The Tax Preparation Blog

Archive for September, 2007

Who doesn’t like to get away to a place which is not crowded, easy on the pocket but at the same time beautiful and refreshing? Not many people know about this wonderful little place on the coast of Maharashtra called Tarkarli. It is situated 546 kms from Mumbai, 6kms kilometres to the south of Malvan. It is a narrow stretch of the most beautiful beach with pristine waters situated at the convergence of the Karli river into the Arabian Sea. It is so pure and beautiful, you wouldn’t be wrong if you call it a virgin beach. Such is the clarity and transparency of the water that on a fairly sunny day, one can see the sea-bed upto the depth of 20 feet.

Staying at Tarkarli is also really affordable with many cottages available along the stretch. While at Tarkarli, do not forget to go Scuba diving and Snorkelling which are available at really cheap prices. Spotting dolphins while going into the sea is not a rarity either. For novices, trained experts will guide their trip under water to ensure that you have the best marine experience. This is the best place to be if you want to explore the depths and beauty of the Arabian Sea.

Another popular attraction there is the Sindhudurg fort, one of Maharashtra’s most famous sea forts built in the era of Chattrapati Shivaji Maharaj, located 8 kms off Tarkarli; and also the Padmagad fort.

The locals are very warm hearted, friendly and helpful. Fishing is their main occupation and fishes are caught fresh throughout the year. The best time to visit Tarkarli is during the Ramnavami festival. The festival is celebrated in a very colourful and cultural manner with a lot of joy and fanfare by the locals. It also goes unsaid that one must try the local cuisines and the delicious freshly caught fishes.

The best way to get there is by rail or road. The nearest rail station is Kudal, located 45 kms away. Auto rickshaws are available from Kudal. If coming by road, a lot of state transport busses and luxury busses ply from Mumbai, Pune, and Kolhapur to Malvan and state transport busses from Malvan to Tarkarli.

So if you are on a low budget, or wish to explore the purity of natural beaches, Tarkarli is a very good alternative to the other crowded and more expensive holiday destinations in the country. Visit Tarkarli for a heavenly experience.

The drop dead date to apply to the IRS Voluntary Disclosure Program was October 15th, however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures.

In 2009, the IRS and U.S. Department of Justice commenced its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who failed to inform them of these assets. However, the investigation did not end with UBS. The IRS has made it very public that offshore tax evasion remains a top enforcement priority. The Department of Justice has gone after taxpayers regardless of the amount even taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are required to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents find out that a taxpayer has not disclosed an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose harsh penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. To make matters worse, taxpayers could be exposed to criminal prosecution and jail time for tax evasion.

In March 2009, to prod taxpayers to come forward and disclose previously undisclosed offshore accounts in exchange for minimal penalties and the promise not to refer the case for criminal prosecution, the IRS announced the creation of the IRS Voluntary Disclosure Program. As a result of pressure on UBS and other offshore institutions, thousands of U.S. taxpayers with previously undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and joined before the October 15, 2009 deadline.

Despite the fact that it is too late to enter the IRS Voluntary Disclosure Program, the option to file a voluntary disclosure under the IRS normal procedures is still available. There are a plenty of advantages to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. As is with the Voluntary Disclosure Program, a traditional voluntary disclosure can provide taxpayers with previously undisclosed foreign accounts with a way out possibly avoiding the most severe of civil fines and criminal prosecution.

In addition, those U.S. taxpayers with undisclosed offshore bank accounts should be made very aware that the voluntary disclosure process is a comprehensive and delicate one as with all dealings involving the IRS. Extreme care must be taken in deciding on whether to file a voluntary disclosure or not. U.S. taxpayers are highly encouraged to get in touch with a tax attorney experienced in resolving disputes with the IRS as soon as possible.

For example, if a taxpayer has already been investigated and contacted by the IRS, it may be too late to file a disclosure. Therefore, time definitely plays a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The window of opportunity is closing on those who do not come forward and file to take advantage of possible reduced penalties and potential prison time. Again,it is advised that U.S. Taxpayers with undisclosed offshore accounts seek the advice of and direction of legal counsel on the matter.

Be prepared for tax season with helpful tips from IRS

THE VILLAGES — Love bloomed at first sight about a year ago, when Gloria Filbert met Stephen Muratore during a singles Christmas dance at Lake Miona Recreation Center.

Worried about IRS – have a CPA check your return FREE

Everybody knows a guy named Austin. He’s that guy that’s too cool for school, has lots of girlfriends, and always has something witty to say…think Austin Powers. Well, living in Downtown Austin apartments you might see a lot of these guys. Most of them work as bartenders or security on 6th street. If you’re thinking about leasing an apartment in Downtown Austin plan on meeting a few of these type of people along with loads of beautiful women. For some reason they go hand in hand. Of course, this is just a small segment of what you might find. Gables Park Plaza apartments are a good option if you’re looking for easy access to the nightlife, but close proximity to the lake for daily activities. In contrast to what you might find at the bars and clubs near 6th street, the lake-life brings together an eclectic group of bohemians. In my opinion, this diversity is what makes living at apartments in Downtown Austin great.

Downtown Austin Apartments for rent offer a hip urban lifestyle that will make anyone look cool (even extremely nerdy renters look awesome living downtown). Austin downtown apartments offer a unique renting experience with features like modern architecture and designer interior furnishes. Enjoy 24 hour concierge service at your downtown Austin apartment home, as well as on-site spas and shopping galore when you live downtown. Apartments in downtown Austin puts renters dead center in the mix of things in the trendiest hot spot Austin has to offer – Downtown Austin Sixth Street entertainment, restaurants and cultural events.

Jerry Jones is 2009’s Sports Person of the Year

Jerry Jones destroyed the field by debuting JerryWorld and JerryTron to big-time profit, by the Cowboys actually winning in December and, mostly, by proving you can clean up a toxic dump in an instant.

Taxxtime : Affordable Tax Preparation and Filing(Austin and Round Rock)

Question: What do I need to file in order to start an online retail business in California?

I have looked at all the state of ca sites and I at least know that in order to start a business I will need a seller’s permit, business license, fed tax id, register a ficticious business name and do a business name search. Is it really necessary to file all these for an internet store? And does anyone have an estimate idea of how much all of this will cost me? Any and all information will be greatly appreciated…

Answer: Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* Starting an Online Business For Dummies, 4th Edition by Greg Holden
* How to Start and Maintain A Successful Online Business by Kelly Thornton
* The Complete E-Commerce Book: Design, Build, and Maintain a Successful Web-Based Business by Janice Reynolds

* Small Business Start-up Kit for California by Peri Pakroo, Barbara Kate Repa
* How to Start a Business in California by Entrepreneur Press

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Wealthy face up to a high-tax world

Governments around the world, desperate to plug widening budget deficits, are either raising taxes, or likely to do so in the coming months. Some pessimists have warned that footloose capital will move to the least punishing domicile. But the early indications are that wealthy individuals, many of whom have already been targeted by tax hikes, might not be in such a hurry to move.

Register Free Business EIN Employer Identification Number Online

There are a number of mortgage types being offered by lenders in the lending market these days. One of the most popular and in demand is the fixed interest rate mortgage. Fixed mortgage loans possess fixed rates and involved monthly payments generally are of 15 and 30 year periods.

Fixed interest rate mortgages are popular within the customer market because of it stability. Actually, clients are quite wary in applying for home loans if only because of rate fluctuation in the market. But really, fixed rate mortgage loans are affordable to everyone, especially if present rates are low.

If you are a borrower of fixed rate loan, you will face the take of opting between 15 year fixed rate or 30 year fixed loan. Actually some borrowers prefer the 15 year type if only because it is a shorter term. However, many others choose the 30 year type because of the lower monthly payment that it offers.

What are the advantages and disadvantages of a 30-year fixed interest mortgage? One advantage that this type of loan offers is the fact that it provides borrowers the opportunity to obtain loan under a long term payment scheme. They are able to enjoy such privilege without ever worrying on any changes on rates and their corresponding payments. Because of the thirty year loan’s longer amortization period, it is automatic that the payments every month is low, as compared to the payments of the 15 year mortgage loan.

However, this works as a disadvantage as the overall interest bills is higher precisely because of the longer period of amortization. Also, since the monthly payments for 30 year fixed rate loans are used as payment for interest instead of principal, the borrower’s equity is built at slower pace. Even then, high interests do not deter borrowers from obtaining this type of loan, the reasons of which are the increase on the deductible amount during tax period and ultimately the reduction or even elimination of liability on government income tax.

Likewise, 15 year Fixed Rate Mortgages has its share of advantages and disadvantages. One advantage attracting borrowers into getting this type of loan is the fact that amortization periods are much shorter, which results in the fast building of equity. Also, the interest bills overall are low as the rates of fifteen year loans are lower than that of thirty year loan. On the other hand, the disadvantages include high payments to meet every month. Such setback of having a fifteen year fixed loan actually limits borrowers into small home properties.

SC legislators want to make budget cuts automatic

To deal with future budget shortages, the state’s top legislators want across-the-board cuts to come quicker as they propose automatic cuts when revenues fall a certain percentage.

California Hands Out IOUs (07/07/09)