The IRS Audit Blog

Posts Tagged ‘source news’

Question: whats is the irs form 1099 oid for? ?

Answer: Original issue discount (OID) is the excess of an obligation’s stated redemption price at maturity over its issue price (acquisition price for a stripped bond or coupon). OID is taxable as interest over the life of the obligation. If you are the holder of an OID obligation, generally you must include an amount of OID in your gross income each year you hold the obligation.

It’s 1099 time

There are 13 types of 1099 forms, and you may have received one or more of them in the mail. Here’s a brief rundown of what they report. 1099-A. This form is a consequence of foreclosure or bank repossession of secured real property – “acquisition or abandonment”, in IRS terms. Lenders send it to the foreclosed party and the buyer. It shows the date the lender acquired the property or learned it …

1179-UCC #27-Winston Shrout audio-1099OID process: Overturn The Money Changers

Question: Is true about a W9 form?

I worked for a company for 25hrs (at $10/hr), don’t expect to work for them anymore. But I was asked to fill a W9 form, and would like to know what I’m in for.

This is what the “recruiter” said:

“Also a W9 form is attached. If not familiar with this form it is a tax form that states simply that if you make more than $600.00 working for any one company in a calendar year then you must file a W-9 form with the IRS and claim this income at the end of the year. We will not take taxes out of your check but will file the W-9 form if you go over this amount. Please send it back to me with your first time sheet.”

Answer: You gave the recruiter your social security number and the company you worked for is required to furnish you and the IRS a 1099-MISC reporting income that is more than $600.
Since you only earned $250, the company is not required to issue a 1099-MISC, but some companies do anyway just to make sure they are allowed to deduct all expenses for labor. When you filled out the W9 you are stating that your social security number is correct.

Government & Media sweeping Joseph Stack and IRS attack Under the rug

Question: Which to choose, Audit vs. Tax?

I am going for my Masters degree and I have to decide in 2 days whether to get my masters in public accounting (audit) or tax. If anyone knows which has longer hours, which has a higher average salary, which has a higher job demand in our current climate. Any info about the two will be greatly appreciated. thanks!

Answer: Are you a CPA or an attorney?

School consolidation, taxes, teacher salaries and district savings are on the minds of readers looking to solve …

Head of the Class readers offer their suggestions to the state Board of Education as it prepares recommendations for revamping school finances.

WAKE UP AMERICANS – YOU DONT HAVE TO PAY INCOME TAX – IT’S A FRAUD 1/2

Sports, economy, elections to be big news

All eyes will be on the new Freight House District, where the owners of Aces Ballpark expect to open several restaurants and bars in time for the Reno Aces’ opening game April 8. Next to the ballpark, plans call for an upscale Mexican restaurant and bar, a beer garden serving pizza, an industrial loft bar featuring live music and outdoor seating and a sports bar.

Attorney General Files Lawsuit to Stop Alleged Property Tax Scam

Question: Received a tentative job offer with the IRS. How Long? Any danger of losing job?

I have completed all my paperwork (Fingerprinting, SF-85 Public Trust, Tax investigation forms as well as others) and I am pretty impatient. Any IRS employees know how long this process takes? Do you know about any Government tentative job offers being rescinded?

I am already working for a government agency and it would be a simple transfer for me but I am a bit worried. I don’t have any problems in my background, no criminal record and Ive always submitted my taxes on time. Anyone out there with any experience with the IRS and their hiring process?

Answer: it took my son over 3 months to start working, after a job offer and then a lengthy background check

Family Indicted In $3 Million Real Estate Scam

FBI, IRS, Postal Inspectors worked together to unravel elaborate scheme.

IRS Employee Protest