The Federal Tax Credits Blog

Posts Tagged ‘vehicle’

The deadline to apply to the IRS Voluntary Disclosure Program now over; however U.S. taxpayers still can file a voluntary disclosure under the IRS normal procedures.

In 2009, the IRS and U.S. Department of Justice began its highly publicized investigation into Swiss bank UBS AG and U.S. accountholders who hid these assets from the U.S. Government. However, the investigation did not end with UBS. The IRS made it clear that offshore tax evasion is still a top enforcement priority. The Department of Justice has gone after taxpayers regardless of the amount—even taxpayers with assets of $20,000 or less in offshore accounts.

U.S. taxpayers with offshore assets and accounts are legally bound to disclose these interests to the U.S. government on their Form 1040, U.S. Individual Tax Returns, and file a corresponding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). If IRS agents uncover that a taxpayer has not reported an interest in an offshore account or income accruing on such accounts during the course of an audit, the IRS may impose excessive penalties including the greater of $100,000 or 50% of the offshore account balance for willful failure to file an FBAR for each account. These penalties, compounded with interest and fraud penalties, can essentially wipe out the taxpayers foreign assets. In addition, taxpayers could be vulnerable to criminal prosecution and jail time for tax evasion.

The IRS announced in March of 2009 the creation of the IRS Voluntary Disclosure Program to motivate taxpayers to come forward and disclose their offshore accounts in exchange for lesser fines and the promise not to refer the case for criminal prosecution. As an outcome of the pressure on UBS and other offshore banks, thousands of U.S. taxpayers with previously undisclosed offshore accounts took advantage of the Voluntary Disclosure Program and applied before the October 15, 2009 drop dead date.

Although it may be too late to apply to the IRS Voluntary Disclosure Program, there is still time to file a voluntary disclosure under the IRS regular guidelines. There are a many positive outcomes to filing a voluntary disclosure as it is far better to disclose to the IRS than to have the IRS discover you. Almost identical with the Voluntary Disclosure Program, a traditional voluntary disclosure also allows taxpayers with previously undisclosed foreign accounts with a way out—potentially dodging the most severe civil fines and criminal prosecution.

Furthermore, those U.S. taxpayers with undisclosed offshore accounts should be aware the voluntary disclosure process is complicated and sensitive. U.S. taxpayers are encouraged to contact a tax attorney who is skilled at resolving disputes with the IRS as soon as possible to determine whether or not to file a voluntary disclosure with the IRS.

For example, if a U.S. taxpayer has already been investigated and contacted by the IRS, it may be too late to file a disclosure. Therefore, time plays a significant factor as the IRS continues its pursuit of undisclosed offshore account holders. The window of opportunity is closing on the ability to receive the reduced penalties and possible incarceration for those who file. Seeking the advice of proper counsel truly is in their best interest.

Some using tax credit to get golf carts – for free

Many are taking advantage of a loophole in a tax credit designed to encourage people to buy fuel-efficient vehicles.

Glenn Beck 20091210 Part 4/4

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Business Digest: Lee Memorial exec to receive award

John Wiest, chief financial and institutional officer for Lee Memorial Health System, will be presented the annual GEM Award by the Fort Myers…

Question: Did you know you can get a free golf cart from the government?

$6400 tax credit for buying an electric golf cart. There you go, all you golfers, free on us….enjoy

Answer: No, I really have no use for it any way.

Calendar

Deadline for calendar items is two weeks in advance of desired publication date. E-mail information on clubs, lectures, community and religious events, reunions and support groups to drock@pioneerlocal.com or fax to (847) 599-6902.

Getting Political : Auto Bailout is a bad Idea.

Question: To the one who asked about using punishment as a pollution control…?

I spent ten minutes writing the answer, so here it is:

You mean negative reinforcement for negative externalities? I think in theory it’s effective so long as:

1) It’s reasonable (cutting CO2 emissions to zero is not, for instance)

2) It’s well-communicated (so polluters know what’s expected)

3) It has well-established causal mechanisms (punishing an auto maker for a lack of biodiversity in Canada is counter-effective; there’s nothing they can do directly)

4) There is no way around it (ie, you don’t create an incentive to simply “hide” the pollution by building a bigger smokestack to send the chemicals farther away or cart the toxic waste to another location)

5) It works best with a positive reinforcement, ie tax breaks or a pollution credit system where those most efficient companies can sell excess “right” to pollution on an open market.

Please post your thoughts and get two points. Ten points to the best case for or against my five points.

Answer: 1) I agree with this.
2) Polluters all ready know… they just don’t care about Earth.
3) Er… I speak English pretty good for a country that doesn’t have main language English, but I really don’t understand.
4) Yep, there is no way around… only total stopping… and it will stop in a way or another: either people realized pollution is in fact their undoing, either Earth runs out of polluting resources (such as petrol and coal).
5)Again, I didn’t understand exactly. If you really want to, email me 3 and 5 more clearly and I’ll try to help.
Hope it meant something for you.

Now that everything has been clarified, I can answer everything on subject:
3) Pollution regulation should depend on bio-diversity. Especially if there’s a national park or an endangered specie around the polluter. Most of all, we should regulated pollution according to human concentration (people per square mile).
4) There certainly shouldn’t be any way around it. Only if people find a good way to use polluting chemicals. There is one nowadays. By burning everyday rubbish that rotted, you can obtain bio-gas (I don’t know if it’s the actual name for it in English), which could replace natural gases in the future.
5) Rewarding to decreasing of pollution? I don’t know if it’s quite a good idea. People might pollute behind your back and stop the pollution they made themselves. If rewarding would exist, the case should be carefully examined.

Hope I helped!

British homeowners continue to trim mortgage debt

British homeowners cut mortgage debt by £4.9bn in the third quarter of 2009. Photograph: Russell Boyce/Reuters Britons reduced their outstanding mortgage debt by £4.9bn during the third quarter of…

Guide on how to get the free golf cart

Lets look at the history of the golf ball.

When golf became a game back in the 16th century, golf clubs and golf balls were both made out of wood.

In 1618 they evolved and were made out of goose feathers. What they did was make a hollow sphere out of horse or cow hides and fill it with feathers. Then they soaked it in water, rounded it and let it dry. Once it dried you had your golf ball.

In 1848 a rubber ball was introduced by Rev Adam Paterson. The big advantage of the rubber ball was that it was east to mold and easy to repair when damanged.

In 1898 a golf ball with a solid rubber core covered by a layer of rubber thread was introduced by Coburn Haskell.

In 1905 the dimple that you see on golf balls today was introduced by Willam Taylor.

So now that we have some history lets examine some types of golf balls. There are two popular types of balls. They are balata and surlyn covered golf balls.

Balata-covered golf ball: A balata-covered ball is a ball that has a liquid-filled core, wrapped by rubber and covered with balata. Balata is a soft substance that allows players to have more control with their shots. The drawback is they cut and nick more.

Surlyn-covered golf ball: A surlyn-covered ball is a two-piece ball with a solid core and a surlyn cover. Surlyn is designed to eliminate cuts and nicks. It has a harder surface so the drawback is that it is harder to control.

There are many diffrent brands of golf balls out there, so pick wisely and go with the one that benifits your style of play.

Mulch mania at Perrysburg’s Pallet World

One Perrysburg business has its hands in several eco-friendly products.

Glenn Beck 20091230 Part 4/5