The IRS Audit Blog

Posts Tagged ‘reference’

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

NHS reforms live blog: trust me, I’m a doctor

• Poll: do you trust your doctor? • Timeline: NHS reforms • NHS reforms: who are the key players? • NHS reform jargon explained • What are the key issues? 5.30pm: We are wrapping up for the day, but will be back tomorrow with more of the latest news and views on the NHS. Tomorrow you want to have your say? Ask those who have been asked by Lansley to listen in the liveblog. Online for an hour …

YYCCC 2011-03-07 Calgary City Council – Video Archive – March 7, 2011 – Secondary Suites

Question: I need to find the tax forms that the employer sends out for past year taxes catch up . Any answers?

I need to find out what I earned on past jobs to do some past tax filing I know I can get the forms to file from irs.gov but where can I get the other forms that show me what I earned and how much was deducted etc.

Answer: Your FIRST action should be to contact the employers. If that does not work, use IRS form 4506-T to order transcripts of your account.

Tax Tip: April 18 filing deadline approaching; IRS offers tips to taxpayers

The IRS wants to remind taxpayers that they have less than two weeks remaining until the April 18 filing deadline and that they can use IRS Free File to do their taxes or file an extension.

Debt Resolution FAQ13 What are the Tax Implications of DebtPro123

Question: When a bankruptcy discharged debts should a bank send a IRS 1099 as debt forgiven and show it as income?

My company filed for and was discharged in bankruptcy in Aug 2006. Bank of America sent an IRS 1099 showing they forgave the debt in Aug of 2007. They showed an amount of over $8,000.00 as income due to the “forgiveness”. I called them and they refused to correct the 1099 and said it was my problem not their’s and advised that I just throw it away since the company no longer exists and I will NOT be filing a return on it. The Company was an “S Corp” so when it existed the money flowed through to me personally. Should B of A have sent this a year late? Should I just throw it away (doen’t sound smart to me)? Is there an IRS form that I can fill out to correct the error if there was one. Didn’t bankruptcy discharge and eliminate this debt without them forgiving it? By the way B of A continued to send collection notices many times after the discharge, so this seems to be a stabdard with them.

Answer: The bank was correct in sending you a 1099-C. They cancelled the debt and you were the person not paying it back.

The bank was incorrect in telling you to throw the 1099-C away. When you file your tax return, you will postpone the 1099-C cancellation of debt income by filing a form 982. If you have remaining assets the form has you write them down in value. When you sell these at a later date, you may have taxable ordinary income then.

If you total your remaining assets (not only business, but all personal ones as well) by their book value and compare that to your total liabilities, you only reduce the book value to the point it equals the liabilities. Any further COD is permanently eliminated.

IRS tax workshops March 26

Taxpayers who may have difficulty scheduling a visit to an IRS Taxpayer Assistance Center during normal weekday business hours can visit the IRS offices located in Seattle, Everett, Bellevue and Tacoma on Sat., March 26 between the hours of 9 a.m. and 2 p.m.

IRS Tax Problem Help – Forms,website information

Searches target alleged trafficking

A total of 26 criminal search warrants were executed Monday at medical marijuana operations across Montana — including raids in Columbia Falls, Whitefish, Kalispell and Olney — along with warrants aim

Feds issue arrest warrant for NH Free Press publisher