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
Monday, January 14, 2013
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
Monday, December 31, 2012
" A Happy New Year.."
Yajnik & Mehta Associates wish " A Happy 2013 " to Everyone...
For Q & A, Call Kash @ (925) 963 4891
Monday, December 24, 2012
2012 Happy Holidays...
Yajnik & Mehta Associates wish their Clients and Friends
" Happy, Joyous, And Fun Filled Holidays "
For Tax Q & A, call Kash @ Yajnik and Mehta Associates (925) 963 4891
" Happy, Joyous, And Fun Filled Holidays "
For Tax Q & A, call Kash @ Yajnik and Mehta Associates (925) 963 4891
Monday, December 17, 2012
Dirty Dozen Tax Scams: #5 Frivolous Arguements
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
#5 Frivolous Arguments - Promoters Of Frivolous Schemes encourage Tax Payers to make unreasonable and outlandish claims to avoid paying taxes they owe. IRS Has a list of Frivolous Tax Positions that Tax Payers should avoid. These arguments are false and have been thrown out by Tax Courts. Tax Payers have Right to dispute their Tax Liabilities in courts, but there is no justification to disobey the Tax Laws and avoid paying fair share of their taxes.
For Q & A, call Kash @Yajnik And Mehta Associates - (925) 963 4891
#5 Frivolous Arguments - Promoters Of Frivolous Schemes encourage Tax Payers to make unreasonable and outlandish claims to avoid paying taxes they owe. IRS Has a list of Frivolous Tax Positions that Tax Payers should avoid. These arguments are false and have been thrown out by Tax Courts. Tax Payers have Right to dispute their Tax Liabilities in courts, but there is no justification to disobey the Tax Laws and avoid paying fair share of their taxes.
For Q & A, call Kash @Yajnik And Mehta Associates - (925) 963 4891
Monday, December 10, 2012
Dirty Dozen Tax Scams: #4 Filling False or Misleading Forms
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
#4 Filling False or Misleading Forms - Such forms are used to claim Refunds the Tax payer is not entitled to. A Variation of this scheme involves fabricating information return and falsely claiming the corresponding as withholding. Generate Fake Form 1099 claiming false withholding, credits to legitimize the Refunds.
IRS Takes Refund fraud seriously and has programs in place to stop such practices. Don't be a victim to people who encourage you you to claim deductions or credits you are not entitled or willingly allow others to use the information to file the false returns.
For Q & A, call Kash @ Yajnik & Mehta Associates (925) 963 4891.
#4 Filling False or Misleading Forms - Such forms are used to claim Refunds the Tax payer is not entitled to. A Variation of this scheme involves fabricating information return and falsely claiming the corresponding as withholding. Generate Fake Form 1099 claiming false withholding, credits to legitimize the Refunds.
IRS Takes Refund fraud seriously and has programs in place to stop such practices. Don't be a victim to people who encourage you you to claim deductions or credits you are not entitled or willingly allow others to use the information to file the false returns.
For Q & A, call Kash @ Yajnik & Mehta Associates (925) 963 4891.
Monday, December 3, 2012
Dirty Dozen Tax Scams: #3 Tax Return Preparer Fraud...
2011 Dirty Dozen Tax Scams According to IRS, will be listed and explained to the informed Tax Payer.
#3 Tax Return Preparer Fraud -
Attempt to skim a portion of their client's Refunds, Charge Inflated Fees for Tax Return Preparation. They attract new clients by making false promises of larger refunds or using fake credits and filing fraudulent returns. Beware of Tax preparers who don't sign their name or don't give Tax Payers a Copy of their Tax Return.
IRS has introduced new standards including Preparer Identification ID (PTIN) tracking and monitoring Continuing Education Credits with mandatory Education in Ethics. Paid Preparers need to sign their name and Put their PTIN on the Tax Return. This should lead to better Tax Service experience for the Tax payers. For Q & A Call Kash @yajnikandmehta.com (925) 931 0863
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