As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Win big in the office Super Bowl pool? Don’t forget to tell the IRS
We have all done it. Participated in the office pool for the Super Bowl. I once won $250 a few years back by betting $20 on my team to win. Should I have reported those winnings to the IRS? Good question. According to Kay Bell, tax blogger for this recent article published by bankrate.com, I…
Read Full Article Categorized in: Accounting, Articles, Florida Tax Audits, Individual Tax Returns, IRS Audits, Penalties, Tax Advice, Tax Return Preparation, Tax Tips, Uncategorized, Voluntary disclosureHappy 100th Birthday to the American Tax Code. Here’s the Best Tax Quotes of All Time…Enjoy!
What do Ben Franklin, Albert Einstein and Plato have in common? All have provided memorable quotes about taxes over the last 100 years. Since the American Tax Code is celebrating it’s 100th birthday tomorrow, it is only fitting to revisit the notable commentary provided by such a diverse collection of Americans, all with the same thing in…
Read Full Article Categorized in: Articles, Literature and Law, News, Tax Advice, Tax Facts, Taxpayer RightsCan I Settle my IRS Debt? A Questionnaire
As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers in Compromise (IRS settlements) are very difficult to get, but the IRS does grant them. I put together this short questionnaire for taxpayers to use to determine whether or not they qualify for an IRS settlement. Form 656 is the Offer in…
Read Full Article Categorized in: Articles, Back Taxes, IRS SettlementsIRS Fails to Timely Respond to Taxpayer Inquiries
WebCPA once again reports that the IRS is not following its own rules: The Internal Revenue Service isn’t meeting a self-imposed 30-day deadline of responding to written inquiries from taxpayers, according to a new report. The report, from the Treasury Inspector General of Tax Administration, found that of 73 correspondence cases sampled from the IRS’s…
Read Full Article Categorized in: IRS Procedure, News, Taxpayer RightsTIGTA Reports on More IRS Screw-Ups
The Treasury Inspector General for Tax Administration (TIGTA) has issued another report on IRS inefficiency, which, no doubt, will be met by the Commissioner’s demand for more funding (see Related Posts, below). TIGTA reports that some taxpayers received multiple refunds for their First-Time Homebuyer Tax Credit claims, while others changed the acquisition date of their homes on their…
Read Full Article Categorized in: Credits, IRS ProcedureHave Tax Problems? Buyer Beware.
Eva Rosenberg of SmartMoney has an excellent article today about why you should avoid tax relief firms like Roni Deutch, Tax Masters and J.K. Harris: Let’s look at recent court cases filed against television and radio advertisers, preying on your fears, your insecurities, and your tax terrors. All cases involve national tax resolution firms who have…
Read Full Article Categorized in: Tax Collections, Tax TipsInnocent Spouse Writes Memoir of IRS Experience
When Carol Ross Joynt’s husband died she was consumed by grief. Then she learned that her husband owed $3,000,000 to the IRS and was now pursuing her for it. The experience was so traumatic she wrote a book about it and titled it Innocent Spouse: A Memoir. Here’s a short synopsis: Carol Ross Joynt was a successful television…
Read Full Article Categorized in: Innocent Spouse ReliefInnocent Spouse Writes Memoir About Tax Experience
When Carol Ross Joynt’s husband died she was consumed by grief. Then she learned that her husband owed $3,000,000 to the IRS and was now pursuing her for it. The experience was so traumatic she wrote a book about it and titled it Innocent Spouse: A Memoir. Here’s a short synopsis: Carol Ross Joynt was a successful television…
Read Full Article Categorized in: Blog PostsTax Crimes: Warning to Delinquent Taxpayers
If an IRS official believes that you might have broken the law or are currently breaking the law, he or she will refer the matter to the IRS Criminal Investigation Division (CID). The Top Criminal Violations Investigated by CID The most frequently investigated criminal violations are: Failure to file an income tax return Structuring transactions…
Read Full Article Categorized in: Blog Posts, Criminal TaxDealing with IRS Collections, Do’s and Don’ts
It’s seven a.m. and you are half asleep. You hear a knock on the door and your heart starts racing. The dog barks and it races faster. But you don’t answer the door. Instead, you pull the covers over your head and wait for the knocking and the barking and the heart-pounding to stop. If the…
Read Full Article Categorized in: Blog Posts15% of Government Contractors Don’t Comply with the Tax Laws
According to the Treasury Inspector General for Tax Administration 15% of government contractors are not in compliance with the federal tax laws. Federal Guidelines Do Not Prohibit the Awarding of Contracts to Contractors With Delinquent Tax Liabilities (2010-30-120): The IRS does not annually verify that government contractors have paid Federal taxes, despite a presidential directive that…
Read Full Article Categorized in: NewsIRS Will Audit More Tax Returns in 2011
The Associated Press reports that the IRS is intensifying and expanding its tax return audit program: The IRS is making it a bit riskier to cheat on your taxes. The tax agency increased the number of returns it audited by nearly 11 percent this year, statistics released Wednesday show. Wealthy taxpayers and big businesses were most likely to…
Read Full Article Categorized in: NewsTaxpayer Advocate Service is Overburdened
WebCPA reports that the IRS Taxpayer Advocate Service (TAS) has experienced a greatly increased workload in recent years: The IRS’s increased emphasis on enforcement, rising caseloads, the economy, and recent legislative changes are among the many challenges confronting the Taxpayer Advocate Service (TAS), according to a new report. TAS management overall agreed with the facts and conclusions of the report…
Read Full Article Categorized in: IRS Procedure, Taxpayer AdvocateThat’s Not a Tax Bill, This is a Tax Bill
Reuters reports that actor Paul Hogan, best known for playing an outback hunter in the “Crocodile Dundee” movies, has been stopped from leaving Australia until he pays a multi-million dollar tax bill: The Australian Taxation Office (ATO) served U.S.-based Hogan with a departure prohibition order when he returned to Sydney last Friday for the funeral of…
Read Full Article Categorized in: International Taxation, News, Tax CrimesTIGTA Press Release: Why You Should Challenge an IRS Lien
The Treausry Inspector General for Tax Administration (TIGTA) has today issued the following press report (emphasis added): IRS DOES NOT ALWAYS PROTECT TAXPAYERS’ RIGHTS WHEN FILING LIENS, TIGTA FINDS: WASHINGTON – The Internal Revenue Service (IRS) is not always following statutory requirements regarding the timely notification of taxpayers when liens are filed and does not always follow…
Read Full Article Categorized in: IRS Procedure