Month: March 2019

More Enrolled Agent Work To Address Expanding IRS Pursuit of Tax Cheaters

More Enrolled Agent Work To Address Expanding IRS Pursuit of Tax Cheaters

image source

Individuals who cheat on their income tax reporting have more to worry about these days. First, the IRS offers a take to whistleblowers on the taxes collected from anyone reported as a cheater. Larger collections cause increased rewards. In addition, a report by the Treasury Inspector General for Tax Administration states that the IRS criminal division is more efficient in both prosecution and conviction.

Both actions create new enrolled agent job opportunities to help taxpayers. In many situations, taxpayers need to simply understand tax reporting errors that are potentially criminal.

In fiscal year 2010, the IRS criminal division reduced its time to complete a case to 365 days from 401 days in the prior year. The division initiated 4,700 cases and completed 4,300 in fiscal year 2010. Most significantly, a greater number of cases addressed only tax matters as the legal source. In the past, more tax cases were add-on charges to drug running or money laundering trials.

Tax cheating situations can continue for long periods without taxpayers realizing the implications. Some situations are unintentional. For example, enrolled agent study guides address unusual matters where implied rental income exists. This can occur when a tenant pays no direct rent but pays the property owner’s mortgage payments. These amounts are reportable as rent income by enrolled agent work for such property owners.

Informing taxpayers about the IRS whistleblower program is a technique enrolled agents use to convey the importance of revealing all scenarios that might encompass taxable events. These possibilities can entail gift tax as well as income tax issues.

Fortunately, enrolled agent training includes gift tax situations so that EAs can help on accurate reporting in these matters. Examples occur when individuals give property to their relatives and forget that a gift tax return is due. This is true even if no tax is paid because the gift giver uses part of the lifetime exclusion.

The IRS actually has two whistleblower programs. The small awards program covers cases for less than $2,000,000 of tax. The reward can rise as high as 15 percent, but is usually less. The IRS takes relatively few cases. To attract any IRS interest requires some evidence worthy of pursuing further. Larger awards are possible for cases concerning more than $2,000,000 or individual taxpayers with at least $200,000 of income in one of the years in question.

Moreover, a case that is accepted often takes five or more years to resolve. Still, the IRS has accepted cases and provided significant awards. Until 2006, the IRS was reluctant to pay bounties for tax cheaters. But the environment changed after successful whistleblower programs for nontax matters were implemented, such as unethical acts by government contractors. Since then, the IRS has qualified 1,328 whistleblower submissions involving nearly 10,000 tax cheats.

The IRS does not release details on individual awards. However, most insiders agree that whistleblowers are primarily employees or accountants. Cases are as diverse as payroll tax withholding, tax shelters, illicit foreign accounts, and arcane corporate accounting.… Read More

Music Lessons For Children – Benefits That Make a Difference

Music Lessons For Children - Benefits That Make a Difference

image source

There are great things that come with some of the things our kids want to do. If you do not believe me, look at what research has shown us. Why do not you think so many new tools that you nor I did not have when we were kids are being invented? Now, the school wants to do away with one of the things that could be extremely important to your child as being supported by research done by the Board of Education. These are music lessons. Let us help you to look at music lessons for children – benefits.

There are many things that music lessons can do for children. There are areas that are key to helping a child become the fully developed adult you want your child to be. These areas include attention span, motor skills, cognitive thinking, and many more. These have been said to have been developed through the means of music lessons that children so want to do.

Other things have been shown as well through studies. For instance, those who take music lessons are said to have increased their math and verbal skills. When you look at test scores, you will see that this is an area that is normally the hardest test areas for every school district around the nation.

Another thing it has proven deals with high school age children. Those who do band or choir are shown to increase their math skills. This is done so much so that they normally exceed expectations come twelfth grade math. This is great especially since at that time they have the tests that truly matter in regards to college. You do want them to do well on those.

Is your child talking about the fact that they are fed up with school? Every parent worries about making sure their child stays in school. Finishing up is one hard thing, but a great step to getting a great paying job and doing well in life. Well, one incentive that has been found to keep children in school has been the great art of you named it, music lessons.

Music lessons help children so much in the cognitive area of life, but what about socially? You can see the friendships and strong bonds that form from band members. They learn to take criticism; they learn promptness and so much more.

Kids also gain self recognition as they do music lessons. They are proud of what they can accomplish and cannot wait to share it with people. They gain self confidence which many children these days lack. Now, how is that? Yet, schools want to cut it.

You have the chance to allow your kids to grow in amazing ways. Let them do music lessons and see what they can do for you. It is a definite blessing when kids do this. Just you wait and see. Many things can happen when you allow your child to grow and this is one way tot … Read More