Tax Compliance Career Guide and Counseling

Question: For tax compliance how do we convert our family condo to rental property owned by our or LLC reported on 1040? We will soon close on our new home.

Answer: You really don't need to do anyting as far as taxes are concerned. File Schedule E with your Form 1040 return to account for the rental income and expenses. An LLC is a disregarded entity so it has on affect on your tax returns. Keep accurate records of the purchase cost, improvements and all expenses. Keep in mind that you will have a depreciation recapture event when you sell the condo so make SURE that you claim the depreciation expense as it will be recaptured whether you claim the expense or not.

Question: What can i expect when I take the Tax Compliance Officer Self Assessment? Any and all details would be gratefully accepted

Answer: Dear David: In all fairness this is an internal issue with your employer. You should have documentation to guide you and I would guess if you pull a job description for "tax compliance officer" you could just about nail all items on the list of required actions. BTW in the UK self compliance is assigned to tax payers. This advice was prepared based on the tax laws in effect at the time it was written based on the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

Question: what are the role of profesional accountant in promoting tax compliance? in what ways do profesional accountant promote tax compliance?

Answer: Tax professionals are advocates for their clients, meaning, that they research ever legal way to have their clients pay the least amount of taxes available. Tax professionals do NOT have to be CPAs, although the IRS will only allow certain qualifies individuals to represent taxpayers at higher levels (tax courts, etc.). There is an accuracy related penalty that tax preparers can incur for not complying with the laws properly. We advise clients on what they should and shouldn't do and can refuse to 'sign off' on a return that we know has false information.

Question: Will Obama nominate Mark Rich to his new income tax compliance oversight board? (You know, to add a layer of transparency for the cabinet nomination vetting prodecure!) (For those of you just tuning in, Obama AG Eric Holder helped Mark Rich seek a pardon from Clinton for, among other charges, tax evasion and fraud.)

Answer: Highly doubtful. Why didn't Bush let Libby face the "full brunt of the law?" (we can play these back and forth games all day, let me know when you realize that govt is corrupted and its not just one party)

Question: How will the Obama administration react to productive people shielding their wealth as tax rates rise? Volumes of empirical data show that as tax rates rise, the focus of productive people shifts from tax compliance to tax avoidance. How will President Obama react to this certainty? Will he step on the socialist accelerator even harder, convinced that his rhetoric will reverse the human spirit? Will he hire thousands upon thousands of additional government agents to forcefully confiscate property, facts be damned? Something else?

Answer: A lot of funny answers here, especially by Obama supporters showing their complete lack of understanding of taxes and the question. Yes, tax evasion is ongoing, doubt you're going to find many people who dispute that (both dem and rep/liberal and conservative do it, not limited to one group). If anyone has ever known someone really rich (I mean making over a million a year) they do NOT want to part with it. They will use any means necessary to hide, move, get though loopholes and other things to keep their money. As taxes go up, these people look harder for such things to keep their money (key word here s their money, they made it, earned it, it's not mine). When this happens I think what we'll see is that the Obama administration might add more people to the IRS to catch such people. But this is a catch-22 situation. Many people don't pay taxes, guess what, with more people looking the chances of you being caught went up. I also think, those tax cuts, forget it, it was just a campaign slogan to get you to vote for him. I say there's a 99% chance everyone's taxes will go up. Add in an energy crisis that the democratic congress and Obama don't seem to want to do anything about, and guess what, your check you bring home, gets smaller and smaller. Say good by to many to perks you enjoyed and health-care still won't be fixed.

Question: Any corporate tax and GAAP experts here? Anyone here with in-depth experience in federal tax compliance, FAS 109, FIN 48 and FAS 123R? I need some clarifications on stock backdating restatement issue. If you are an expert in any of the area above, drop me a line here and I would like to contact you. Thanks

Answer: sorry..no

Question: Why do we tax businesses when the tax just slows production and is passed on to the consumer anyway? Income tax, payroll tax, and compliance costs are all built in to the price of the product. http://www.heritage.org/Research/Taxes/c…

Answer: Because politically, the further the sting of taxes is removed from the voter, the better.

Question: How much sale tax, title, license/registration fees, finance charges, and emission testing/compliance fees be? dallenmarket? For a car.

Answer: car or truck? city/state/country? loan or cash? lease or purchase? your question is too vauge to garner any possible answer. Clarify and we can help.

Question: The U.S tax system is based on voluntary compliance, tax _____ is legal but tax______ is not legal.? fill in spaces

Answer: Avoidance/evasion?

Question: The IRS 1040A form has no OMB Number. Which Tax form is in compliance with the privacy act? The privacy act requires all government forms to bear an OMB Number, which references the law requiring compliance. Absent an OMB number, compliance is not required.

Answer: Better question why do we pay Income tax ,when the LAW says its illegal to do so ?