The Washington Post published an article on April 8, 2015 titled “In Dallas, the IRS says it can’t chase tax cheats who owe less than $1 million.” Here is a section of the article (emphasis added):
If these taxpayers are delinquent on $900,000, for example, the IRS won’t go after them; budget reductions have
Bloomberg BusinessWeek authors Devin Leonard and Richard Rubin published a great article this month about the current dysfunction at the IRS caused by underfunding and IRS scandal.
The IRS is not at the top of anyone’s “favorite” list. Now even IRS employees are hating life and moral is at an all time low. Here are
The Supreme Court is hearing oral arguments Wednesday, March 4 on certain aspects of the Affordable Care Act. This has the potential to unravel President Barack Obama’s beloved health care plan.
Another aspect of Obamacare that will affect many people is the excise tax on “Cadillac” health care plans. A Cadillac plan is one that
Every year the IRS sends out its “Dirty Dozen” list. This is a compilation of the most prevalent tax scams, with the intent to inform and warn taxpayers of tax related rip-offs.
The very first on the list involves phone scams. The IRS warning reads as follows:
Phone Scams: Aggressive and threatening phone
It is a very common story for small businesses to get behind on paying employment taxes. Federal employment taxes are largely made up of FICA and withholding taxes. The IRS is especially keen on businesses who fail to pay these taxes. Not only is the government out the money it should be receiving, but it
CNN recently released a fascinating look at the computers the IRS uses in “IRS Says It’s Using Technology From JFK’s Time.” IRS Commissioner John Koskinen states that the IRS computer system is “like driving a Model T that now has a great GPS System and wonderful sound system.”
It is common knowledge that
What can you do when the IRS is misbehaving and it directly affects you?
You will have to fight them, but the law allows you to recover your litigation costs if you win.
As many know, the IRS has had a very troubled recent past (i.e. Lois Lerner). Those problems keep getting worse, especially with
The IRS is auctioning off a deferred compensation arrangement Darryl Strawberry had with the Mets. Minimum bid is $550,000 for a payment stream that is estimated to be well over $1 million. Get your bid in by January 20th if you really want it. See the IRS Notice for more details.
According to an Article
All too often, people don’t keep adequate records to demonstrate they are entitled to deduct travel expenses.
The general rule from the Supreme Court is that deductions are a matter of legislative grace, and taxpayers must maintain sufficient records to substantiate the amounts of their income and entitlement to any deductions or credits claimed.
So
As many have heard recently, Michael Sorrentino (of MTV’s “Jersey Shore” fame) and his brother Marc were indicted for tax crimes in New Jersey and made their initial appearance in court last week.
At this point, no one but the Sorrentinos, their lawyers and maybe the