• N.J. Municipalities Raise Taxes Despite State Cap (The Star-Ledger)

• 2006 Tax Refunds Owed To 2,500 South Dakotans (Yankton Press & Dakotan)

• IRS Has $1.3 Billion For People Who Have Not Filed A 2006 Tax Return (Denison Bulletin & Review)

• Business Lobbyists Push To Revive Estate Tax They Tried To Kill (Bloomberg)

• Deadline Approaching To Claim Refund For 2006 Tax Year (Tulsa World)

• IRS Makes Life Easier For People That Can't Pay Their Taxes

• Tax Attorney Discusses Civli Tax Fraud Penalty

• The IRS Says You Made Math Errors - Good News

• Don't Delay In Managing IRS Tax Debt

• The IRS Solution If You Cannot Pay Your Taxes

• Lost Last Years Tax Return?

• Know A Tax Cheat? Get Paid To Tell The IRS

• Do Income Taxes Threaten Your Well Being?

• 6 tips to help you avoid paying IRS penalties.

• Employment Taxes - Depositing With The IRS

• IRS Fails as a Tax Adviser

• What To Do If You're Being Audited

• I'm being audited by the IRS-Now what?

• Delinquent Taxes - What Happens if I Don't Pay the IRS?

• 10 Thoughts on Tax Offer in Compromise

Selected Tax Article

Your Tip Earnings and Taxes - Back Taxes Corrected If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and Taxes The internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that must be reported and for which taxes must be paid. Put another way, the IRS has a simple but brutal view towards taxes Now tips come in different forms. Some are received directly from customers while others are automatically added to the customer's bill. The IRS takes the position you must report and pay taxes on both amounts. This also includes taxes you earn through any group splitting where all tips are collected together and then split amongst the employees. On top of this, the IRS also takes the view that any non-cash tips such as tickets to something are also income that should be reported and taxes paid on. Put another way, the internal revenue services gets you coming and going. To make things a little more brutal, the internal revenue service requires you to take some steps in reporting tips. If your tips total $20 or more in any calendar month from a single job, you are supposed to report the total to the employer by the 10th day of the next month. The employer is then supposed to withhold federal income tax, social security and Medicare taxes from your paycheck. Keep in mind that the failure to do so can lead to the placement of a 50 percent penalty on your taxes. Obviously, the IRS is fairly serious about getting its money. Tips paid to waitresses, bartenders, barbacks and so on are a hot spot with the IRS and always have. Since tips tend to be given in cash form, the potential for forgetting to report them is particularly high. The IRS seems to think so and has shown a generally aggressive attitude on the subject. If you indicate you are a waitress or bartender on your tax return, but fail to report any tip income, it could be audit time. Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.

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On the pages of this web site you will find information that has been collected from many independent sources.   Each article or news item offers a different point of view, but not necessary the Just Wait Foundation or CPA Mom's.  These articles are for general information only.