BEFORE CONSIDERING OFFER IN COMPROMISE (IOC), IT IS ADVISABLE TO EXPLORE THE AVAILABLE IRS TAX DEFICIENCY OPTIONS. SOME OF THEM ARE LISTED BELOW:
1. FULL PAYMENT OF THE TAX OWED.
2. GET CURRENT WITH YOUR TAX RETURNS AND SEND UNFILED RETURNS TO REPLACE IRS SUBSTITUTE FOR RETURNS (SFR's).
3. DISPUTE TAX ON TECHNICAL GROUNDS.
4. CURRENTLY NOT COLLECTIBLE STATUS
5. INNOCENT SPOUSE
6. OTHERS
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR
Join Likedin "Tax Matters" Group for discussion.
Friday, October 29, 2010
Thursday, October 21, 2010
C CORP TAX RETURN DEAD LINE...
Q: WHAT ARE THE TAX CONSEQUENCES OF A CALENDER YEAR C-CORP. NOT FILING TAX RETURN AFTER ITS EXTENSION DEAD LINE OF SEPT 15 2010 ?
A: THE C-CORP. WILL HAVE TO PAY THE FOLLOWING PENALTIES TO IRS:
1. LATE FILING PENALTY
2. LATE PAYMENT PENALTY
THESE PENALTIES MAY BE WAIVED IF A C-CORP. CAN SHOW THAT THE FAILURE WAS DUE TO REASONABLE CAUSE. A STATEMENT EXPLAINING REASONABLE CAUSE MUST BE ATTACHED WITH THE TAX RETURN.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR
Join Likedin "Tax Matters" Group for discussion.
A: THE C-CORP. WILL HAVE TO PAY THE FOLLOWING PENALTIES TO IRS:
1. LATE FILING PENALTY
2. LATE PAYMENT PENALTY
THESE PENALTIES MAY BE WAIVED IF A C-CORP. CAN SHOW THAT THE FAILURE WAS DUE TO REASONABLE CAUSE. A STATEMENT EXPLAINING REASONABLE CAUSE MUST BE ATTACHED WITH THE TAX RETURN.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR
Join Likedin "Tax Matters" Group for discussion.
Friday, October 15, 2010
HAVE Corrosive Dry Wall REPAIR EXPENSES ?
Q: Do you know how to handle damage resulting form Corrosive Drywall ? Is there a way to determine what loss can be taken and how much ?
A: Any person who pays to repair damage to personal residence or household appliances that results form Corrosive Dry wall can deduct it as casualty loss in the year of payment. 75% of the unrerimbursed expenses can be claimed as casualty loss using Safe harbor method. Losses claimed for replacement of household appliances are limited to lesser of the current cost to Replace Appliances or their Basis.
See Revenue Procedure 2010-36 for details.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR Join Likedin "Tax Matters" Group for discussion.
A: Any person who pays to repair damage to personal residence or household appliances that results form Corrosive Dry wall can deduct it as casualty loss in the year of payment. 75% of the unrerimbursed expenses can be claimed as casualty loss using Safe harbor method. Losses claimed for replacement of household appliances are limited to lesser of the current cost to Replace Appliances or their Basis.
See Revenue Procedure 2010-36 for details.
FOLLOW ME FOR TAX INFO --> CALL KASH YAJNIK , AT (925) 963 4891 OR VISIT http://www.yajnikandmehta.com/ OR BLOG: http://yma-tax-bookkeeping-payroll.blogspot.com/ OR Join Likedin "Tax Matters" Group for discussion.
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