Audit

A Ridiculous Situation

June 27, 2011

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Today TaxMama hears from MR in the TaxQuips Forum with a stupid problem.  “In the course of a personal audit, IRS made a routine request for an employer letter to verify that his education is not a minimum requirement of the job. MR’s boss at TSA is afraid to write the letter – and is [...]

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California FTB Audits – Guaranteed Income

February 1, 2011

TaxMama note:  The Franchise Tax Board is starting these audits of people who have been relieved of debt in one manner or another. Odds are, at least 30% – 40% of the audits will turn up errors, with taxes due. I bet that 10% – 15% will turn up errors in the taxpayers favor, where [...]

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Mortgage Interest Paid

June 29, 2010

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Today TaxMama hears from Christie who is facing an IRS audit. She says, “The IRS is saying I owe tons of money due to me not proving that my mortgage expense on my interest-only loan for the house I live in was indeed an interest expense. They say I have not proved that I paid [...]

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Why Your Business Needs A Tax Pro, Part 2

June 11, 2010

So, How Do I Know They Know Their Stuff? Simple: Ask questions. Ah, but what questions? The truth is that you need to begin the process by determining which colors in the financial spectrum are relevant to your enterprise. Doing your homework before you contact a tax professional–and being specific about the areas in which [...]

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Why Your Business Needs A Tax Pro, Part 1

June 11, 2010

How’s Your Crystal Ball?  You’re a savvy entrepreneur and you’re smart about your money, but you’ve found yourself over your head with the IRS. There’s no need to be embarrassed about admitting that you need help sorting out your finances.  The real shame is in hiring the wrong hired gun to tame the taxman. Choose [...]

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eBay Sellers Audit Target

June 3, 2010

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Today TaxMama hears from Robert in the TaxQuips Forum with this inquiry. “I read in a Washington Post article that eBay will now start sending sellers with more than 200 transactions a 1099-K form so that they have to pay taxes on their eBay selling.  I have over 200 transactions. Because I buy most of [...]

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Tell it to IRS

May 13, 2010

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Today TaxMama wants to talk to you about the plethora of new laws, tax confusion, IRS inconsistency – and how you can do something about it.  http://taxmama.com/forum/taxquips/tell-it-to-irs 

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IRS Problem Resolution Day

May 12, 2010

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Today TaxMama wants to give you some pointers on how to use the IRS Open House days effectively. People write to us with IRS problems all the time. I wish I could solve them all for you. But, generally, the only way to solve your problem is for you to take action. Here’s your chance [...]

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