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INCOME TAX NEWS AND TAX TIPS:
Web-page TABLE OF CONTENTS:
1. [IRS] INTERNAL REVENUE SERVICE INCOME TAX NEWS:
2. [IRS] INTERNAL REVENUE SERVICE INCOME TAX TIPS for all PROSPECTIVE CLIENTS:
[Renters, Home-Buyers, Investor’s…College Student Renters, Buyers]
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1. [IRS] FEDERAL INCOME TAX NEWS:
MONTH’s OF 1/2010-&-12/2010
IRS Proposes New Registration, Testing and Continuing Education Requirements for
Tax Return Preparers Not Already Subject to Oversight
Higher Standards to Boost Protections and Service for Taxpayers,
Increase Confidence in System, Yield Greater Compliance with Tax Laws
WASHINGTON –– The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers. With more than 80 percent of American households using a tax preparer or tax software to help them prepare and file their taxes, higher standards for the tax preparer community will significantly enhance protections and service for taxpayers, increase confidence in the tax system and result in greater compliance with tax laws over the long term.
To bring immediate help to taxpayers this filing season, the IRS also announced a sweeping new effort to reach tax return preparers with enforcement and education. As part of the outreach effort, the IRS is providing tips to taxpayers to ensure they are working with a reputable tax return preparer.
"As tax season begins, most Americans will turn to tax return preparers to help with one of their biggest financial transactions of the year. The decisions announced today represent a monumental shift in the way the IRS will oversee tax preparers," said IRS Commissioner Doug Shulman. "Our proposals will help ensure taxpayers receive competent, ethical service from qualified professionals and strengthen the integrity of the nation's tax system. In addition, we are taking immediate action to step up oversight of tax preparers this filing season.”
Based on the results of the Return Preparer Review released today, the IRS recommends a number of steps that it plans to implement for future filing seasons, including:
-
Requiring all paid tax return preparers who must sign a federal tax return to register with the IRS and obtain a preparer tax identification number (PTIN). These preparers will be subject to a limited tax compliance check to ensure they have filed federal personal, employment and business tax returns and that the tax due on those returns has been paid.
-
Requiring competency tests for all paid tax return preparers except attorneys, certified public accountants (CPAs) and enrolled agents who are active and in good standing with their respective licensing agencies.
-
Requiring ongoing continuing professional education for all paid tax return preparers except attorneys, CPAs, enrolled agents and others who are already subject to continuing education requirements.
-
Extending the ethical rules found in Treasury Department Circular 230 -- which currently only apply to attorneys, CPAs and enrolled agents who practice before the IRS -- to all paid preparers. This expansion would allow the IRS to suspend or otherwise discipline tax return preparers who engage in unethical or disreputable conduct.
Other measures the IRS anticipates taking are highlighted in the 55-page report released today.
Currently, anyone may prepare a federal tax return for anyone else and charge a fee. While some preparers are currently licensed by their states or are enrolled to practice before the IRS, many do not have to meet any government or professionally mandated competency requirements before preparing a federal tax return for a fee.
First Step: Letters to 10,000 Preparers
The initiatives announced today will take several years to fully implement and will not be in effect for the current 2010 tax season. In the meantime, the IRS is taking immediate action to step up oversight of preparers for the 2010 filing season.
Beginning this week, the IRS is sending letters to approximately 10,000 paid tax return preparers nationwide. These preparers are among those with large volumes of specific tax returns where the IRS typically sees frequent errors. The letters are intended to remind preparers to be vigilant in areas where the errors are frequently found, including Schedule C income and expenses, Schedule A deductions, the Earned Income Tax Credit and the First Time Homebuyer Credit.
Thousands of the preparers who receive these letters will also be visited by IRS Revenue Agents in the coming weeks to discuss their obligations and responsibilities to prepare accurate tax returns. This is part of a broader initiative by the IRS to step up its efforts to ensure paid tax return preparers are assisting clients appropriately. Separately, the IRS will be conducting other compliance and education visits with return preparers on a variety of issues.
In addition, the IRS will more widely use investigative tools during this filing season aimed at determining tax return preparer non-compliance. One of those tools will include visits to return preparers by IRS agents posing as a taxpayer.
During this effort, the IRS will continue to work closely with the Department of Justice to pursue civil or criminal action as appropriate.
Steps Taxpayers Can Take Now to Find a Preparer
In addition to the stepped-up oversight of preparers, Shulman also announced a new outreach effort to help make sure taxpayers choose a reputable preparer this filing season. That’s particularly important because taxpayers are legally responsible for what is on their tax returns -- even if those returns are prepared by someone else.
“Taxpayers should protect themselves from unscrupulous preparers,” Shulman said. “There are some simple steps people can take to choose a reputable tax preparer.”
Most tax return preparers are professional, honest and provide excellent service to their clients. Shulman offered the following points for taxpayers to keep in mind when selecting a tax return preparer:
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Be wary of tax preparers who claim they can obtain larger refunds than others.
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Avoid tax preparers who base their fees on a percentage of the refund.
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Use a reputable tax professional who signs the tax return and provides a copy.
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Consider whether the individual or firm will be around months or years after the return has been filed to answer questions about the preparation of the tax return.
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Check the person’s credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
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Find out if the return preparer is affiliated with a professional organization that provides its members with continuing education and other resources and holds them to a code of ethics
OTHER NEWS/TIPS:
The Internal Revenue Service issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. All Freemoney Family Tax Clients will be provided a complete explanation and all proper forms to file, to ensure that any and all deductions, that the tax-filer is eligible to deduct, are properly captured/or reflected on the their federal income tax return.
IRS extends the sunset date of the Attributed Tip Income Program (ATIP) for two additional years until December 31, 2011. Relevant for all American workers who receive TIP or tip income..EXAMPLE: WAITRESSES, WAITERS, BARTENDARS, CADDY’S. All Freemoney Family Tax Clients will be provided a complete explanation and all proper forms to file, to ensure that any and all deductions, that the tax-filer is eligible to deduct, are properly captured/or reflected on the their federal income tax return.
[IRS] INTERNAL REVENUE has issued [10] TEN Important Facts about the Extended First-Time Homebuyer Credit. All Freemoney Family Tax/Real Estate Clients will be provided a complete explanation and all proper forms to file, to ensure that any and all deductions, that the tax-filer is eligible to deduct, are properly captured/or reflected on the their federal income tax return.
Most Businesses May Take Advantage Of Expanded Loss Carryback Option Under New IRS Procedure The Worker, Homeownership, and Business Assistance Act of 2009, which allows taxpayers to elect a period/or year, based certain specifications/or restrictions, has been amended, to allow all qualified tax-filers reflect any loss sustained in the operation of a business, based in the tax-filers home or outside the tax-filers home. All Freemoney Family Tax/Real Estate Clients will be provided a complete explanation and all proper forms to file, to ensure that any and all deductions, that the tax-filer is eligible to deduct, are properly captured/or reflected on the their federal income tax return
2. [IRS] FEDERAL INCOME TAX TIPS:
SECTION TABLE OF CONTENTS:
1. IRS Offers Tips for Year-End Donations:
IRS Offers Tips for Year-End Donations:
Contributions are deductible in the year made!
Check that the organization is qualified. You can only deduct donations made to qualified organizations!
For individuals, only taxpayers who itemize their deductions can claim deductions for charitable contributions.
For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property!
The deduction for a motor vehicle, boat or airplane donated to charity is usually limited to the gross proceeds from its sale. All Freemoney Family Tax Clients will be provided a complete explanation and all proper forms to file, to ensure that any donation, to a qualified organization, is properly reflected on the their federal income tax return.
All Freemoney Family Tax/Real Estate Clients will be provided a complete explanation and all proper forms to file, to ensure that any and all deductions, that the tax-filer is eligible to deduct, are properly captured/or reflected on the their federal income tax return.
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ALL REGULAR WORKSHOPS ARE CANCELLED
AUGUST-3-2009
to
MAY-1-2010!
Please register to VOTE!!
Have a Freemoney Day!!
______________________________________________
Let's get RICHER and SMARTER,
TOGETHER!!
You may register for WORKSHOPS NOW,
by Emailing: freemoney7901@yahoo.com (24/7)
The cost of the workshops FOR:
EXCEPTIONS:
.......Active-Duty Military Soldiers-&-Spouses(FREE)
1/3-of all-WORKSHOP-SEATS are
RESERVED-for-ACTIVE-DUTY MILITARY-SOLDIERS/or
THEIR SPOUSES!
........Official Members!
(Cost only $10.00: For those who do not want to receive
$50,000 Workshop attendee payment certificate)
($15.00 for married couples, who are official members)
..........$20.00 for the public !(TAX & REAL ESTATE CLIENTS)
Who want to receive $50,000 Workshop attendee
payment
certificate)
QUESTION:
Would you like to be paid $50,000 to
attend our Workshops?
ANSWER:
If your answer is yesssssss than......
All Workshop Attendee's, who attend 4 Workshops,
in one calendar year(Jan-1-thru-Dec-31)
will receive $50,000 from the
Freemoney Family Organization!
QUESTION:
Can I get paid if I encourage my friends
and Family to attend Workshops?
ANSWER:
Yes! .....Workshop referral fee will be paid to all official
members and Freemoney Family Referral Agents!
... Official Members and Freemoney Family Referral Agents
can/will receive-$5.00 for each Friend,
Family Member or Neighbor
you encourage to Pay,to ATTEND!
Workshop $50,000 term Changes:
.......Starting Jan-1-2010, only income tax client/members and
real estate clients[renters, buyers, sellers] will receive a
$50,000 Lifetime Payment Guarantee Certificate when/or
if they attend 4 WORKSHOPS between Jan-1 and Dec-31 of
any calendar year:
________________________________________________________________________________
.........Calling all Baby-Boomers!
Please visit: www.babyboomersunique.com
if you are looking for Clothing and Accessories
for Baby-Boomers only! Baby-Boomers, the
Freemoney Family Organization
wants and needs you!........Baby-Boomers-let-the
Freemoney Family Organization
-help-you-make-Retirement-an-
enjoyable time-in-your-life-
FINANCIALLY/INTELLECTUALLY!
Please register and attend our
Workshops to:
...Meet and network with other Baby-Boomers!
...Receive $50,000 from the
Freemoney Family Organization, to pad
your Retirement account!
Sooooooooo.......
.....Baby Boomers
...Official Members
.....Active-Duty Soldiers
.....All others interested.........
Let's get smarter and Make some
Money together!
freemoney7901@yahoo.com 24/7-365
To Reserve your Party's Place!
Each Workshops Last 3 Hours!
Please read:
........All individuals/or businesses, who pay to attend
both investment Workshops,
will be invited to attend Investment Club meetings,
for Investment Workshop-paid attendee's only!
.........You will be able to discuss and ask questions
about information talked about in either Part I or Part II
of Learning to invest in stocks, bonds, mutual funds;
.....You will also be able to receive answers about stocks, bonds,
or mutual funds, you are considering investing your
money in! .............Paid Workshop Attendee,
Investment Club Meeting will take place each
WEDNSDAY(6PM-9PM)
--Only those who actually paid to
attend both STOCKS, BONDS, MUTUAL FUND WORKSHOPS
will be allowed
to attend!
(if your spouse, kids, or friends
did not pay to attend, your spouse, kids, or friends will not
be allowed to participate!
NO EXCEPTIONS WILL BE GRANTED!
Now, let's get smarter and richer,
together, shall we!
Learn How-&-Where to Invest!
During the STOCK, BONDS, MUTUAL FUND WORKSHOPS,
we talk about the steps investors
should take, when deciding to construct a portfolio
which accomplishes your financial goals)
---Remember, it's time to make your Money work,
as hard as YOU work, for your Money!
Some of the Topics covered:
....How and when to allocate your investment
resources, among stocks, bonds, mutuals;
....How to use the types of approaches, investing
experts use,to select stocks, bonds, mutual funds;
...Tips for selecting stocks, bonds, mutual funds;
...other Investment techniques/options, such as
Learn about STOCKS .
-Attend this Workshop only if you want to make
your Money work, as hard asYOU work, for your Money!
Topics covered:
....Definition of stocks;
....The types of stocks,
are presented and discussed;
....The characteristics-&-evaluators investors
use to rate stocks;
....The types of Risks and Returns an investor can
expect;
....The types of approaches, an investor uses,
to select MUTUAL FUNDs,to invest in;
......Much much, more is covered during this 3 hour
discussion about stocks!
DATE WORKSHOP OFFER:
SATURDAY:[3:00PM-6:00PM]
BY APPOINTMENT ONLY!
Learn about MUTUAL FUNDS .
-Attend this Workshop only if you want to make
your Money work, as hard asYOU work, for your Money!
Topics covered:
....Definition of stocks;
....The types of MUTUAL FUNDs,
are presented and discussed;
....The characteristics-&-evaluators investors
use to rate MUTUAL FUNDs;
....The types of Risks and Returns an investor can
expect;
....The types of approaches, an investor uses,
to select stocks,to invest in;
......Much much, more is covered during this 3 hour
discussion about stocks!
DATE WORKSHOP OFFERED:
SATURDAY'S
TIMES OFFERED: (7:00PM-9:00PM)
BY APPOINTMENT ONLY!
(FREE HOT DOGS, STARTING AT 12:00PM,
FOR ALL PAID WORKSHOP ATTENDEE'S ONLY)
Learn about BONDS .
-Attend this Workshop only if you want to make
your Money work, as hard asYOU work, for your Money!
Topics covered:
....Definition of stocks;
....The types of BONDs,
are presented and discussed;
....The characteristics-&-evaluators investors
use to rate BONDs;
....The types of Risks and Returns an investor can
expect;
....The types of approaches, an investor uses,
to select BONDs,to invest in;
......Much much, more is covered during this 3 hour
discussion about stocks!
DATE WORKSHOP OFFERED:
..SUNDAY'S
TIMES OFFERED:
SUNDAY'S(6:00PM-9:00PM)..BY APPOINTMENT ONLY!
(FREE HOT DOGS, STARTING AT 12:00PM,
FOR ALL PAID WORKSHOP ATTENDEE'S ONLY)
3 types of Real Estate
WORKSHOPS
Offered:
1. HOME BUYING/SELLING!
--(THINGS the -Buyer-&-Seller
Should Know)
FREE to/for all Real Estate Clients, under contract!
MONDAY'S(9:00am-12:00pm)(6:00pm-9:00pm)
Saturday's(9:00am-12:00pm)
----------BY APPOINTMENT ONLY!
TOPICS COVERED:
Freemoney Family Real Estate!
(freemoneyfamilyrealty.com)
...Steps the Buyer should take!
....Steps the Seller should take!
.....Types of Lenders available!
.....Types of Mortgages!
......TREC REAL ESTATE CONTRACTS!
..........Steps involved in the Loan Closing
Process!
..........Definitions of Mortgage Terms!
..........Types of Insurance required!Escrow!
..........Types of MARKET ANALYSISes!
......................Which may used to Determine
your buying or selling price!
...........How to Select/Evaluate a Real Estate!
...........How to select a Mortgage Broker!
Mortgage LOCATING/Evaluating ASSISTANCE available!
Sales/Lease Negotiating Assistance available!
...Just added:...Information about
Fannie Mae-&-Freddie Mac
legislationthat President Bush just signed into law!
LOAN MODICAFICATION TIPS!
...Find out how it can help you!
2. "HOW TO INVEST IN REAL
ESTATE"
(FOR INVESTORS ONLY)
MONDAY'S-----(9:00AM-12:00PM)(1:00PM-4:00PM)
TOPICS COVERED:
...6-Types of investment property's,
a real estate investor can/should invest in;
----Charateristics of the 6-types of investment
property's an investor can/should purchase;
.....How to purchase Foreclosure property's;
.....Sources of Financing available to/for
Real Estate Investors;
.....Types of financing arrangements, an
investor can ask for/use
to purchase investment property;
.....How to write a Real Estate Proposal
(to secure/obtain financing)
-$20.00/PERSON MONDAY'S-SATURDAY'S!
FREE for Property Management Clients!
---------BY APPOINTMENT ONLY!
-----------------------------------------------
3. "HOW TO PROPERLY MANAGE
YOUR
INCOME PRODUCING--
INVESTMENT PROPERTY"
Real Estate investors and property owners, if you want
to Maximize the income you receive from your
Income Producing Property,
you should attend this informative, 3 hour WORKSHOP;
Each WENDSDAY(9:00AM-12:00PM)(1:00PM-4:00PM)-
BY APPOINTMENT ONLY!---------
$20.00/PERSON--$5.00-FOR EACH FAMILY OR FRIEND
WHO ATTENDS!
-----CLASS-LASTS--3HOURS!
-------------------------------------------------------------------------------------------------
"HOW TO WRITE A BUSINESS
PLAN"
QUESTION(s):
..Would you like to obtain financing for an existing or new
business idea, you have?
...Do you have a blue-print to follow, which you can use to
effectively start or operate your existing or new business?
.....Do you know the important information to include within your
Business Plan?
ANSWER:
You should plan to attend this 3 hour Workshop which will
take all attendee's step-by-step, through the Business Plan Writing
Process!......All attendee's will be given a FREE consultation with a
Freemoney Family Business Plan consultant!
.........Date/Times Workshop offered:
THURSDAY"S---------(1:00PM-4:00PM)(6:00PM-9:00PM)
------$20.00/PERSON----------$5.00---------------------------------
BY APPOINTMENT ONLY!
"HOW TO WRITE A GRANT"
(GOVERNMENT(Public)-&-Corporate
(Private)
QUESTION:
..Would you like to receive FREE MONEY to start a business
or expand an existing?
...Would you like to learn how to Write a Grant Proposal, which
will help you receive FREE MONEY?
....Would you like to learn about Private(Corporations, Non-Profits,..etc.)
and Public Grant sources, which could/will give you FREE MONEY?
Workshop-Day's-&-Times:
Thursday's--(9:00AM-12:00PM)
SATURDAY'S(9:00AM-12:00PM)
----Offered By Appointment Only!
--$20.00---$5.00 for each friend or family who attends with you!
"HOW TO START/OPERATE A
BUSINESS"
.....Do you want to learn how to start and operate a business,
effectively-&-efficiently?
.....Do you currently operate a small business, Corporation, Partnership,
Non-Profit and want to learn how to run your business or organization more
eficiently/or effectively;
.....Do you want to learn how to comply with Federal Tax Laws, for all
businesses?
.....Then....you/or your representative should
attend this
WORKSHOP;
TOPICS COVERED:
........How to properly start an effective business;
........How to Operate a business efficiently;
........Current Federal Laws(including IRS rules and
regulations)
a small business, Corporation, Partnership or
Non-Profit business person should know, as well as,
how to comply with these laws and regulations;
TUESDAY'S(9:00AM-12:00PM)(1:00PM-4:00PM)(6:00PM-9:00PM)
----$20.00/PERSON--------$5.00-------------------------
BY APPOINTMENT ONLY!
"How to plan for Your RETIREMENT"
Topics Covered:
.........What type of retirement plans can I choose from? Much, much more!
Attend this Workshop if you want HONEST ANSWERS TO ALL OF YOUR
RETIREMENT QUESTIONS!......BY APPOINTMENT ONLY!
----$20.00/PERSON--------$5.00------for each family member or
friend who pays to attention
"HOW TO ESTABLISH/MAINTAIN A BUDGET"
------&----"HOW TO MANAGE CREDIT/DEBT"
--ONE WORKSHOP!
QUESTION:
..Do you need help budgeting the money you work hard for?
...Are you in debt or want to avoid getting into debt, because of
poor credit card
management?
...Would you like to learn who you can contact, if you need help
managing your
credit?
ANSWER:
You and your spouse should attend this 3 hour
Workshop which will take all
Attendee's step-by-step through the process of Establishing-Maintaining
a Budget and explain how to Manage their Credit more effectively!
Workshop Day's/Times:
FRIDAY'S(1:00PM-4:00PM)(6:00PM-9:00PM)
SUNDAY'S---(9:00AM-12:00PM)
--$20.00/PERSON-----------$5.00-------BY APPOINTMENT ONLY!
"HOW TO WRITE A LIFE PLAN"
------------------------$20.00
Workshop time:(3) three hours!
------Offered by Appointment Only!
ARE YOU A EXPERT IN YOUR FIELD?
----WOULD YOU LIKE TO CONDUCT WORKSHOPS EDUCATING
PEOPLE
ABOUT YOUR CURRENT PROFESSION/or HOBBY?
---PLEASE TELL THE REPRESENTATIVE WHEN YOU CALL
TO RESERVE YOUR
SPACE AT ONE OF THE FIVE WORKSHOP THE FREEMONEY
FAMILY
ORGANIZATION IS OFFERING!!!
_________________________________________________________
Need Extra-Money?
Earn $10,000 to $25,000-&-UP!
Become a Freemoney Family Organization Client
Referral Agent!
Tax Client Referral Agent! 10,000 Wanted
Tax Referral Agents receive
$10.00 for VETERAN and ACTIVE-DUTY SOLDIERS:
$40.00 for all other income tax client referrals:
each time they refer friends, family members or neighbors pays Freemoney Family Tax Service, for tax service!
http://freemoneyfamilytax.com
Real Estate Referral Agents! 10,000 Wanted
Real Estate Referral Agents receive:
$50.00 and $500.00...For non-licensed Real Estate Agents:
$500-to-3%...for Licensed Real Estate Agents;
for each friend family member or neighbor they refer and utilizes the services of a Freemoney Family Real Estate Specialist!..RENTERS, HOME-SELLERS-&-BUYER CLIENTS NEEDED!
http://freemoneyfamilyrealty.com
Business Reference Guide Referral Agent! 10,000 Wanted
Do your Friends or Family, or Neighbors need inexpensive advertising?
Business Reference Guide Referral Agents will receive:
$5.00 for each advertising client who pays $50.00-for a general listing
or
$10.00 for each advertising client who pays $100.00 for a full-page listing, in the Freemoney Family Business Reference Guide!
http://freemoneyfamilymagazine.com
Workshop Referral Agents! 10,000 Wanted
Workshop Referral Agents receive:
$5.00
each time they refer friends, family members or neighbors pays Freemoney Family Tax Service, for tax service! WORKSHOPS located at the top of this webpage!
Freemoney Family Magazine Referral Agents! 10,000 Wanted starting Jan.-1-2010!
Referral Agents will receive 10% of the advertising Fee’s for each paid ADVERTISING friend, family member or neighbor who pays
Starting-Jan.-1-2010! Advertisers will be paid a minimum of $50,000 to purchase advertising in our Freemoney Family Magazine, which is distributed FREE to all of our Real Estate and Tax Clients, who will be paid to appear in all articles and advertisements!
Please view ADVERTISING RATES at http://freemoneyfamilymagazine.com
Then..Email: Freemoney(24/7) freemoney7901@yahoo.com [email address does not link] [email address does not link]
Perfect opportunity for COLLEGE STUDENTS, HOUSEWIVES, KIDS, SENIORS and those who just want or need to earn
EXTRA-MONEY!
_____________________________________________________________________
FUNDRAISING Event Planning
-&-
Referral Agent Application/Terms!
Please read and complete this application, if/when you want or need FUNDRAISING EVENT PLANNING or to become a Referral Agent, for the Freemoney Family Organization! Please submit this application, with all of the information requested, and email the completed application to: freemoney7901@yahoo.com
