The Tax Preparation Blog

Archive for the ‘Tax Return Deadline’ Category

Pleasanton Oks New General Plan, Livermore Begins Planning for BART

The second half of 2009 continued to see the state budget impact local programs and services. After seven years, Pleasanton approved its new general plan. Pleasanton continued to deal with lawsuits. A Court of Appeal validated the Oak Grove referendum effort.

Question: income tax return filling date has gone and I need to fill income tax return, What should I do? Please help.?

Answer: For the Assessment Year 2006-2007 ( Financial Year ending on 31-03-2006 ) Due Date for filing of return has been extended up to 31 october 2006 for the assessees having income from business or profession.

If you dont file the Return of income before due date and even before end of the assessment year ( in this case before 31-03-2007 ) then penalty upto Rs.5,000/- can be levied by the Authorities.

If the tax is due, then you need to pay interest u/s 234A, 234B and 234C as applicable @1% p.m. on the tax due and not paid in time.

For more information, visit http://www.meraconsultant.com

Earned Income Tax ordinance adopted by Watson Township

At their meeting Wednesday evening, the Watson Township supervisors adopted an Earned Income Tax Ordinance which becomes effective five days after the date of adoption.

On This Date – myinboxnews.com

Question: Why are there tax return delays in Florida?

We have received your tax return and it is being processed. Your expected refund date has been changed due to processing delays. You should receive your refund by February 24, 2009. Please wait until that date to contact us again because we cannot take any action until then. Thank you for your patience.

I e-filed(direct deposit) on Jan 23rd, is anybody else experiencing delays or know why my return is taking so long to come back.
Also, did it come in before the delay date they gave you on the IRS tracking?

Answer: Are you talking Federal return or state. If it is the state they are overwhelmed.

How to get credit when banks don’t want to lend

Delivering more complete financial records and developing relationships with bankers are key for physician practices to get loans in a credit crunch.

Your Letters: Jan. 8

Obama in chargeRe: Bill Plymale’s Jan. 5 letter, “Party of No”:I found Plymale’s letter amusing. Republicans can’t blame Bill Clinton but Democrats can blame George W. Bush ? Clinton and Bush are no longer presidents, Barack Obama is. If he, in fact, is the Democrats’ messiah, certainly he can fix Bill’s and George’s mistakes.— Betty Hendricks,CamarilloWhy conserve?Re: Al Yañez’s Jan. 7 letter …

Rapid Ride gets revenue boost

The IRS moves onto using civil Information Document Requests for the FBAR (Foreign Bank Account Reporting) to seek out Undisclosed Offshore Accounts after the fallout from UBS AG and the IRS Offshore Settlement Initiative.

What can U.S. taxpayers expect next?

In 2009, the IRS and U.S. Department of Justice launched a highly publicized investigation into Swiss bank UBS AG and U.S. account holders who failed to disclose their assets to the U.S. Government. However, the investigation did not end with UBS. To encourage taxpayers to come forward and disclose their foreign assets in exchange for reduced penalties, the IRS instituted the Offshore Settlement Initiative Voluntary Disclosure Program (the Initiative).Although the deadline to participate in the Offshore Settlement Initiative came and went, it is clear that offshore tax evasion remains a top IRS enforcement priority. What can U.S. taxpayers with undisclosed offshore accounts who failed to meet the October 15, 2009 Offshore Settlement Initiative deadline expect next?

The IRS will be increasing their Information Document Requests or IDRs focusing on offshore bank accounts. Taxpayers may receive a Form 6564, Information Document Request, to secure necessary books, papers, and other data relevant to the IRS examiner inquiry into the validity of a tax return. The Information Document Request is a formal and structured process for the IRS to request and secure information from taxpayers, including information regarding offshore bank accounts. Although less formal than a subpoena, an IDR carries with it consequences for failure to cooperate and can lead to further inquiry and potential sanction. A delay in providing the requested documentation will only make matters worse.

The IRS will focus on distributing Information Document Requests to U.S. taxpayers with offshore assets and accounts that failed 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, Foreign Bank Account Reporting (FBAR). If IRS agents discover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose steep 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. Additionally, taxpayers could be subject to criminal prosecution and jail time for tax evasion.

The issues surrounding these IDRs are extremely sensitive and should be treated with considerable caution. Taxpayers who have been issued an Information Document Request by the IRS are best served by contacting a tax attorney who is skilled at resolving disputes with the IRS as soon as possible. An attorney can direct the taxpayer how best to respond to an Information Document Request and will be able to discuss with his attorney the best course of action. Otherwise the Internal Revenue Service can seek formidable fines and possible criminal prosecution against those U.S. Taxpayers believed to be hiding assets in undisclosed offshore accounts.

Allied Gold Limited – Allied Gold completes a A$93.8million Placement

Allied Gold Limited – Allied Gold completes a A$93.8million Placement