Questions Asked by the IRS in an Initial Interview Audit. The following is a sample set of questions the IRS uses when conducting an initial 'interview' Mandatory Statements/Questions by IRS: IRS Agent /Officer Name? Taxpayer Name? Audit Date/time? Do you have concerns regarding the audit process? ...
Payments received from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions must be reported to the IRS and are usually subject to an additional 10 percent tax. Distributions you rollover to another IRA or...
Everything you own and use for personal or investment purposes is a capital asset including a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and...
The Adoption Tax Credit in 2010 was increased to $13,170 and made refundable for qualified expenses paid to adopt an eligible child by the Affordable Care Act. Basically this means that as a parent who completed an adoption in 2010 you can get money back...
The IRS is making important changes to its lien filing practices that will lessen the negative impact on taxpayers. The changes include: Tax Lien Thresholds - The IRS will significantly increase the dollar thresholds when liens are generally filed. The new dollar amount is in keeping...
The bottom line is that if your estranged spouse or X spouse is inappropriately claiming your child as a dependent you may encounter problems with the IRS. If you are the custodial parent one solution that seems to help is to file your taxes...
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all. Examples of NON Taxable income include: Adoption Expense Reimbursements for qualifying expenses Child support payments Gifts, bequests and inheritances Workers' compensation...
An enrolled agent (EA) is a federally licensed tax practitioner who has technical expertise in the field of taxation and is empowered by the US Treasury to represent taxpayers for audits, collections and appeals before the IRS. Only enrolled agents demonstrate their competence in matters...
Alimony or Child Support Received Commission statement Completed Form 433- A, B or F Copies of delinquent tax returns and /or ASFR returns Explain in detail why the taxpayer is not able to full pay or borrow to pay Employer’s information including work number Investment income Life insurance policies cash out value Number...
Liquidating payments made by a partnership to a retiring partner are governed by §736. In general, if the payments are in exchange for partnership property, the amount received in excess of the exiting partner’s outside basis in his partnership interest is taxed as capital gain. On the other hand, if the payments represent...