What are your chances for being audited?—IRS’s 2011 data book provides some clues.
(Excerpts from a recent article by Thompson Reuters)
IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2011 activities. As this article explains, the data book provides valuable information about how many tax returns IRS examines (audits) and what categories of returns IRS is focusing resources on, as well as data on other enforcement activities such as collections.
What are the chances of being audited? Of the 140,837,499 total individual income tax returns with a filing requirement, 1,564,690 were audited. This means roughly 1.1% of all returns filed in 2011 ended up being audited.
This was a recent presentation I was invited to make at a major aircraft manufacturer’s sales team meeting. Just click the grey right arrow to load. Then keep clicking the grey arrow or select “More” and “Auto Play”
Are iPads Legal in the Cockpit?
A client of mine recently asked me if the FAA restricted the use of iPads and iPhones in the cockpit of his private aircraft. iPads and other tablets are so prevalent in today’s cockpits,
that many of us may assume they have the FAA’s seal of approval. (we will discuss iPhones in another post) After all, any visit to Sporty’s Pilot Shop will turn up dozens of accessories and apps designed for using your iPad in the cockpits of your aircraft. However, the answer may not be so simple.
Justice Billings Learned Hand in The Jump Book by Phillippe Halsman
Judge Hand was a U.S. Appellate Court Justice and one of the most influential judges in U.S. history never to sit on the Supreme Court. Former Supreme Court Justice Felix Frankfurter commented “Hand’s many decisions will stand the test of time because of their insights, the morality of the mind which respects these insights, and the beauty with which they are expressed.”
Even Judge Hand had to jump out from behind his desk once in awhile.
Buying an aircraft? Don’t forget the sales tax.
If you are in the market to purchase an aircraft, there are many considerations: the purchase agreement, the inspection, how to structure your ownership interest, and how to utilize federal income tax deductions. In the midst of all this planning, be careful not to overlook the most costly potential transaction fee: sales tax.
Most states, counties and municipalities charge a sales tax on an aircraft purchase. Typically, sales taxes assessed on an aircraft purchase range from 6-8%; but some can climb to as high as 10%. Thankfully, many have implemented specific opportunities to limit (and sometimes avoid) this hefty obligation.
The bureaucracy is expanding to meet the needs of the expanding bureaucracy.