The IRS Audit Blog

Posts Tagged ‘finance’

Tax opportunities during taxing times

The Internal Revenue Service has designated Jan. 29 as Earned Income Tax Credit Awareness Day. At Oweesta we work with Native communities to help them build financial assets, and we are partnering with the IRS to promote awareness of the EITC throughout Indian country.

How to Complete and File a 1040EZ Tax Form : Who Uses the 1040EZ Tax Form?

Question: Tax refund delayed due to owed taxes?

I am currently making payments for federal taxes owed for the 2005 year. I recently did my 2006 taxes, and I am getting a good refund. I noticed that when you check the status of the return on the IRS site, it says, “We have received your tax return and it is being processed. Unless we find mistakes or you owe other taxes, you should receive your refund by February 27, 2007.”

My refund is going to be larger than the amount I owe. So, my first question is, will they just deduct what I owe from my refund? And second, since I owe, will it actually delay me getting my refund deposited?

Answer: Yes and yes.

Marriage status affects taxes

When you file a federal tax return, you must choose a filing status, which determines your standard deduction, the amount of tax you owe and any refund.

2007 DABC Volunteer Recognition – Incredible

Question: When brokers like E-Trade, Charles Schwab send form 1099Bs to the IRS?

I guess each individual broker might differ but I’m assuming that there is a general time range…

Similar to employers having to send W2 forms by Jan 31…

Thanks!

Answer: The same time they send it to you

Keep it simple when preparing for tax return

Much is said and written about getting ready for income tax time. It does not have to be stressful pulling together the information you need. For most individuals, the items to support the tax return are provided or can be obtained fairly easily.

Download Create Dont Fake/Forge Pay check stub paystub w2 1

Question: Personal opinion, which career path has more opportunities, Tax accounting or Professional accounting (Audit)?

I am having a hard time making a choice between the two (I know most people would choose a completely different path). I like the idea of working for a Big four audit firm and later making a transition to industry later to become a Controller or what not. I also like the consulting opportunities that a tax based career could offer.

I need to make a decision in my schooling this month and could use some good advice from people who have been there.

Thanks

Answer: You’re looking at two completely different sides. Audit leading to a Controller means you are working for someone else. If you look at tax and go to consulting you can very well open your own business. They both have great opportunities. It’s a matter of which you like more. One thing to thing about since it sure sounds like you like both. Why not go into audit and work for a Big Four for a few years and gain incredible experience auditing different companies. You get to learn how the efficient and inefficient companies are run and learn to avoid certain pitfalls. When you are ready to strike out on your own you will have a nice advantage.

Stephen Heusinger Joins Ryan as Principal and CEO of Ryan Tax Credit Services; Will Provide Innovative Strategies for …

Ryan, the leading tax services firm in North America, with the largest transaction tax practice in the United States and Canada, today announced that Stephen Heusinger has joined Ryan as Principal and CEO of Ryan Tax Credit Services . Â RTCS is a Ryan subsidiary and strategic investment intermediary that will provide additional value to the Firm’s clients by originating, creating, and monetizing …

Deloitte.

Question: Chartered Accountant—–Math?

I am currently in Gr.11, in Ontario, Canada. I want to be a CA and am interested in business, but i totally hate math. I am taking data management and advanced functions in Gr.12 though. I want to know if math is required in university in order to be a chartered accountant. I think only economics, tax, auditing, accounting, etc are required. Please tell me if math is required, and how many math courses are required in university.

Answer: It depends on your university. At my school (Alberta, Canada), you actually have to do a year in the faculty of arts before you can apply for the business program. In that year you need to get some prerequisite courses (Stats, Calculus, Econ 101or102, English 100) and then you take whatever else you want to boost your GPA for application into the business program.

I’m numerically challenged too. But I conquered Calculus, and I’ve fallen in love with Econometrics (economics, stats and calculus – all in one sexy bundle). Unfortunately, at university Calculus and Statistics are required for most of the courses (except those in the faculty of science…they don’t need calculus).

Economics, tax, auditing and accounting are all math based. In 100 level economics, you still need to understand how to read the slope of a line and determine the intersects. You’ll need calculus to know how to find the derivative of a formula so you can calculate revenue and profits for a firm. All of these are math based, but it’s not high school math. It’s applied. I’m doing a 300 level tax course, and it’s math.

Even going to the grocery store is math based…but that doesn’t stop you from buying foods.

I’m in third year of economics, I only needed introductory calculus and stats. I’m not going to lie, these were a nightmare. They take a lot of work. I ended up getting a tutor for calculus (and seeing my prof for my weekly “omg I’m going to fail! Save me!!”). But, seriously, I don’t get math and I survived. I’m the kid who still has to look at my fingers to add numbers…but I can do calculus and statistics quite competently.

Everyone is in the same boat as you. If you want to become a chartered accountant, you still have to go through with math. However, plan your schedule so that you have time to focus on calculus. Take calculus one semester and then some easier courses like english and some arts options.

My school offers an applied stats and harder stats. The applied one gives you problems that you do. The harder one gives you theory and less problems. There’s also an applied calculus and a harder one. The applied is less theory more solving things. (I was really keen and wanted to show off…so I took the non-applied versions of both…I took stats and calculus in my first semester at university…that was the worst semester of my life)

Deloitte Canada’s 2010 TMT Predictions Reveal: Good Enough Becomes Better Than Perfect

TORONTO, ONTARIO–(Marketwire – 01/19/10) – As economies emerge from the global recession, the technology, media and telecommunications (TMT) sectors continue to evolve at a rapid pace and will have strategic implications for TMT companies, Canadian businesses and consumers. Today Deloitte unveiled its 2010 global TMT Predictions reports and launched its cross-country road show presentation …

Tax Audit Revenue Canada