 Is thier a law REQUIRING you to pay your Income Tax return?...? |
because I CANT FIND ANY.
Additional Details
oh no no no rtff, thier is absolutley NO law in place that forces you to pay your income tax return...what you got thier is as good as what i ... |
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 Can I and my wife give our daughter more than $10,000 without her paying a gift tax? |
| I always assumed the gift tax was payed by the reciever for anything over $10,000. Someone just told me that if my wife and I each gift our daughter $10,000, nobody payes taxes, niether us nor her. ... |
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 No federal withholding from check? |
| when i filled out my w-4 form when i first started working i answered all those questions like single so i entered one and it all added up to 6 total so therefore no federal was taken out of my pay. ... |
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 What would happen if everyone in the U.S. stopped paying income tax? |
| What if every working person in the U.S. realized that income tax is unconstitutional, and according to the IRS it really is voluntary? Of course, this will never happen because people are used to ... |
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 What should I do if was illegally claimed on someone's taxes? |
| I tried to e-file my taxes, but the IRS rejected my return because my mother already filed her taxes and she claimed me. The help center at turbotax first told me that I would have to file by mail, ... |
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 SELF EMPLOYED building worker ,would i be entitled to any unemployment benefits? |
| BEING SELF EMPLOYED IS IT WORTH IT?PAYING TAX AND VAT BUT IF THINGS WERE SLACK FOR A WHILE WHAT WOULD I BE ENTITLED TO IF I WERE TO LOOK FOR UNEMPLOYMENT BENEFITS,SPOKE TO CITIZENS ADVICE BUREAU AND I... |
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 10 percent to God? |
| Okay, when we give 10 percent to God from our earnings/income, are we giving 10% pre-tax or after taxes? I just want to be right with God, LOL, dont want to short change the main man!... |
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 Can I claim my girlfirend as a dependent? |
| She has lived with me for the whole year. I carry insurance for her as a domestic partner. I provide most of her support. She has earned approximately 8000 this year on her own. Thanks for your ... |
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 I heard that there is no law that states that we have to pay a federal income tax. Is this true? |
| I was watching a video that was talking about 9/11 and at one point there was a couple of former IRS workers that said that there is no law that says that we have to pay an income tax. They said that ... |
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 How many exemptions should I claim on my W-4? |
| I'm unmarried with a newborn. I have daycare expenses and qualify for the child care credit. I work full time, but was on unemployment where no taxes were taken out of my paycheck for 5 months.... |
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 Is a car accident settlement reported as income? |
| I am getting a setllement from a car accident. Is that taxable or considered regular income? Friends have been telling me it isn't but I am not not sure. It is not a large amount and is under ... |
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Harpman | IRS Audit any advise? |
We owned a very small business that never made a profit and cost us alot of money. We just recived noticve that we are being audited by the IRS. All we have are the records we kept in quick books. We are lossing sleep with worry over this what should we do? |
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Buffy Summers
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Have an accountant (or ex-agent) who specializes in audits go through a trial run with you and let you know what to expect. It will be worth every penny you spend for the peace of mind it gives you. And he or she can tell you what triggered the audit (like a jump in expenses with no more income?) to help you diffuse your own fear
All they want is money that is owed to them. If everything you have is documented, it will be okay. |
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RopeResQ
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Relax. Work with the IRS agent, and be courteous. Answer the questions in a calm easy manner, and don't lose sleep. You've got records of the transactions in your Quickbooks. That should also have your invoices. Hopefully you have the receipts for your expenses to prove what you've entered are legitmate business expenses, but don't worry if you don't. The agent should be able to contact your vendor and get an invoice from them to verify your claim.
They are not going to come in accusing you of fraud, tax evasion, or some other crime. Their just making sure your business losses claimed on your 1040 are legitimate. Who knows, you may find everything works in your favor. They do look for that too. |
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Forever Happier
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I would get all your info together and head to an accountant and have them help you deal with it.. they are experts at this.. and hire an accountant to do your tax return next year... :-) |
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ЄгіÑкα
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you already have. receipts, receipts, receipts...that's the key. you'll be fine. worse case senario, they will make you pay money, they won't jail you. make payment arrangements...don't worry...really, don't worry. |
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ninasgramma
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I agree with the previous answer. If you are losing sleep over this, the very best thing you should do is NOT meet with the IRS. You are allowed to have a qualified person represent you. The IRS considers CPAs, attorneys, and enrolled agents to be qualified to represent taxpayers. The enrolled agent is the specialist at representing persons in an audit.
So, get representation and do NOT meet with the IRS. If you have difficulty finding a representative, you can search the list of enrolled agents at naea.org. |
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rwhz199
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Did you deduct your losses for your business? If so, the IRS may be looking to see if the deductions are valid.
You have your records, locate someone to represent you, and relax a little. The IRS can't take money that was never there. |
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smh60437
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Do all of the work for them, tie out all of your numbers. Make sure that your receipts equal the deposits in the bank, or have a vaild explanation. Look over your return with a pro for any potential areas of exposure. Chances are you have a friend that is an accountant, maybe they would help. If you didn't lie then don't sweat it. The agent will be very busy and will want to close the case as quickly as possible. I always take the position that if you make their job easier they will breeze through your stuff.
I assume you got selected because the IRS is currently undertaking a small business audit program.
From what you described you may have an issue with what is called a hobby loss. Peruse the IRS website (WWW.IRS.GOV) - search for hobby losses. You will need to prove that you entered into the business with a profit motive. After you read the IRS stuff note that is their position, tax courts have ruled against the IRS in many cases where they argued hobby loss.
I really suggest you pay a pro if you can. The IRS agent is more likely to give a CPA/enrolled agent the benefit of the doubt. It may well be dollars well spent.
Good Luck! |
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Steve
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As long as you have good records and you treated your business like a business, then everything should be fine.
Like many other people stated, it is OK to have representation. |
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Shotgun
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The IRS is very good, these days, at discovering the types of businesses and situations that "should" be audited. Do not handle this audit on your own. Find an Enrolled Agent (one licensed to represent you before the IRS) to handle it for you. It will be money well spent. Make sure that Enrolled Agent is experienced at audit representation.
Make an appointment to see the Enrolled Agent right away and let him/her call the auditor to postpone the audit and provide time to get ready. Do not talk to the auditor yourself....ever, even if you have nothing to hide. Some auditors take serious advantage of taxpayers who represent themselves. |
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7_7_7
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Consult a tax attorney! |
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Chalie M
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If you didn't make a profit there shouldn't be a problem. Get some sleep. |
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defeat godliness
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pretend you dont speak english. |
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