Bill Zumwalt's (teamzumwalt) Blog

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Services for Real Estate Pros - William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

ARCHIVED BLOG POSTS

2013 

Just had a REALTOR in my office that had her 2012 tax return prepared by her CPA of many years but felt that they had made some mistakes.  She had multiple rental units as well as a successful real estate business. First red flag was that her mileage on her car was an even 9000 miles and showed n...
07/31/2013
Okay so you don’t want the IRS as your friend on Facebook but there are many ways to get help using social media. 1) IRS2GO-  use this free Smartphone app to check your refund status, get tax updates and follow the IRS via twitter. If you have an iphone or iTouch you can download from the iTunes ...
07/30/2013
The Justice department recently barred from doing taxes a Charleston tax preparation firm.  Stacy Middleton and second defendant George Jenkins engaged, through MBM Tax And Accounting Services LLC, in unlawfully understating clients tax liabilities and overstating refunds through a number of vari...
07/30/2013
Real Estate agents often find their clients needing to provide an underwriter with copies of tax returns. You might want to save this for future reference when being that agent that goes the extra mile for their client. 1) Transcripts are free and you can get them for the current and past 3 years...
07/29/2013
The recent report from the Treasury Inspector General for Tax Administration or TIGTA, has noted that the IRS is spending almost $5M for executive travel each year. What is interesting about the report is that it noted that 12 executives were in what is called traveling service over 200 days for ...
07/28/2013
Our youngest daughter came home last night and added to her down payment for a new house fund with winnings of just over a thousand dollars so I thought it might be a good time to talk about the taxation of gambling winnings. Last year I had a school teacher bring in a stack of W-2 Gs. She had a ...
07/28/2013
Well the IRS just loves Courtney Love.  She has paid off one tax lien from 2007 that was a mere $324,335 and owes for 2009 $3,236 and 2011 $263,625 for a total of $266,852. Let’s not forget our NFL superstar T.0. Terrill Owens ( well he was a superstar in his own mind) just paid off in June liens...
07/26/2013
House Financial Services Chairman Jeb Hensarling (R-Texas) has introduced legislation to phase out federal involvement in the secondary mortgage market by eliminating Fannie Mae and Freddie Mac over several years and adding limits to who can get federally backed financing through FHA, how much wo...
07/26/2013
A former H&R Block manager has been sentenced to one year in prison for identity theft.  Damon C Dubose of North Hills California has been sentenced to a year and a day of federal prison time for using the identities of H&R Block customers to file fraudulent returns with the IRS trying to receive...
07/24/2013
For 2013 the amount of medical expensive needed to be able to deduct on your itemized deductions just when up. Prior to 2013 you could deduct medical expenses over 7.5% of your income. For 2013 it is now 10%. So if your income was $100,000 before this year all expenses over $7,500 were deductible...
07/24/2013
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Bill Zumwalt

Tax Coach, CPA
local_phone(918) 583-1040
smartphone(918) 808-7164
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