Listen to my interview with Mind Your Bizness Show host Danielle Hampson. On “Talk to the Tax Expert,” we discuss what to do if you find yourself in financial difficulty and can’t afford to pay your tax bill this year.
In 2009, we can expect more tax audits and IRS actions against tax cheats. It’s a remarkable statistic, but 50% of the American tax paying public either haven’t filed appropriate
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CCH (cch.taxgroup.com) reports:
President Obama on March 6 signed HJRes 38 (P.L. 111-6), a continuing resolution that provides fiscal year (FY) 2009 appropriations through March 11, 2009, for federal government operations at several departments and agencies, including the Treasury Department and the IRS. The stopgap funding measure was necessary to allow additional time for Congress to complete action on a $410-billion FY 2009 appropriations package.
The omnibus package appropriates $12.7 billion for
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Shirley G. Graybill, 72, of North Haven, Conn., was sentenced to two years of probation — the first four months of which she must spend in home confinement — after pleading guilty to one count of making and subscribing to a false 2002 tax return.
According to court records, the Triple Diamond Foundation was an entity created by Graybill and her husband, Dale L. Graybill, purportedly to fund cancer research —
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As the KLOS Tax Man, I give free tax advice to listeners who need help with their tax debt. It’s a great way for be to share my IRS problem solving skills and help more Americans qualify for tax relief. Check it out!
Tax Tip #44: Individuals finally get a tax break. For 2009 and 2010, taxpayers will see an immediate increase in their take home pay by between $400 to
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According to National Taxpayer Advocate Nina Olson, the IRS Taxpayer Advocate Service (TAS) handled more than 274,000 taxpayer assistance orders in FY 2008.
The TAS was created by Congress to help taxpayers resolve their tax problems with the IRS and ensuring that taxpayer rights are protected in each case. Olson also recently addressed the authority of the National Taxpayer Advocate to help taxpayers navigate their issues through the IRS. Olson revealed
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Last week, Sen. Carl Levin, chairman of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, examined the recent deferred prosecution agreement between the Department of Justice and UBS AG Bank of Switzerland, as well as the DOJ’s ongoing attempts to force the bank to identify its U.S. customers with secret Swiss bank accounts.
Recently, a senior executive of a large Swiss bank was charged with conspiring with other
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Professional golfer Jim Thorpe faces four counts of failure to file an income tax return and three counts of failing to pay income taxes.
According to prosecutors, in addition to being a golfer on the PGA Champions Tour, Thorpe earned income by playing in PGA events and from various endorsements. He also was the sole officer and director of a Florida corporation known as JLT Inc.
Thorpe, 59, of Heathrow, Fla., allegedly
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I was recently asked to be the KLOS Tax Man! And as their go-to IRS expert, I give free tax tips to listeners who need help with their tax debt or IRS problems. Check it out!
Tax Tip # 28: More than ever, due to the current economy and the real estate meltdown, many hardworking Americans who never before qualified for tax relief, NOW QUALIFY.
Are you tired of those unfiled tax
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The government estimates that unclaimed refunds totaling approximately $1.3 billion are waiting to be claimed by about more than a million taxpayers who neglected to file a federal income tax return for 2005 and are eligible for refunds. However, to collect the money, a return for 2005 must be filed with an IRS office no later than Tuesday, April 15, 2009.
The IRS also estimates that about half of the taxpayers
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Today’s question comes from Doug P, an investment fraud victim interested in recovering his losses when he files his 2008 taxes…
In Dec. of 2007, I gave an independent broker some money to invest for me. About $30,000. Three weeks later  (first part of Jan 2008 ) he sends me a check for the amount I gave him and in the letter told me this money was never invested.
UHHHMMMMM. Ponzi gone
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The latest Obama administration nominee with tax troubles is Ron Kirk, the President’s choice to be U.S. trade representative. Kirk owes an estimated $10,000 in back taxes from earlier in the decade and has agreed to pay them. He has also agreed to file an amended tax return this week
According to reports, the former Dallas mayor failed to list speaking fees as income because he paid them directly to support
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The American Recovery and Reinvestment Act includes approximately $300 billion of net tax cuts. The new stimulus act includes tax provisions that may impact you and your small business. You will want to familiarize yourself with the plan’s new tax relief provisions.
Several key tax provisions include:

New 5-year net operating loss (NOL) carryback rule.
Deferral of certain income from the discharge of indebtedness
Extension of the existing bonus depreciation rules, which allows businesses
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The IRS is implementing tax-related provisions of this new program as quickly as possible. I recently blogged about how this new economic stimulus law could affect your tax bill, and how heightened tax compliance efforts could impact small businesses.
The IRS has outlined key highlights of the plan as follows:

COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying
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