Highlights of IRS List of 2005 Tax Scams
2005 Scam Highlights
1. Credit Counseling. The IRS warns taxpayers to be careful with credit counseling organizations that claim they can fix credit ratings, promote debt payment agreements or charge high fees, monthly service charges or mandatory "contributions" that may add to debt. The IRS Tax Exempt and Government Entities Division has made auditing credit counseling organizations a priority because some of these tax-exempt organizations, which are intended to provide education to low-income customers with debt problems, are charging debtors large fees, while providing little or no counseling....
Employment Taxes - What Are They?
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?
1. Federal income tax withholding
2. Social Security and Medicare taxes
3. Federal unemployment tax (FUTA).
Federal Income Taxes/Social Security and Medicare Taxes
You generally must withhold federal income tax from wages paid to an employee. Form W-4 is used to determine the specific amount, although most payroll services or your accountant will do this for you....
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax ["AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties of the Treasury Inspector General is to study and report the efficiency of the tax payment system, particularly the accuracy of tax collection efforts. Many of the studies conducted by the office reveal starting results, particularly when it comes to businesses overpaying their taxes....
Understanding Basic Tax Terms
If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:
A Tax Form is the form that is filled out and submitted to your government to report all of your tax information for the past year....
Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)
Background issues of access to records
To assess the records at hosted remote retained out of the jurisdiction of Pakistan root many legal issues which are needed to be addressed. Hereinafter there is description of the emerging legal issue of access to e-records.
Lack of statutory provisions for access to electronic data at remote Server
The access to record in electronic data is one of most difficult issue where record has been kept in remote hosting place which requires authorization and permission of the taxpayer and web hosting site....
Failure To Pay Employment Taxes - Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee's paycheck, you are handling their funds. This fact is very important to the IRS and it places great emphasis on any failure to deposit employment taxes.
If you fail to pay employment taxes, you will be subject to a 100 percent penalty....
Taxation of Forgiven Debt: The 1099C & You
Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Once this is paid, the debtor often thinks the matter is closed, but it is not! It is very likely that the creditor will issue a 1099-C. This is a notice to IRS of the forgiven debt. If the debtor does not address this on his return he may get an IRS bill a year or two later with penalties and interest....
How to Reduce the Estate Tax Using the A-B Revocable Living Trust
In a past article I relayed the plight of the widow who stated:
"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."
She told me that she only learned of this after her husband passed away. This is too late for many (there is a way to collapse an A-B Revocable Living Trust, which we'll talk about in another article).
First, what is an A-B Revocable Living Trust?...
Tax Tips - Which Tax Form Is Right For Me?
IRS Tax forms can be confusing.
Am I a 1099 or a W-2.
Do I need an 8832 or a W-7.
What the difference between an "S" corp and schedule "C" income?
Our program is designed to teach you to build lasting wealth. In order to do so, we've got to start with a fundamental principle.
Stop focusing on IRS Tax forms and start focusing on generating income.
I don't mean to be rude, but some people are so hung up on which form to use, they never really get out of the starting gates....
Anticipating Your IRS Refund Can Cost You Plenty
While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world.
The tempting ads are plastered in newspapers and on television for "fast cash refunds", "express refunds", or "instant refunds." The ads offer to get your refund in a day or two, or in some cases even instantly....
Know A Tax Cheat? Get Paid To Tell The IRS
According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive.
The most important thing to claim your reward is quality documentation. Without documentation of the cheating going on, it's unlikely that the IRS will investigate the charges and thus no money bonus for you. As might be expected, the IRS receives a lot of information that is merely a hunch or because someone is trying to get back at somebody....
SFR Substitute for Returns: IRS Action on Non-Filers
In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.
The IRS is agressively using the "Substitute for Return" (SFR) program to file tax returns on behalf of those who fail to file. The SFR program has been around a long time. However, due to better computers at IRS, it is being used now more than ever to get people into filing compliance....
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