The IRS Audit Blog

Posts Tagged ‘business’

Question: Should I hire a tax attorney?

I filed 4 years of back taxes and the IRS accepted my returns. I still owe them about 20K that I am happy to pay in an installment plan.

However they are playing games with me now (e.g. sending me the forms to request an installment plan on the day they are due) I am scared that they will “screw” me by putting a tax lien on my credit record, emptying my bank account etc.

I am not being audited but I am scared to communicate with the IRS directly. Is it worth it for me to hire an attorney to communicate with them on my behalf?

Answer: A CPA would do it cheaper.

And they have already put the lien on your credit record, that is the way they work. And if I were you I would not keep any money in the bank for a while as they screw up and take it from time to time (and you can’t get it back as you owe it to them).

Go and consult with a local CPA, make sure you ask him how many cases like yours he has worked in the past, if none or not many, find someone else to help you.

good luck

Branstad says no to attorney pay plan

Gov. Terry Branstad has shot down a House Republican plan that would have allowed him to transfer millions of dollars from other parts of the budget to pay state bills.

Houston CPA Tax Attorney Gives 5 Tax Preparation Tips

Fiesta Bowl report: Lavish expenses

Fiesta Bowl investigators have found evidence of potentially illegal employee conduct and spending irregularities that could jeopardize its non-profit status and prestigious role in college football’s national championship series.

House Session 2011-01-20 (09:00:57-10:01:21)

Question: Why did we not get our 2009 house buyers tax credit?

My husband and I filed Married filing Jointly. We also bought a house last year, but it was only in my husband’s name because my credit was bad. He has not owned a house in over 3 years. We just received our tax refund, minus the $8,000 tax credit. Was told by the IRS that we would receive a letter explaining why in a couple of weeks. I would really like to know now. Any help would be great…THANKS!

Answer: The letter you receive in a couple of weeks will do the job better than any of the guesses you can expect here.

IRS worker from NH, others face tax fraud charges

Associated Press – March 24, 2011 5:54 PM ET BOSTON (AP) – A longtime IRS worker from New Hampshire is among 14 people that federal authorities accuse of filing false tax returns in a bid to…

Federal Home Insulation Energy Tax Credit 2010, 2011

Question: IC taxes…?

Im currently working for a company that has me as an IC, they will be sending me a 1099 at the end of the year, even though i should be an employee. I plan to file an ss-8 later on becuase i know for a fact i’ll get fired if i do it now and i plan to be here a few more months. I wanted to what i’m supposed to do about the quarterly taxes. i only make 300/week but I dont want to have to pay a bunch of penaltys and interest come next april, and will some of the money i pay this quarter be refunded to me if the irs rules in my favor?

Answer: Put about 25% aside. You are liable for income tax and employee FICA/Medicare tax. As an employee it should be withheld from your compensation. If it is not withheld, you are still liable for it. An IRS determination in your favor means you would owe employee FICA/Medicare tax of 7.65% of your wages instead of aproximately 14% in self-employment tax.

If you get fired, take your IRS determination with you when you file for unemployment.

Sen. Debbie Stabenow addresses farming issues during Adrian visit

U.S. Sen. Debbie Stabenow said Tuesday that Lenawee  County has a “great stake” in the upcoming Farm Bill due to it leading Michigan in total number of farms and in revenue from corn, soybeans and wheat. Stabenow, D-Lansing, spoke to a group of about 30 people Tuesday at the Adrian Public Library. She is chairwoman of the Senate Agriculture, Nutrition and Forestry Committee. The gathering was …

Enter For A Chance To Win-Win With The Big Check Video Contest

Question: A couple of world history questions?

Please, only answer if you know.

1) Which of the following techniques wasn’t used by the Nixon administration against percieved enemies in the U.S.?
a- illegal wiretaps
b- arrest w/o cause
c- audits of tax returns
d- CIA investigations

2) This nations government received foreign aid from the Carter administration, but the Reagan administration aided those rebelling against it?

3) This nations affiliations with cuba led to a US invasion during the Reagan administration.

4) Nation torn apart by civil war between Muslims, Serbs, and Roman catholic croats.

5) This is the presidential practice of withholding funds for federal programs that was declared unconstitutional.
ANY ANSWERS HELP!!!

Answer: 1. b (this is just a guess)
2. nicaragua
3. nicaragua
4. bosnia
5. Sequestration (this is just a guess, it said on this one website- “the withholding or cancellation of funds”

AgFeed Industries, Inc. Announces 2010 Results

AgFeed Industries, Inc. , an international agribusiness company with operations in the U.S. and China and one of the large independent hog producers and manufacturers of animal nutrients in China announced record levels of revenue in both its animal nutrition and U.S. hog production units for the fourth quarter of 2010 and for the full year 2010.

Al Aiello Teaches Proper Ways Of Protecting Yourself From an Audit