2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
# 9 Disguised Corporate Ownership - IRS Continues to monitor Corporate and other disguised entities formed and operated in certain states by requesting Employer Identification Numbers through third parties. Such entities under report income, take fictitious deductions, don't file tax returns, participate in listed transactions, launder money, and even finance terrorist activities. IRS is working with state authorities to bring such entities into compliance with us tax laws.
For Q & A, Call Kash @ Yajnik & Mehta Associates (925) 963 4891
Monday, January 28, 2013
Monday, January 21, 2013
IRS - Dirty Dozen Scams: # 8 Abusive Retirement Plans
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
# 8 Abusive Retirement Plans - IRS Continues to discover Retirement Plan Abuses in Roth IRA and IRA Accounts. The Service is looking for taxpayers who avoid the limits on contribution and transactions that are not properly reported as early distribution. Beware of advisers who shift Assets into IRA at less than Fair Market Value and try to circumvent the annual contribution limits. Some LLCs engage in activity that is considered prohibited.
For Q & A call Kash @ Yajnik and Mehta : (925) 963 4891
# 8 Abusive Retirement Plans - IRS Continues to discover Retirement Plan Abuses in Roth IRA and IRA Accounts. The Service is looking for taxpayers who avoid the limits on contribution and transactions that are not properly reported as early distribution. Beware of advisers who shift Assets into IRA at less than Fair Market Value and try to circumvent the annual contribution limits. Some LLCs engage in activity that is considered prohibited.
For Q & A call Kash @ Yajnik and Mehta : (925) 963 4891
Monday, January 14, 2013
Dirty Dozen Tax Scams: #7 Abuse Of Chartitable Organizations and Deductions...
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
#7 Abuse Of Charitable Organizations and Deductions - IRS Continues to observe misuse of tax -exempt organizations. This abuse includes arrangements to improperly shield income and or Assets from taxes and attempts by donors to maintain control over the donated property or income. This area includes donation of non-cash assets and claim the full value of the donated items on receipts and distribution of non-cash donated assets. The Pension Protection act of 2006 imposes increased penalties for inaccurate or inflated appraisals. It also seeks to set definition of qualified appraisers for tax payers claiming charitable deductions.
For Q & A Call Kash @ Yajnik and Mehta Associates, M: (925) 963 4891
#7 Abuse Of Charitable Organizations and Deductions - IRS Continues to observe misuse of tax -exempt organizations. This abuse includes arrangements to improperly shield income and or Assets from taxes and attempts by donors to maintain control over the donated property or income. This area includes donation of non-cash assets and claim the full value of the donated items on receipts and distribution of non-cash donated assets. The Pension Protection act of 2006 imposes increased penalties for inaccurate or inflated appraisals. It also seeks to set definition of qualified appraisers for tax payers claiming charitable deductions.
For Q & A Call Kash @ Yajnik and Mehta Associates, M: (925) 963 4891
Monday, January 7, 2013
Dirty Dozen Tax Scams: #6 NonTaxable Social Security With Large Witholding Credit
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
#6 Nontaxable Social Security Benefits with Exaggerated withholding Credit - Taxpayers report nontaxable Social Benefits with Excessive withholding. The net result is no reported income to the IRS on the Tax return. Often the withholding amount and the reported Income are both Incorrect. Tax Payers are advised Not to file such returns. Filing such Tax Returns may result in $5000.0 Penalty.
For Q & A, call Kash @Yajnik And Mehta Associates - (925) 963 4891
#6 Nontaxable Social Security Benefits with Exaggerated withholding Credit - Taxpayers report nontaxable Social Benefits with Excessive withholding. The net result is no reported income to the IRS on the Tax return. Often the withholding amount and the reported Income are both Incorrect. Tax Payers are advised Not to file such returns. Filing such Tax Returns may result in $5000.0 Penalty.
For Q & A, call Kash @Yajnik And Mehta Associates - (925) 963 4891
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