Rajesh Prabhu Blogs!

This is a screenshot from my Blog’s traffic statistics dashboard and seems I have visitors from all over the world. Just wondering and researching what attracted them from many countries…

First week of November, am moving to NorthEastern part of US from AL. 1200 miles of journey, moving from CST to EST..mm.. It has been more than a year at Montgomery and I will definetely miss the southern way of living. Let me see what does the northeast US provide me with… Getting ready for a snowy winter

How about video chatting with someone who does not have a client like yahoo messenger? What if you are not able to install a client in your machine due to any constraints that you may have?  Here comes an easy solution.   TokBox allows you to video chat with anyone by just logging in to their homepage and inviting your friends by just giving your URL that is given by TokBox. Now that makes life so easy. Whats more good about this is that you can embed this video as an online feed in your blog or your homepage and broadcast whatever your camera sees.. Isn’t this interesting? What are you waiting for??

13,000 lucky Americans will soon receive letters from the IRS explaining that they’ve been selected for a random audit. These unlucky participants are rounded up as part of the IRS’ National Research Program, which seeks to explain why the Treasury receives $300 billion less than the Americans collectively owe. 

The Internal Revenue Service relaunched its program of random audits this month in an effort to hone its ability to estimate compliance rates and crack down on tax fraud. Unlike its usual audits, which are more targeted and so not representative of all taxpayers, the program will randomly select about 13,000 individuals for a closer examination of their 2006 returns. The goal is to gather information that will help reduce the $290 billion “tax gap,” the estimated difference between taxes paid and taxes owed. (In 2006, the IRS audited about 1.3 million taxpayers as part of its routine auditing process.)

What happens during a random audit?

No one knows for sure what will occur during this latest round of random audits. The IRS has stated that a lot of the audits won’t be that intrusive. They’re going to use their computer matching program to verify some things. [But for some] it looks like there will be an intensive audit, which can include verification of every item on the return. That means you have to prove you’re a citizen, date of birth, dependents, income and expenses, etc. (i.e., that they really exist). In terms of how intrusive each audit will be, we won’t know until people start getting audit notices.

What should you do if you get an audit notice?

If it is a computer-matching notice of audit or for verification, you may be able to handle it yourself. Otherwise, call for help. Call your accountant. My general view is, unless you have a very simple return, you’re going to need help if it’s a “complete” audit. It may be very time-consuming. You’ll want a professional to help you.

How expensive is that?

It depends how intrusive [the audit] is. It can be a couple of hundred dollars to $500 to much more. It depends how long it takes and whether in addition to the time-consuming nature of the review, the IRS is finding anything. If the return is immaculate, it should not be very expensive. Otherwise, it will take longer and longer, if, for example, you have to start explaining income not reported.

If you don’t have problems, just get someone competent who can help you.

Could you go to prison as the result of an audit?

If it’s a big enough problem—that is, there are firm indications of fraud—they can refer any audit to a criminal investigation unit. It depends how much unreported income you have and how flagrant it is. For example, if a taxpayer is making $100,000 and reported $30,000 a year, and this continued over several years, they may seek to refer the case.

How can you reduce your chances of getting audited?

You can’t reduce your chances of a random audit. But for audits in general, there’s a lot of stuff you can do.

For a normal tax return, file an accurate return, and most of the time you won’t get audited. Get a reputable return preparer. If someone says, “Don’t worry, you won’t get audited if your expenses are below this amount,” that is probably not someone you want to work with. Keep records. If you have any cash transactions, keep records. If you make a mistake, and you discover it, you can file an amended return before any audit starts. If you make a mistake, it is just that most of the time. But if you go into a return thinking, “Maybe the IRS won’t catch me,” and you don’t report 10 or 20 percent [of your income], that’s not the way to do it if you want to avoid an audit or more than an audit later.

In general, small-business owners and self-employed people have a much larger likelihood of getting audited, because W-2 wage earners have taxes withheld from their returns.

Other “stuff” that may pop you out of a computer and trigger an audit includes a situation where you have $50,000 in income and have reported losses of $100,000, wiping out all the income reported. Or, a taxpayer showing $60,000 in income with a $45,000 mortgage [deduction] may get you an audit.

 Source: http://www.usnews.com/blogs/alpha-consumer/2007/10/11/how-to-avoid-getting-audited-by-the-irs.html

Last weekend we went to chattanooga, a city in TN. It was a wonderful city which is sorrounded  by Lookout mountains.

The first place we went was Ruby falls, which is a wonderful falls which is 1200 ft below the ground, inside caves. This is a must-see location. You will be taken in a elevator 1000 ft down and then walk for half an hour inside stone cave and then reach this falls. See the video below urself. Just remember that there is absolutely no sunlight inside this cave!! No one knows where this waterfall originates.

Overall very worthy for a 1 day visit

Source : http://indiadaily.com/editorial/18470.asp
 

Indian IT companies running for cover to Europe and cutting cost left and right to survive as US Dollar fetches less Rupees
Harish Baliga
Oct. 7, 2007

We told you again and again that these Indian IT companies could never compete if Indian Rupees is fairly valued against US Dollar. Free trade is great only if fair value in currency is maintained. The IT companies in India that live of American resources are now running for cover to Europe and cutting costs like never before. Infosys, TCS and Wipro are increasing its exposure to Europe. They are trying to cut costs left and right. But let us explain you why these companies will be wiped out over time.

Source : http://indiadaily.com/editorial/18470.asp

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