The Tax Preparation Blog

Posts Tagged ‘web2.0’

First Security Group Announces Fourth Quarter Results

CHATTANOOGA, Tenn.—-First Security Group, Inc. , today reported a net loss available to common shareholders of $3.1 million, or $0.20 per diluted share for the fourth quarter of 2009, and a net loss of $35.0 million for 2009; full year results included a non-cash goodwill impairment charge of $24.8 million, net of tax, in the third quarter of 2009.

Infiniti by CONAIR Instant Heat Ceramic Curling Iron Review

Question: Does flat income tax system reduce irrational wealth inequalities in India?

The present tax system in India is progressive.

http://en.wikipedia.org/wiki/Flat_tax

http://en.wikipedia.org/wiki/Progressive_income_tax

Also please vote your opinion here

http://www.blogpoll.com/poll/view_Poll.php?type=java&poll_id=94543

Answer: I have no clue. I live in America.

Money Is Power – An Inside View Of The IMF’s Massive Global Influence

Three years ago, the International Monetary Fund (IMF) was irrelevant, an object of derision for all opponents of globalization.

Question: How to avoid 1099 Tax after Short Sale.?

Hi, I want to know that is there a way to avoid for paying 1099 form tax after Short Sale.

1. Bought a townhome at California 3 years ago.
Loan: under my name. Title: wife and myself.
2. After 1-1/2 year later, Moved to Washington state becuase of new Job
3. Since House price went down about 20%, decided to keep it and rented out.
4. This year, I bought another home here(Washington) under my wife’s name.
5. Loosing $1000+/month becuase rent market went down.
6. Financially, just fine but not enough for saving.

so, I’m thinking about “Short sale”

First of all, I’m not sure that I’m qualify for short sale.
Even I do that, is that possible to avoid 1099 income from bank?
Home price went down about 100K. Which means, I have to pay 25K for tax.

Please let me know.

Thanks!

Answer: If the mortgage that is being shorted was for the purchase of the home, you covered by California’s anti deficiency law which makes repossession of the collateral all a lender can do. For tax purposes, the sale will be treated as a sale for the balance due on the loan.

Medical marijuana details leave task force dizzy

AUGUSTA — The state’s medical marijuana task force hopes to place final recommendations on Gov. John Baldacci’s desk by the end of January as the state begins to regulate the sale and distribution of medicinal marijuana.

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 6 Nov08 Recourse vs Non-Recourse

Question: In WA, does the spouse need to claim child support on her taxable income?

Child resides with the parent receiving the child support in WA, who has the child more then 50% of the time. Father is not a resident of WA but Canada and did not claim payments on taxes. Payments were not court ordered, does anyone need to file the expenses/income for a tax adjustment?

Answer: The fact that you live in Washington is irrelevant. Child support is never taxable or claimable as a deduction. This is because the money is technically for the child, and parents supporting their child is not taxable.

This is different from alimony, where the money is for the ex spouse.

Wells Fargo Reports Record Full Year Net Income

SAN FRANCISCO—-Wells Fargo & Company :

Section 160 of the Income Tax Act (Canada)

Question: What is tax fraud in Canada? What is perjury?

There was a recent question about this and that has prompted my questions.
My former spouse is working under the table and not claiming it as income and by doing so, she is getting spousal support for much higher than she should. She has schemed a good scheme. She withdraws money from her “employers” account making it look like he is making the withdraws. Very hard to trace indeed. Everyone around her knows this is going on. Is this an example of tax fraud? Could the person she works for get in trouble as well? Also if she lied under oath and on her financial disclosure, is that perjury?

Answer: Yes it is tax fraud and perjury.
The employer can be reported to CRA for not deducting EI and CPP. This is also tax fraud.
One audit by CRA of the employer and the whole thing will collapse.
You can report it here: http://www.cra-arc.gc.ca/gncy/nvstgtns/prvnc_tx-eng.html

Vancouver engineers its own urban dream

The city imposes notions of sustainability in its decisions on what, where and how to build. Still, it’s not quite the utopia. William Rees spent much of his childhood on his grandfather’s farm in the province of Ontario. What struck him once, after a day of working in the fields, was the sudden realization that everything on the dinner table — the chicken, the milk, the carrots — he had …

Local TV Matters PSA v8