Wednesday, September 30, 2009

Catch a break on an IRA distribution

If you qualify, you can put money back in with no penalty. If you qualify. Do over.

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Tuesday, September 29, 2009

I guess you can't rely on Google after all ... well maybe, but not for this.

Sometimes you can ask for reasonable cause from the IRS to eliminate a penalty that has been imposed and they will accept it. Such as, if you relied on a tax professional for (bad) advice. That, of course, never happens, right? But seriously, you can't expect the IRS to grant reasonable cause if you went to Google, did a search, relied on it for what you did and then couldn't remember the sites you went to for the advice, could you? Well, no, you can't, as this taxpayer found out. Oh, and the taxpayer was a former CPA. I told you this was a funny blog.

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Thursday, September 24, 2009

Required Minimum Distributions

You may already know by now that RMDs have been suspended for this year. The IRS has just reminded us of how that works.

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Monday, September 21, 2009

Employers --- Watch out!


Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Better Reporting of Mortgage Interest Deductions

That's right, there are complicated rules about whether certain mortgage interest is even deductible. The IRS knows that they're not getting the information they need. Now they're thinking of changing the reporting requirements.

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Saturday, September 19, 2009

The Tax Rate Tables are Out for 2010


Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

State Tax Amnesty?

Sorry, not in California. But if you lived in some other states, they might waive penalties.

Owen S. Arnoff, Enrolled Agent
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Wednesday, September 16, 2009

Health Savings Accounts

Buried in the discussion on health care is...what to do about those Health Savings Accounts?

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

More on the Home Buyer Credit

It's creating quite a dust up. Should it be extended? Enlarged? Is it working?

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Tuesday, September 15, 2009

Guess what? Your stuff is safe on IRS laptops!

I suppose you can sleep better now knowing that the IRS has improved its laptop security.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Home Buyer Credit - Close by November 30?

It's possible there may be a small change to the home buyer credit. Small.

Instead of CLOSING by November 30, they're thinking of changing it so that an agreement can be IN PLACE by November 30 to qualify. Stay tuned.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Saturday, September 12, 2009

I told you the Home Office Deduction was tricky!


Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Thursday, September 10, 2009

Better Audits, Better Chance of Paying More Taxes

This new report shows the IRS is getting better at targeting under-reporting of income and over-reporting of expenses. Sole proprietors beware!

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Employees vs. Independent Contractors

The government has just put out a study designed to help with misclassification. It's something every business owner, independent contractor and employee should be aware of.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Back-to-School Tax Breaks Now Available.

The government wants to remind you of the tax breaks available for higher education.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Wednesday, September 9, 2009

Help is on the way!

The government now wants to help you save money for retirement. Woo-hoo!

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

An Aging IRS ...

The IRS workforce is getting older.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Tuesday, September 8, 2009

Home-Based Businesses Beware!

Good tips for home-based businesses.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Monday, September 7, 2009

What?????????

You're not going to believe this ... Bernie Madoff is getting a tax refund. Huh?

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Friday, September 4, 2009

Schedule L, Schedule M, Schedule Confusion

With the stimulus bill comes confusion for taxpayers next year.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Remember the Estate Tax?


Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Thursday, September 3, 2009

$400 Income, $48,000 Expenses on Schedule C. Not.

Oh, boy. Don't try this.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Dollars for Dryers? Riches for Refrigerators? Wealth for Washers?

Cash for clunkers is over, now there's a new program.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Where to get the money

No, not money for you, money for the health care plan.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Wednesday, September 2, 2009

Small Business Tips

Hey, check this out! Small business on TV, every day!

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services

Another tax, big surprise

Now it's junk food.

Owen S. Arnoff, EA
Admitted to Practice Before the Internal Revenue Service
http://www.betterbusinessventures.com
Sacramento Tax Consulting
Sacramento Tax Preparation
Sacramento Tax Representation
IRS Tax Help, Bookkeeping Services, Payroll Services
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