The IRS Audit Blog

Posts Tagged ‘business’

Question: REVISED: Mom passed away leaving my daughter as beneficiary on an Annuity?

Here is more specific information on my previous question: My daughter could not have the money until she turned 18. When she turned 18 she cashed out the annuity being a death benefit inheritence and took the money and put it away in a savings account for college. At the end of the 2009 year she was sent a 1099-INT form with gross disb. being $50, 219.00 (box 1) and taxable amount being $27,525.00 (2a). This was the only income she had and we paid over $5,000.00 in IRS taxes. Now after talking with others (not accountants) I’m being told that since this was an inheritance it was supposed to be tax free up to $100,000.00. We all are in Calif.

Answer: Only the portion that already existed when the death occurred is an inheritance. That is the only part that is tax-free. The taxable amount is the portion that was added during the years between the death and now, which is not an inheritance and is not tax-free.

Early income-tax filing not the best deal

The early bird doesn’t always get the worm. Moreover, said a consumer-finance expert in Penn State’s College of Agricultural Sciences, being in a hurry to file your federal income tax forms in pursuit of a quick refund isn’t always the best idea.

Free Minds TV July 23, 2010 (EP 166)

Real Estate Forum: Five need-to-knows for novice landlords

Question: Allison, our condo in Wildernest didn’t sell this summer and we can’t afford to keep it empty any longer. We’re considering renting. What should we know? Answer: You’re not alone! Scores of people who never have been landlords suddenly find themselves in the position of collecting rent checks every month because they can’t sell their homes and are installing tenants instead. Then there …

Depreciation: Units of Production Method

Question: irsonliness4 form exuctives estate?

i need ss4 form from the irs

Answer: Go to the IRS website (link below). Click on “forms and publications” then type “ss4″ in the search box. It will take you to a pdf copy of the form.

Tax time: When you can claim your 19-year-old as a dependent

Tom Cooney and Crystal Faulkner, of the accounting firm Cooney Faulkner & Stevens, answered questions during a tax chat at Cincinnati.Com, about everything from dependents to deductible fees.

Register Free Business EIN Employer Identification Number Online

Question: alien employee check?

i’ve recently applied for a job; i’m expecting my employment authorization in the mail. i thought i’d have a job waiting for when it comes. The manager of the fast food store i went to typed in my information into store computer including my drivers license number(which is a temporary one i got with my b1/b2 visa before i met my wife) but then she said something about sending ‘it off’ (and got some kind of confirmation number) to INS or IRS (not sure what she said) or something like that and they might request more information? Now i’m concerned this could cause all kinds of problems with my application for status as permanent resident as my application may not have been approved and looks like im trying to work illegally?please advise!!

Answer: You need to wait until you have your Green Card,
Social Security Card and your Drivers License before you
can start a job.

When you are hired you will have to show to your Employer
your Green Card and your Social Security Card.
Your Social Security Card will have the following typed
across it: “Valid fo Work with Homeland Security Authorization
Only:

So in order to have the right documentation for the I-9
Requirement you need to be able to show both your Green Card
and your Social Security Card. (Drivers’ License is optional in your case because the Green Card already is a valid “employment document”.

Will your haste have any effect? Probably not. But if this employer is already set up with the newest technology then they will probably reject your application since you are not “registered” as a Resident Alien with work authorization yet and their inquiries will come back
showing your status as “not authorized to work in the U.S.”
All they will do is tell you that you can’t have the job.

Few Differences Emerge in Final McKinley-Oliverio Debate

Party affiliation a bigger difference than position on the issues for 1st Congressional District voters.

October 28 Biz Minute

Question: Downloading IRS forms 8917 ?? Says I need Acrobat Reader 5.0 or later?? CAn I get this form printed …….?

When I downoad the the form from Irs.gov it says right before I print it that I neeed a version of acrobat reader program 5.1 or newer? I think my computer is semi new and would have that but to download that program (8.0) it costs like $100!!! Any help or ideas on what I can do to avoid this cost or where to find a printer friendly copy of that form to attach to my taxes…??? Thanks Alot in advance

Answer: You can download the reader for free from here:

http://www.adobe.com/products/acrobat/readstep2.html

New Law Requires IRS to Write Plainly

Tax forms and other government documents will now be subject to a kind of literacy test, under a new government law that so far has not attracted a whole lot of attention.

Get a Break Courtesy of the IRS – Prepare and e-File Your Ta