The IRS is at it again going after famous people to make big publicity splashes about their criminal prosecutions. This time, it involves 69-year-old H. Ty Warner, the inventor of Beanie Babies the craze of the 90s, for having Swiss bank accounts. The Department of...
THE IRS IS SCALING BACK OPERATIONS DURING THE GOVERNMENT SHUTDOWN These are the things to remember: 1. FILE all tax returns on time. 2. PAY all tax deposits and balances on time. For example, the October 15 extension date for filing Individual returns still applies....
Talk about beating a dead horse! Yes, that is the IRS position before the courts as to why it can regulate and control tax return preparers. The district court properly struck down the IRS attempt to control tax preparers as being outside its authority under law....
IRS provides updated guidance for equitable innocent spouse relief requests RIA, a large Tax Publisher, reported on revisions to Innocent Spouse relief requests. It has been extremely difficult (if not practically impossible) for married couples still living together...
If you converted a traditional IRA into a Roth account last year and are now unhappy with the results, you can reverse the conversion as long as you get it done by October 15. Here’s what you need to know as this deadline rapidly approaches. Reversal Basics When you...
Well, the IRS was closed Friday, so tax attorneys were sending around some humorous comments. This video on the Affordable Care Act (“Obamacare”) is irreplaceable: https://www.youtube.com/watch?v=ycjjM-Win8U&feature=youtu.be Happy Father’s Day to all. Ron...
Lawyers call it “succession planning.” This simply means what do you need to do to organize your business to transfer it to the next generation, retire, or simply sell the business. Even though more businesses are becoming woman-owned, most of my business owner...
Pres. Obama has been pushing for changes to the Internal Revenue Code that would limit the tax benefits of pass-through entities. Most small businesses are limited liability companies or S corporations and the profits and losses pass-through to the individual members...
The head of the exempt organizations operation of the IRS has invoked her Fifth Amendment privilege not to testify before Congress. After giving a several minutes statement saying she was “not guilty of violating IRS rules and regulations.”, Lois Lerner then declared...
President Obama now joins former Pres. Franklin Roosevelt, Kennedy, Johnson, Nixon and Clinton in using the IRS to hammer his political opponents. Treasury officials knew of the attack by the IRS against Tea Party Conservatives in June, 2012 in the middle of Pres....