The Tax Questions Blog

Archive for May, 2010

Question: The IRS audited my deceased dad's estate last year, and looks like they want to audit again. How long?

My dad's revenue streams were converted to trust about 5 years prior to his passing. It has been 5 years since his passing. Last year, we were audited for his estate. There was a finding that there was no revenue. This year, I received a notice that they want to audit for two years.ago They even replaced his first name with Deceased. What kind of government bureaucracy flags a $0 income estate that has been closed (previously proven by IRS audit) Also I am not the executor, nor the recipient of any of the trust money.
Has the IRS gotten that callous and unfeeling that live people are not enough for them? Who was the idiot who changed his first name to Deceased in the IRS records? They spent over $100 Million on new computers and software, yet they can't determine that auditing closed estates over and over is counterproductive? First audit was 7 year audit, recent one is single year, 2005.

Answer: This is just a guess, but I'd say that the trustee didn't properly prepare the trust's tax returns when they were due. If the trust has been wrapped up, a final return should have been filed. That would have put the IRS on notice that there was nothing to go looking for any more and would probably have them off of your back now.

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Harvard’s Faust Gets $822,011 in 2008 as IRS Examines Salary

Harvard University President Drew Faust received $822,011 in salary and benefits in 2008, according to a government filing made as the Internal Revenue Service scrutinizes compensation at about 40 colleges.

How to Avoid an IRS Tax Audit : How to Avoid IRS Audit Flags

Question: I took out a loan from 401k and the Irs wants to tax it even though fidelity says its not taxable help me?

fidelity says its none taxable because im paying it back and dont have anything to send me ive sent the irs all copies of my pay check to show im still paying on the loan yet they want leave me alone

Answer: For the IRS to even know that this happened Fidelity had to have reported the distribution to the IRS. You should be able to get a transcript of what they reported and use that to determine what the issues may be. If the distribution was a loan and you have been making the payments on time you are not liable for tax or penalty.

Commerce Bancshares, Inc. Announces Second Quarter Earnings Per Share of $.71

KANSAS CITY, Mo.----Commerce Bancshares, Inc. announced earnings of $.71 per share for the three months ended June 30, 2010 compared to $.53 per share in the previous quarter and $.46 per share in the second quarter of 2009.

Question: Is surcharge on Indian Income tax calculated if Total income > 1000000 or taxable income > 1000000?

For example if my total income is 1000000, but after deductions (80L, housing loan, etc) taxable income comes to 900000. Is surcharge applicable?

Answer: It is net income after allowances (HRA, Conveyance, Medical) and deduction (80C, 80CC..). But it includes threshold limit of personal exemption.

http://mytaxes.in/index.php?board=5.0

Mayor calls for tax increase to pay for municipal services in budget proposal

City taxpayers would pay another 3.55 percent for municipalservices under Mayor John Engen's budget plan for the upcomingfiscal year - a 2011 proposal that includes maintenancedistricts.

Asm Dems on Passage of Bills to Save Seniors from Gov's Property Tax Relief Cuts (A-10 & A-20)

How To Save On Taxes And Brokerage Costs

Never miss a chance to cut taxes and trading expenses. Here's a case study.

Question: What are some good ways to reduce my taxable income?

Answer: Not enough info to help you, and most of the advice you have got means spend money to save, If you are on an ave wage, $80 for a good accountant is a great deduction. and (latall r) it is ATO not irs here.

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This is a Center for Data Analysis Report On Taxes

Abstract: The Bipartisan Tax Fairness and Simplification Act of 2010 would simplify the convoluted tax code and lower tax brackets for most Americans.

The Farm that Barters