Tax preparers and non-profit group The Institute for Justice have banded together over their dislike of recent tax preparer regulations to sue the IRS sighting its powers as overreaching and unlawful. An Accounting Today article entitled Tax Preparers Sue IRS over New Requirements sheds some light on this issue by highlighting the plaintiff’s objectives not to seek damages, but rather an injunction against enforcement of new regulations.
The plaintiff’s in this
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In a recent episode of my guest appearance as the TaxMan on the Big Biz Show, we discussed two tax plans aimed at wealthy taxpayers that intend to reduce the deficit; the Zuckerberg tax and the Buffet Rule. We also spoke on ways to prevent identity theft schemes and avoid the IRS problems they bring. Here are the subjects we covered:
Zuckerberg Tax
This tax could move the needle more in the
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On a recent episode of the TaxMan on the Big Biz Show, I discussed the topic of the “tax gap” that many self-employed and small business people out there should become aware of as they prepare their tax returns for the April 16 deadline. Since many are unfamiliar with the subject matter, listed are the four key questions and answers every individual and small business personal should know about the
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Continuing the countdown to April 16 on a recent episode of the Big Biz Show,  I offered some helpful TaxMan tax tips and advice including how to avoid more IRS “red flags” and planning for tax laws that are set to expire in 2012.

I also took opportunity to thank Sully and Troy Hazard, one of the show’s executive producers, for the launch of the TaxMan show debuting on Biz Television. This
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The IRS “Dirty Dozen” tax scam “Claiming Zero Wages” is a frivolous tax argument that alleges taxpayers do not have to pay taxes therefore, claim “zero” wages to prove their point even if there is a tax liability. As often found with the frivolous argument scam, taxpayers incorrectly interpret tax law and file a “phony return” in an attempt to lower the amount of taxes due. To the IRS, this
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Over the last month, we have posted information regarding the IRS “Dirty Dozen” Tax Scams to help taxpayers stay alert and avoid many of these schemes “that sound too good to be true.” A recent article by Accounting Today entitled IRS Warns of New Emerging Tax Scam however, shows just how tricky these tax scams are for many to detect and how, in spite of all the warnings, Tax Scam
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I recently visited the Big Biz Show with Russ and Sully on the lead up to April 16th to give “TaxMan Tax Tips” on ways taxpayers can to avoid IRS “land mines” and “red flags” this tax year. The current Obama administration has let its intentions be known that closing the $385 billion tax gap – (the difference between the amount of taxes reported and what the government actually collects)
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No matter how you look at it, living in a civilized society means you are obliged to file your taxes; if you owe, you pay. While many could argue the usual tax talking points such as fairness and tax rates, most of us would agree that taxes collected generate revenue to help fuel the economy. Yet there are people who believe that paying taxes is wrong, immoral and in some
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With the economy still sputtering, many tax stressed people teetering on the edge of IRS bankruptcy enter our offices wanting to know if their IRS tax debt could be wiped away with bankruptcy protection. While in some cases back taxes can be discharged (personal income tax), in most cases, they cannot. However,the good news is that taxpayers in this situation have options. Here are the five simple tax relief options
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No doubt about it, the IRS is making headway in their efforts to bring Americans with unreported offshore accounts into tax compliance with the Foreign Account Tax Compliance Act (FATCA) and (FBAR) regulations. IRS enforcement and data sharing from European banks, has made it possible for the U.S. to gather account information on wealthy American clients; something just three years ago was impossible.
But an article in Forbes entitled Expats Lobby
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I was recently quoted in an article for CreditCards.com entitled Pros and Cons of Paying the IRS with a Credit Card where I encourage taxpayers to compare the costs of using their credit cards to pay their taxes versus a negotiated IRS installment agreement if they don’t have the case on hand. I enjoy lending my expertise to this conversation because all too often, I see very smart people rush
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The Chicago politician currently on the hot seat is Cook County Commissioner and former South Side alderman William Beavers. Beavers is facing indictment on tax fraud charges for keeping campaign funds and a county stipend without paying federal taxes on them. A Chicago Tribune article entitled William Beavers Indicted on Tax Fraud Charges reported on just how far Beavers is willing to go to protect his name and perceived political
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If you have unfiled and delinquent tax returns, you’re probably dreading this tax season; owing back taxes to the IRS is a big burden. Doing nothing to resolve them, however only makes matters worse and more expensive. Even if the IRS isn’t currently knocking on your door to remind you of your tax debt, you are not out of the woods and will need to devise a plan for
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A major focus of the Obama Administration has been to reduce the “tax gap” (the difference between the amount of taxes reported and what the government actually collects). Nowhere has this become more obvious than with the President’s 2013 budget request.  A recent article in OMB Watch entitled Obama Proposes Exempting IRS from Budget Caps, reports on the Administration’s request to have some IRS enforcement spending be “excluded” from budget
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Some taxpayers have a tendency to overstate their income or expenses. The IRS “Dirty Dozen” Tax Scam # 6 – False and Inflated Income and Expenses makes this list annually simply because taxpayers still believe they can get away with it. What many don’t anticipate is that stepped-up IRS scrutiny of their flawed returns will yield not only IRS problems for them but also less money in their pockets as
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