I'm being audited by the IRS-Now what?
How does the IRS decide who gets audited? The IRS uses a recently updated formula and scoring system to evaluate tax returns. If something seems out of whack- -like low income accompanied by extremely generous charitable contributions--the return is flagged for a more in-depth look. Simple math errors do not warrant audits. What does warrant an audit are things like taxpayers forgetting to report a source of income or getting paid as independent contractors and forgetting to pay your Social Security tax. There are two basic types of audits.
The most common are by correspondence. The IRS may request further documentation by mail. You should send copies only and always keep original records in your files for at least three years, the amount of time the IRS can go back and audit a return. Keep in mind, the IRS may go back indefinitely if they suspect fraud. The second type of audit is face-to-face.
These occur when the amount of documentation requested by the IRS might be too large to handle by mail. In these cases the taxpayer must visit a local IRS office on a specific date. AUDIT ADVICE--1) Act promptly. The longer you wait to respond to an audit the more you can pay in interest and fines. 2) If you have a conflict with the date or need more time to get records in order, call and reschedule the meeting.
3) Be friendly when dealing with IRS agents. They might have leeway when it comes to accepting partial records and documentation. Being cordial can't hurt. 4) Be honest. On the other hand, don't volunteer any information that isn't asked for.
5) Carefully choose your tax preparer. Be sure he or she would be able to help you with an audit. And remember, if you sign a return you are taking responsiblity for that return. Blaming your accountant or brother-in-law won't help during the audit..
Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
Austin, TX (ContentDesk) October 6, 2005 -- People for Efficient Transportation, Inc. filed a lawsuit today in the District Court of Travis County, on behalf of taxpayers throughout Texas against Governor Rick Perry. The lawsuit takes Gov. Perry to task, as the state's Chief Planning Officer, for allowing unlawful Metropolitan Planning Organizations (MPOs) to allocate federal dollars, which includes allocating funds for Perry's plan to privatize and toll already tax funded Texas public highways.AUTHORITY TO ALLOCATE FEDERAL FUNDS IN QUESTIONGovernor Perry has mandated that MPOs shift the publics freeways into tollways across the state; however, the lawsuit claims Perry's MPO simply have no authority whatsoever to dispense funds for such an unpopular and unconstitutional scheme. That includes allocating tax dollars to Gov.
Perry's unelected, therefore unaccountable Regional Mobility Authoritys (RMAs) who will set the toll rates for already tax funded public highways. It's important...
Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
Tax help > Governor Rick Perry Sued; Lawsuit claims Governor Lacks Authority to Privatize and Toll Already Tax-Funded Public Highways
Ascentis Announces Partnership with RSM McGladrey
Bellevue, Wash. (ContentDesk) July 27, 2005 -? Microsoft Gold Certified Partners Ascentis and RSM McGladrey work together to strengthen mid-sized companies businesses through the integration of Microsoft Business Solutions ? Great Plains and Solomon with HROffice."We are excited to be able to offer automated HR [HROffice to our clients," says Tom Burtner, Director, IT Consulting at RSM McGladrey ? Mid-Atlantic. "HROffice is truly a program that can pay for itself by providing workflow efficiencies. Its integration with Microsoft Business Solutions - Solomon and Great Plains, external payroll solutions, and insurance carriers is unparalleled. HROffice will help us retain current clients who require an HR solution as well as obtain new ones."HROffice is a human resources management system (HRMS) that builds on the latest Microsoft technologies and integrates with the tools HR departments already use.
The software integrates with Microsoft Business Solutions ? Great Plains, Solomon,...
Ascentis Announces Partnership with RSM McGladrey
Tax help > Ascentis Announces Partnership with RSM McGladrey
How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The IRS expects to issue approximately $54 billion dollars in refunds for the 2003 tax year. The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you will see a "Where's My Refund?" link. Using the service is fairly easy.
You will need a copy of your tax return to provide the necessary information to get the status of your refund. Specifically, you need to provide your social security number, you tax filing status and the exact amount of your refund. The reason the IRS requires all of this information is purely for security purposes, to wit, the agency wants to make sure it is giving access only to the taxpayer. Again, all of this information should be on your return. If it is not, something is very wrong!Once you submit...
How to Check the Status of Your Tax Refund Online
Tax help > How to Check the Status of Your Tax Refund Online
As a Bookseller Don't Risk Being Accused of Cheating on Your Taxes
Copyright (c) 2006 Michael Mould
Many online booksellers are of the opinion that their selling of books online falls under the heading of a hobby and they are not obligated to report the federal or state income from their bookselling endeavors, and while I am not a tax consultant or a tax lawyer, I believe many of them are grossly mistaken in their interpretation.
If you are selling books regularly through one of the online marketplaces and realizing a real profit from these sales, you are operating a business and you are required to pay an income tax on your profits.
If you are selling your own collection of books, you may still be obligated to pay an income tax on the sales if what you are selling them for exceeds what you paid for them or if you depreciated them previously.
I have read several places recently that the IRS has been looking into the online sellers of all kinds of products with a particularly keen interest in sellers having...
Tax help > As a Bookseller Don't Risk Being Accused of Cheating on Your Taxes
Debt Settlement
Debt settlement implies offering to settle a debt for an amount less than the original debt. The creditor generally accepts this offer if he thinks that the consumer's only other option is to go for bankruptcy, in which case the creditor can lose all his money. People who are heavily in debt and do not have sufficient money to repay their loans generally go for debt settlement. It benefits the debtor in such circumstances, since there is quicker repayment of debt with a smaller amount of money to be paid, and it helps in fast recovery of credit. Debt settlement also puts an end to creditor harassment, since they stop calling you to ask for their money.
In countries where living on credit has become very common, debt settlement has turned into a thriving business.
There are special attorneys and agencies that can help you in settling your debts. They usually charge up to 15% of the debt, and some startup fees. There might be late fees and interest charges that need...
Debt Settlement
Tax help > Debt Settlement