what the irs doesn’t want you to know a cpa reveals the tricks of the trade

[...]... (JCWA) and the Economic Growth and Tax Relief Reconciliation Act of 2001 Throughout this book, the 2003 tax law will be referred to as the Tax Act of 2003, and the 2001 tax law will be referred to as the Tax Act of 2001; you ll learn what s in them for you and what you must know To help you stay on top of your current financial situation, a detailed explanation of the most far-reaching provisions of. .. taxes using both the regular IRS tax table and the AMT rates, and pay the higher of the two Minor but temporary relief was made to the AMT in the Tax Act of 2001 and the Tax Act of 2003 However, the number of taxpayers affected by the AMT will rise faster than before because the Tax Act of 2003 has accelerated the reduction in ordinary tax rates to 2003, disregarding its effect on the AMT (See misconception... will allow taxpayers to • View the IRS from an entirely new and realistic perspective • Learn how to use glitches, crevices, and loopholes in our tax laws to their benefit • Recognize the shortfalls of the IRS so that the scales of justice are tipped in the taxpayers’ favor I have decided to make this information available so that you, the average taxpayer, can be armed with the same tools of the trade. .. that favor one segment of the population over another • An increase in the complexity of our tax laws • A rapidly expanding number of loopholes for avoiding or manipulating tax laws Each of these has a tremendous impact on taxpayers and their pocketbooks 22 THE IRS PERSONALITY: PLAYING IT TO YOUR ADVANTAGE Tax Laws Play Favorites A tax shelter is a way to protect your money from being touched by the. .. (depreciation taken) is subject to a 25 percent maximum capital gains tax The balance of the gain, $38,200, will be subject to a maximum capital gains tax of 15 percent The investor will have received an annual tax-free cash flow of $33,000, which means he recovers his down payment in just three years and pays tax at low capital gain rates when the property is sold IRS of cials have already caught on to the. .. operates, and responds This is definitely something you as a taxpayer want to learn about and put into practice, yet it is rarely, if ever, made available In my interactions with countless clients and with the IRS, a great deal of unofficial information surfaces that is often more important than a specific tax law In fact, quite often what is most important is not what a tax law says, but how the IRS. .. bureaucratic doors slammed in their faces Here’s another case that demonstrates the blatant and unmitigated arrogance of the IRS 4 WHY EVERY TAXPAYER MUST READ THIS BOOK A high-level executive in a nationally known insurance company was the subject of an extensive IRS investigation Allegedly he owed $3,500 The taxpayer agreed to admit to tax evasion, and the IRS promised, in a written agreement, to. .. that only wealthy individuals, those who hire expensive tax attorneys, or those in the know can avail themselves of aggressive tax information is false Anyone has the right to receive the same kind of information and advice on how to best handle the demands of the IRS, particularly the average taxpayer No one is too small to deal successfully with the long, powerful, and often ruthless and arbitrary... In 2003 you are eligible to receive a $9,000 distribution from your employer’s pension plan, and you need $7,500 to buy a new car You arrange to have the $9,000 transferred directly to your traditional IRA account You then withdraw the $7,500 you need for the purchase of the car (Note: You can transfer an unlimited amount of money into your traditional IRA from another qualified plan, such as a pension... were the agent’s words Since the taxpayer was a prominent figure in his area, he satisfied that need, although the agent admitted that he didn’t think there was any real proof that the taxpayer even owed the IRS money After a 20year battle, the case was settled to the tune of $3 million for the much maligned insurance executive More recently, an IRS revenue agent informed a TV station that a search warrant . class="bi x0 y0 w0 h0" alt=""