The IRS Audit Blog

Posts Tagged ‘attorney’

Plan Your Family’s Legacy Today at Blossom Grove at The Foothills, Where New Homes, Great Schools and a Carlsbad …

Blossom Grove at The Foothills has been superbly planned to surpass the expectations of buyers who want a brand new home, A+ access to good schools and all the benefits of a Carlsbad address.

KUSI Reports on Latest ACORN Scandal

Need to get organized?

“Get organized.” So easy to say, so hard to execute. For professional organizers, the people who teach others how to de-clutter their lives, January is often the busiest month of the year. Their calendars are booked by clients inspired by a New Year’s fervor to organize, purge and simplify. One of those clients is Irma McClure, a busy entrepreneur and volunteer whose Roseville home is often full …

Tax Attorney Sacramento – How to find the best deal?

Ever since the State stopped assuming that your only house is your primary residence, property tax bills shot up for everyone. Yes, if you have not declared the fact that your only residence is your primary residence ready yourself to cough up more in property taxes. The simple solution is to send in the Homestead Tax Credit Application or file an appeal.

This is turning up to be a new wave for tax assessors across the country to tackle. The figures are a deep matter of concern for the State itself. In other states in the country for example, The Wall Street Journal reported that in St. Tammany Parish, La., 15,000 residents — instead of the usual 500 — requested a review of their 2008 tax bills. Similarly the Cleveland Plain Dealer reported that Cuyahoga County, which sees approximately 1,300 foreclosures a month, faced three times as many appeals in 2007 compared with previous tax cycles.

On the other hand, while prices of residential properties dipped to 27% from the 2006 peak to the end of 2008, according to the S&P/Case-Shiller Index, while the amount municipalities collected in property taxes climbed to 12% from 2006 to 2008. These figures are a clear indication why more and more people are opting for re-assessment of their property taxes.

Of late, due to the dip in sales prices, the assessments on houses are higher for the sales price than they used to be earlier. The point here is that you possess the right to contest that your property needs to be re-assessed so that you eventually end up paying lesser taxes. For people who haven’t bought a property recently but have been staying in the same property since sometime now, the taxes soared with the incline of property rates too.

Your options:

Smart Steps

The State reviews hundreds or probably thousands of such applications on a regular basis and you need to hit bulls-eye when your case comes up. Seek advice from neighbors or friends in your area who have beaten the same path for small tips to improve your proposition. Once done, happy tax savings are just at arms length.

Cuyahoga County signs deal to add protections for medical mart

A deal Cuyahoga County has struck with the developer of a downtown medical mart and convention center provides new protections for taxpayers and promises local businesses and workers a share of the $425 million project.

Evylens Story of Elerly Abuse Part 3

Question: IRS Tax audit penalty on ebay transactions.?

My husband filed tax as married jointly in 2008. I was selling things on ebay off and on, those were new game consoles. I made about $500 profit. We did not consider that that was also an income. he filed my income as ‘no income’ unknowingly. now we got a letter from irs for tax audit. they have given penalty for $4000. please advice what to do?

Answer: First off, IRS does not work that fast. Look carefully at the year in question. It is more likely to be 2007.

Next, it is also unlikely that you have received an “Invitation” to an audit, ie “come on down and prove your deductions”. More likely, you received a form CP-2000 (look at the top right corner of the form), which is a computer generated form from the Automated Under Reporter Program. It will tell you that someone (Presumably eBay) reported that you received income and that it was not reported on your tax return.

That part is probably correct. However, it is not the bottom line because you incurred expenses in creating that income. Once the correct information is in their hands, they will re-figure tax and penalties based on the $500 of profit.

Now, you can try to fix it yourself but that is what created the problem. To put this to bed with the first response and pevent a back and forth of nastygrams from IRS and replies, I cannot urge you strongly enough to spend a couple hundred bucks and engage an Enrolled Agent. Look in the yellow pages under “Tax Preparers” for people with “EA” after their name.

City, feds end feud over cash for Metro

Fort Wayne has settled its dispute with the federal government, ensuring the local Metropolitan Human Relations Commission won’t lose a large chunk of its revenue. An internal city audit released Friday reveals steps the city took to comply with federal accounting rules.

EXCHANGES #440 15 USC CHAPTER 2B – SECURITIES EXCHANGES

Alabama governor sets big agenda for final year

Alabama’s lame-duck governor laid out a lengthy agenda Tuesday night for his final year in office, including stopping gambling, legalizing charter schools, and writing lean budgets that won’t saddle his successor with spending cuts. “Let us tackle the big… Alabama – Gambling – Lame duck – United States – Education

Tax Attorney Or Lawyer