Posted by admin on April 1st, 2011
Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.
2006 Scams
The IRS has kicked out its annual list of highly dubious tax scams for 2006. Promoters often make these strategies sound credible, but they simply aren’t. If a taxpayer attempts to use one of the scams, the IRS will audit and aggressively attack the taxpayer as well as try to identify the promoter for prosecution.
The 2006 list of scams contains most of the traditional claims. There are, however, three new areas being targeted by the IRS. They and a few others are highlighted in the following list.
Two new schemes have worked their way onto the list in 2006. In recent months IRS personnel have noted the emergence of the two scams––“zero wages” and “Form 843 tax abatement”–– in which filers use IRS forms to claim that their tax bills have been wrongly inflated.
Also high on the list in 2006 is “phishing,” a favorite ploy of identity thieves. Over the past few years, the IRS has observed criminals working through the Internet, posing even as representatives of the IRS itself, with the goal of tricking unsuspecting taxpayers into revealing private information that can be used to steal from their financial accounts.
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Posted by admin on June 14th, 2010
In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically.
Changes to IRS Tax Settlement Rules
The IRS used to be the terror in most peoples nightmares. Specifically, people who got behind on their taxes lived in dread of having the IRS catch up with them and freeze their bank account, sell off their home and so on. To promote voluntary resolutions, the IRS instituted a program known as the offer in compromise.
The offer in compromise program was designed to let taxpayers with back tax problems resolve their problems voluntarily. Instead of waiting for the IRS to catch up to them, taxpayers could come forward and essentially admit their sins. In exchange for this voluntary action, the IRS would consider a reduction of the amount past due including penalties and interest. To be frank, the program was a massive success.
Starting July 16, 2006, the offer in compromise program is undergoing changes pursuant to a new federal law. Ironically, the small government Republican majority in Congress pushed through this nasty piece of legislation known as the Tax Increase Prevention and Reconciliation Act of 2005. The legislation dictates very specific changes to the offer in compromise program.
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Posted by admin on May 30th, 2010
The history of car donation stretches back a long way, if you are aware where to search you can easily find info on topics such as places to donate used cars, car donation charities in michigan and also purchasing donated vehicles, a multitude of people will probably need specific tax rules info. Imagine you are searching for advice on jewish car donations, clearly these sort of topics may not be freely available on that many sites, make sure you use your bookmarks button whilst you carry out this kind of taxation research, your precious search results should be treated with the utmost of care.
Car donation is a subject that has a long and exstensive history and spans many different areas such as car donation centers,tax and car donation and taxation. Experts on IRS will be able to give you some real niche articles on areas such as california car donations and even how to start your own blog on the subject of charity car donation, you could even specialise in related niches like taxation and money saving tips.
Although you are looking for tax advice on the world wide web you may have neglected your town library, they will unquestionably give you access to tax related books that will reveal to you the history of car donation. Carrying out tax donation research can be an exhausting thing, your search might have primarily been made for donating cars to charitable organizations but during your search you actually may have ended up learning about, charitable car donations, donating used vehicles and even car donation in california, you must try not lose track of the real purpose of your search.
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Posted by admin on May 20th, 2010
Capital Gains tax is a federal tax penalty that is imposed on capital accumulation, investment and productivity. Some of the income that is subject to capital gains tax includes the sale of an investment, a home, a family business, a farm or ranch or even a work of art. The capital gains tax is applied on the difference between the price paid for an item and the money received from selling it, or the capital gain. The most common form of capital gain for people is the sale of their corporate stock. The capital gains tax rate for individuals is currently at one of its highest rates ever and is at 28% while the corporate rate is at its greatest level in history, namely 35%. There is an inequality with capital gains tax in the fact that people must pay taxes on all of their gains but are only able to deduct a portion of their losses. This particularly applies to investments that fluctuate between gains and losses over time.In many states taxpayers are liable, not only for the federal capital gains tax but also the state’s own form of capital gains tax. This can actually take the combined rate to almost 40%. California, Montana and Rhode Island are amongst the highest in the country.
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