The IRS Audit Blog

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Question: Received a tentative job offer with the IRS. How Long? Any danger of losing job?

I have completed all my paperwork (Fingerprinting, SF-85 Public Trust, Tax investigation forms as well as others) and I am pretty impatient. Any IRS employees know how long this process takes? Do you know about any Government tentative job offers being rescinded?

I am already working for a government agency and it would be a simple transfer for me but I am a bit worried. I don’t have any problems in my background, no criminal record and Ive always submitted my taxes on time. Anyone out there with any experience with the IRS and their hiring process?

Answer: it took my son over 3 months to start working, after a job offer and then a lengthy background check

Family Indicted In $3 Million Real Estate Scam

FBI, IRS, Postal Inspectors worked together to unravel elaborate scheme.

IRS Employee Protest

Ruling on Kilpatrick’s restitution expected Jan. 20

Closing arguments in ex-Detroit Mayor Kwame Kilpatrick’s restitution hearing ended. Read Free Press staff writer M.L. Elrick’s blog.

21a. Can I Get an IRS Installment Agreement? Why won’t they let me pay over time?

Question: 60 Day IRA Rollover?

I want to take distribution from my IRA Rollover account with the intention of redepositing the funds back in the same rollover account within 60 days. WIll this violate any IRS rules because my intention are not to rollover to another plan?

Answer: See IRS Publication 590. Nothing prohibits changing your mind and redepositing a rollover back into the same account it came from. Just don’t be late. 2 things to be aware of:

There is manditory 20% withholding from an eligible rollover if distribution is to you. When you put the money back in, you need to add that missing 20% back in from another source, or that withholding would be taxed/penalized. If you do everything on time, you could adjust your W-4 or 1040-ES to recover the withholding sooner that waiting until filing next year.

If you take a rollover from an account, you cannot take another rollover from that account for a year. And similarly if you put a rollover into an account, you cannot put another rollover into that account for a year. However, a direct trustee-to-trustee transfer to another qualified account is not subject to withholding or rollover frequency limits, if you later want to move any of it to a different trustee directly.

Video poker king target of federal investigation

Casey Szaflarski allegedly runs a multimillion-dollar video poker business for the Chicago mob.But he’s the first to tell you he has a fuzzy memory.When lawyers in a civil case tried to figure out how much he was worth, he forgot to bring any financial documents — even though he had been ordered to do so.”An oversight,” Szaflarski said.He also told lawyers he doesn’t own the Bridgeport home he …

Tax Law, Real Estate & Credit Tips : IRA Distribution Rules

Question: What’s the punishment for a business owner who took taxes out of employees’ checks, but didn’t turn into IRS?

This person took money out each pay period according to state and federal tax guidelines, but didn’t give employees’ their W2 forms in order to file their own taxes..He didn’t pay or report sales tax, unemployment tax, or file his and his wife’s personal income taxes from 1998-2006. Any ideas on what punishments might happen?

Answer: Jail time is unlikely, but he will be assessed a penalty under his Social Security number equal to the amount of the taxes that he failed to pay. This is known as a trust fund penalty. The IRS may also file substitute returns for him which would probably have him owing more money than he otherwise would.

IRS offers tips for upcoming tax season

The IRS Monday kicked off its annual tax preparation season by announcing a program to more closely scrutinize paid tax preparers and offering consumers tips on legitimate deductions for their 2009 tax returns.

Unemployment – Dept of Labor ARRA

Where Does A PCC Come From?

In the first edition, much was made of the risks of this form, given its relative novelty. Whilst these concerns are still valid, the authors have included much more material on the genesis of the PCC, and several themes are explored in far more depth.

1099 Mortgage Forgiveness Tax Liability Insolvency