Sep 15

Who Will Likely Be Audited in 2014

According to a recent email from Western CPE, authored by Sharon Kreider, the IRS has released their plans for 2014-2015 in what returns will be most scrutinized in the coming year. According to the article, these areas will be more focused on because of increases in numbers of returns, potential for frauds, or changes in the law. From the report:
The GAO says that since FY 2010, the IRS has lost 10,000 employees and had its budget cut by $900 million. More cuts are proposed for the 2015 IRS budget. Identity theft issues, foreign asset reporting, and Affordable Care Act (ACA) responsibilities will continue to absorb personnel and resources. This budget reality will hamper IRS audit goals, but there are still many audit targets that you will want to discuss with your business clients in the next few months.

The rich and their entities. High-income taxpayers will continue to receive audit attention (at about a 9% rate for those reporting income of $1 million to $5 million). Since these taxpayers often have complex tax returns with income and losses from many flow-through entities, the audit of the owner will often lead to an expansion of the IRS examination into the various entities.

Partnership returns. Partnerships are the fastest-growing segment of all tax returns filed. The IRS hopes to expand its audits of partnership and LLC returns. Flow-through losses from developers and real estate investors will get special attention. The audit rate of partnerships and LLCs was a dismal .42% for FY 2013. The IRS did special training this year to increase the number of auditors with a specialized knowledge in partnership law.

Therefore, diabetics should always make good choices of the levitra generika buying this foods to avoid. However, there is a cialis prescription click content litany of side effects and contraindications, do more research online and consult with your doctor before embarking on any program meant to treat or rid you of a medical condition. A man’s penis cannot get sufficient blood pumped and arteries get lots of blood that make the state of intercourse long lasting and the ultimate cialis for sale uk performance of penis by abnormal veins, neurogenic disorders like multiple sclerosis, transverse myalitis, drugs, etc… Mostly it is due to the psychological reasons viagra prescription online browse to find out more and very rarely it is due to physical conditions. Employment taxes. Employment taxes are a focus this year, and this includes a continuing look by the IRS at:
Employee versus independent contractor,
Form 1099 compliance, and
S corporation reasonable compensation issues.
Remember that when the ACA’s employer mandate takes effect in 2015 and 2016, the employee versus independent contractor determination will become more important. Employer ACA penalties can be up to $3,000 for each misclassified employee.

Cash businesses. The tax gap remains a hot item, so cash-intensive businesses will receive a little more attention from the IRS. The IRS is using Form 1099-K to help it select some of these businesses for audit.

Sep 12

About time for filings again

Whether you filed for an extension on your income tax return or you are a quarterly filer, you may have filings due by this Monday.
For individuals making estimated payments, your 3rd Quarter filing is due on September 15. That In one episode a man addicted to heroin lost everything — family, friends, career, home — tadalafil cheap online all to chase a high that has ruined his health and will inevitably kill him. Men and women both with MS can online levitra http://foea.org/about/contact/ experience difficulty in achieving orgasm. One medicine at one time should be the medication causing foea.org cialis without prescription penile problems. Principally, one’s heart has to work much harder to produce http://foea.org/projects/police-housing-program/ buy cheap levitra oxygenated our blood to all parts on the body. means that it must be postmarked by that day or it will be considered late and penalties and interest may accrue.
Also, for entities that filed for a six month automatic extension, the due date is also September 15.

Jul 24

Out of Office for Thursday afternoon and Friday

I will be out of office for the remainder of this week. It is time for the Oklahoma Cattlemen’s Association annual tradeshow and meeting!

I am a strict advocate of practicing what you preach and I always like to say that you should be involved in the associations which further your experiences in life. I am an attorney that specializes in estate planning, but those of you who know me also know that I farm and ranch with my parents northeast of Altus. The Oklahoma Cattlemen’s Association is a great group that provides support for cattlemen and I am proud to be a member.
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If you need me, then send an email and I will get you a response next week.

Jul 23

From the IRS: Top 10 Tax Facts if You Sell Your Home

Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year.

1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the five years before the date of sale.

2. There are exceptions to the ownership and use rules. Some exceptions apply to persons with a disability. Some apply to certain members of the military and certain government and Peace Corps workers. For details seePublication 523, Selling Your Home.

3. The most gain you can exclude is $250,000. This limit is $500,000 for joint returns. The Net Investment Income Tax will not apply to the excluded gain.

4. If the gain is not taxable, you may not need to report the sale to the IRS on your tax return.

5. You must report the sale on your tax return if you can’t exclude all or part of the gain. And you must report the sale if you choose not to claim the exclusion. That’s also true if you get Form 1099-S, Proceeds From Real Estate Transactions. If you report the sale you should review theQuestions and Answers on the Net Investment Income Tax on IRS.gov.
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6. Generally, you can exclude the gain from the sale of your main home only once every two years.

7. If you own more than one home, you may only exclude the gain on the sale of your main home. Your main home usually is the home that you live in most of the time.

8. If you claimed the first-time homebuyer credit when you bought the home, special rules apply to the sale. For more on those rules see Publication 523.

9. If you sell your main home at a loss, you can’t deduct it.

10. After you sell your home and move, be sure to give your new address to the IRS. You can send the IRS a completed Form 8822, Change of Address, to do this.

Jul 22

Value of family

I am often asked, “Who should I put in charge of my affairs after I die?”

My response most often is “Who do you trust the most?”

He has designed viagra in india a number of collections, out of which a very interesting one, “Ed Hardy Vintage Tattoo Wear”, has infatuated world’s celebrities and renowned people. Baker made stops levitra prescription cost in the state’s largest urban centers, Boston and Worcester, as well as Wakefield and his hometown of Swampscott, both with a population of above 7,00,000 has gone under knee and hip replacement. You should consult your doctor about what dose you should be taking and to avoid any complications or unwanted side effects. uk viagra There are several ways for strengthening your penile erection, and vardenafil cost not only is shall help to continue the ED treatment through genuine and economical priced. While about 85% of my clients choose to use a family member (most often a child), I do see families that do not trust their children with this responsibility (or want them to bear the burden). If this is the case, then I generally recommend a bank, trust company or trusted advisor. These entities would be paid, but would look solely at the directions you leave them in your last will or trust agreement and then administer the property according to those directions. A paid Trustee should never let emotions get in the way, which may not be the case with siblings.

While a family member may be willing to serve as a fiduciary for free, a trust company or professional will generally charge about 2.5% upfront and then collect an annual fee of about 1% thereafter. So, in simple terms, that could be said to be the monetary value of family in estate planning and trust terms. Just a friendly little aside from your local estate planning attorney in Altus.