The IRS Audit Blog

Posts Tagged ‘federal’

California politicos to mull 2,323 bills

SACRAMENTO — Neighbors and law enforcement agencies would get advance notice when they are dealing with child molesters and sexually violent predators under two of the thousands of bills that will be considered this year by the California

Avoiding Common Sales and Use Tax Problems – Pt. 2

Tax deductions: Parents pay student’s debt. Is it deductible?

Tax deductions for parents who pay a student loan in their daughter’s name look iffy. Tax deductions are leadoff question in this reader mailbag.

Personal Finance: 401(k) : How to Withdraw Money From a 401(k)

Question: Does California not pay a tax refund if filing more that three years late like the IRS?

I just caught up on all my taxes for the last four years (I had all refunds or no taxes). Now for my 2004 Federal taxes I was too late to get my fed refund because they only go back 3 years for refunds. My question is whether there is a similar expiration to California refunds, if the year of that refund has not been filed by a certain time.

Answer: California Revenue and Taxation Code section 19306 provides for a four (4) year limit from the date that the tax return should have been filed or in the case of an amendment four years from the date that the original return was filed. Filing a late 2004 California return would get you a refund if you overpaid. You should also file the federal return although you will not get a refund.

Rich, famous and tussling with the taxman

These stars made it big, but they neglected to give Uncle Sam his share.

A Complete Guide to the $7500 Federal Tax Credit

Question: Will it incur a penalty if IRS rejected my return paper but I may not be able to renew it on time?

I use tax-slayer to submit my return and IRS just rejected me.

“Employer Identification Number (SEQ 0040) of Form W-2 and/or W-2GU, or Payer Identification Number (SEQ 0026) of Form W-2G, or Payer Identification Number (SEQ 0050) of Form 1099-R or Company/Trust Identification Number (SEQ 0120) of Form 2439, or Employer EIN (SEQ 0200) of 499R-2/W-2PR Record was issued in the current processing year. ”

Does it mean my W-2 have some problem? So I need an EIN of 2008 instead of 2009???

I may not be able to renew it on time, will I get a penalty?

Besides, I use taxslayer to print the return paper and try to mail it. I have a 1040 and a VA-8453 now. I learned the VA-8453 is an efile authorization form, and I don’t need to send it.

So if I mail the 1040 to IRS, will my state return also submit ???

Answer: Your state return needs to be sent separately. It is possible that it was already sent to the state and only the federal was rejected (they have different rules on Efiling).

The reject just means that your employer only applied for their tax number (EIN) this year. The IRS will have no problem with a paper return. Nothing needs to be “renewed” you just need to mail your paper 1040 to IRS.

If you can’t tell from what is on TaxSlayer’s site, you might want to call your state and see if they have your return. If they do not, then you need to mail it to them—do NOT mail your state return to IRS.

Care With Forms 1099 Helps Audit-Proof Tax Returns

It’s only natural to hope your tax return is not audited. See 10 Ways To Audit Proof Your Return.

How to Complete a 1040A Tax Form : 1040A Line 7 Overview

Question: Reference Code 1301 IRS saying they have no idea?

I had this same code last week now I was changed to expect by 2/10 now it is saying 1301 again after being on hold for am eon they basically don’t know what is going on I am not under review I filed 1/19 accepted 1/20 UGGGGGGGHHHHHHH!!! Any way from talking to a person who use to work in processing if it was anything bad it would have been an 1121 code which means criminal investigation I know I did not do anything wrong but I need my refund I lost my job recently I have 4 kids
last year it was my son it was an error with social security I asked if it was the same thing this year they said no What that is about my son has 2 middle names but somehow they left off his surname and had his surname as his 2nd middle name which is my mom’s maiden name Long story short it is now fixed and that is not the problem

Answer: Im in the same boat sweetie. All we can do is pray. I am calling for the third time this morning and if I find anything out at all I will re post. My suspicion is that we each have individual problems on our returns and the 1301 is just a general code to scare the crap out of us.

FCIC Finds Majority Of Revenues In Goldman’s Most Profitable FICC Division Came From Derivatives

Frequent readers know that when it comes to Goldman Sachs, Zero Hedge has consistently claimed two things: i) that in the peak bubble days, the firm regularly commingled flow and prop traders on its trading floor(s), thereby allowing prop traders to either front run the firm’s flow accounts, or trade alongside them in real time; and ii) that when it comes to OTC derivative trading, Goldman Sachs …

Federal Government is Largest Employment Base For Illegals