The IRS Audit Blog

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Prospect Capital Announces 37% Increase in Net Investment Income

NEW YORK, NY–(Marketwire – February 9, 2010) – Prospect Capital Corporation ( NASDAQ : PSEC ) (“Company,” “Prospect” or “we”) today announced financial results for its second fiscal quarter ended December 31, 2009.

WE ARE MORE ALIKE THAN WE ARE DIFFERENT Part 2 of 3

Question: Accounting help for study guide?

1)Which list below best describes the major services performed by public accountants?

A)Employee training, auditing, bookkeeping
B)Auditing, taxation, management consulting
C)Cost accounting, production scheduling, recruiting
D)Bookkeeping, mergers, budgets

2) Preparing tax returns and engaging in tax planning is performed by

A)both public and private accountants.
B)IRS accountants only.
C)public accountants only.
D)private accountants only.

3)The private sector organization involved in developing accounting principles is the

A)Financial Auditors’ Standards Body.
B)Financial Accounting Studies Board.
C)Financial Accounting Standards Board.
D)Feasible Accounting Standards Body.

4)When an owner makes a withdrawal

A)the drawing account will be increased with a credit.
B)the drawing account will be decreased with a debit.
C)it doesn’t have to be cash, it could be another asset.
D)the capital account will be directly increased with a debit.

Answer: 1)Which list below best describes the major services performed by public accountants?
B)Auditing, taxation, management consulting

2) Preparing tax returns and engaging in tax planning is performed by
A)both public and private accountants.

3)The private sector organization involved in developing accounting principles is the
C)Financial Accounting Standards Board.

4)When an owner makes a withdrawal
C)it doesn’t have to be cash, it could be another asset.

Labour and Employment

Several years ago, the Internal Revenue Service (IRS) established a special schedule, known as the six-year “remedial amendment” cycle, for so-called “pre-approved” qualified retirement plans to adopt revisions reflecting changes in applicable law.

Tim Geithner Even Ron Paul Understands That We Don’t Want An Audit of The Fed

Question: How much should i withhold from check?

right now i’ve been claiming 0 on my checks but noticed alot has been taken out already. I make 1200 every two weeks and i have two kids and i’m not married. I did the online calculator at the irs website and it said i’ve already paid over. So should i start claiming 3? last year i got a big refund 6000 it was nice but i would rather have the extra cash now.

Answer: A single parent with 2 children under age 17 as of the end of the year can safely claim NINE withholding allowances all year. Here’s how it breaks out, using the Form W-4 instructions as a guide:

Self: 1
“Bonus” allowance for one job only: 1
Head of Household filing status: 1
Children: 2 (one per child)
Child Tax Credit: 4 (two per child who will be under age 17 as of the end of the year.

If that makes you uneasy, cut it to 7 or 8. Anything lower than 7 will result in way too much tax being withheld.

Since you’ve been claiming 0 all year up to now (and are already over withheld) crank it up to about 18 for the rest of they year to stop all FITW withholding. Just before the end of the year, don’t forget to reset it back to 7 or 8 or you may be under withheld next year!

A $6,000 refund means that you’ve been lending the government well over $100 per week all year interest free! I’m quite sure that an extra $100 per week in your pay would go a LONG way towards making it easier to stay above water financially.

IRS offers dozens of tax tips on YouTube

Amid all the music videos and celebrity news, the cute animal shots and comedy routines on YouTube, you’ll find some helpful tax tips from the Internal Revenue Service.

Free Federal Online Income Tax Refund & Return Calculator 2009, 2010

Question: Where can I obtain old copies of my W2′s or earnings….?

NOTE…do not say the IRS as they only keep records 7-10 years. I need a copy of my W2′s, or earnings, from 1989. 17 years ago. My employer sold the business in 1991 and has died since then. The state I lived in , at the time, does not have those records. Fact is, they say I didn’t file state taxes and is asking for me to pay now + interest. I know I filed and need to do an ammended form…just in case. I always got a refund from the state and would not have forgotten to file knowing money was given to me. Now I need to find my earnings that year to do an ammended form to prove they owed me money and I can’t locate records of my own from 1989. HELP! Where can I get a copy of my earnings? Thanks!

Answer: From SSA.gov
“Certified/Non-Certified Detailed Earnings Information
Includes periods of employment or self-employment and the names and addresses of employers.”

News briefs

A used book sale will be held on Saturday, Feb. 6 at the Lewis Library and Technology Center, 8437 Sierra Avenue in Fontana. The event will run from 10 a.m. to 3 p.m.

Tax Forms & Deductions : File Taxes Free Without a W-2

Question: How to file Tax Extension Form 7004 Part 3?

Please help i have 5 days to send this form to IRS.
Part 3
Please explain line 6-8 and what document to use to file those
Thanks

Answer: Just go to FileLater.com (http://filelater.com) and file it electronically. You’ll get an email confirmation that it’s approved by the IRS (and if you get rejected, FileLater will tell you why and let you resubmit for free).

You won’t have to worry about different fields on the form… and they’ll give you instructions specific for your state extension if applicable.

It’s way easier than trying to print & mail, and you get peace of mind that it was received and approved by the IRS.

How to get an extension on your taxes

Need more time? You can try for a “no-questions-asked” 4-month extension. (©iStockphoto.com/Amanda Rhode)