The IRS Audit Blog

Posts Tagged ‘income’

The New Rules for IRA Real Estate

Proprietary Safe Harbor IRA allows occupancy and enjoyment of IRA property today

1031 Exchanges-Rule #1: SIX THINGS You Need To Know

Payroll Network Launches New ‘Payroll AnswerMan Blog’ to Help Educate Area Business Owners and Employees About Payroll …

As Companies Begin to Implement New 2011 IRS Changes, Payroll Network Is Among the First To Begin Using New Federal Withholding Calculations

Countdown to Retirement

Question: The IRS asked for my W2 form, what does that mean?

I am a 27 year old single, and i made about 45000 in the year 2009 and I also bought a condo prior to the first time home buyers tax credit expiration. The property was closed on April 8, well before the deadline, I then filed by taxes and claimed the tax credit. The property was bought with a gift given to me by my parents, (who live outside of US and are foreign nationals), the tax advisor told me it is not required to claim the gift on the taxes. I included all the required statements, HUD1, etc in my filing Now the IRS is asking me to send my W2 form and is delaying my refund. has this happened to anyone, i am just worried about this, please advice.
I didnot send the W2 with my tax returns, i didn’t even know it was necessary, I do have my W2 form from my employer which shows the exact earning and withholding i claimed on the tax. I faxed the W2 already, i just wanted to know why this is complicated

Answer: did you already send them your W-2 when you filed? the form with your income from your employer???

once the IRS lost forms i sent with my return and i had to fax it to them. I sent it before the deadline and they sent me a letter almost two years later saying i had failed to report income…but i did but i filed additional forms reducing my liability and they said they didn’t have it. so i faxed it to a specific person and they sent me a letter stating that it had been resolved. so i don’t think they keep up with everything.

you should always include one copy of your W2 with your return unless you efile like with turbo tax which i recommend. it makes life easy.

Five tax scams to avoid

The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen.

Obama, Eagles, and Frogs

Question: Cancelling an EIN?

I got my EIN in May 2008 and have yet to get any business, how do I cancel my EIN? Do I simply write the IRS a letter saying I didnt make any money and want to cancel my business? and if so which location do I sent it to? the main office in Ohio or the CT one because I live in MA?

Answer: Here is the answer from the IRS website: www.irs.go

Canceling an EIN – Closing Your Account

Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity. Regardless of whether the EIN is ever used to file Federal tax returns, the EIN is never reused or reassigned to another business entity.

The IRS cannot cancel your EIN. However, if you receive an EIN but later determine you do not need the number (the new business never started up, for example), the IRS can close your business account. The EIN will still belong to the business entity and can be used at a later date, should the need arise.

To close your business account, write to us at: Internal Revenue Service, Cincinnati, Ohio 45999 and state the reason you wish to close your account. If you have a copy of the EIN Assignment Notice that was issued when your EIN was assigned, include that when you write. Otherwise, be sure to include the complete legal name of the entity, the EIN, and the business address.

Note: If (1) you made a Federal Tax Deposit or other Federal tax payment, (2) are liable for any Business Taxes, or (3) the IRS has notified you that a business tax return is due, you must file the appropriate tax return(s) before we can close your account. See Closing a Business Checklist for other actions you may need to take.

Colorado Business

UQM Technologies Inc., a Fred erick-based developer of alternative-energy technologies, announced that a UQM PowerPhase 145 electric-propulsion system is powering an electric Superbike being unveiled at the Battery Show in San Jose, Calif., this week by pro motorcycle racer Chip Yates and his Swigz.com Pro Racing Team.

Tax Lawyer In Cincinnati Ohio Northern Kentucky Tells How To Deal With IRS

Question: how long does it take to get a child support offset check?

I live in Ohio and my childs father owes back childsupport 6,000.00 the irs took his income tax and mailed it on May 19 to the childsupport office in ohio and it has been almost 2 weeks and nothing. I was told that it could take 14-16 weeks (god i hope not) but i just wanted to knw if any one out there has had this same exsperience and how long did it take to get a refund check thank you

Answer: Sorry but it will more than likely take 14-16 weeks especially being that it has to go through the state. So hopefully you are working and not just relying solely on this check.

More biker events

Here’s a look at some other biker events in the region, including the super-sized EasyRiders Rodeo:

IRSSeniors in Dayton, Ohio Drill Team Competition