in the fight against those who would dare to criticize her Lord & Savior, King Barack Hussein O.
Posted by taxguru on August 14, 2015
Posted by taxguru on August 3, 2015
In its latest Tax News newsletter, the California Franchise Tax Board stated the following.
We noticed a large number of taxpayers who claim unreimbursed employee business expenses (EBE) on Schedule A that appear questionable.
In August, we will increase the number of audits for taxpayers deducting EBE on personal income tax returns, starting with the 2011 and 2012 tax years.
There appears to be a bit of scare strategy at work here. Normally, FTB doesn’t do many actual audits of items on income tax returns. Instead, as with most other States, they just let IRS do the bulk of the examination work and then use the IRS results to make changes to the State tax returns. They are explicitly encouraging people who don’t think they will survive an examination to file amended tax returns and do their job for them.
Your clients can file amended tax return(s) if their business expenses do not qualify.
Notice that they mention going back to 2011, highlighting the fact that the Statute of Limitations for California income tax returns has long been Four (4) years, compared to the long-standing Three (3) years with IRS.
Also, notice that the focus of this concern is just deductions on Schedule A of individual income tax returns. It doesn’t mention any problems with expenses claimed on business forms (i.e. Schedule C) or corporate tax returns (hint hint).
Posted by taxguru on July 31, 2015
One of the benefits of the extremely lengthy presidential campaign season in this country is the ability of the general public to take a peek into the private tax returns of those candidates who choose to make theirs available for viewing.
As has been all over the news today, the Clinton campaign has posted download links for several of Bill & Hitlery’s individual income tax returns here on her website. They have the Federal individual income tax returns for the years 2007 through 2014. No copies of State income tax returns are included.
I’m not planning to spend the time dissecting each of those tax returns in great detail. However, I do feel a need to point out that these 1040s reveal only a tiny fraction of the income that the Clinton Family has received over the past years because they do not show the other entities that they use to funnel income and expenses through, such as the infamous Clinton Crime Foundation and Clinton Global Initiative that have brought in hundreds of millions of dollars in “donations” (aka bribes) from all over the world and which have been used fro the personal benefit of the Clintons.
What is another Clinton stretching of the truth (aka Lie) is the claim of how much they have donated to charity for those years. From her website:
“Since 2007, we have … made $14,959,450 in charitable contributions.”
Looking at the details on the tax returns, most of those “charitable contributions” were actually made to themselves via their foundation that has been exposed as a Clinton Family slush fund that gives practically nothing to real charities.
From the copies of the tax returns I downloaded:
2014 – $3,000,000 (out of a total charity deduction of $3,022,700) was to the Clinton Foundation
2013 – $3,057,000 (out of a total charity deduction of $3,078,000) was to the Clinton Foundation & Global Initiative
2012 – $1,800,000 (out of a total charity deduction of $1,825,650) was to the Clinton Foundation
2011 – $1,400,000 (out of a total charity deduction of $1,400,000) was to the Clinton Foundation
2010 – $1,000,000 (out of a total charity deduction of $1,000,000) was to the Clinton Foundation
2009 – $1,000,000 (out of a total charity deduction of $1,000,000) was to the Clinton Foundation
2008 – $550,000 (out of a total charity deduction of $550,000) was to the Clinton Foundation
2007 – $3,019,000 (out of a total charity deduction of $3,083,100) was to the Clinton Foundation
Totals for Eight Years:
$14,826,000 (99.11%) of $14,959,450 total donations were paid to the Clinton Foundation and Global Initiative
I realize that, of all the crimes that the Clintons have committed, this pales in comparison; but it is the one area that my skill-set makes easiest for me to detect.
Posted by taxguru on July 28, 2015
Add to the list of things bHo won’t do:
As with Lois Lerner, Koskinen is more likely to receive an award from bHo than a dismissal notice.
Posted by taxguru on July 22, 2015
Another blatant example of why nobody can trust a word out of bHo’s mouth.
President punts on IRS – Boston Herald editorial
This once again proves that Lois Lerner and her accomplices have nothing to fear for their crimes. In fact, they will most likely be given awards and bonuses for helping the Regime.
Posted by taxguru on July 21, 2015
Tax Foundation has released an interesting study on the average tax rates paid by workers in various countries, including here in the USA.
They are showing an average tax rate in the USA of 31.5%. Being an average, there are obviously some folks paying less and many people paying much higher rates, especially when considering State taxes and the penalties on those earning over certain amounts designated by our Rulers (aka the “Evil Rich”).
Posted by taxguru on July 11, 2015
The judge in this case believed this convicted tax cheat was too generous to be sent to prison.
He did still have to pay a very large financial penalty for his overly aggressive tax evasion scheme, hiding money in Switzerland.
Posted in Crooks | Comments Off on Being generous helps tax cheat avoid prison
Posted by taxguru on July 8, 2015
Richard Nixon was a piker when it came to using governmental agencies to persecute and prosecute critics. Judicial Watch has obtained some more proof of how widespread these actions have been.
Posted by taxguru on July 3, 2015
IT boss ‘blown away’ that IRS backup tapes in Lerner case erased, watchdog says – It’s amazing that anyone could still possibly believe that the erasures were accidental.
Posted by taxguru on July 3, 2015
Oregon launches program to tax drivers by the mile – Using Big Brother tracking devices to monitor every place we go. That can’t result in anything but more problems.
The Windy City is enacting a 9 percent tax on streaming services. – Starting in the Socialist Utopia of Chicago, and soon to spread to others.
Posted in NewTaxLaws | Comments Off on New Taxing Schemes