Happy Friday everyone, time for another tax news round up for the week!
The big tax news story of the week is the IRS crackdown on tax fraud. So scammers be warned, think you can steal from the IRS by filing false tax returns and identify theft? Think again:
IRS cracks down on fraud as tax return season begins
105 people were charged this week with fraud and identity theft
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Its Friday, and that means time for my weekly tax news round up. Here’s a look at some of the IRS and tax related stories that caught my eye this week.
Lets begin with one of my favorite topics: Avoiding an IRS Audit.
Being audited by the IRS is no laughing matter and I want to help taxpayers avoid it whenever possible. I was very happy to be quoted in How to
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According to a new article by the Los Angeles Times, the IRS is increasing the number of audits on taxpayers making over  $1 million a year.  In the article titled Big earners more likely to face audits by Tiffany Hsu, the majority of audits done by the IRS are done on those making $1 million and very rarely on anyone making under $20 k a year. Hsu states that in
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No shortage of tax news this first week of 2012! Here are some headlines that caught my attention this week in my new weekly “Tax Relief Mashup“
U.S. Charges 3 Swiss Bank Employees With Aiding Tax Evasion
3 Swiss Bank employees were indicted this week for helping United States taxpayers to hide more than $1.2 billion from the IRS.
Janice Dickinson in Hot Water with the IRS… Again!
Dickinson allegedly owes the
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It has been an interesting week in tax news this final week of 2011. The last week of the year is always a big one in the tax relief industry since we have just days to take action to lower our 2011 tax bill. Here are  some of the top headlines that caught my attention this week:
IRS sues Yankees’ Hal Steinbrenner over tax refund
New York Yankees
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In recent Credit Sussie news, the Swiss bank accused of aiding Americans in cheating taxes with offshore accounts is seeking a dismissal of their indictment by the Justice Department.
In an article by David Voreacos titled Credit Sussie Bankers Said to Seek Dismissal of U.S. Indictment on Bloomberg, Voresacos discusses the bank’s current predicament and the chances of a dismissal of the indictment. According to the article, Credit Sussie is cooperating
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It is always important to keep yourself educated and up to date on current tax changes and laws to make sure you stay out of problems with the IRS before they occur. The same holds true when it comes to picking your tax professional or tax attorney. Take the time to make sure that he or she is certified and can provide recommendations.
To help keep the tax preparation industry in
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“It felt like you were running with nowhere to run to.”
Our client Robert had a huge tax problem; he owed about $125,000 in back taxes to the IRS and with liens on his bank accounts he turned to Tax Resolution Services for help. The minute he walked in the door of Tax Resolution Services Michael Rozburch and our team immediately began the process of helping to solve Robert’s IRS problems.Â
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Budget cuts are a common topic these days regarding anything surrounding the United States government, so it goes as no surprise to hear that the IRS is next on the list of drastic budget reductions. On the Wall Street Journal’s blog The Tax Blog, Jonnelle Marte keeps us informed on the latest news in her post IRS Cuts: Good News for Deadbeats?
According to the article, Congress plans to reduce the
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The IRS announced on September 1, 2011 that it will be providing tax relief to victims of the recent Hurricane Irene disaster. The tax relief provides tax-filing and payment deadline extensions to those who were affected by the hurricane. Included in the tax relief are corporations and businesses with a September 15 deadline for 2010 returns and those with estimated tax payment due dates. The extension will be granted until
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U.S Tax Court is keeping tabs on every possible tax detail in the hopes to find some extra revenue and tax loopholes are being sought out to try to find funding to fill in the budget deficit. Not free from the examination are clergy members and the tax relief laws that protect them from paying taxes. Back in March the U.S. Tax Court made a surprising ruling to extend a
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With talk of debt ceilings and government budgets swirling around the news it is no wonder why tax relief deductions are a huge topic of controversy.  Tax deductions will cost the government $3 trillion in lost tax revenues between 2010 and 2014 (read the blog here) and now a closer look at current taxpayer trends by the Tax Policy Center states that almost half of Americans do not have to
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The Joint Tax Committee recently released their list of Estimates of Federal Tax Expenditures for Fiscal Years 2009-2013. The Joint Committee on Taxation is a nonpartisan committee of the United States Congress who assists Members of the majority and minority parties in both houses of Congress on tax legislation (see the website here). In Congress tax expenditures are what we like to call tax breaks or deductions;  the tax rules
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With the nations budget deficit increasing and negotiations over what to do about the debt ceiling still raging on, taxpayers should be looking out for changes in “relief providing” tax breaks in upcoming years. Currently the tax breaks that most tax payers rely on for tax relief could be at risk of being cut from the books.  Laura Saunders of the Wall Street Journal explores the future of your tax
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Effective immediately the IRS will be allowing tax relief to the innocent spouses of those with serious IRS tax problems and back taxes. The new rules will help protect partners, especially those from abusive relationships, by granting relief to those who could have been deemed liable for a spouse’s tax problems. The Wall Street Journal’s Laura Saunders explains how the new rules differ from the original rule of a 2
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