire that just croaked.

I know, ’cause evidently, everyone that died a billionaire in Africa are related to me.

This year, resolve not to fall for scams, ripoffs

The Fixer: The year 2009 flew by so fast, by the time we fixed all those brokencomputers, messed-up airline trips, the infamous $27,000 cell phonebill and all those other problems, it was over. We all get a fresh start in 2010, though — so, in the spirit ofpreventing more people from falling victim to ripoffs, we present TheFixer’s New Year’s Resolutions.

Some IRS Letters Get Into Wrong Hands

Question: I am in need of a tax attorney to quit claim my home to my brother due to IRS tax implications 3 years ago!?

Does anyone have a tax attorney resource that could help in the Seattle Wa area?

Answer: you need a title company to do this and have it recorded in the deeds office— but if you have a mortgage on the property then it can or will trigger the due on sale clause in your deed of trust and it must be paid in full at that point. better to sell it to your brother for the pay off amount

Seattle Times political caucus | Ideas for saving the state money

The Seattle Times Political Caucus is a group of Seattle Times readers who have signed up to engage on issues important to government at the local, state and federal level.

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