There are times when a property owner is unable to pay the obligation in property tax. When this happen, a property owner becomes a delinquent taxpayer and a governing authority is in charge of collecting the taxes. However, if the authority is not able to collect the required property taxes, they will opt to take the final step to collect the taxes. The public tax lien auction is the final step that will take the delinquent properties to be...more
Each year there are over 5,000 lists of tax sale properties, both lien sales and deed sales. Numerous tax servicing and mortgage companies were provided with these lists for remediation purposes. These lists are available at reasonable prices for the deed and lien buying public. One of the services provided by some of the websites is the tax sale properties.Tax sale properties are selling repossessed properties by the tax authorities. Selling of...more
If you’re worried about Uncle Sam taking an especially close look at your tax return, you’re not alone. It’s only natural to feel uneasy about an audit when you’re tallying your financial records. The good news is your chances of an audit are slim. On average, only about 1% of all individual returns filed during the previous three years (2006, 2007 and 2008) were audited. Roughly 36% of the returns audited were selected because of an earned income tax credit (EITC), a tax credit for certain people who work and have low wages. Of the 1.36 million individual farm returns with gross receipts from farming in 2008, only 0.5% were audited. In comparison, audit rates for nonfarm business returns (by total gross receipts) were: under $25,000, 1.2%; $25,000 under $100,000, 1.9%; $100,000 under $200,000, 3.8%; and $200,000 or more, 0.6%. Percentages decreased over FY 2007 in each income category. The IRS maintains a table of average deductions for each income group. When your “score” exceeds this computer-generated average, your likelihood of an audit increases. (As you can see in the statistics above, returns with higher incomes also come under scrutiny more...more
Here is a statistic that will make you mad: 55% of the corporations in this country, big business corporations, pay no taxes at all.Did they make a profit? Well, that depends on how you look at it. The real question is, did they make taxable income? The answer for these tax avoidance corps is decidedly no! Worse yet, if you look at...more
The IRS is probably the most feared arm of the United States government. There are people who fear the IRS more than they do the FBI or the CIA. In facing this branch of the government, you will need a lot of help. While some people may advice you to get a Certified Public Accountant, there are lot of reasons not to do so. In fact,...more
Srinivasan Anand G.The Direct Taxes Code Bill, 2009 is silent on the tax treatment of reverse mortgage. The author opines that having regard to the nature of the transaction, the position which prevails under the Income-tax Act, 1961 will continue under the Code also. However, it is desirable that express provisions be incorporated.1. Under section 47(xvi) of the Income-tax Act, 1961 (the Act), any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and notified by the Central Government is not regarded as a transfer. Consequently, the amount received by an individual as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage as above is exempt from tax under section 10(43) of the Act.2. The Direct Taxes Code Bill, 2009 (the Code) is silent on the tax treatment of reverse mortgages. As the Code is silent on reverse mortgage, a question arises what will be its tax implications under the Code?3. There is no definition of reverse mortgage either under the Act or under the Code. The reverse mortgage is so-called because the payment stream is reversed. Instead of the borrower making monthly payments to a lender, as with a...more
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Hong Kong is a central hub for business in Asia. It is extremely popular for a variety of reasons, including political stability, economic freedom and tax benefits. Hong Kong has one of the lowest tax rates in the world for a developed country, and...more
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