The IRS Audit Blog

Posts Tagged ‘forms’

TRC Announces Second-Quarter Fiscal 2010 Financial Results

LOWELL, Mass.—-TRC Companies, Inc. , a recognized leader in engineering, consulting, and construction management services to the energy, environmental, and infrastructure markets, today announced financial results for the fiscal three- and six-month periods ended December 25, 2009.

Question: How to enter in schedule D stocks that I have not sold at the end of the tax year?

Would it be ok to enter them into the this year’s tax report and omit them from last year’s?

Would IRS be OK with a printout of my broker’s P/L statement rather than the official Schedule D or D1 form? I know I could make an excel file look like Schedule D1 but it would be less work this way and I think it is actually better formatted than their Schedule D.

Answer: You only report stock sales, not stocks that you still hold, and they must be reported in the year they are sold. They also want the info on their form, not in somebody else’s format. If you attach a statement, it has to be in their format.

Unemployment claimants getting IRS forms

ALBUQUERQUE, N.M. (AP) _ The state of New Mexico has mailed IRS documents to people who are receiving unemployment insurance. The state Department of Workforce Solutions said Monday it has mailed the documents,

Official Trailer for AMERICA: FREEDOM TO FASCISM

Question: I have formed a single person LLC. Do I have to file IRS form 941 (Federal Quarterly Tax Return)?

Answer: If you have no employees including yourself then the answer is no. 941 are used to forward the taxes you withhold from your employees wages to the IRS. If you pay yourself on a W2 then you must file a 941. if you claim all your profit on Schedule C then you will pay your self employment taxes on Schedule SE, if you owe more than $1,000 you will probably have to pay a penalty and be subject to estimated taxes.

What Records Can You Really Throw Away?

A rundown of what to toss and what to treasure — and for how long.

Financial Planning Advice : What Triggers an IRS Audit?

Question: When I completed my 2007 federal taxes on Turbo Tax I owed $490.?

I filed the return with a check for $490.

I later realized that I failed to report a capital loss carryover from prior year. I generated a Form 1040X and the corrected return showed I am due a refund of $410.

The 1040 X shows that I am due the $410 refund. However it isnt obvious on the form that I am due back the $490 payment I made. Does the IRS refund both the $490 payment I made and the new $410 refund for a total of $900?

Answer: I just did this the other day I could not find the place on the 1040X to account for my refund that I’d already filed for.

You are looking for the place for taxes you already paid. If you enter on Line 17 the $490, then that should cumulate to Line 18 (automatically) to show all your payments in the whole year (including what was withheld, plus that payment).

Now Line 22 should say $900.

But are you sure Turbo Tax isn’t already taking into account the payment you already made? Some softwares are smart enough to fill in Line 17 for you, in which case the net would be the $410 and not the $900.

Just check to see what’s in line 17 already, and all will be clear. I hope.

Tax Tip: 5 ways to obtain IRS forms and publications

The Internal Revenue Service has free tax forms and publications on a wide variety of topics. If you need IRS forms, here are five easy methods for getting the information you need.

What is IRS Penalty Abatement and Penalty Forgiveness?

Question: Will Barack Obama order the IRS to issue tax refunds in the form of savings bonds?

If you are due $1000, the government will purchase a $500 bond and will mature in ten years.

Answer: Have not heard of this one to date. It could be

How To Calculate Student Loan Payments Under New Obama Plan

This income-based repayment calculator can estimate student loan payments.

NH: Kat Kanning gets 15 days jail