The IRS Audit Blog

Posts Tagged ‘taxes,’

Question: Does anyone know how to wave the $800 LLC Tax Fee (in California) for first year small business owners?

Where do I download or find the form from the state or IRS?

Answer: The minimum franchise fee in CA is strictly a state issue; the IRS has no involvement with it. I’ve never heard of CA waiving it.

Tax fraud behind bars

Florida has achieved a new No. 1 ranking, but it’s not one to brag about: It leads the nation with the most prison inmates filing fraudulent tax returns.According to the Treasury Department, of the nearly 45,000 phony tax return claims filed in 2009 by prisoners, 8,777 of them (about 20…

The 411 for Your Form 1040

Question: Why did we not get our 2009 house buyers tax credit?

My husband and I filed Married filing Jointly. We also bought a house last year, but it was only in my husband’s name because my credit was bad. He has not owned a house in over 3 years. We just received our tax refund, minus the $8,000 tax credit. Was told by the IRS that we would receive a letter explaining why in a couple of weeks. I would really like to know now. Any help would be great…THANKS!

Answer: The letter you receive in a couple of weeks will do the job better than any of the guesses you can expect here.

IRS worker from NH, others face tax fraud charges

Associated Press – March 24, 2011 5:54 PM ET BOSTON (AP) – A longtime IRS worker from New Hampshire is among 14 people that federal authorities accuse of filing false tax returns in a bid to…

Federal Home Insulation Energy Tax Credit 2010, 2011

Question: IC taxes…?

Im currently working for a company that has me as an IC, they will be sending me a 1099 at the end of the year, even though i should be an employee. I plan to file an ss-8 later on becuase i know for a fact i’ll get fired if i do it now and i plan to be here a few more months. I wanted to what i’m supposed to do about the quarterly taxes. i only make 300/week but I dont want to have to pay a bunch of penaltys and interest come next april, and will some of the money i pay this quarter be refunded to me if the irs rules in my favor?

Answer: Put about 25% aside. You are liable for income tax and employee FICA/Medicare tax. As an employee it should be withheld from your compensation. If it is not withheld, you are still liable for it. An IRS determination in your favor means you would owe employee FICA/Medicare tax of 7.65% of your wages instead of aproximately 14% in self-employment tax.

If you get fired, take your IRS determination with you when you file for unemployment.

Sen. Debbie Stabenow addresses farming issues during Adrian visit

U.S. Sen. Debbie Stabenow said Tuesday that Lenawee  County has a “great stake” in the upcoming Farm Bill due to it leading Michigan in total number of farms and in revenue from corn, soybeans and wheat. Stabenow, D-Lansing, spoke to a group of about 30 people Tuesday at the Adrian Public Library. She is chairwoman of the Senate Agriculture, Nutrition and Forestry Committee. The gathering was …

Enter For A Chance To Win-Win With The Big Check Video Contest

Question: Does anyone know if the IRS can dig up my past 2008 Federal Income tax 1040 and send to me?

Somehow I either misplaced it or it wasn’t placed in the packet when AARP tax-aide helped me last tax year. Is it possible that IRS can find a copy of this and fax it to me? I need this form in order to be approved for financing for a homeloan. Urgent message……………thanks

Answer: Yes, use form 4506 for a copy, 4506-T for a free transcript. If you need it fast, go to an IRS service center with proper ID and you should be able to get a transcript from them.

This Week in Credit Card News: Reward Offers, More Fees and Bouncing Debit Cards

Provided by LowCards.com

Printable Income Tax Forms

Question: what do i do if i missent my federal tax forms to the state treasury, and the state tax forms to the IRS?

do i need to re-send my tax forms to both agencies?

Answer: you need to send them to the right taxing agencies and make sure that you get them to the right places the second time

Tax Tip: 6 facts about choosing the standard or itemized deductions

When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax.

Removing IRS & Federal Tax Liens