The IRS Audit Blog

Posts Tagged ‘IRS Forms’

Question: Can you request W-2 forms from employers on the IRS website?

We live in Alaska, my guy works for Wal-Mart and in the middle of our move has lost his W-2 form. Is there a place on the web that you can download W-2 forms instead of going to the IRS office? I appreicate the help!

Answer: No.

For this year, you will first have to deal with Wal-Mart to try to get a copy of your W-2 form. Ask them to send a duplicate. I don’t know if Wal-Mark also posts W-2s on a website for employees or not, but if they do, that is a possibility.

The IRS will not have a copy of your W-2 until about May or June (they get them from the social security office).

Fall 2007: Controversy Over Past President’s Salary Reemerges

After stepping down as Cornell’s 11th president, Jeffrey S. Lehman ’77, who left office under controversial circumstances, was compensated $785,518 for the 2005-06 fiscal year — over $75,000 more than then-Interim President Hunter R. Rawlings III.

Help With IRS Problems like Levies & Garnishments

Question: How do I complete a 1099-B?

Hello. I work for a domestic company who fired a 2% shareholder. The company then purchased his remaining shares for a total of $10K. I need to report this on a 1099-B but have no idea. I understand area 1-5. Anyone know about #6 (classes of stock exchanged)? I’m thinking blank because no stock was “exchanged” only purchased.

Really usure about 8, 10-11 (profit/loss, unrealized profit, aggregate profit).

Extra points to anyone who can tell me why the IRS makes filling out these dang forms so difficult.
I respectfully disagree with “tax lady” and more agree with Bostonian in MO.

I found a tax code that states :”if we cannot determine if we fall under 301 or 302, we should provide a 1099-B.”

We don’t know if we fall under 301 or 302, so we, as an S corp, should file a 1099-B.

Answer: Keep it simple. Assuming that this was simply a straight share buyout, put the amount you paid him in box 2 and leave it at that.

Box 5 would be blank on a cash buyout. Boxes 8 – 11 are for certain open regulated futures contracts and foreign exchange contracts. Again, on a straight share buyout, they would be blank.

The only other box you need to concern yourself with would be box 4 if the payee was subject to backup withholding. You’d show the taxes withheld there. Most payees are not subject to backup withholding so you would not withhold any tax.

In & Around the Chathams

in and around the chathams FRIDAY, MARCH 26 The annual Chatham High School Fashion Show will be held this Friday, March 26, in the gymnasium of the high school at 255 Lafayette Ave. in Chatham Township. Basket and silent auctions will start at 6 p.m., and the fashion show will follow at 7:30 p.m. The evening will feature Chatham High School senior models showing an ensemble of pieces designed by …

Dino Merlin – Vojnik Srece

Question: which irs forms do we use to claim a business that we sold and financed?

We had a business that was a corp, We dissolved the corp and converted it to a sole prior. on August 1st, 2008. (the cpa has already closed out the corp.and was approved by the state to dissolve the business, therefore all the required forms have been filed on the corp.) Due to illness we had to sell the business on 12.31.08, we financed the note,and Im trying to do our own taxes to save some money. Actually we had the business as a sole prior. for less than a year.

Answer: You mean a sole proprietorship, right? There isn’t supposed to be a “we” owning a sole proprietorship. (Look up the definition of sole http://dictionary.reference.com/browse/sole )

Based on what you wrote in your question, the best advice I can give you is to go back to the CPA or use another tax professional. This is a case where saving money now will cost you a lot more in the future. Also, it depends on the exact terms of the business sale. It would be irresponsible for me to answer your question without reviewing the sales agreement and related documents. (In fact, answering this question without the facts could easily lead to charges that may well result in a fine or the loss of my CPA certificate.)

I hope this helps.
Gary

Deb Price: ‘Dear IRS’

The Internal Revenue Service often finds my family confusing, and this year is no exception.

JAMES TRAFICANT 4of5 TAXPAYER’S CHAMPION VS. IRS & AIPAC (AMERICAN ISRAEL PUBLIC AFFAIRS COMMITTEE)

Question: How do I go about paying quarterly payments for self-employment tax to the IRS? What forms do I need?

I need to know how I go about setting up quarterly self-employment taxes to the IRS? That’s just the 15.3 percent that I have to pay quarterly, correct? I don’t have to worry about income tax and state tax until the end of the year, right?

Answer: You pay quarterly tax on an 1040ES, well, quarterly. It is a payment toward you total income tax.

Different states have their own rules.

PROVISO Community Calendar

The Proviso Herald welcomes items for the Community Calendar as well as for columns including Business Briefs, Campus News, Community Briefs, School Digest and Newsmakers. Items must be received a minimum of 10 days prior to publication; earlier is better. E-mail to oakpark@pioneerlocal.com; fax to (708) 383-3678; or mail to Pioneer Press, 1010 Lake St., Suite 104, Oak …

Self Employment IRS Income Tax Rate Information & Help 2009, 2010.mov

eSmartTax.com, Powered by Liberty Tax, is All New for 2010

VIRGINIA BEACH, Va., Jan. 6 /PRNewswire/ — Now more than ever, online tax filers want their refunds fast and easy.

Real Money IRS Pt. 1