The IRS Audit Blog

Posts Tagged ‘amnesty’

Question: IRS questions …what is ‘stimulus package’…?

what is the ‘stimulus package’?

can this be taken by govt. for a student loan in default?

Also what is the ‘homestead credit’?

can it also be taken (even though i understand that it is state money) by the federal dept of education

state money can likewise be siezed to pay off such debt.??

laslty-
If i make a payment to a collection agency for 1 month towards my student loan,
can the above still be taken after filing for it and getting approved for it?

Answer: For stimulus info, see http://www.irs.gov/newsroom/article/0,,id=177937,00.html – and yes, it will be taken for a student loan in default.

What can be taken in state money depends on your state.

It takes much longer than 1 payment to rehabilitate a student loan to the point where refund money won’t be taken.

Obama calls for crackdown on tax cheats

Federal contractors, including physicians and other health professionals who receive Medicare and Medicaid funds, might lose federal business if they’re behind on tax payments.

Concordia Foundation Talks to the IRS

Question: Can I file an amendment to my tax returns for the returns that are under audit?

I am being examined for my deductions. When I looked for the supporting evidence, I realized that I drastically have the wrong numbers for the deductions and kept bad records. I have been requested to go to an interview audit. Is there any way that I can amend those returns and pay those back taxes before I go to the audit and avoid further penalties?

Answer: Filing an amended return now won’t do anything to penalties. Just present the documentation you have and hope for the best. If the additional tax is less than $5,000 the auditor can take a pass on any penalties if you can show you didn’t intentionally under-report tax due.

Hannon Announces New Limited Time Tax Savings

Don’t miss out on your opportunity to grab up to 80 percent of the penalty and interest on your New York State Tax debts this new year. Senator Kemp Hannon (6th Senate District) is alerting taxpayers of a simple way to receive a significant tax savings.

IRS Tax Audit? Got an IRS audit? Heres what to do first

Question: depositing more than 10K in a bank at once…..?

I know that if you deposit more than 10K at a bank at once, they will fill out some sort of form and report it to the IRS (or at least I’m told). My question is, what if I deposited $9300 on Wednesday, and I deposit $7K today (two days later) It is over 10K, but it is not at once. Will my bank notice this on some sort of audit and report it to the IRS anyway? I have about another 18K that I need to funnel in before July. I want to take it out of my safety deposit box and into an account that earns interest. The bottom line is that I used to have a side business that sold mattresses wholesale and it was all cash. I never filled out a business licnese, and therefore never reported any of it to Uncle Sam. I don’t want the IRS auditing me to find out where this influx of cash came from and have to pay penalties and back taxes. So is it strictly 10K a day, or do they take a look at all of your deposits if they become abnormally high all fo a sudden? Thank you everyone.

Answer: If you deposit $9,300.00 today and then $7,000.00 two days later you will be fine.

The rule is for $10,000.00 in the same 24 hours.

By the way, the IRS does not have the right to audit any bank accounts.

To do that they need to get a Court Order and to do that they to give the Judge at least a reason.

The IRS audits only your taxes and not your bank accounts.

Only if they find something wrong with your taxes they will start an investigation.

The $10,000.00 is not a IRS thing. It’s a NSA thing. (National Security Agency) and a FBI thing and a CIA thing (Outside the United States of America)

They are trying to locate all the drug dealers, terrorists, kidnappers, hitmen and other dangerous criminals.

It’s not wise to place your name on that black list.

Health bills could expand IRS role

Under the proposed health care legislation, Internal Revenue Service agents would be checking to see whether Americans have health insurance.

Income Tax Filing: Tips To File Income Tax On Time

Question: Question about income tax return in Canada?

So I’m doing my taxes.. I know, i’ve left it pretty late. There is a line for the amount from your notice of assessment for the unused tuition and education amount from last years return. I KNOW i got that notice, but between moving twice and getting an audit, I’ve misplaced last year’s notice of assessment.
If I call them, can they find this amount for me? Or should I leave it blank?
Because I SHOULD have this year’s tuition plus the unused part of last years (like, all of it), which is a sizable chunk.. So I’m not sure what to do.. HELP?!
I think that might be a bit confusing, so to clarify.. I need a number off my notice of assessment from last year and I can’t find it, so what do i do.

Answer: Call them at 1-800-959-8281 and they will be able to help you. Be prepared with your SIN and, if possible, last year’s tax return because they may ask you for the amount you put on line 150. If you don’t have that, they’ll just ask you a couple more questions to verify that you are who you say you are. One time I didn’t have that info but I was able to give them an approximate of what I made and where I worked, whether I got a refund or owed the previous year. Definitely do NOT leave it blank. You will need to put those credits on the return in order to get the credits. They will not automatically put them in for you. I think there is also an automated service where you enter your birthday and SIN. If you don’t have all the necessary info, then just wait or press the button to speak to a representative.

Emtec, Inc. Announces 1Q 2010 Results

MARLTON, N.J., Jan. 19 /PRNewswire-FirstCall/ — Emtec, Inc.

Question: Tax refund while in Ch13 Bankruptcy?

I just calculated my 2005 tax return and found that I am due a small refund (about $450). I filed Chapter 13 about two years ago, and the IRS is one of the debtors. I’ve searched the Internet and have come up with sites with all different answers saying I will get the refund, I won’t get a refund, and that I should not file electronically. Any advice on how to file and whether the refund will actually be given to me? If it makes a difference, I am in Texas. Thanks for your help! (PS I know I should probably contact my attorney with this question but she is a useless b–tch.)
Is it even worth what I would pay an accountant to get an answer from one?

Answer: This is something you should talk to a CPA about! An attorney is not allowed to give financial/tax advice!

Capitola city attorney questions medicinal pot deliveries

CAPITOLA — The city attorney has questions about Capitola Cannabis, an online cooperative started by a Los Angeles man who makes home deliveries of medical marijuana that he asserts comply with state law.

Tampa tax attorney answers questions about enrolled agents pt 3