Permanent link to this article: https://betweenthenumbers.net/2015/01/national-taxpayer-advocate-reports-grim-conditions-faced-by-us-filers-seeking-customer-service/
Jan 02
In accordance with Executive Order 13520, Reducing Improper Payments and Eliminating Waste in Federal Programs, Federal agencies are accountable for reducing improper payments while still providing access to beneficiaries. The IRS estimates that the participation rate under the Earned Income Tax Credit (EITC) was nearly 80 percent, but this comes at a high cost. A recent …
Permanent link to this article: https://betweenthenumbers.net/2015/01/irs-continues-to-overpay-billions-on-the-eitc/
Apr 21
The Government Accountability Office recently released a study on the subject of “Large Partnerships: Characteristics of Population and IRS Audits”. This study tracked IRS activity related to such “large partnerships”, which the IRS defined as those that reported having 100 or more direct partners and $100 million or more in assets. The number of large partnerships …
Permanent link to this article: https://betweenthenumbers.net/2014/04/irs-audits-heavily-target-corporations-over-partnerships/
Mar 29
On March 25, the U.S Supreme Court ruled in favor of the IRS over whether certain severance compensation is subject to payroll taxes. My prior blog post on this Sixth Circuit case is here. The Supreme Court ruled 8-0 to overturn the Sixth Circuit decision. This case would have had huge tax impact had the …
Permanent link to this article: https://betweenthenumbers.net/2014/03/severance-payments-remain-fica-taxable/
Mar 12
In Estate of Helen P. Richmond et al. vs. vs. Commissioner T.C. Memo. 2014-26, February 11, 2014, the Tax Court addressed reasonably straightforward estate tax valuation questions in a reasonably predictable manner. The additional tax imposed because of a higher valuation was not particularly surprising to me, and probably not to others who regularly practice …
Permanent link to this article: https://betweenthenumbers.net/2014/03/estate-tax-penalty-occurs-because-of-a-lack-of-a-professional-appraisal/
Feb 26
The IRS has released its Annual Business Report for 2013, detailing its investigative priorities and accomplishments during the year. In terms of priorities, the focus has been on the following areas: Identity Theft Fraud Return Preparer Fraud & Questionable Refund Fraud International Tax Fraud Fraud Referral Program Political/Public Corruption Organized Crime Drug Enforcement Task Force …
Permanent link to this article: https://betweenthenumbers.net/2014/02/irs-reports-its-investigative-wins/
Feb 19
The IRS is taking serious issue with Michael Jackson’s estate over the value of various assets upon which taxes are due. According to a recent article in the Los Angeles Times (“LAT”), there is over a billion dollar discrepancy between the value reported by his estate after his 2009 death and the amount concluded by …
Permanent link to this article: https://betweenthenumbers.net/2014/02/how-much-is-michael-worth/
Feb 04
The IRS has determined that for sales-based royalties for tax years ending on or after January 13, 2014, taxpayers can either allocate sales-based royalties entirely to property sold and include those costs in cost of goods sold or allocate sales-based rolaties betwen cost of goods sold and ending inventory using a facts and cirucmstances cost …
Permanent link to this article: https://betweenthenumbers.net/2014/02/irs-rules-on-sales-based-royalties-treatment/
Jan 14
As 2013 has come to an end, we all must start gathering our 2013 tax records to start preparing for the dreaded tax man. Do you ever wonder how many returns or how much money the IRS collects? Or how many audits are conducted? In the 2012 IRS Data Book, released by the IRS, contains …
Permanent link to this article: https://betweenthenumbers.net/2014/01/interesting-irs-facts/
Dec 23
In October the IRS announced that the government shutdown would delay the start of the 2014 tax filing season at least a week and likely more. According to the IRS announcement: “The government closure came during the peak period for preparing IRS systems for the 2014 filing season. Programming, testing and deployment of more than …
Permanent link to this article: https://betweenthenumbers.net/2013/12/irs-finalizes-delayed-start-date-to-start-accepting-returns/
Jan 16
National Taxpayer Advocate Reports Grim Conditions Faced by US Filers Seeking Customer Service
January 16, 2015
With tax season just around the corner, the annual report from the National Taxpayer Advocate Service (“TAS”) is making headlines – for all the wrong reasons. This federally appointed office within the Internal Revenue Service (“IRS”) is responsible for assisting American taxpayers who are in burdensome, complex, and/or financially strenuous disputes with the IRS. In …
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