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next year, be
sure to break out mileage driven for business purposes into
two categories:
-
January 1, 2008, through June 30, 2008
-
July 1, 2008, through December 31, 2008
Increased Penalties for Late Filings on the Way?
The U.S. Congress is considering “increased penalties” for
next year as a revenue raiser and as an enhanced compliance
tool. Failure-to-file penalties could affect individuals,
partnerships, and S corporations as part of the plan. Also
on the table: doubling penalties for late filing of W-2s and
1099s.
Bottom line, file on time!
Get a Receipt for all Major Donations
Several years ago, Congress passed a law requiring
documentation of all charitable donations of $250 or more,
necessitating proof of payment and a written acknowledgement
from the church or other charitable organization.
A recent tax court case backed the IRS disallowance of
$6,000 in church donations because, even though the taxpayer
had canceled checks payable to the church, he had no written
acknowledgement of his contributions to the church.
Scam Alert!
Watch out for scammers who still send seemingly genuine
e-mails claiming to come from the IRS or other federal
agencies that may refer to “tax refunds”, “stimulus check”,
or other
legitimate-sounding subjects.
Remember:
The
IRS does not send
taxpayers e-mails about their tax accounts.
Joe
Learn more about
Joe DePetris, Jr., and IBO tax return preparation
and tax issues at
IBO Bookkeeping 101.
Find more
Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway Global, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
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