The IRS Audit Blog

Posts Tagged ‘forms’

Question: Do i need to reportthe amounts paid to subcontracting conmpanies? If so How?

Registered S-corp (Computer consulting services) in IL state. We get payments from Vendors and pay to the sub contracting companies for the resources they provide apart from our own company employees. So now what kind of tax filings i have to do? How do i report the amount we paid to Subcontracting companies and How do we report to IRS?
What are all IRS Tax Forms i need to file as a corporation taxes? profits/income? Thanks

Answer: Yes, you would want to. If you own a business, and you reported 1099s to your subcontractors, you would want to include these amounts on your Schedule C as outside services, and report these 1099s to the IRS likewise.. this only benefits you with a larger refund.

2011 Payroll Software for QuickBooks Users from Real Business Solutions Updated with 2011 Federal Tax Tables, 2 …

Payroll Mate payroll software releases new payroll withholding calculator with support for the 2011 tax tables, that were developed as a result of the recently passed Tax Relief and Job Creation Act of 2010. Payroll Mate helps payroll departments and small businesses using QuickBooks implement the new changes by the IRS due date of January 31, 2011. [PR.com]

iRS- Manifestazione per denunciare il prezzo delle bombole del gas in Sardegna (servizio di Telegì)

Question: If I file a form 4506 with the IRS, will the return I get back have their filing date on it-when they got it?

Answer: Yes if you are requesting a tax return and pay the $57 fee for a copy of a tax return, it will have the IRS received date stamp on the return. If you request the transcript for any year it will also show the date IRS received the tax return.

Fannie And Freddie’s Managers Bought Nonprime Paper For The Same Reason Merrill Did

The Republican members of the Financial Crisis Inquiry Commission have conducted a preemptive strike.

Sun Media Corporation: Notice of Redemption for Any and All Outstanding 7 5/8% Senior Notes Due 2013

MONTREAL, QUEBEC–(Marketwire – 01/10/11) – (TSX: QBR.A – News ) (TSX: QBR.B – News ) (CUSIP: 866950 AB 4) Pursuant to Sections 3.01, 3.03 and 3.07 of the Indenture (the “Indenture”), dated as of February 7, 2003, by and among Sun Media Corporation (“Sun Media”), a company continued under the laws of the Province of British Columbia, each subsidiary guarantor party thereto, and U.S. Bank …

CamStudio Interview

Question: What’s the proper tax form choice for a somewhat expatriate?

I moved to Japan on May 13th, 2009. I have yet to file my U.S. Income Tax for this year.

I’m not sure if I meet the physical present test. Since on the IRS website it is describe as “You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during a period of 12 consecutive months”. Can this period include a portion of 2010? It doesn’t state anything about this period having to be in the 2009 tax year, just a period of 12 consecutive months. However, I’m still not sure.

Would it be better for me to do the better off taking the Foreign Tax Credit (Form 1116) instead of the exclusion on Form 2555?

Answer: Your 12 month period for meeting the physical presence test can straddle two calendar years. You cannot claim it until you have meet the physical presence test however, so you can’t file a return claiming it until about April 7th. Since you reside outside of the US your filing deadline is automatically extended to Jule 15th, so that’s not really a big deal for you.

You must prorate the maximum exclusion for 2009 since it does not include the full calendar year. Add up the number of days in 2009 that you were present in one or more foreign countries and divide it by 365. Multiply that decimal by the exclusion amount ($91,400) to get your 2009 exclusion.

You’ll have to figure your taxes both ways to see which way (2555 or 1116) works out better for you.

BTW, you are not an expatriate unless you have surrendered your citizenship and been granted citizenship in another country. US citizens residing overseas commonly call themselves “expats” but that is not the same as an expatriate.

Friday Fish Frys

Check out WTAE’s Community Calendar for a listing of local Fish Frys.

Question: Does the IRS send out a form if you already paid quarterly taxes in 2008?

I can’t remember if I made a quarterly payment or not for Q1 of 2008. My bank doesn’t return canceled checks to me and they don’t have images online. I thought perhaps the IRS might send out an official form in Jan (2009) saying if I had made any quarterly payments. Thanks

Answer: Hi you are expected to keep a record but you can call the IRS at 1-800-829-1040 they might be able to help.
For the future you can try Uncle Tax: http://www.UncleTax.com you will be able to file all you late and current tax returns here and they will answer all questions you have. I use this online service to do my taxes and I can always go back to them for any questions, Good Luck

Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2010

MOUNTAIN VIEW, Calif., Dec. 1, 2010 /PRNewswire-FirstCall/ — Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP for semiconductor design, verification and manufacturing, today reported results for its fourth quarter and fiscal year 2010. For the fourth quarter of fiscal 2010, Synopsys reported revenue of $375.5 million, compared to $338.3 million for the fourth quarter of fiscal …

Health Care: Tanning Excise Tax-First Quarterly Payment Due Nov. 1