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Full Description
With tax laws constantly changing and existing regulations hidden in volumes of tax code, nothing related to taxes is easy to figure out. Businesses and individuals in every income bracket need expert advice that cuts through the IRS bureaucracy and shows them how to work within the system. In What the IRS Doesn't Want You to Know: A CPA Reveals the Tricks of the Trade, tax expert Martin S. Kaplan reveals critical strategies that the best CPAs use for their clients to file shrewd, legal, money-saving returns.Filled with in-depth insights and practical advice, this book will help you answer such questions as:How can you approach the "new" IRS to maximize your tax return success?What are the latest IRS weapons?What are the biggest taxpayer misconceptions?What are the most commonly overlooked credits and deductions?How will new tax legislation affect you?How can outdated IRS technology benefit you?What forms should you never fill out?From deciphering the Jobs and Growth Tax Relief Reconciliation Act of 2003 to understanding the personality of the IRS, What the IRS Doesn't Want You to Know will help you shape your tax strategies and stay on top of your current financial situation.
Contents
Acknowledgments ix1 Why Every Taxpayer Must Read This Book 1CPAs Grade Clients 72 The IRS Personality: Playing It to Your Advantage 13Events That Shaped the IRS Personality 13Never Forget! 36Acknowledging Dedicated IRS Personnel 373 Who Runs the Show: What You're Up Against 39The Image 39What It Looks Like from the Inside Out 40The Organization 41What You Need to Know about the Examination Division 42What You Need to Know about the Collection Division 54What You Need to Know about the Criminal Investigation Division 60What You Need to Know about the Taxpayer Services Division 684 IRS People: Whom You Need to Know; What They're Really Like; How to Work with Them; Standard Operating Procedures 71The IRS Chain of Command 71Who Runs the Show? 72The Examination Division 72The Collection Division 79The Criminal Investigation Division 84The Upper Echelons 85Offering a Bribe-What Are the Consequences? 88Standard Operating Procedures 895 Neutralizing the IRS's Power 95The IRS Power Base 95Power from Information Resources 95Power from the IRS's Unique Legal Standing 99Power from Its Unique Role as a Law Enforcement Agency 99Power from Its Unique Legislation-Creating Authority 101Power to Make Mistakes without Consequences 106Power from the Freedom to Do What It Wants 106Why Does This Continue? 1096 IRS Technology: What Works, What Doesn't Work 113The Processing Pipeline 114The Nonprocessing Pipeline 115The Rest of the Process 118Where the IRS Technology Works 119Where Mistakes Are Made in the IRS Matching Program 123Where the IRS Technology Falls Short on the Income Side 125Where the IRS Technology Falls Short-Mortgage Interest and Real Estate Tax 131Where the IRS Technology Falls Short-Nonfilers and Underreporters 134Where the IRS Technology Falls Short-Lack of Reporting Requirements for Corporations 134Where the IRS Technology Falls Short-The Audit Level 136Technology Overhaul a Fiasco-Still 1367 IRS Targets and What to Do If You're One of Them 139Are You in the Line of Fire? 139Target: The Self-Employed 140Target: Cash-Intensive Businesses 161Target: Industries in the Market Segment Specialization Program 163Target: Nonfilers 168Target: Tax Cheaters-Omission of Income 171Target: Tax Delinquents and Tax Scam Artists 1738 How to Completely Avoid an Audit 175Don't Fear Audit Statistics 175Audits at an All-Time Low 176"Live" Audits Are Aimed at Corporations 177Audits of Estate and Gift Tax Returns 178How to Prevent Audit Problems Before They Occur 179How Long Should Taxpayers Keep Records? 181How to Completely Avoid an Audit 182Small Business Corporations (S Corporations) 183Limited Liability Companies and Partnerships 191Partnerships 192Business Ventures and the Hobby Loss Rule 194Businesses That Include Merchandise Inventory 197Securing a Tax-Advantaged Life 1999 The Twenty Greatest Taxpayer Misconceptions 21110 How to Hold On to More Money: Overlooked Credits and Deductions 223Selling Securities from a Dividend Reinvestment Plan 223Identifying Specific Securities That Are Sold 223Unamortized Points on a Home Mortgage 224Deductible Interest on a Home Equity Loan 224Unused Losses, Expenses, and Credits 224Self-Employed Deduction for Health Insurance 225Charitable Donations-Securities 225Charitable Donations-Household Items 225Social Security Tax Overpayments 226Job-Hunting Expenses 226State Income Tax Deductions 226Parental or Grandparental Support 227Federal Income Tax Withheld on Form 1099 227Classroom Expenses for Teachers 22711 Ten Ground Rules Never to Break to Win with the IRS 229Rule 1. Always Report Income on Your Tax Return That Is Being Reported to the IRS by Third-Party Payers 229Rule 2. Never Include Other Forms That Are Not Required with Your Tax Return-Do Not Volunteer Additional Information 232Rule 3. If Any Information That You Are Putting on a Tax Return Is a Gray Area, Go for as Close to FullDeductibility as Possible 237Rule 4. File Your Personal Tax Return by April 15-Use an Extension Only If Absolutely Necessary 246Rule 5. Don't Worry about Being Unable to Interpret or Decipher the Complex IRS Tax Forms-Many IRSAuditors Don't Understand Them Either 247Rule 6. Strive to Be Neat 250Rule 7. When All Else Fails, Follow One or More of These Four Steps 250Rule 8. Make It Your Business to Know Which Tax Loopholes Apply to Your Personal Tax Situation 252Rule 9. Use to Your Advantage the Fact That the IRS System for Document Retrieval Is Archaic 264Rule 10. If You Are Involved with IRS Personnel in Any Way, Behave Decently 26612 The Latest Tax Legislation: What to Watch Out For, How to Benefit 269The Jobs and Growth Tax Relief Reconciliation Act of 2003 2702001 Tax Legislation 276The Tax Acts of 2001 and 2003: Conclusions 300Taxpayer Protections and Rights 30113 The New IRS: What Are Its Goals? 313New IRS Mission 313Serving Four Groups of Taxpayers 313Obstacles to Overcome 314IRS on Track-Direction: Electronic Filing of Individual Returns 319Direction: E-Filing on Personal Computers 321Direction: Telephone Filing (TeleFiling) 322Direction: Electronic Filing for Businesses-Electronic Federal Tax Payment System 323Direction: Increasing Compliance 325How to Pay What You Owe-You Choose 325Direction: Paying Taxes with Plastic 331Appendix A: Most Important Tax Forms Discussed in This Book 333Appendix B: State Filing Authority Telephone Numbers and Web Sites 369Appendix C: Your Rights as a Taxpayer 371Appendix D: Useful Web Sites 383Appendix E: Internal Revenue Service (Future Organization) 389Notes 391Bibliography 399Index 407
