Irs Audit Tax
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IRS Audit Tax - Killer IRS Tax Exam Representation

IRS Audit Tax - Killer IRS Tax Exam Representation | Irs Audit Tax | Scoop.it
IRS Audit Tax Solutions To Your IRS Tax Exams -Audit Problems. Representation In Audits By Killer IRS CPA, Joe Mastriano.
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Tax Mistakes That Could Cost Thousands

Tax Mistakes That Could Cost Thousands | Irs Audit Tax | Scoop.it
Even the smallest tax mistakes can mean big money problems down the road.

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And Now The Bill Comes For ObamaCare | Louis Scatigna, Author of The Financial Physician

And Now The Bill Comes For ObamaCare | Louis Scatigna, Author of The Financial Physician | Irs Audit Tax | Scoop.it

Obamacare Taxes: IRS “determining who to audit and who not to.”

 

“It is unprecedented in recent history, the amount of responsibility the IRS is being given in an area that most people don’t think of as an IRS function.”

On Wednesday, March 5, Treasury Inspector General for Tax Administration J. Russell George tesified before the House Appropriations Committee. As part of his exchange with lawmakers, Mr. George was asked about the tax implications of Obamacare. 

 

As reported by POLITICO’s Rachael Bade:

 

“It is unprecedented in recent history, the amount of responsibility the IRS is being given in an area that most people don’t think of as an IRS function,” George said. Americans, he added, will have more questions about their taxes because of health care penalties or credits, flooding already busy call-in and walk-in tax help centers. “This is going to lead to problems, sir.”

And these resource issues are bound to spill over into tax fraud enforcement, where the IRS will have to do a cost-benefit analysis when determining which tax fraudsters to chase.

 

“They have to determine what enforcement mechanisms they’ll employ … how they go about determining who to audit and who not to,” George said.

 

You might already know about the twenty new or higher taxes in Obamacare.  What you might not know is that the non-partisan Government Accountability Office (GAO) says that the IRS has 47 new taxes and regulations to administer in overseeing Obamacare.

 

The IRS is not capable of doing all this, as the quotation above confirms. ...


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10 Celebrities with Tax Problems You Won't Believe | All You Need ...

10 Celebrities with Tax Problems You Won't Believe | All You Need ... | Irs Audit Tax | Scoop.it
A celebrity on the red carpet will make the entertain section, but a celebrity who didn't pay their taxes will make the front page. Fame and wealth look glamorous, but when stars get caught up in the lifestyle and forget to pay their taxes, they ...
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10 Tax Tips for US Small Business Owners

10 Tax Tips for US Small Business Owners | Irs Audit Tax | Scoop.it

The American Institute of CPAs says that there are 10 words you have to keep in mind in order to be sure you pay no more taxes than you’re legally required to pay.
- Expenses: Keep a daily diary or log of your expenses throughout the year.
- Deductions: One of the principal reasons small business owners pay more taxes than necessary is that they don’t take advantage of all of the deductions they’re legally allowed.
- Traps: A small business owner may do some things that are more likely to get IRS attention than others.
- Retirement: You must have earned income each tax year to qualify for a tax-deductible retirement plan.
- Equipment: For tax years beginning in 2011, a small business may deduct up to $500,000 in equipment purchases as long as the business spends $2 million or less for equipment for the year.
- Payroll: One of the most common and costly tax-related problems for small business owners is that they use the payroll taxes withheld from employees to finance business operations.
 - Insurance: If you have health insurance coverage for your employees, check to see if you are eligible for the small business health care tax credit.
- Veterans: An expanded tax credit is available to business owners who hire certain unemployed veterans.
- Contributions: Be sure to get a valuation for any non-cash items your business donates to charity so you’ll have the records you need to support the deduction for your contributions.
 - Help: If you are unsure about anything related to your tax obligations under the law, you should seek professional help from a certified public accountant.


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Ashok Ramachandran's curator insight, March 2, 2013 5:10 PM

To avoid tax problems, keep your paperwork in order, take advantage of all allowable deductions and consult a CPA, if needed.

Norberto Mercado's curator insight, January 6, 10:31 AM

Share the load. Small business owners can accomplish some pretty remarkable things, but there are times when there’s just too much for one person to handle. It’s always a good idea to delegate responsibilities to employees, even when the workload is relatively normal. If you’re a one-person shop, identify qualified colleagues for outsourcing extra work. You may miss out on some revenue, but you won’t be compromising the quality you’ve promised your customers.