The IRS Audit Blog

Just Energy Reports Third Quarter Results for 3 Months and 9 Months Ended December 31, 2010

TORONTO, ONTARIO–(Marketwire – 02/10/11) – Just Energy Group Inc. (TSX: JE – News ) Highlights for the third quarter ended December 31, 2010 included: — Operating Results — Sales (seasonally adjusted) – Up 10% per unit — Gross Margin (seasonally adjusted) – Up 5% per unit — Adjusted EBITDA – Up 25% per unit — Distributable Cash after Gross Margin Replacement – Down 11% per unit …

Question: can you file taxes extra late?

I haven’t filed taxes since 04 maybe 05, I’m looking to file them this coming tax season but I have a couple concerns. 1st am I eligible for obama reparations. 2nd will filing late result in any penalties like interest, audit, or something similar. 3rd will filing late result in any benefits like tax refund or are they void after that current year. 4th A main reason I haven’t filed is because I don’t know where 25% of my financial documents and pay stubs are, 1 of which being circuit city which is no longer operating. Is there any way I or the IRS can retrieve these for me? What would you do in my situation?

Answer: You can file late. If you have a refund, there will be no penalty. File your returns.

Atmel Reports Fourth Quarter and Full Year 2010 Financial Results

SAN JOSE, Calif., Feb. 8, 2011 /PRNewswire/ — Atmel® Corporation (Nasdaq: ATML), a leader in microcontroller and touch solutions, today announced financial results for the fourth quarter and full year ended December 31, 2010. Revenues for the fourth quarter of 2010 were $457.8 million, a 3% increase compared to $444.3 million for the third quarter of 2010, and a 33% increase compared to $343.6 …

Owe Unpaid Employment Taxes or Delinquent Payroll Taxes?

Question: Income tax question…?

I just got a promotion at work with a significant pay increase. How do I make sure I don’t get stuck with a huge debt to the IRS at the end of the year?
I’m married, I don’t claim my kids on my W-4, I don’t have many deductions, except my home interest payment and my student loan interest payment, and maybe now I can deduct expenses like cell phone and uniforms (I’m a nurse). I am putting 8% in a 401K that is pre-tax, but I might be able to add more now (it’s not matched).
Any suggestions?
I didn’t think I was bragging. Simply trying to get advice without paying an accountant. Sorry if I offended you, mister.

Answer: Congratulations on your increase! I’d suggest changing the number of exemptions on your W4. If you’re alread claiming yourself, spouse and children, reduce the number to just yourself, or even 0. You will have more money withheld for taxes, but since you received an increase, it will still be an increase in you take home pay. If you itemize your deductions (home mortgage interest, property tax, state income tax, charitable contributions, etc..) then it may be beneficial to deduct your Unreimbursed Employee Business Expenses. You may look into filing form 2106, but you may be able to simply take your uniforms, laundry, shoes, dues, licenses, etc… on Schedule A as miscellaneous itemized deductions.

Good luck!

10 overlooked tax breaks

Nobody wants to overpay the IRS. These often-forgotten breaks could lower your tax bill.

Question: w-9 tax form question ?

I have registered a business name and got insurance for doing small odd jobs now and then. I was sent a W-9 form for TIN by my bank. I work full time for a company and they pay all taxes from that but what I’m wondering is how this is all going to affect me. Since I only do a handful of odd jobs as under my own name am I going to be audited every year because i’m only claiming handful of jobs and the IRS is going to think Im cheating them ? How do I file since I work full time for a company, I can’t file sole proprietor because 98% of my income is from an employer. This might be more trouble then it’s worth.

Answer: A W-9 form is simply verification for your tax id number (so you are not required to have backup withholding taken)

A W-9 is not to be filed with the IRS but sent back to the requester, and in this case the bank.

“How do I file since I work full time for a company”

Unless you are on payroll, you are not considered an employee in the eyes of the company you’d work for. You’d have to declare all payments made by the company to you on Schdule C in gross amounts.

Offshore accounts are on IRS radar

share: digg facebook twitter The Internal Revenue Service is on the warpath, seeking large financial accounts of U.S. citizens and residents held overseas. Come forward now, the tax collection agency says, and pay any penalties and back taxes. The IRS recently started its second amnesty program, which invites voluntary disclosure of offshore money and its income. A Las Vegas-style bookie …

Taxes: Odds of an Audit

RE: 1099 FORM