The Tax Questions Blog

Archive for July, 2008

John P. Karoly Jr.'s secretary pleads guilty to tax evasion

Heather Kovacs failed to report $70,400 in taxable income from 2004 and 2005, records say.

392 Light Tower, Belleville

More struggling cities taking back company tax breaks

Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks' A deal's a deal. Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks' A deal's a deal. As the economy sputters along, municipalities struggling to fix roads, fund schools and pay bills increasingly are rescinding tax abatements to companies that ...

Tips for Church Bookkepers

Question: how do you file a complaint against an internet business from England?

There's a business in England called "morethantraffic.com" who have been taking people's money and delivering nothing in return. I want to file a legitimate complaint against this company to stop them from taking other people's money. They are definitely a fraud.

Answer: have you tried contacting trading standards??

InfoWorld's 2010 Technology of the Year Awards

If you caught "InfoWorld's top 10 emerging enterprise technologies" in November, you had a running head start on our 2010 Technology of the Year Awards. MapReduce, desktop virtualization, I/O virtualization, NoSQL databases, cross-platform mobile application development, and application whitelisting topped our list of high-impact technologies, and not surprisingly, all are represented in our ...

Consumer Smart: How to File a Complaint & 'Scareware'

Question: How can I inform the IRS of payment adjustments on Schedule B of 941 form?

We have several corporations we run payroll for, and I accidentally paid a semimonthly tax deposit under the wrong federal id number and bank account. The tax has been paid, but applied to the wrong entity. I have made a new payment today for the correct corp and will apply future taxes towards the overpaid corp's liability. I just wondered since I know of the problem now if I can alert the IRS before filing Schedule B, or do I have to wait until they receive the 4th quarter report and post it and then send me a letter saying the tax is paid late, yadda yadda yaddda.... before I can send the explanation.

I couldn't find anything on IRS website that addressed this.

Answer: The IRS does not have any way to correct a 941 that has not yet been filed. When you receive your notice that your payment was late, you can provide them with the explanation you have given above and ask them to waive the penalty for reasonable cause. (They have authority to waive penalties, but they cannot waive interest that is due, so you will have to pay interest if it is charged.) I would attach a statement to the 941 when you file it with the whole explanation. They will probable not read it or act on it at the time it is received, but it is something you can point out when you appeal the penalty later.

RamsGod did not read your info completely. You stated that you have already made up the missed payment for the corporation and will use up the overpayment on the other company before quarter -end.

An alternative, if you really want it, is to get power-of-attorney forms (form 2848) signed by an authorized officer of each corporation and submitted to the IRS for these 2 companies for the 941 reports. Then you can call them and get the amount that was applied to the wrong company transferred to the correct company. It's more work, but this way neither company will show up as delinquent.

Hastings Entertainment, Inc. Reports Results for the Second Quarter of Fiscal 2010

Hastings Entertainment, Inc. , a leading multimedia entertainment retailer, today reported results for the three and six months ended July 31, 2010. Â Net loss was approximately $0.1 million, or $0.01 per diluted share, for the three months ended July 31, 2010 compared to net loss of approximately $0.4 million, or $0.04 per diluted share, for the three months ended July 31, 2009. Â Net earnings ...

Question: How can I file a back dated Tax return for work done in the UK from 2000-2005? ?

I am a British Citizen now living in Australia as a permanent resident. I've recently stumbled across a file containing all my P45's. How likely is it that I will get any tax back?? Does anyone think it's worth it?? And where to start?? Help me! The Inland Revenue page is really complicated...

Answer: in the USA back taxes that may be owed to you are only valid for 3 years.

Back taxes that you owe them are eternal.

The Rest of the Civil Docket in Plain English

This is a catch-all group of civil cases the Court is hearing this Term. There are important cases to the business community, such as the Bilski patent case. The Court also has an unusually high number of cases regarding the processes by which the federal courts operate. Click the links below to scroll directly to cases of [...]

How to fix a rich but unequal country