Wednesday, February 9, 2011

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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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Bakersfield Realty Condos Foreclosures For Sale by LavernMarotta982


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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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Bakersfield Realty Condos Foreclosures For Sale by LavernMarotta982


bench craft company

New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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Bakersfield Realty Condos Foreclosures For Sale by LavernMarotta982


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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


bench craft company

New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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Bakersfield Realty Condos Foreclosures For Sale by LavernMarotta982


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New York Yankees <b>News</b>: The Captain - Pinstripe Alley

New York Yankees news from around the internet on 2/9/2011, including Rob Neyer on Derek Jeter's attempt to bounce back from a disappointing 2010 season.

CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>

CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...

OFWs claim jail beatings - Arab <b>News</b>

Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...


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During my past seven seasons as a tax preparer, the tax preparation industry has been coming up with ways to capitalize on two popular trends in America today. Through various software packages and refund options, convenience and instant gratification (in this case speed of refund) have become standard services offered by many tax professionals in the form of online filing and money now loans. The IRS even allows individuals under a certain income level to efile their taxes online for free. As I attend various tax seminars offered by the IRS and talk with other tax professionals, as well as offer advise to friends that have their returns prepared by others who get them big tax refunds and now are getting letters from the IRS, I believe that in the next several years tax mediation will become even larger business for tax professionals.

A tax mediator is a tax professional (Enrolled Agent) that is licensed to represent tax payers before the IRS. Enrolled agents (EAs), like attorneys and certified public accountants (CPAs), are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can practice before. EAs take an extensive test much like that of a CPA, with the only difference being their test focuses strictly on taxation. Unlike CPAs and attorneys who are licensed by states, EAs are licensed by the U.S. government.

When a tax payer receives a letter from the IRS stating they have reviewed their tax returns and have determined they underpaid their taxes for a certain year, that individual would then contact an enrolled agent to assist them. In other words, the tax payer is being audited and would turn to an enrolled agent. An enrolled agent would be a better place to start, as opposed to a certified public accountant, because not all CPAs specialize in taxes, while all EAs are schooled only to deal with taxes. The EA reviews the return in question and communicates directly with the IRS on the behalf of the taxpayer, so they don't have to worry about that. In most cases they have been able to negotiate a much smaller settlement than what was originally requested by the IRS which is why when an individual gets audited it is best for them not to try to resolve the matter on their own.

The main reason I believe that the distinctive letters EA will become as common as CPA is because of the high number of returns being questioned by the IRS. In a seminar I attended two years ago, the speaker from the IRS warned the room full of tax professionals they were beginning to believe a large number of individuals were exaggerating numbers on their returns. Just this past December an ex IRS auditor now turned EA told me that she had certain things she looked for on a return that lead her to automatically audit that individual. She said that sometimes the information turned out to be justified and no further action was taken by her office, but more often her hunches were correct and the tax payer was then responsible for paying back taxes and penalties. The tax payer got that large refund but ended up paying it back to the IRS and then some, on top of the penalties and interest they had to pay for the back taxes, the services of an enrolled agent are not cheap.

Auditing past year returns and getting back extra money is big business in the tax industry. Even some of the leading tax preparation businesses advertise amending tax payer's returns and getting large sums of money back. Their claim is they will review the return and get extra deductions and credits to increase your refund. In some cases this is actually justified because the original preparer left thousands of dollars off your return that could have been legally claimed. In this case the tax preparer doing the amendment should be sure to send along all documents that support the claim for a larger refund with the 1040X. This will eliminate any confusion and questions from the IRS.

The housing industry has recently taken a shift to where the big money in real estate is in purchasing foreclosures at low cost and reselling them at market value. Those that come in and stop foreclosure are actually providing the home owner a great service because once the house is foreclosed that stays on your credit report for 10 years. Many home buyers purchased houses before they were ready as they fell prey to predatory lenders and are paying for it now.

And just as those sub-prime and interest only loans allowed many Americans to purchase homes that are now being foreclosed on by banks in record amounts, those that continue to reap the early benefits of exaggerated tax returns take the risk of dealing with the IRS soon. If that letter comes from the IRS and they say that they have calculated your return and you have understated your income and now owe an additional $6500, make sure you find a good enrolled agent.






















































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