The IRS Audit Blog

Posts Tagged ‘business’

Question: Accountants! Don’t be boring, save the planet instead!?

Have you lived in a country which should be stinking rich but is jam packed with people living in blighted misery?

The fundamental reason is always corruption in public office. Who can spot that? Only accountants. But audit within a nation is controlled by the government of said nation, and accountants with guns at their heads or bungs in their pockets are only human. So here’s my idea:

…a UN sponsored crack team of Chartered Accountants and Auditors who can be called or sent into a country and audit all or any part of the public tax and spend therein. They could have very limited powers, e.g. report only (red/amber/green), or you could give them the ability to send people to the Hague.

Participation by the countries concerned would be voluntary (which suggests that limited powers are actually more effective) and would occur if a government wanted to show itself to be clean, maybe after a scandal, or because it was excluded from some club such as WTO.

Well?

Answer: I like that idea. The practical issues (such as the breadth of specialist knowledge required) are immense though; public sector accounting is nowhere near as organised as corporate accounting (which itself varies wildly across jurisdictions). Also, the limitation of powers means they would have to face the same problems that make UN weapon inspections so ineffective.

Simplified net income taxation okayed

THE House committee on ways and means has approved a bill simplifying the net income taxation scheme (SNITS) that aims to limit from 10 to eight the allowable business deductions from gross revenues for self-employed individuals and professionals. As per the approved bill, deductions from gross income shall be allowed for only eight expenses: salaries and wages; supplies and utilities; rentals …

Energy Efficiency Audit Training | …

Question: I need some help?????

My 5 yr old daughter is a victim of identity theft. I found out from Social Services that someone was using my daughters SS# for employment purposes. They have the name of the person and the employers info, but that info can’t be provided to me because it violates privacy laws ( who are they protecting???). Anyways, I been given all these numbers to call and all im getting is the run around…..i tried 877-idtheft and all they did was document the info. i have requested wages summary for SSA and EDD. I tried calling the IRS but i cant find a number….the website tells me to fill out a 3949a form…..i cant go to the police unless i have documentation.( i guess i have to wait for the SSA & EDD summaries) Im just lost and frustrated any tips anyone??????

Answer: As strange as this sounds, let it run it’s course. When you get all the paperwork, then handle it. In the meantime, your 5 year old daughter is earning points toward her social security.

OUR OPINION: Beware of scams aimed at tax refunds

ID theft complaints tend to wax and wane as the authorities crack down on one sort of fraud, and it takes the crooks awhile to settle on another.

Michael Nutter’s Seth Williams Non Response Philadelphia Corruption Sparks $1 Billion Class Action

Question: Does anyone know where I can obtain or download a IRS Form 1099 for free. I need a blank form.?

Answer: Go to your local IRS office or call
1-800-829-1040

Don’t forget to do your taxes

So far, this tax season in Park City has been a real snoozer. Local accountants report that nothing new in tax law is applicable for the 2010 year,

Tax Forms & Deductions : How to Calculate Your Earnings & Taxes

Question: Just found out I owe IRS!?

I just got a letter on jan. 3, 2011 saying i owe irs 4 grand. they sent me a 9465 Installment Agreement Request FORM to make monthly payments for 60 months. need to send it back by jan 26, 2011.
i am sending the form back today. will i still get a refund as long as i make monthly payments or will they just take my whole refund for the debt? (i just got the letter a couple days ago, was planning to do my tax return with my last dec. 2010 pay stub)
Im in WA. its legal to file with last stub for 2010. with H&R BLOCK and other tax services in WA. they have ads everywhere on tv and billboards over here. its been like this for the last couple years, i’ve never filed it with my last 2010 pay stub, was going to try it out. but thanks for the great infos.

Answer: You cannot file your return without a W2 until Mid February at the earliest. Last pay stub won’t cut it.

Usually if you are current on your payments they will not take your refund. That said, you should let them take it so you reduce your debt. being in debt to the IRS is NOT something you want.

Seven tips about rental income and expenses

Do you rent property to others? If so, you’ll want to read the following seven tips from the IRS about rental income and expenses. You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use of or occupation of property.

How to File Your Taxes – Schedule C

Life insurance premium: Separate tax sop sought

Give separate tax exemption limit of Rs 50000 for the life insurance premium.

Tax Deduction Tips & Advice : How to Determine if You Can Itemize Tax Deductions