IRS tax forms

Taxes are an integral part of any economy. As a responsible Bronx Tax Payer, you are supposed to pay your taxes and file your returns on time. While these are important exercises, most people consider this to be a formality or a burden hence do not understand the intricacies of the process and things related to it. Did you know that as a tax payer, there are certain rights that you have? Paying taxes is not only a duty but it also comes with some benefits and rights that you as a responsible…

Obtaining federal tax-exempt status is somewhat of a mystery for my incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to successfully apply for tax-exempt status. Planning and Forming a Nonprofit When forming a business that you…

As tax professionals, it is essential to maintain and follow the rules and standards which govern our industry. It is expected for tax professionals to follow the ethical standards that contain information which governs the standards and provides guidance to become a professional taxpreparer. IRS Code 6694(a) focuses and addresses tax return preparers concerns including the conflicts involved from tax preparers who decide their claims may surpass an unreasonable position within sections or…

than a taxpayer 's name, are among the favorite targets of the IRS DIF system and its staff of auditors. If self-employed, consider forming a limited liability company (LLC) or corporation because they 're audited less frequently than sole proprietorships. The tax advantages include qualifying for more deductions and being able to hire family members and offer them tax-advantaged benefits that legitimately reduce your tax burden. Other IRS Red Flags to Consider…

becomes more than a hobby and under US tax laws and regulations is considered a business. But, how can you tell if what you’re doing is no longer a hobby, but a business instead? As defined by the Internal Revenue Services, IRS, a hobby is an activity not executed with the hopes of making a profit. To determine the status of your activity, taxpayers are advised to follow appropriate guidelines to avoid misfiling an activity considered a business as a hobby. The IRS affirmed that there is…

The contributions towards nonprofits from individuals and businesses have been a critical factor to why thousands of organizations exist to this day. The tax regulations that the United States has created in relation to charitable deductions allows for all of these individuals and businesses to deduct the contributions that essentially reduces their taxable income. As we work to understand charitable contributions and the effect it has on the government, some basic information will be reviewed…

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…

nowhere near perfection. The degree in which tax laws should be enforced and analyzed is very complex. The main question to whether the proper tax enforcement allowed depends largely on the current tax structure. Even the role of complexity in the current tax system is a factor in influencing the size of the large tax gaps and substantial amount of tax avoidance (United States Congress House of Representatives, 2010). Tax complexity is also emphasized. Tax complexity allows other ways to hide…

study will be to analyze the influence of power and trust on the principle-agent relationship between the taxpayer and IRS, with regards to taxpayers ' different perceptions of a prefilled tax return system. The proposed study will explore the various perspectives of a range of U.S. taxpayers towards the adoption of a prefilled tax return system for individual taxes. The prefilled tax return system is becoming a global phenomenon, mandated for use in various countries around the world, including…

The receiving spouse can roll the money into a traditional or Roth IRA, the transaction will be taxed as a conversion but not penalized, or their own qualified plan. If a transfer from a qualified plan is not recognized as a QDRO by the IRS it is subject to tax and penalty. Make sure you add and update your beneficiaries in case your ex-spouse was one. Not only should you change your retirement plan, but all your financial assets, including annuities and life insurance. If you are getting…