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Archive for the ‘Tax Preparation Information’ Category

Question: FInancial dept of the federal government scam?

I just received a phone call from a company claiming to be from the Financial Dept of the US Federal Government. The number on my cell phone just came up as 1120 on caller id. They were trying to tell me I was receiving a $500 tax credit that they wanted to deposit directly into my account along with a medical card. When I asked for a phone number to call them back to verify the information they gave me the number of 559-709-3564 which seems to be a cellular phone. How do I go about reporting this and finding out who actually called?

Answer: I’d start with the Federal Communications Commission, since it was done over the phone. It would probably fall under the heading of wire (excuse the term!) fraud.

And excuse me for stating the obvious: Keep that cell phone number as evidence. Given the apparent stupidity of the caller, It may well be where they called you from..

Editorial Roundup: Excerpts From Recent Editorials in Newspapers in the US and Abroad

If there’s an industry that can afford to pay a tax to clean up its mess, it’s the oil industry. Yet the screaming has begun over the proposed cleanup tax inspired by the recent disaster in the Gulf of Mexico.

Tax Tips & Information : About Self-Employed Federal Income Tax Deductions

Question: Do i need to declare Employee Benefits on my USA Tax Returns?

I get a portion of my public transportation costs paid by my employer each month. Do i need to declare this information on my federal and state tax returns?
Thanks.

Answer: Some of these benefits may be tax-free up to a certain dollar amount each year. Consult the IRS for exact details.

Check out this:
Established in 1993 as part of the federal tax code section 132(f)[3], commuter benefits were meant to provide tax incentives to employees to encourage their use of mass transportation in order to reduce congestion and improve air quality. The law provides for monthly maximum ‘caps’ on the amounts that can be excluded from gross income and are therefore not taxed as ordinary income. In 2008, transit and vanpool expenses up to $115 and commuter parking costs up to $220 are excludable each month. An employee can receive both the transit/vanpool benefit and the commuter parking benefit for a maximum of $335 a month.

Foreign reporting rules should encourage voluntary compliance.: 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 June 1, 1998. The length of the article is 1153 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: The…

Revised Form 5500 and information reporting.: 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 April 1, 2000. The length of the article is 490 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.Citation DetailsTitle:…

Reporting of foreign gifts received by U.S. persons.(Brief Article): 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 February 1, 1997. The length of the article is 3764 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.Citation DetailsTi…

Some reporting longer tax refund delays

DENVER — Some Colorado residents are reporting longer delays in getting tax refunds and it’s not clear why. The Department of Revenue can’t say much about what’s happening because it’s only allowed to discuss tax returns with the taxpayers who filed them or their attorneys.

Tax Information Help and advice on Filing Your taxes IRS

Question: do i need to file the reward money(cash) from Credit Card’s reward program as income tax?

is there any irs document talk about that? Also, does the credit card company need to submit the tax information about they give out the money to the reward member?
can’t find the details about “non-deductible expense” in irs.gov for these kinds of situation. I would like to see some more information for this.

thank you

Answer: It’s a reduction of a non-deductible expense so it isn’t classified as income on a personal return.

If the credit card is used by a business, any reward program funds must first be used to reduce the interest expense claimed so that effectively makes it taxable as if it was income.

KEO has help for low-income homes

LIHU‘E — Kaua‘i Economic Opportunity has emergency federal fundsavailable to assist households which have had or are in danger ofhaving their electricity turned off.

Surviving an IRS Tax Audit : IRS Audit: Items Not Needed

Question: Canadian Travelling overseas?

I am planning a trip to Australia and New Zealand, and other parts of the South Pacific. This is going to be a long trip perhaps a year. How does this affect my residence status as a Canadian? I am on a pension income which is low; therefore I am not paying income tax now. I am planning to rent a studio apartment or In-Law-Suite in Alberta. Do I have to return back to Alberta after 5 months, and for how long a period do I have to stay, before I can travel again? I appreciate any information provide, thank you.

Answer: This would affect your residency status within Canada.

Residency is determined by the province in which you reside. In Alberta, the restrictions for being considered an Alberta resident (and therefore able to retain your Alberta Health Care, etc) is that you reside in Alberta for at least six months in a year. This means not just owning property, but physically being present. Obviously you can raise questions about who would know if you are not in the province the whole time, but that is the official regulation.

The residency would not affect your CPP (presuming you are receiving this as part of your pension) as CPP is not limited to Canadian residents so long as you qualify to receive payments. Although you do not necessarily need a Canadian bank to receive CPP, just retain your Canadian bank account and there will be no problems with this.

Australia Beer Market Analysis

Volume growth in beer in 2009 was attributed by leading manufacturers to a follow-on beneficial impact from the collapse of RTDs following the introduction of higher taxes on these products.

ATO grilled over tax return bungle

Question: What is my parents’ income tax on FAFSA?!?

For the financial information on FAFSA, it asks for my parents’ income tax for 2009. What does that include? Federal? Social? Medicare? I have no idea!

Answer: careers.scienceontheweb.net – it has detailed info how to apply for financial aid and scholarships to get more cash.

Income Tax Act 2009 $2.00 THIS BOOK does not merely contain the bare text of the Income-tax Act. It is supplemented with concise Legal Summary. The Legal Summary which has been conceived keeping in mind the need of the tax professionals, not only recapitulates the basic scheme of the section in a simple and easy to understand language but also enriches it with relevant legislative history, Guidance Notes containing relevan…

Canfor Pulp Income Fund Provides Tax Information for 2009 Distributions

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 02/26/10) – Canfor Pulp Income Fund (the “Fund”) (TSX: CFX.UN – News ) today reported the tax information for cash distributions declared in 2009 to unitholders resident in Canada and United States. Unitholders are strongly encouraged to consult with their tax advisors with respect to their particular circumstances. Canadian Tax Information for …

Why PAY Income Tax? (Pt 9 of 11).