The Tax Questions Blog

Archive for March, 2009

Question: How much will I have to pay in taxes next year?

I'm getting a stipend of $6000 this summer that I have to declare as taxable income. How much will the taxes be on this?

Answer: No matter what, you get a standard deduction of $5700. That means the first $5700 you make is completely tax free.

If someone else (probably your parents) can legally claim you on their taxes, you'll pay 10% on the remaining $300 or about $30 total in federal income taxes.

If nobody else can claim you as a dependent on their taxes, then you'll also get the personal exemption, which allows you to make an additional $3650 tax free. if this is the case you'd pay no federal taxes at all.

Note, the first answer is correct, but the numbers they used were from 2008. I have provided info based on the 2009 numbers as they currently stand. However congress can still technically change the 2009 numbers at this point.

How to save for your kid's college

Your child's age, along with whether you're rich, poor or in between, will help determine how you should put aside money for school (and how much).

Question: I've submitted form 15G for 2 FD a/c but my income for '07-'08 is above non-taxable limit. What shud I do?

Since I ve submitted form 15G, no form 16A or anything has been issued by bank to say interest earned or tax liability for the same.
How do I pay tax for this. Should I submit 15G for next financial year even if my total annual income is above non- taxable limit.

Answer: Dear sir,

As per the provison one should not give form 15G if his or her income is above taxable limit after deduction of Chapter -Vi.

IN case of Financial year 2007-08 if no tax is dedcuted from your interest income and your net taxable income (after dedcution of chapter VI) is above 1,10,000/- Please calculate your tax liability and deposit by filling of Challan 280.

Effect of nondeductible, noncapital expenses on S stock basis and taxable income.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA's on November 1, 1995. The length of the article is 1389 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier:...

Non-taxable incomes; a book of important information for investo ...

Non-taxable incomes; a book of important information for investors (1913) $34.95 This book, "Non-taxable incomes; a book of important information for investors (1913)", by Geiger-Jones Co. (Canton, Ohio), is a replication of a book originally published before 1913. It has been restored by human beings, page by page, so that you may enjoy it in a form as close to the original as possible. This book was created using print-on-demand technology. Thank you for supporting classic l...

Keyera Facilities Income Fund Announces January 2010 Distribution

Keyera Facilities Income Fund announced today a cash distribution for January 2010 of 15.0 cents per unit. The distribution will be payable on February 16, 2010 to unitholders of record on January 22, 2010.

Alex Jones Tv {Sunday Edition} 5/8:Pelosi "Buy a $15,000 Policy or Go to Jail"

Question: Why is AIG being allowed to pay 165 million in bonuses considering the Tax Payers Aid they were given?

Obiously these aren't performance bonuses are they?

Answer: Because the Bush Administration refused to put restrictions on how they could use the money when they gave it to them last year.

And they're soul-less, unethical, greedy people.

The Prince: Economic Crisis Solutions for President Obama $11.50 A timely tour de force on the range of current American challenges that outlines answers for us all. In the tradition of Machiavell, the economic crisis and new government programs are explained in clear terms. For each challenge, a creative solution is explored and consequences are outlined. Topics addressed include: The Economic Crisis, Government borrowing, Delayed generation to generation doub...

Paris trading team feels heat of new banking tax

A week after France announced plans to clamp down on traders' bonuses, a specialist Paris trading firm was already working out ways to cope with the new legislation.

British Bank Bonus Tax

Taxpayers Prevail on Use of Fixed Dollar Formula Valuation Clauses

Taxpayers have prevailed in two cases where the amount given to a charity was to be determined by reference to asset values as finally determined for estate or gift tax purposes.

Bogutz & Gordon - Gift Tax Returns

By Andrew B. Wachler and Amy K. Fehn, Wachler & Associates, P.C.

The Federal False Claims Act (FCA) has long been a key weapon in the government's arsenal to fight health care fraud and abuse. With the passage of the Fraud Enforcement and Recovery Act of 2009 (FERA), the government will have an even easier time making a case against health care providers accused of defrauding federal health care programs.

One way that FERA expands the scope of the FCA is by removing the "presentment requirement." Under the previous version of the FCA, a person or entity would be exposed to potential liability only if the allegedly false claim was specifically presented to government. FERA expands the scope of the FCA to claims presented to an agent or contractor acting on behalf of the government. Language was also added to the definition of "claim" to include "requests or demands for money or property where the government has paid or will pay any portion of the money, regardless of whether the government actually has title to the property at the time of the request or demand." These revisions will ensure that the FCA can be used to prosecute false claims submitted to state Medicaid programs, as well as to contractors such as Medicare Advantage Plans.

Another significant amendment to the FCA removes language that was interpreted by the Supreme Court as requiring the government to prove that a defendant had "specific intent" to defraud the government. Now liability under the FCA may exist as long as the false record or statement is "material to" a false or fraudulent claim. Material is defined broadly as "having a natural tendency to influence, or be capable of influencing, the payment or receipt of money or property."

Perhaps the most significant change that will impact health care providers is the change to the "reverse" false claims provision, i.e., that section of the FCA that extends liability to funds retained, as opposed to false claims submitted, by a person or entity that does not have a right to such funds. FERA eliminates the requirement of an affirmative act of concealment and extends liability to an individual who "knowingly and improperly avoids or decreases an obligation to pay or transmit money or property to the Government." FERA also adds a definition of "obligation", which is very broadly defined as "an established duty, whether or not fixed, arising from an express or implied contractual, grantor-grantee, or licensor-licensee relationship, from a fee-based or similar relationship, from statute or regulation, or from the retention of any overpayment." To avoid liability under the FCA, healthcare providers and their counsel should carefully analyze statutory and regulatory provisions in which an "obligation" could arise. For example, a technical violation of the Stark regulations could be construed as an "obligation" to return payments to the government. Decisions related to repayment of government funds are difficult and should always involve a fact specific analysis and judgment of experienced healthcare counsel.

Because the FCA defines "knowingly" as including "deliberate ignorance" and "reckless disregard", an effective compliance plan provides significant protection for providers. However, difficult decisions can arise when compliance activities uncover billing problems that may have been taking place for some time, especially in light of the new broad definition of "obligation". While we have always recommended that providers conduct compliance audits prospectively, and, at a minimum, retain counsel in order to protect compliance activities through the attorney client and/or work product privilege, the FERA amendments make this decision more important than ever.

FERA also includes several amendments that will make it easier for qui tam, i.e., "whistleblower" lawsuits to proceed. Specifically, FERA expands "whistleblower" protection to government contractors and agents and expands the statute of limitations with regard to government intervention in qui tam lawsuits by allowing the government's complaint to "relate back" to the "whistleblower's" filing.

In addition, FERA gives the federal government greater flexibility in the discovery process, by allowing the Attorney General to delegate its authority to issue Civil Investigative Demands ("CIDs") to other officials. This will make it easier for federal officials to conduct discovery such as depositions, interrogatories and requests for production. Also, this information can now be shared with "whistleblowers" making it easier to cure defects in the whistleblower's complaint.

Although most of the amendments to the FCA apply prospectively, the elimination of the "intent" requirement is an exception. Specifically, the amendments that require a false record or statement to be "material to a false or fraudulent claim" will apply retroactively to all claims pending as of June 7, 2008.

The FERA amendments make it easier for the federal government to prosecute health care providers and entities who violate the FCA. To minimize risk, healthcare providers must be aware of their obligations with regard to all healthcare related statutes and regulations and must have an effective compliance plan in place that will enhance compliance and promptly identify overpayment obligations.

New Laws Effective January 1, 2010

The following legislation will take effect beginning Jan. 1, 2010.

Gerald Celente part 2 interviewed by Project Camelot.mp4