The IRS Audit Blog

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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 Do you know about any Government tentative job offers being rescinded?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

Ruling on Kilpatrick’s restitution expected Jan. 20

Closing arguments in ex-Detroit Mayor Kwame Kilpatrick’s restitution hearing ended. Read Free Press staff writer M.L. Elrick’s blog.

21a. Can I Get an IRS Installment Agreement? Why won’t they let me pay over time?

Question: 60 Day IRA Rollover?

I want to take distribution from my IRA Rollover account with the intention of redepositing the funds back in the same rollover account within 60 days. WIll this violate any IRS rules because my intention are not to rollover to another plan?

Answer: See IRS Publication 590. Nothing prohibits changing your mind and redepositing a rollover back into the same account it came from. Just don’t be late. 2 things to be aware of:

There is manditory 20% withholding from an eligible rollover if distribution is to you. When you put the money back in, you need to add that missing 20% back in from another source, or that withholding would be taxed/penalized. If you do everything on time, you could adjust your W-4 or 1040-ES to recover the withholding sooner that waiting until filing next year.

If you take a rollover from an account, you cannot take another rollover from that account for a year. And similarly if you put a rollover into an account, you cannot put another rollover into that account for a year. However, a direct trustee-to-trustee transfer to another qualified account is not subject to withholding or rollover frequency limits, if you later want to move any of it to a different trustee directly.

Video poker king target of federal investigation

Casey Szaflarski allegedly runs a multimillion-dollar video poker business for the Chicago mob.But he’s the first to tell you he has a fuzzy memory.When lawyers in a civil case tried to figure out how much he was worth, he forgot to bring any financial documents — even though he had been ordered to do so.”An oversight,” Szaflarski said.He also told lawyers he doesn’t own the Bridgeport home he …

Tax Law, Real Estate & Credit Tips : IRA Distribution Rules

Calendar

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POWER TAX RELIEF, TAX RELIEF, IRS TAX RELIEF, Tax Attorney

Question: How do I liquidate my 401K?

Trans-America, will not give me money from my 401K unless I have a financial hardship, died, fired or become disabled. So I want to liquidate the 25K. What form must I fill out? How do I get my money from them? I’ll take the penalty & pay the IRS in April.Can anybody help me?

Answer: You need to use their paperwork and follow their proceedure.

If you do not have a hardship, I suggest you keep the 401(k) intact.

If you are worried about the markets, just move the funds inside of the 401(k) into the cash/principal preservation choice.

Creditors can get garnishee orders

Q. If people cannot pay their credit cards because of job cuts, can the credit card company garnishee their wages? Credit card companies and other creditors do have the right to garnishee your wages, but they need to get a court order to do so.