#Tax Audits

[syriaccpataxaccounting]

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[mystartupsolution]

Income Tax Consultant in Lucknow

As the financial year comes to a close, the daunting task of filing income tax returns looms large for many individuals and businesses in Lucknow. Navigating through the complex web of tax laws and regulations can be overwhelming, and that's where the expertise of an Income Tax Consultant comes into play.Income Tax Consultant in Lucknow.

The Complexity of Income Tax:

Income tax laws are ever-evolving, and the intricacies involved can make the process of filing returns a challenging endeavor. From deductions and exemptions to compliance with the latest tax codes, staying abreast of the nuances is crucial to ensuring a smooth and error-free tax filing. A skilled Income Tax Consultant not only possesses a deep understanding of these complexities but also stays updated on the latest changes in tax legislation.

The Local Advantage:

Lucknow, a city steeped in cultural heritage, also boasts a dynamic economic landscape. As a resident or business owner in Lucknow, having a local Income Tax Consultant brings about several advantages. They are not only well-versed in the national tax laws but also have a keen understanding of the local economic conditions, ensuring that your tax strategy aligns seamlessly with the unique aspects of Lucknow's financial environment.

Choosing the Right Consultant:

With several Income Tax Consultants in Lucknow vying for your attention, it's essential to choose one that aligns with your specific needs. Here are some key factors to consider:

Experience and Expertise:

Look for consultants with a proven track record and a comprehensive understanding of income tax laws. An experienced consultant will be better equipped to handle complex situations and provide valuable insights tailored to your financial situation.

Reputation:

Check online reviews, testimonials, and ask for referrals to gauge the reputation of the consultant. A positive track record and satisfied clients are indicative of a reliable and trustworthy professional.

Communication Skills:

Effective communication is paramount in tax consultancy. A consultant should be able to explain intricate tax matters in a way that you can comprehend. Regular updates and clear communication foster a collaborative and productive relationship.

Fee Structure:

Understand the consultant's fee structure upfront. Whether it's a flat fee, hourly rate, or a percentage of returns, clarity on costs ensures transparency and avoids any unpleasant surprises later.

Conclusion: In conclusion, as the financial year draws to an end, enlisting the services of a proficient Income Tax Consultant in Lucknow is a strategic move to navigate the complexities of income tax filing. From ensuring compliance with the latest tax regulations to optimizing deductions, a skilled consultant can make the entire process seamless and stress-free. Take the time to research and choose a consultant who not only possesses the required expertise but also aligns with your specific financial goals. Your peace of mind and financial well-being are well worth the investment in a competent Income Tax Consultant in Lucknow.

[scarlettohairdye]

PSA to printed zine makers

As a 37 year old who's been running a sole proprietorship for the last 10+ years, I just want everyone who is planning to run a fandom project that involves accepting money for printing & shipping costs to know that you're actually running a small business and you need to plan for taxes. It doesn't matter if you don't make any profit: that is business income and the IRS will see it as such if you get audited.

If you only take enough money in to cover the cost of printing & shipping then you can write that off as a business expense and probably not pay taxes on it, But in order for that to fly you actually have to do business accounting, especially if you're doing it at scale. Like, you can probably skate by without reporting a $500 project; I absolutely would not fucking risk it with a $5000 project.

Back when I was producing shows there were years when I was where I made $20k in ticket sales only to turn around and immediately pay $18k to my performers. I only made $2k for myself, but I had to report the entire $20k, because it was ALL INCOME. (I only paid taxes on the $2000, because that's how writing off expenses works!)

Yeah this is boring grownup shit and I'm getting my boring grownup fingers all over your fun fandom, but boring grownups doing boring grownup things are the reason fandom spaces exist at all (paying for servers is deeply boring), and I'm way more fun than an audit

[thelaurenshippen]

I just think that if you pay a subscription for a service it should be illegal to then have pop-ups asking you to pay for more stuff. I want to kill intuit with hammers

[nando161mando]

$150,000,000,000

[trexalicious]

An interesting 2017 tax implication article prior to their marriage mentioning several things I hadn't even thought about that would effect her/them taxwise like her engagement ring AKA Reporting a Large Gift from a Non-Resident Alien or their wedding gifts including charitable contributions...

[bitchesgetriches]

https://money.usnews.com/money/personal-finance/taxes/articles/irs-pledges-more-audits-of-wealthy

This is actually great news. But read to the end for how it'll affect you.

[dontmeantobepoliticalbut]

The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a “lack of fairness” in the tax system, according to the head of the Internal Revenue Service.

The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies. In an exclusive interview with CNBC, IRS Commissioner Danny Werfel said the agency has launched several programs targeting taxpayers with the most complex returns to root out tax evasion and make sure every taxpayer contributes their fair share.

Werfel said that a lack of funding at the IRS for years starved the agency of staff, technology and resources needed to fund audits — especially of the most complicated and sophisticated returns, which require more resources. Audits of taxpayers making more than $1 million a year fell by more than 80% over the last decade, while the number of taxpayers with income of $1 million jumped 50%, according to IRS statistics.

“When I look at what we call our tax gap, which is the amount of money owed versus what is paid for, millionaires and billionaires that either don’t file or [are] underreporting their income, that’s $150 billion of our tax gap,” Werfel said. “There is plenty of work to be done.”

“For complex filings, it became increasingly difficult for us to determine what the balance due was,” he said. “So to ensure fairness, we have to make investments to make sure that whether you’re a complicated filer who can afford to hire an army of lawyers and accountants, or a more simple filer who has one income and takes the standard deduction, the IRS is equally able to determine what’s owed. And to us, that’s a fairer system.”

Some Republicans in Congress have ramped up their criticism of the IRS and its expanded enforcement efforts. They say the wave of new audits will burden small businesses with unnecessary bureaucracy and years of fruitless investigations and won’t raise the promised revenue.

The Inflation Reduction Act gave the IRS an $80 billion infusion, yet congressional Republicans won a deal last year to take $20 billion of the funding back. Now they’re pressing for further cuts.

The Treasury Department said last week it estimates greater IRS enforcement will result in an additional $561 billion in tax revenue between 2024 and 2034 — a higher projection than it had initially stated. The IRS says that for every extra dollar spent on enforcement, the agency raises about $6 in revenue.

The IRS is touting its early success with a program to collect unpaid taxes from millionaires. The agency identified 1,600 millionaire taxpayers who have failed to pay at least $250,000 each in assessed taxes. So far, the IRS has collected more than $480 million from the group “and we are still going,” Werfel said.

On Wednesday, the agency announced a program to audit owners of private jets, who may be using their planes for personal travel and not accounting for their trips or taxes properly. Werfel said the agency has started using public databases of private-jet flights and analytics tools to better identify tax returns with the highest likelihood of evasion. It is launching dozens of audits on companies and partnerships that own jets, which could then lead to audits of wealthy individuals.

Werfel said that for some companies and owners, the tax deduction from corporate jets can amount to “tens of millions of dollars.”

Another area that is potentially rife with evasion is limited partnerships, Werfel said, adding that many wealthy individuals have been shifting their income to the business entities to avoid income taxes.

“What we started to see was that certain taxpayers were claiming limited partnerships when it wasn’t fair,” he said. “They were basically shielding their income under the guise of a limited partnership.”

The IRS has launched the Large Partnership Compliance program, examining some of the largest and most complicated partnership returns. Werfel said the IRS has already opened examinations of 76 partnerships — including hedge funds, real estate investment partnerships and large law firms.

Werfel said the agency is using artificial intelligence as part of the program and others to better identify returns most likely to contain evasion or errors. Not only does AI help find evasion, it also helps avoid audits of taxpayers who are following the rules.

“Imagine all the audits are laid out before us on a table,” he said. “What AI does is it allows us to put on night vision goggles. What those night vision goggles allow us to do is be more precise in figuring out where the high risk [of evasion] is and where the low risk is, and that benefits everyone.”

Correction: The IRS has collected $480 million from a group of millionaire taxpayers who had failed to pay. An earlier version misstated the amount collected.

[fayt30l0v3]

Oooohh yeah Sampard time

[bonesandpoemsandflowers]

i can do this i can do this i can do this (file my taxes a day late) i can do this i can do this if i consume enough coffee i can do this i can do this i can

[everybodyloveshippos]

i am too tired to think of the full joke post but the punchline was bregan daerthe gets audited

[s-bhat-associates]

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[masllp]

Company Formation Consultant

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[byrondobbsandtinakendalldobbs]

Byron Dobbs and Tina Kendall Dobbs are Despicable

Thank you for taking the time to read about Byron Dobbs and Tina Kendall Dobbs. Dont let their average housewife and senior citizen facade mislead you.

Byron Dobbs and Tina Kendall Dobbs is where I share with you what kind of people Byron Dobbs and Tina Kendall Dobbs truly are.

I will go back many years, in order to give context.

Byron Dobbs has a younger sister by 10 years and when she was a young child, and Byron Dobbs was a teenager, he had a friend over who sexually molested his sister. Now, Byron Dobbs did not know right away because his sister felt great confusion and shame, however, about a year later Byron Dobbs did find out what happened to his sister. And, what did Byron do? No, he did not protect or advocate for his sisterwhat he did was stay friends with his POS friend who molested his sister for many MANY years.

Yep pretty disgusting. This was only the beginning of what type of brother and relative Byron Dobbs was and is. Once, Byron Dobbs threw his sister across the kitchen into a solid wood piece of furniture causing a head injury. Byron Dobbs was never reprimanded or punished for this, which might explain why he feels he can mistreat and abuse certain people in life with impunity.

Fast forward to years later, after Byron Dobbs married Tina Kendall Dobbs.

They say like attracts like, and feel this is a very true assessment, in this case. They both are so frugal and tight, they wouldnt help anyone in need especially family.Whenever there were emergencies, in the family, Byron Dobbs sister would assist, like when their other sister, who needed help with her grandchildren. Instead of being appreciated, for basically putting her life on hold to help take care of her sisters grandchildren, Byron Dobbs sister was treated like it was expected of her, with no help from her siblings.

Other random examples Byron Dobbs and Tina Kendall Dobbs never really were there for Byrons sister. For example, Byrons sister would take time off from her day to pick Tina Kendall Dobbs, from the airport, yet when she needed a ride one time, Tina Kendall Dobbs told her figure it out for herselfTina Kendall Dobbs was/ is an extremely self centered individual.

After Byron Dobbs and his two sisters father got very ill, no one really assisted.

The youngest sister was again, basically left alone to care give for her father. And, even though she didnt mind, she had already sacrificed several years for her sisters two young grandchildren. Byrons sister had started a serious relationship with a man she eventually would marry, and could not fully move in with because Byron Dobbs might stop by once every six months to see his own father.the sad thing about this was after his sister and Byron Dobbs father passed away, Byron Dobbs suddenly said it was no problem at all to stop by every single day to pick up the mail.sad, as why couldnt Byron Dobbs actually take time, even one or twice a month, in order to assist in his fathers care, instead of leaving everything to his sister.

However, some of the most egregious behavior exhibited by Byron Dobbs and Tina Dobbs came during their fathers, Mr. Dobbs final illness, in the hospital.

There was a time, after Byron and Tara Dobbss father had been on life support that the siblings had a meeting. Instead of talking about how to make James Dobbs (their father who always taken excellent care of his kids) a more comfortable and advocate for his care, Tina Kendall Dobbs inserted herself into the familys situation, which was none of her business. Tina Kendall Dobbs made gross statements(addressing Byrons own father), such as what if he lives??? What will happen to the estate funds if he loves and goes into senior care??!I cannot imagine being so greedy, that all basic human decency and respect for someones father is disregarded.

Tina Kendall Dobbs is not a kind or caring person. She is a greedy self serving individual who couldnt handle her glee, after our father finally passed away.

You would think all this would be enough but there is moreByron Dobbs and Tina Kendall Dobbs attempted tax fraud on Byron Dobbs fathers estate. When his younger sister refused to be complicit to tax fraud, this enraged Byron Dobbs. As an aside, he also had the audacity to try and claim his younger sisters son on the estate tax return.

Hes really beyond pathetic he literally doesnt care about his sister at all, which whatever, but what makes it worse is he consistently has looked for opportunities to exploit his own sister for personal gain.

Due to all the resentment, anger and envy Byron Dobbs had for his younger sister, over the years, he went further into trying to exact revenge against his own family. Byron Dobbs did not care that his younger sister was married to a verbally, emotionally, financially (and sometimes) physically abusive husbandNope, all Byron Dobbs cared about was trying to hurt his sister in whatever way he could. When his sisters former in laws (who condoned her husbands abuse) contacted Byron Dobbs and Tina Kendall Dobbs, instead of trying to help his sister, he sought vengeance and tried to assist the abusive husbands relatives, in trying to render her homeless.

I cannot even fathom being that miserable in your own life, where you would wish to not only hurt your sister but try to assist her in being homeless. There really are no words (except despicable).

[nando161mando]

😔