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Richard A. Chapo's Articles Display Category|Title|Newest|Oldest IRS Warning Taxpayers About New Email Scams If you have an email account, you know about all the scam emails you get. Scammers are getting braver and using the IRS name in their new tactics. Battling the IRS There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. IRS Holding $2 Billion In Unclaimed Tax Refunds Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding. Tax Changes You Should Know for 2005 Returns Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns. Capital Assets - Gains and Losses for Taxes Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off. Your Tip Earnings and Taxes If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Automatic Extension Requests For Businesses The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions. IRS Gives Victims of Hurricane Katrina More Relief The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. Taxpayer Advocate - Customer Service at the IRS Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Tax Returns for the Deceased Two things in life are certain – death and taxes. Here’s what to do if the two are combined as far as filing a tax return. Marriage and Taxes Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it. Tax Returns - Should You Itemize? When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Help Me Prepare My Taxes Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living. Tax Quotes and Jokes for Tax Season Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy. 2006 List of Tax Scams Released by IRS Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them. Industry Tax Issue Resolution Program For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Alternative Minimum Tax - Online Tool Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do. Small Employers Rejoice - IRS Simplifies Filings One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden. 1099-MISC Forms For Independent Contractors for 2005 As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors. The History of Income Tax They say death and taxes are the only two certain things in life. Alas, this wasn’t always the case. Well, at least for the income tax. Getting Help With Your Taxes Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them. Your IRS Tax Appeal Rights Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. What You Need To Know About Taxes If You're Getting Married It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing refund check. What to Do If You Can't Pay Your Taxes The end of tax filing extensions is quickly approaching. What do you do if you can’t pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help. Understanding Marketing Tax Deductions Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns. Truly Bizarre Taxes: The Tax on Illegal Drugs One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results. Tax Records - What You Should Keep And For How Long Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS. Tax Jokes and Quotes Do you realize that some tax forms ask you to check a box if you are BLIND? Tax Deduction for Alimony Payments? - Yes! Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. Small Business Tax Issues for Self-Employed Individuals The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business. Small Business Tax Deduction - Write-Off Bad Debts Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction. Section 179 - Tax Relief From Depreciation Rules “Depreciation.” For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues. Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes. Paying Workers - What Can You Write-Off? As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor. Need a Copy of Your Tax Return Information? Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. Marriage or Divorce — Check Your Social Security Number Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund. IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others. IRS Lock-In Letters - What's An Employer To Do? Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do? Investment Property - Leveraging Rental Property Equity Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. Identity Theft - Impacting Your Taxes? If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. How to Check the Status of Your Tax Refund Online So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?" Highlights of IRS List of 2005 Tax Scams Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves even pretending to be IRS agents. Gambling Income and Expenses - Tax Requirements Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Fraudulent Tax Shelters - KMPG Goes Down Hard In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment. Failure To Pay Employment Taxes - Penalties As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Employment Taxes - What Are They? If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes? Employment Taxes - Depositing With The IRS If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS. Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions. Donating Cars To Charity - New Tax Rules On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car. Doh! IRS Loses Taxes In San Francisco Bay On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop. 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