The IRS Audit Blog

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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

NOTICE TO ELISA´S ANNUAL GENERAL MEETING

ELISA STOCK EXCHANGE RELEASE 11 FEBRUARY 2011 AT 8.01 amNOTICE TO THE ANNUAL GENERAL MEETINGNotice is given to the shareholders of Elisa Corporation (the “Company”) to the Annual General Meeting to be held on Friday, March 25, 2011 at 2:00 p.m. …

Less Than Kind Tax Audit

Nonprofit hospitals pay taxes if bill passes

State Rep. Keith Regier, a Kalispell Republican who represents House District 5, has sponsored House Bill 305, a law that would eliminate property tax exemptions for most nonprofit hospitals, includin

Fiscal Commission Public Forum 4 of 7

Question: IRS sweating me?

I’ve become the lucky chosen victim of an audit for the year of 2006. I think my donation deductions may have tipped them off or something. Anyway, they want proof of my deductions and questioning my head of household status. Well, I can prove my deductions but I’m concerned about the head of household issue. They want to see a copy of my townhome lease agreement but my lady is on there too. Since we’re not married we of course file seperately and she files head of household also. Would that bring her in the picture to be sweated by the IRS because I don’t know if two people can be head of one household. I’m gonna just take one behind the bushes on the head of household issue and just pay that portion back if she’s at risk. What’s the JettMan to do??
Sorry for being so vague. My lady and I have a son together so she files him. I file my two other children from a much much previous relationship, which I have done for years now in agreement with the mother.

Answer: I don’t see any problem.
You and your lady both rent a townhome, and share the rent. (It is always better economically to rent a bigger apartment than renting two small apartments).
You are not married.
Each one of you supports a qualifying child. You support your two children and she supports her son. Both of you have paid more than half of the expenses of keeping a home.
So both of you can put your status as Head of household.

Clark Atlanta defends million-dollar presidential payout

Clark Atlanta defends million-dollar presidential payout

Bruce Hacker, CPA – Advice for REALTORS – S Corp

Question: if one is being audited by the state, does the state also notify the irs?

the lady who does my parents’ taxes is being criminally investigated for fraud. because of this, the state is auditing their taxes, along with all her other clients. because of the nature of this investigation, will the state eventually notify the irs, leaving them (my parents and her other clients) open to be audited federally?

Answer: State and Federal authorities frequently exchange notes so they should plan on it. Most states base the state tax liability on the Federal return as a starting point so any changes will have to be reported to the IRS as well.

Karzai’s brother says he will amend US tax returns

The eldest brother of Afghan President Hamid Karzai said he is not aware of a criminal investigation into his activities, an inquiry he claims is more about political differences with the U.S. than wrongdoing on his part.

MSNBC Investigation – Rachel Maddow Tax Shelter Crackdown