Navigating the Tax Jungle

By Jeff England

Helping you navigate through the jungle of taxation.... more

· Business

2.1

1818 ratings

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FAQs about Navigating the Tax Jungle:

How many episodes does Navigating the Tax Jungle have?

The podcast currently has 285 episodes available.

Navigating the Tax Jungle episodes:

March 04, 2015 105 Victim of Identity Theft....Here's the IRS Tax Form You Need
In this week's episode, I discuss:

Federal Tax Update:

IRS won't collect extra taxes from people who have already filed their returns using the incorrect Healthcare.gov information.

IRS refunded $125B so far this year

IRS answering less than 1/2 of the calls this year

State Tax Update:

Intuit says it didn't put profit ahead of your identify when it came to software security

20 weird taxes You could be paying

Clothes to go sales tax free.   Politicians are warming to the idea.

NC - State sent 43,000 incorrect state tax return forms regarding the 1099-G
     The corrected forms will be mailed to taxpayers in March

OH - Answer 3 out of 4 tax questions correctly to get your tax return processed.

NJ - Tax collections off $60M

NY - The state that tracks you down if you move out-of-state and makes you prove you have left the state.

Japan - Consumption Tax Increase Postponed to April 1, 2017

State Tax Amnesty Program

CT Tax Commissioner was targeted by scammers

Main Topic:

I am a victim of Identity Theft. What IRS form should I use?

Here's the form you should use.

http://www.irs.gov/pub/irs-pdf/f14039.pdf

Links:

20 .Weirdest State Taxes

http://www.huffingtonpost.com/casey-bond/20-weirdest-state-taxes_b_6737910.html?utm_hp_ref=tw

Ohio State's Tax Quiz:

http://www.bucyrustelegraphforum.com/story/news/state/2015/02/24/ohio-adjusts-tax-quiz-questions-confusion/23929469/

New York will hunt you down if you move out-of-state

http://www.bucyrustelegraphforum.com/story/news/state/2015/02/24/ohio-adjusts-tax-quiz-questions-confusion/23929469/

...more
20min
February 27, 2015 104 1099 Misc Income and Self-employment Taxes
In this week's episode,

Federal Tax Update

IRS seeking ways to authenticate Identity Theft

800,000 Healthcare statements from healthcare.gov were incorrect.

State Tax Update:

MA amnesty program enacted
Taxpayers in 1 of 4 states to see smaller refunds

Mailing your paper return this year over e-filing (Market Watch)

Main Topic:

1099-Misc Income and Self-employment Taxes
...more
14min
February 20, 2015 103 Martial Status
In this epiosde, I discuss choosing the correct martial status on the Form 1040. In addition to the Federal and State Tax Updates.
Federal Tax Update:
1. Small business owners tax update
2. IRS seizes more money frm widowers and small businesses under the banking laws
3. Repair Regulations and Form 3115
4. Healthcare Premium
5. Mayor of London (Boris Johnson) announces that hs is renouncing his U.S. Citizenshiop
6. HSBC and overseas tax shelters
7. IRS releases the newest mobile app
8. Tennessee Tax preparer arrested for tax fraud
9. 40 U.S. Senators are pushing for long term on internet tax
10. Florida, Georgia, and DC - new procedures for identity Theft for tax returns
State Tax Update:
1. Turbo Tax and Identity Theft
2. Combined reporting legislation introduced in Maryland
3. States are raising taxes on the poor. (Raising consuming taxes (gas, e-cigarettes, and goods and sevices)
4. DC Metro needs subsidiaries or they will end airport service.
Main Topic
Choosing the correct martial status on the Form 1040 tax return.
...more
14min
February 10, 2015 102 The 2 of 5 Rule for Selling Your Home
In this episode, I discuss the 2 of 5 rule for selling your home and the consequences of not reporting the sale on your Form 1040 tax return.
...more
12min
January 09, 2015 101 Tax Filing Season for 2014 Starts When????

In this week's episode,

Federal Tax Update:

January 20th - Tax Filing Season Begins (Let the tax returns process)

Republicans are becoming open to a gas tax hike

U.S. Representative Grimm resigns from his U.S. House Seat

State Tax Update:

Several states are starting the new year with lower tax rates
Arizona, Florida, Indiana, Kansas, Maryland, Michigan, Minnesota, Nebraska, New York, Ohio, Rhode Island, and Wisconsin

Amazon terminates it associates program in Vermont. (Click Through Nexus)

Prospects for Texas tax cuts are questionable because of oil prices.

Main Topic:

Tax Questions:

1. When can I begin process my 2014 tax return?

2. How are capital gains calculated?

3. What age can I begin withdrawing my IRA without penalty?

4. Is it better to file married filing jointly or married filing separately?

5. What are rules for claiming an exemption for the sale of a residence?

6. What if I didn't get a W-2 from my employer?
(Form 4852)

7. I sold my house and now I'm receiving monthly mortgage income? What are my requirements?

8. When should I receive a W-2 from my employer?

9. I am an small employer? What are the Forms W-3 or a 1096?

10. I had a large NOL last year on my Federal Tax Return that I couldn't carry back. Can I carry it forward? I so, how many years?

...more
22min
December 31, 2014 100 2014 Taxes in Review
In this week's episode:

Federal Tax Update:

Affordable Healthcare Act - Will people owe money based on advance Credit

http://www.forbes.com/sites/anthonynitti/2014/12/16/have-you-heard-the-one-about-the-tax-credit-that-you-pay-to-the-irs/

State Tax Update:

Michigan passes the
Use Tax

Main Topic:

2014 in Review

1. Congress waited until mid-December to pass the tax extenders that expire on December 31, 2014
2. Fitness Tax Continues
3. Tax Scams from IRS to the States
4. Tax Inversions
5. Affordable Healthcare Act
...more
14min
December 26, 2014 099 Social Security Income and Taxes

In this week's episode,

Federal Tax Update:

IRS may shutdown and delay refunds because of the budget cuts
Online sales tax looks stalled in Congress
Senate Corker has proposed a .20 increase in the Federal gas tax
Members of Congress who write the tax code are hiring tax professionals because the tax code is too complicated
IRS gets approval to issue John Doe Summons to FedEx, DHL, UPS, & HSBC for information offshore accounts

International Tax Update:

Airbnb to begin collecting tax in Amsterdam

State Tax Update:

Michigan - Bills introduced to begin collecting sales tax from online and out-of-state retailers
Michigan Court upholds taxpayer's right to use the retroactive multi-state compact equally weighted three factor apportionment

New Jersey - Presumption of soliciting sales from out-of-state retailers discussed

http://news.cchgroup.com/index.php/tax-headlines/state-tax-headlines/new-jersey-sales-and-use-tax-presumption-of-soliciting-business-by-out-of-state-sellers-discussed/

Main Topic

Social Security Benefits and Taxes

1. Is social security benefits taxable?
2. When are social security benefits taxable?
3. How much of my social security benefits are taxable?
4. Do I include my spouse's income in calculating how much of my social security benefits is taxable?
5. What about my children who are receiving social security benefits? Is their income taxable?
(Children' who can be claimed as dependents rule)?
6. What tax form will I get for my social security benefits?
7. What information is included on the social security benefits tax forms?
8. What about the prior year social security benefit that I receive this year? Do I include this year or do I need to amend my prior year tax returns?

...more
22min
December 19, 2014 098 Year End Charitable Donations

In this week's episode:

Federal Tax Update:

Amazon faces $1.5B tax bill spread over seven years over transfer pricing. IRS wanted to call CEO Jeff Bezos.

Supreme Court hears Colorado internet shopping and railroad cases.

House passes the Internet Freedom Bill. Extension is only good until October 1, 2015.

Congress passes the tax extenders. Only good for 13 days.

State Tax Update:

Alabama - Asking online shoppers to remit use tax.

Kentucky - Withdraws tax incentive for Noah's Ark theme park.

Massachusetts - Tax rate will fall to 5.15%

New York - BItcoin buyers don't have to pay sales tax

Rhode Island - Corporate Tax regime will be overhauled in 2015

Main Topics Year End Charitable Donations
1. Who can I donate to?
2, What can you donate?
3. Can I give by Credit Card?
4. What records should I have for the tax deduction?
5. What is required for non-cash gifts?

...more
15min
December 12, 2014 097 Winding Down the Tax Year
In this week's episode,

Federal Tax Update:

Tax extenders in trouble
December 11th tax extenders date - Tax season may start January 30th
Shortsales may increase tax bills
Stamp.com date on stamp not valid for mailing. Postmark overrides date
IRS has millions in frozen credit accounts
VA woman admits to $7.2M in child credit fraud.
London Mayor Boris Johnson says he will not pay U.S. taxes on the sale of a residence capital gains
Taxpayer asks the Supreme Court to decide whether the President has the authority to remove a Tax Court Judge Kuretski v. Commissioner

State Tax Update:

Alabama - Becomes the latest state to warn of phone scams.
Kentucky - Gas tax to decrease by .05 on January 1, 2015

Main Topic:

Winding up 2014 tax year

1. Estimated Income and taxes
2. Deductions
3. Change in Martial Status
4. Change in Household
5. Health Insurance (Affordable Health Care)
6. Credits

The link to the 1040 draft is:

http://www.irs.gov/pub/irs-dft/f1040--dft.pdf
...more
18min
November 13, 2014 096 Understanding LLCs
In this week's episode,

Federal Tax Update :

IRS warns new scam using identity theft in their scam

Congress expected to pass the marketplace fairness tax during the lame duck session

Congress is expected to pass a continuing budget

Local and State Tax Development:

Berkeley passes soda tax - .01 per ounce per sugar sweeten beverage

San Francisco doesn't pass the soda tax

2014 Tax Ballot Initiatives

IL - Democrats want to make the 67% 2011 income tax increase permanent

MA - Prewritten software subject to sales tax

MS - Sales tax dodging on the rise

NC - Makes changes to service contracts subject to sales tax

OH - Delays in refunds possible because of identity theft

Main Topic:

Understanding LLCs

1. Provides liability protection
2. Flow through income to owner
3. Income is taxed at owner's tax rate
4. Can't deduct owner payroll - considered
5. Individuals and companies can own an LLC
6. Single member LLC
7. The Federal tax form 1065
8. Income/Deductions are reported to the owners on K-1
...more
28min

FAQs about Navigating the Tax Jungle:

How many episodes does Navigating the Tax Jungle have?

The podcast currently has 285 episodes available.