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Mostly Cloudy ~ River stage: 22.25 ft. Falling Sunday, May 20, 2012 |
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Identity TheftPosted Tuesday, May 8, at 5:47 PM The Treasury Inspector General for Tax Administration (TIGTA) issued a report on May 3, 2012 on identity theft and refund fraud. TIGTA's audit revealed that most taxpayers whose identities have been stolen to commit refund fraud do not receive quality customer service from the Internal Revenue Service (IRS)...
You filed your tax return on time (or requested an extension) and life is good. Oh My! What's this in the mail? A letter from the IRS. It's a CP200o notice (Notice of Proposed Adjustment for Underpayment/Overpayment). This is one of the Top 40 IRS notices mailed to taxpayers. The IRS sent out 9,397,615 CP200o notices for the 2009 tax year...
If you give money or property to someone as a gift, you may owe federal gift tax. Most gifts are not subject to the gift tax. Here are eight tips on gifts and gift tax according to the IRS: 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a charity. ...
As an employee, you may qualify to deduct certain unreimbursed work-related expenses. To take these deductions, you must itemize deductions on Schedule A. You report unreimbursed expenses using form 2106. For more information on form 2106 view the instructions. These deductible expenses are considered miscellaneous itemized deductions and are subject to a 2 percent of adjusted gross income (AGI) floor...
Do you use part of your home for business? If you do, you may be able to deduct a portion of you housing expense as business expense. However, there are very specific requirements that must be met in order to qualify to take the home office deduction...
If you paid someone to take care of your child, spouse or dependent last year, you may qualify for the Child and Dependent Care Credit on your 2011 tax return. Here are ten tips on claiming the credit according to the IRS: 1. The care must have been provided for one or more qualifying persons. ...
This is a special edition tax tip from the IRS with seven tips to help you avoid phony refund schemes abusing college tax credits. The Internal Revenue Service offers the following seven tips to help taxpayers avoid an emerging scheme tempting senior citizens and other taxpayers to file tax returns claiming fraudulent refunds...
You must decide whether to itemize or take the standard deduction. These deductions reduce your taxable income. You should itemize if your allowable itemized deductions exceed your standard deduction. Some taxpayers must itemize because they cannot use the standard deduction. You cannot take the standard deduction if:...
There is a credit for qualified retirement savings contributions to an employer-sponsored retirement plan or to an individual retirement program. This credit can be claimed in addition to any IRA deduction claimed on your form 1040. As with any credit, you must meet certain qualifications in order to take the credit. The credit is taken using form 8880...
What is a capital asset? Capital assets include your home and household furnishings, stocks and bonds (personal accounts), etc. According to the IRS capital assets include "Almost everything you own or use for personal purposes, pleasure or investment."...
Each year the IRS releases its top 12 tax scams. The following is the Dirty Dozen tax scams for 2012 from an IRS press release: Identity Theft Topping this year's list Dirty Dozen list is identity theft. In response to growing identity theft concerns, the IRS has embarked on a comprehensive strategy that is focused on preventing, detecting and resolving identity theft cases as soon as possible. ...
What do you do if you have not received your W-2 from your employer? Does this give you a good reason not to file your tax return? No. You must still file your tax return by the due date (or get an extension). If you fail to file, the IRS may create a substitute for return for you. ...
Going through the mail today you see a notice from the IRS with questions about your tax return for tax year 2009 (the IRS has three years to assess taxes). You start looking for your 2009 tax return and cannot find it. Now what do you do. How do your respond to the notice since you cannot find a copy of your return? You can request a transcript of your tax return from the IRS using the phone, mail or the internet. ...
The Internal Revenue Code section 61 defines income as "Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items. The first item is "compensation for services, including fees, commissions, fringe benefits, and similar items". This includes "tips" received from patrons. Here are four tax tips regarding tip income from the IRS:...
Ever wonder if the group soliciting a donation via the mail, phone or internet is a legitimate tax exempt organization? Not really? Well it could impact your tax return if you donate to a group that had their tax exempt status revoked or never actually filed for tax exempt status. So if you are really curious and want to err on the side of caution, there is a new website available through the IRS that lets you check the deductibility status of these organizations...
The IRS just announced the second in a series of public meetings to obtain feedback on how to implement long-term changes to the tax system in order to reduce the burden on taxpayers. The IRS Commissioner, Doug Shulman, has a vision to move the agency from the current "look back" model to "real time" upfront matching of tax returns when they are first filed with the IRS...
When the Internal Revenue Service (IRS) was originally created in 1913 it was a revenue bureau focused on assessment and collection of taxes. After the enactment of Earned Income Tax Credit (EITC) in 1975, the IRS became administrators of social expenditures. With the passage of the Patient Protection and Affordable Care Act (ACA), the IRS is responsible for the implementation of several tax law changes included in the legislation (essentially becoming healthcare enforcers)...
In the past the IRS has been very restrictive in applying equitable relief under the Innocent Spouse defense. The IRS took the position that the innocent spouse had to file within two years from the date the IRS assessed the additional tax liability. ...
In her 2011 annual report to Congress Nina Olson (National Taxpayer Advocate) views the expanding IRS workload and smaller budget as the most serious problem faced by taxpayers. This combination has resulted in inadequate taxpayer service, erosion of taxpayers rights and a reduction in tax compliance...
The IRS recently released new statistics on the tax gap. The tax gap is the difference between the amount owed to the federal government and the amount paid by taxpayers. The tax gap is further broken down into 3 categories: non-filing, underreporting and underpayment...
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Taxes, Liens and Levies, Oh My!!  - Blog RSS feed ![[Feed icon]](http://www.semissourian.com/images/icons/feed-icon-14x14.png){kind=icon} - Comments RSS feed - Send email to Alan Kridelbaugh, CPA, CFE - Login Alan is a CPA and a Certified Fraud Examiner (CFE) with the firm Begley, Young, Unterreiner & White, LLC located in Cape Girardeau. He is a member of the American Institute of Certified Public Accountants, the Missouri Society of Certified Public Accountants and the Association of Certified Fraud Examiners. Alan obtained his MBA from Southeast Missouri State University, and is also a Certified QuickBooks ProAdvisor who provides support to clients on the use of QuickBooks. Alan's firm works with a variety of small businesses and not-for-profit organizations providing accounting and payroll services, compilations, reviews and audits, estate and tax planning and tax preparation. Alan can be reached at 334-2845 (office) and 275-9055 (cell) or you can email him at alan@begleycpa.com.
Hot topics Identity Theft(  0 ~ 5:47 PM, May 8)
IRS CP2000 Notice
Are Gifts Taxable?
Employee Business Expenses
Home Office Deduction
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