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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12
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Last Post Sep 12, 2007 11:06 AM by: deirdre@ebay.com
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deirdre@ebay.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Aug 31, 2007 12:21 PM
Topic: Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit

Host: dkennedycpa
Date: Wednesday 09/12
Time: 10:00 am to 11:00 am PT
Location: Workshop Board

Description: Every year the IRS tells us what they’re looking for in tax returns. If you make one of these mistakes, there's a possibility of getting audited. Please join best selling-author and CPA Diane Kennedy for an information-packed hour to learn how to avoid these types of mistakes. Being informed can help ease taxpayer anxiety, remove the complexity, anxiety and doubt often associated with tax time and may result in you getting a better nights sleep.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:52 PM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, LLC, teaches people through books like Tax Loopholes for eBay Sellers, tapes and seminars on how to take advantage of the legal tax-reduction strategies that available to everyone. Please remember that laws and practices vary from state to state and if tax, accounting, legal and other specific expert advice is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:53 PM
When the government wants to promote a specific public policy it often uses tax breaks to get the public interested. After all, who doesn't want to pay less taxes? There are two things that the government wants you to do: (1) Start a business and (2) Invest in real estate. So, to encourage you, the government offers all kinds of tax breaks. Because these tax breaks are sponsored and created by the government, they're safe, legal, and meant to be used.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:53 PM
eBay has generously set aside time for us to present these business-related sessions designed to help you make more and keep more money. We have a new workshop every month. Mark your calendars!

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:54 PM
And, just before we begin I want to tell you about this month's free offer. The first 10 people who post on this workshop will be entitled to receive a free copy of my product, 100 Loopholes in 100 Minutes. We'll be tracking posts throughout the workshop and will announce the recipients at the end.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:54 PM
Today we're talking about how making mistakes can set you up for an audit. No-one wants to get that notice in the mail. It's scary. The IRS knows this; in fact, they deliberately create that anxiety to keep us voluntarily paying our taxes. Hiding income or committing tax evasion is punishable by stiff financial penalties or even jail time.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:54 PM
But every year millions of Americans make mistakes that red flag their tax returns for audit. So how can you reduce your audit risk? By learning what not to do! The IRS helps here, too. Each year the IRS provides a list of people or tax scams they are specifically targeting. This list is called the “IRS Dirty Dozen,” and it's a list you don’t want to be on!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:54 PM
#1: Trust Misuse. Unscrupulous promoters for years have urged taxpayers to transfer assets into trusts. They promise reduction of income subject to tax, deductions for personal expenses and reduced estate or gift taxes. A trust, in and of itself, is perfectly legal, however using a trust to evade taxes is not.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:55 PM
#2: Frivolous Arguments. Maybe you’ve heard from the people who claim that income tax is illegal or unconstitutional. Promoters of illegal tax dodges have made all kinds of claims over the years, such as: that the Sixteenth Amendment concerning congressional power to lay and collect income taxes was never ratified; that wages are not income; that filing a return and paying taxes are merely voluntary; and that being required to file Form 1040 violates the Fifth Amendment rights. A frivolous argument claim will lose, EVERY time.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:55 PM
#3: Return Preparer Fraud. Dishonest return preparers have been a growing issue for the past few years. These are people or companies who change your tax return after you've signed off on it (but before it has been filed), to create an even larger refund. The company keeps the extra money and gives you the difference - the original amount you thought you were getting back. The problem here is that when the IRS catches on and revises your return, YOU get stuck repaying the difference, plus interest and penalties, even though you didn't do anything wrong. Be careful when you hire a tax preparer. Make sure they’ve been around and have credential such as CPA or EA (enrolled agent) behind their name.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:55 PM
#4: Credit Counseling Agencies. Some of these tax-exempt organizations, which are intended to provide education to low-income customers with debt problems, are charging clients large fees while providing little or no counseling. The IRS is cracking down on bad agencies and revoking their tax-exempt status.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:55 PM
#5: "Claim of Right" Doctrine. In this scheme you are advised to take a deduction that is equal to your entire W-2 income, and claim that the deduction was “a necessary expense for the production of income” or “compensation for personal services actually rendered.” This scheme is based on a misinterpretation of the Internal Revenue Code and is a sure-fire way to get a visit from the IRS.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:56 PM
#6: “No Gain” Deduction. Similar to “Claim of Right,” filers attempt to eliminate their entire adjusted gross income (AGI) by deducting it on Schedule A – Itemized Deductions. The filer lists his or her AGI under the Schedule A section labeled “Other Miscellaneous Deductions” and attaches a statement to the return, referring to court documents and including the words “No Gain Realized.”

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:56 PM
#7: Corporation Sole. Since September 2004, the Department of Justice has obtained six injunctions against promoters of this scheme and filed complaints against 11 others. Participants apply for incorporation under the pretext of being a “bishop” or “overseer” of a one-person, phony religious organization or society with the idea that this entitles the individual to exemption from federal income taxes as a nonprofit, religious organization.

Diane Kennedy, CPA
www.taxloopholes.com
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Member Workshop: 25 Tax Mistakes That Can Cost You an IRS Audit - Sept 12

Sep 11, 2007 2:56 PM
There is a legitimate purpose for a Corporation Sole. The laws were written to enable religious leaders to separate themselves legally from the control and ownership of church assets. But the rules have been twisted at seminars where taxpayers are charged a lot of money and been given bad information about using the Corporation Sole laws to provide a “legal” way to escape paying federal income taxes, child support and other personal debts.

Diane Kennedy, CPA
www.taxloopholes.com
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