Internal Revenue Code

Thank you for choosing our company, Ma’s Tax Services, for your tax preparing needs. In response to your recent correspondence regarding travel business deductions, tax preparers have a duty to file tax returns with accurate and complete information. Furthermore, under federal tax law, trade or business deductions are disallowed if the taxpayer cannot substantiate the deductions. Unfortunately, since you do not have substantiation regarding your business travel expenses, the travel expenses are…

Essay Question 1— Sarah and John have filed timely tax returns for the tax years 2010-2015 as married filing jointly. In November 2016, Sarah has engaged me for some tax advice. She tells me that in January 2014, she discovered that her husband was running an illegal side business and that he has intentionally not reported the extra income on any of his tax returns. She is scared because they have received a notice that the IRS will audit their 2015 return. She wants to know how far they can…

The software provided allows individuals and business to get a better understanding of tax code and also become more aware of the system. With preparers furthering their education and getting more training this will in fact improve and ensure less room for error. Anyone preparing a tax return of 11 or more forms during a calendar year must use…

Now that the critical first step to creating a successful nonprofit organization is done, one can now incorporate their nonprofit. Incorporating a business means to constitute a company or organization as a legal corporation. A corporation is a legal entity that is legally a person who is separated from its owners (Investopedia.com). To incorporate a nonprofit organization is as easy as going online or calling by phone. A common website used to incorporate an organization is through,…

Accountants tend to wear several hats in the financial world; one of those being tax preparer. Income tax is a tax put on the income of an individual or business. The law requires all employed individuals and all businesses to file a tax return to determine whether they owe money or they receive a refund. Tax preparation is the actual process of preparing these returns, and if taxes are not prepared properly, it can increase the chance of being audited or committing tax fraud. Because tax…

If you live in the United States you are most likely aware that the state of Colorado has legalized growing, selling and consuming Marijuana. But what you might not know is that the marijuana industry has been blocked out of the banking industry. The reason these banks will not take the marijuana industry’s money is because it is still federally illegal to do anything with marijuana and the banks fear being raided or shut down by the DEA or Drug Enforcement Agency due taking “drug money”. This…

will find themselves facing steep fines and even imprisonment. If you are in this situation, find a tax professional in your area who understands your tax debt options. Handling Tax Debt on Your Own The general consensus is that if you owe the Internal Revenue Service less than a total of $10,000, it is possible to handle your tax debt on your own. Owing any dollar amount greater than that means that there are circumstances you may not be aware of or prepared to handle. Even so, dealing with…

nonprofit in the United States, behind only religious organizations. Even with such prevalence, only a bit more than half of the nearly 212,000 educational nonprofit organizations operate in the financial space where the IRS Form 990 is required. (Internal Revenue Service, 2016) Education nonprofits hold a somewhat oversized position in the United States. Due to the compulsory nature of primary and secondary education, and the attention given to postsecondary training and education over the…

becoming a top official in the corporate accounting world is more accessible to them. Being able to customize my career is essential to me because it allows me to love what I do. So regardless if I want to be an accountant in a toy company or a car company the opportunity will be there for me. The work public accountants take on is industry specific, it also depends on the company you are working for. Different companies have different standards, and your work will be based off of these…

For tax year 2000, US taxpayer J. Bryan Williams, who had an interest in and control over his two Swiss bank accounts, failed to mark “yes” to a tax return question regarding his existing foreign bank accounts, and did not file the Report of Foreign Bank and Financial Accounts (also known as “FBAR”) by June 30, 2001, deadline. The question that arose was whether Defendant J. Bryan Williams willfully failed to report his interest in his two Swiss bank accounts for the tax year 2000. Based upon…