The IRS Audit Blog

Posts Tagged ‘irs’

Question: Employer showed additional $40,000 in income, which i did not earn.?

I worked for the employer and initially earned $13,000 and i received the W-2 form for the income and i filed the taxes for $13,000. Received letter from the IRS that the employer showed addition income for fishing income $12,790, another income $12,790, rental loyalty $13,990.
I don’t understand the additional income showed by the employer and how can is dispute. ( The employer never gave me any document regrading the addition income shown on the IRS). I NEVER RECEIVED THE ADDITIONAL INCOME SHOWN IN THE IRS DOCUMENTS BY THE EMPLOYER

Answer: Go to the Human Resources Department of the company where you work. They can help explain what is going on. Also, call the person who does your taxes. You don’t by chance work on a boat? Are you sure somebody else isn’t using your Social Security Number? Identity theft can cause strange things to happen with your taxes. Call the IRS to see if anybody worked for a different company using your SSN.

Yakshna Solutions, Inc. Adds More IRS Forms to its Tax Product Series to Help Tax Payers to E-file their Returns and …

Tax2efile is an exclusive tax e-file service from Yakshna Solutions, Inc. Tax2efile provides e-file service to individuals, business and non-profit organizations to complete the actual tax returns and extensions timely, accurately to avoid interest and penalties. Tax2efile helps to file IRS extension forms 4868, 8868,7004 to defer the actual returns, in some cases to defer the payments for 6 …

Association Form 990 Database Demo

Tax time: ‘Knowledge is your best weapon’

Tips to remember when filing your Oregon and federal income tax returns.

Kent Anderson Law Office

Question: What’s the best way to transfer money from overseas from proceeds of property owned by US citizen to avoid tax

I’m trying to figure out the best legal way to minimize taxes in transferring funds from overseas. These funds are close to $250K and are proceeds from the sale of property located outside the US, but owned by a US citizen, in this case my father. I am not sure if the gift law would apply here since he’s a citizen. Also, what documentation is required by the IRS?

Answer: 1. If you transfer money, there is no tax implication.

2. You father must report the sale of the property on his U.S. tax return. He must file the tax return if the income is more than the filing limit.
If he paid taxes on the profit in a foreign country, he will get foreign tax credit by filing form 1116.
Read: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html

3. If he owned the house for more than two years and lived in the home, then he may exclude profit from the sale up to $250,000
Read: http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html

4. If your father gifts you property or money, there is no gift tax on the receiver of the gift. But person giving the gift must file gift tax return, even he may not owe any taxes as there is a life time exemption of 1 million.
Read http://taxipay.blogspot.com/2008/03/us-gift-tax.html

IRS Awards $4.5M to Whistleblower

PHILADELPHIA— An accountant who tipped off the IRS that his employer was skimping on taxes has received $4.5 million in the first IRS whistleblower award. The accountant’s tip netted the IRS $20 million in taxes and interest from the errant financial-services firm. The award represents a 22 percent cut of the taxes recovered. The program, designed to encourage tips in large-scale cases, mandates …

Owning An IRS Lawyer: Marc Stevens – Part 1

AZ planning crackdown on tax fraud; new scrutiny may affect migrants most

PHOENIX – Armed with a new computer program, the Arizona Department of Revenue is cracking down on tax fraud this year.

Democrats Continue Attack on Small Businesses

Real Estate Losses Become An IRS Tax Audit Target

Sorry, real estate investor, the Internal Revenue Service is coming to get you, and it won’t be pretty.

Macrophage – “After America”