Senior Estate Tax Lawyer Harold Apolinsky of the Birmingham, Alabama law firm of Sirote & Permutt, discusses the financial burden the estate tax, also called the death tax, puts on families and businesses after the principal owner dies.
Duration : 0:4:52
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The IRS audits people who are late with their tax payments, people who do not file tax returns and people who have flagrant misuses of deductions. Discover how the IRS largely goes after individuals and businesses who take advantage of deductions with help from a registered financial consultant in this free video on IRS audits.
Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC
Duration : 0:1:28
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Legal Advice is given by Gerald Unis, Senior Attorney of Unis & Associates as he brings extensive knowledge and litigation experience and answers questions on the Trust Factor Legal Show. In this episode, Gerald Unis discusses the reasons why it’s important to hire a competent Business Law attorney to help draft your company’s organizational documents.
Duration : 0:1:52
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Unfortunately, there is no fool proof solution to avoiding an IRS tax audit but there are ways to avoid being a high risk for audit potential. Avoid excessive risk of being audited on a tax return with tips from an experienced tax professional in this free video on taxes.
Expert: Danielle Loughran
Contact: www.accell-us.com
Bio: Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young and is currently the director of assurance at Accell.
Filmmaker: Christopher Rokosz
Duration : 0:2:5
Mail this post Lansing Co. at the end of 2007, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:
Pretax financial income $ 500,000
Estimated litigation expense 1,250,000
Installment Sales (1,000,000)
Taxable income $ 750,000
The estimated litigation expense of $1,250,000 will be deductible in 2009 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $500,000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment a/r are classified as 500,000 current and 500,000 as non current. The income tax rate is 30% for all years.
1. Income Tax Expense of $150,000
2. The deferred tax asset to be recognized is ???(D)
a. 0.
b. $750,000 current.
c. $375,000 current.
d. $375,000 non-current.
32. The deferred tax liability- current to be recognized is
$150,000
1. $225,000 (taxable income x tax rate). This should include all taxable income, not just the financial income.
2. d. Correct. They have an accrued tax benefit that won’t happen in the next 12 months.
3. $150,000. Correct. ($500,000 current installment income x tax rate of 30%).
Mail this post My dad’s revenue streams were converted to trust about 5 years prior to his passing. It has been 5 years since his passing. Last year, we were audited for his estate. There was a finding that there was no revenue. This year, I received a notice that they want to audit for two years.ago They even replaced his first name with Deceased. What kind of government bureaucracy flags a $0 income estate that has been closed (previously proven by IRS audit) Also I am not the executor, nor the recipient of any of the trust money.
Has the IRS gotten that callous and unfeeling that live people are not enough for them? Who was the idiot who changed his first name to Deceased in the IRS records? They spent over $100 Million on new computers and software, yet they can’t determine that auditing closed estates over and over is counterproductive? First audit was 7 year audit, recent one is single year, 2005.
This is just a guess, but I’d say that the trustee didn’t properly prepare the trust’s tax returns when they were due. If the trust has been wrapped up, a final return should have been filed. That would have put the IRS on notice that there was nothing to go looking for any more and would probably have them off of your back now.
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http://tinyurl.com/yzmf44c
wesley-snipes-prison-sentenceWESLEY SNIPES has appealed his three-year prison sentence on U.S. federal tax charges – insisting the term is unreasonable.
The Blade: Trinity star was convicted in 2008 of three misdemeanour counts of wilful failure to file his income tax return.
According to prosecutors, who pursued the maximum penalty, Snipes made at least $13.8 million (?8.6 million) for the years in question and owed $2.7 million (?1.7 million) in back taxes.
Snipes apologised at the time, insisting he was was unschooled in the science of law and finance.
In a Georgia Court of Appeals on Friday (20Nov09) his attorney accused prosecutors of seeking to make an example out of the actor, insisting the sentence focused too heavily on deterrence.
Snipes attorney also argued the actor should have been granted a hearing to decide whether his trial should have been in New York instead of Florida, where he has homes.
Snipes remains free on bail and was not present at the Atlanta courthouse.
The three-judge panel did not issue an immediate decision.
Duration : 0:0:56
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IRS dog defends taxpayers from irs penalties, audits, offers in compromise, tax shelters, 419e, 412i, 419 plans, benefit plans, http://irsdog.com
Duration : 0:1:49
Mail this post Why do conservatives always think in black and white?
Because the law should be black and white. Making things too complex actually causes more litigation because interpretations may vary..
We have gone from a 700,000 word tax code in 1954 to nearly 8,000,000 in 2009..
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CSPD