Did you not get your form 941? Here may be why? June 20, 2008

The IRS has stopped mailing the Form 941 tax package to taxpayers if they did not use the IRS tax form when they submitted their returns. It turns out that many taxpayers who generate the Form 941 on their computers still want to use the envelope in the tax package so they can be sure of the mailing address. If a taxpayer would like to start receiving the tax package again, they can attach a note to that effect when they file their next return and they will be added back to the mailing list.

as submitted by NATP Taxpro

Some Taxpayers Received Duplicate Stimulus Payments June 20, 2008

This report was in  the NATTAX pro Blog. This probably sickens you too!

“The IRS has received reports of some taxpayers receiving duplicate economic stimulus payments. The duplicate payments are either in the form of a paper check or an additional direct deposit. Individuals who receive duplicate economic stimulus payments should immediately return the erroneous payment to the IRS.

If the erroneous payment was received as a paper check, the check should be marked “VOID” in the endorsement section on the back of the check and the recipient should attach a note indicating that he or she is returning an “Erroneous Stimulus Payment Check.”

Individuals who receive duplicate direct deposits of economic stimulus payments should advise their bank or financial institution of the mistake. The bank or financial institution will know the proper procedures for returning the money to the IRS.”

All I have to say is HAHAHAHA. Sure they will get those back.

5 MILLION UNCLAIMED STIMULUS CHECKS! June 19, 2008

So this article was in the USATODAY today and I had to comment. FIrst of all, 5 million folks qualify for a stimulus check and have not filed. Ok. There are quite  a few extensions out there but I am sure out of those 5 million, some probably haven’t filed in years and think they can beat the system. I doubt it guys. But for the vast majority it’s probably because of simple anxieties of life that have clouded their thinking, forgetfulness of others, and the “I don’t care” attitude of many more. Anyway, read this article. And comment if you choose.

USATODAY ARTICLE STARTS HERE (FULL ARTICLE CLICK HERE)

The Internal Revenue Service has issued 76.5 million payments worth $63.8 billion as part of the economic stimulus package that Congress passed and President Bush signed into law last February.

IRS Commissioner Doug Shulman, in a statement prepared for a House hearing Thursday, said one of its remaining tasks this summer will be tracking down some 5 million Social Security recipients and veterans who qualify for checks but haven’t filed to receive them.

 

Shulman, testifying before the House Ways and Means subcommittee on oversight and Social Security, said the agency planned a new “It’s not too late to file” program to reach retirees and veterans who normally don’t file tax returns because their benefits are not taxable. People must file to receive a stimulus check.

Eligible individuals can receive up to $600, and married couples $1,200, plus $300 for eligible children younger than 17. For people such as retirees who have no tax liability or filing requirement, there is a minimum payment of $300, or $600 for married couples.

OBAMA TAX IDEAS June 19, 2008

Obama’s ideas diverse widely from McCain but being that he is the Democrats’ presumptive pick we might as well look at his tax ideas.

1. Seniors with incomes below $50,000 pay no income tax.
2. College Aid overhaul. Fully refundable tax credit of $4,000 a year per student
3. AMT no longer for the middle class.
4. The 15% top capital gains rate would rise to 20% or more and dividends taxed as ordinary income
5. 0% tax rate for start up businesses. Also, a 20% credit for investments of up to $50,000 made in smaller owner-operated businesses.
6. First time farmers get a tax credit for purchasing farmland.
7. Credits for lcally owned biofuel refineries.
8. Tax relief for automakers who build more fuel efficient cars.
9. Non Itemizers would get a 10% mortgage interest credit.

More to come!

More to follow

IRS SCREENING QUESTIONABLE W-2’s. June 5, 2008

The IRS examines thousands of personal income tax returns on that are prepared on what appears to be fraudulent W-2 forms.  If the refund shown is questionable expect more investigation. 

Interesting point though. Code 7602 (c) (1) requires the IRS to provide reasonable advance notice to the taxpayer before contacting third parties to determine tax liability. Chief Counsel Advice 200814008 now mandates that  the taxpayer is given 10 days notice prior to contacting an employer if the notice is sent by mail. If it’s delivered by hand then the IRS can contact them immediately.

 

Economic Stimulus Update — Problems and Solutions May 22, 2008

NATP has reported a few issues that have arisen with the economic stimulus package. See below.

Last week we alerted you to some issues taxpayers were experiencing with their stimulus rebate checks. One of the issues involved some stimulus checks not including the additional $300 for each qualifying child. This problem occurred when the taxpayers were ineligible for the child tax credit on their 2007 return because their AGI was too high or because taxpayers did not check the proper box to trigger the $300 child payment. To fix the problem, the IRS is taking extra steps to identify the affected taxpayers and send them separate checks to cover their qualifying children. The IRS emphasized that the corrected checks will be mailed automatically, and taxpayers don’t need to call or take any additional steps. The additional payments involving qualifying children will be made starting in early July. These payments will be made by paper check, even if people received their regular tax refund or initial stimulus payment by direct deposit.

 Post reported by NATP.

 

 

 

 

Register for a Free Blackberry May 19, 2008

Yeah, sounds like a gimmick huh but we found this site that is giving away a free Blackberry 8110 pearl.  I checked these guys out, and  I see they gave five curves away last week.  After talking to one of the cofounders, these guys have some big giveaways planned.  Check them out here! and I would keep checking back on the site. They do have an RSS feed button. That may be worth a subscription. 

 

WES 2008: What we learned May 18, 2008

 

I learned that the BlackBerry device is far superior than ever imagined.  I mean absolutely amazing. The companies that were sponsoring the event beyond research in motion had a great plan. Showcase their technology to all those who would listen. And  I was one interested in listening.  I want to showcase a few of these applications and websites.

I got a chance to hang out with the owner of Pinstack.com. Pinstack is one of the better Blackberry blogs. He is an honest blog that reports the news from the BlackBerry community without all the kicks and giggles. He reports it but does not necessarily comment or give a sign of approval on the sites and applications.  He lets the users do so. There is nothing wrong with either approach but everyone has thier preferred choice.

Also in attendance at WES was Crackberry.com. This site is a full fledged site for those who have Blackberries looking for good information and even buying applications and ringtones.  Definitely a good daily read.

A brand new site was launched named Blackberryhomepage.com and guys its a great site. Now, it’s still new so bare with them. But these guys gave away 5 Blackberry curves. Count them. 1, 2, 3 , 4, 5.  They posted a thread in Pinstack and it had over 11,000 replies and views in 5 days. Its a simple site that helps your beginner blackberry user learn what he is doing.  I talked to these guys at length and did dinner several times during the week. Rumor has it they have alot more giveaways in store.  I will be getting lots of insider information from these guys so stay tuned. If you want a Blackberry device or other things you may deem necessary, I would check this site daily.  They are going to be a site to reckon with.

Coming up in the next few weeks you will see posts on software that you must have for your BlackBerry and other smartphones.

 

Live From WES 2008 in Orlando May 14, 2008

  How is this for a Tax REBATE present?

I am down at the BlackBerry international conference in Orlando, Florida. One thing I have noticed from here is that alot of these attendees were accountants, financial planners or sales people. Then your CEO, CIO, and CFO’s were in full bloom as well. You can truly smell the money that was running around here.

I have to say Research in Motion really laid out the red carpet.  These guys must have paid a fortune for some of the festivities and catering that was done.  The conference offically started Tuesday but the Monday night welcoming party had some of the best food I have ever tasted. I took some shots from the party and you can see them posted later. 

The biggest announcement was the new BlackBerry that is going to be launched in June. It’s called the Blackberry Bold and here it is above.  I can go into details about it but suffice it to say it’s awesome. 

For you novice Blackberry Beginners here are some sites that you need to keep in your handy arsenal. (I met the owners of all the sites)

www.pinstack.com

www.blackberrycool.com

www.blackberryhomepage.com (Great resource for a new beginner and even advanced users)

www.crackberry.com

Now, for you accountants and sales peoples there is a new program called Forms2mobile that you ought to know about.  Imagine taking one of your customized forms and being able to have it on your Blackberry and be able to send information wirelessly through it?  Thats what forms2mobile.com has done. 

The next solution I loved is www.chargeanywhere.com. This turns your Blackberry into a credit card machine. I demonstrated it yesterday and it was phenomenal.  Take your clients money anywhere you go!!!

Today I am meeting with Unify about turning my BlackBerry into a remote control for my home television. Yeah that’s what I said.  

More updates coming. 

Tell us what you are doing with your Rebate checks? May 10, 2008

Is it truly spending cash or are you paying down debt? You hear so much talk about what you should do with your money and what not to.  The government wants you to use it to stir the economy. Common sense says pay some credit cards down. Others say it’s for a vacation.

So we want to hear from you. Comment and tell us what you are doing with your money now that checks are arriving. 

 

Payment Schedule for Economic Stimulus package is here!!! April 29, 2008

Well I am sure you are dying to know when you are getting your money for this rebate.  Look no further.

Stimulus Payment Schedule for Tax Returns Processed by April 15

Economic stimulus payments will be issued according to the last two-digits of the main filer’s Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.  People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed below: DIRECT DEPOSIT    Last two SSN digits:  Payments will be transmitted no later than:  00 through 20  May 2  21 through 75  May 9  76 through 99  May 16         Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks. PAPER CHECK    Last two SSN digits:  Payments will be mailed no later than:  00 through 09  May 16  10 through 18  May 23  19 through 25  May 30  26 through 38  June 6  39 through 51  June 13  52 through 63  June 20  64 through 75  June 27  76 through 87  July 4  88 through 99  July 11               People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive.  A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15

Do you like the show “24″? Check this out! April 26, 2008

I know you were probably devastated like I was to hear that “24″ would not be on TV this year because of that writers strike. (grrr) I do not feel that was the only reason that the show was postponed.  There were plot issues and characters in jail for too much alcohol.   But what I am about show you will make you smile.  I have the new “24″ poster for next year.  Click here for the poster

Economic Stimulus Checks start coming Monday! April 26, 2008

Taxpayers:

   Your economic stimulus checks will start coming Monday April 28,2008. If you e-filed,start checking your bank accounts. Others start checking your bank accounts. 

   We are curious what you are spending your checks on. Leave a comment and let us know!  Let us know what you think of this rebate too. Do you agree with it? Disagree?

Why you may not get an IRS economic stimulus check? April 25, 2008

Some are very upset that they may not get a check from the Internal Revenue Service with regards to this highly touted economic stimulus check. Watch this video and see if you fall in these 6 categories of people who won’t.  Click here for the video

PS: Pay attention to the last reason why you may not get a check. 

We are curious what every one will be doing with their rebate checks.  Leave a comment below and let us know what you plan to spend yours on or save it in. 

Put your money where you mouth is… April 22, 2008

I am sure that you have heard of Chad Johnson. He is the loud mouth wide receiver from the Cincinnati Bengals who has boycotted reporters from Cincinnati but has made a nationwide appeal to the national media about being traded. He has claimed that he wants to be traded from the Bengals.  He feels they are not a contending team and that it is time to get out.

Philadelphia, Washington and Dallas have all said they would love him, one of them giving up two first round picks for him, but alas, cincinnati has said no. But even the mild manner Marvin Lewis has gone further than that. Check out his reply to Chad in the news today.. click here.

The Fail Blog - To Make You Smile on a Monday April 21, 2008

We all fail at times right? I was sitting in a conference in Columbia, South Carolina and the gentleman speaking was a millionaire many times over.  His comment was that you will fail 17 times before you strike it big.  I think I am on number 10.

But today I have found a blog called simply the fail blog.  Please read if you have failed at something many times and know you are about to hit it big.  Click here for the FAIL blog

 

IRS cracking down on Companies using Independent Contractors who should be employees. Please Read! March 30, 2008

  Have you ever thought about that question?  Does it really irk you that you pay taxes that your employer should be paying?  Man, do I have the answer for you. This, to me, is one of the most incredible new things the IRS has done.  Starting in 2007 if you feel that your employer should be taking taxes out and they are not, you can file a specific form and it’s completely private. Your employer doesn’t have to know a thing! And the best part is, you don’t have to pay the self employment tax! Yes, you read this correctly.

So, if you have been really trying to stick it to your employer about him/her not paying your taxes and giving you that dreaded 1099. You know you pay that 15.3% tax and it just makes your stomach turn.  Now, you can turn the tables on your boss without them knowing.  Now, if you are the only “subcontractor” that works at your office or business establishment then it may be not in your best interest to play this card but you know what’s best for you. 

Ladies and gentlemen, this is one of the most progressive moves the Internal Revenue Service has made. This will change the landscape of people who misclassify their workers. This has been a pain in the side of IRS for a long time, and this may be one of the smarter moves they have made.

On the flip side, it may be creating unnecessary work for agents of the IRS. They could be reading alot of disgruntled employees who really want to stick it to their employers. Who knows what will become of this? But this is HUGE.

If you think you may truly be an employee and yet your employer won’t do the right thing, you may want this form. E-mail us at info@capitalconcepts.net and we will send it to you.  Just put in the subject ”we want the form”!

ECONOMIC REBATES WILL START COMING on………….. March 24, 2008

   The payout schedule is now set.  The first rebate will be wired on May 2 to taxpayers who had their 2007 refunds deposited directly to their bank accounts.  IRS will finish wiring these rebates by May 16.  The order depends on the last two digits of the social security number of the primary filer. the lower the number, the quicker payment.  Paper checks will go out May 16 to non direct depositors based again on the last two digits of their social security number. If you owe back taxes are owed, the Service will grab a filer’s rebate. 

How much of a tax rebate check am I getting from the economic stimulus package? March 5, 2008

Everybody asks about this tax rebate check thats coming soon because of the signed economic stimulus package. While on paper it looks good, there are some facts you need to know. Sadly, you may think you are getting it and you are not. So, let’s get the facts.

1. The good news. $600 for single persons. $1200 for married couple filing jointly. $300 a child.

2. The bad news. Single people it begins to phases out if your adjusted gross income is $75,000. Marrieds it is $150,000.

To illustrate - You lose 5% of the dollar amount above the applicable cap, such as $50 for each $1,000 over the threshold. For example, a married couple filing jointly with no kids and income for 2007 of $174,000 wouldn’t qualify for a Treasury payment this year. Neither would a single person (with no kids) and income for 2007 of $87,000.

3. For the majority of Americans, all you have to do is file your 2007 taxes.

4. The first payments will be issued in May according to the acting IRS commissioner

5. If you are a low income taxpayer please file your taxes even if you don’t have to or if you aren’t getting a refund. Thats because the IRS says “low-income workers or those who receive Social Security benefits or veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007.” These guys will earn $300 (600 if married) if they had 3000.00 in income.

6. The perinnial extension filers read the next sentence. You will not get your refund until you file your taxes.

7. This refund will not be taxed as income.

More to come…

If I e-file when do I get my money? February 4, 2008

This will be a popular post. Everybody has been asking if they efile and do direct deposit when will they get their money.  Here is the Internal Revenue Service Schedule of deposits.  Click here for the schedule.