I recently blogged about the new IRS Safe Harbor guidelines for Ponzi scheme victims.
CCH has issued a white paper addressing the various tax and planning implications that arise as a result of investment in the Madoff Ponzi scheme or other fraudulent schemes. The paper, Madoff and Other Fraudulent Schemes: Tax and Planning Implications, analyzes the tax issues and bankruptcy implications arising from the schemes and provides an overview of related
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As the KLOS Tax Man, I give free tax advice to listeners with IRS problems. It’s the perfect way for me to help people with tax debt and reach more Americans who need tax help. Check it out!
The KLOS Tax Man, Tax Tip #58: Buyers of new cars can deduct a sales tax even if they don’t itemize! This break applies to vehicles purchased after February 2009 and before next
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The federal budget deficit for the current year will top $1.8-trillion according to the latest estimates produced by congressional economists
The Congressional Budget Office cited recent government bailouts, tax legislation and the continuing turmoil in financial markets as causes for the growth in the deficit . The latest figures, fueled by the $700 billion Wall Street bailout and diving tax revenues stemming from the worsening recession, would shatter the previous record
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At least 13 companies who received some of the $300 billion in TARP (Troubled Asset Relief Program) funds owe hundreds of million of dollars in delinquent federal taxes but still received federal bailout money.
As a condition of receiving TARP funds, these companies signed statements indicating they owned no back federal taxes.
According to House Ways and Means Oversight Subcommittee Chairman John Lewis, D-Ga, the Treasury Department relied on company statements, rather
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The new punitive tax bill that is intended to recoup bonuses paid by the federal relief money is absolutely legal, despite detractors who say the law can be construed as unconstitutional for targeting specific groups like AIG.
The legislation would tax 90% of the amount received from any institution that took at least $5 billion in taxpayer aid.  And from the looks of things, the only reason the bill isn’t taxing
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Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
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While Benrie Madoff was jailed last week after pleading guilty to charges surrounding his $65 billion Ponzi scheme, the IRS is busy issuing new guidelines for filing tax theft loss deductions.
Internal Revenue Service Commissioner Doug Shulman reached out to thousands of Ponzi victims to provide “safe harbor” procedures for taxpayers who sustained investment losses discovered to be criminally fraudulent.
In addition to simplifying and clarifying the filing process for those seeking
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I was recently interviewed by My Business Magazine for an article titled “Tools of the Tax Trade” – about how technology can help us take control of tax documentation.
Taking Control of Your Business Finances – and Protecting Yourself From IRS Audit Penalties

Cool new products like the Neat Co.’s NeatReceipts handheld scanner has helped many taxpayers by making it easier and less time-consuming to keep track of thier expenses. NeatReceipts
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The IRS says the 60% of taxpayers file a return signed by a preparer. I was recently interviewed by Consumer Report’s Money Adviser for an article about the importance of hiring a good tax preparer. These days, having a good number cruncher can help you not only minimize your tax liability, but also keep you out of trouble with the IRS as they are stepping up enforcement.
Some things all taxpayers
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Check out the new radio show, America at Night hosted by John M. Curry, premiering Monday, March 16. It’s a two-hour nightly news, political news and review show featuring interviews with nationally recognized guests
I will be sharing tax tips and advice on settling IRS debt on the show – Check it out Wednesday, March 25. The show will air on several stations through the Pacifica Radio Network. As a tax
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It’s tax time and the April 15 deadline is making many individuals and small businesses anxious. In this challenging economy, many people will be unable to pay their full tax bill on time.
I was recently interviewed by Entrepreneur magazine on options for struggling taxpayers and I offered expert tax tips on how to make a deal with the IRS.
I always say the most important thing to do if you can’t
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I recently appeared on a “Hey! Are you Talking to Me?” with Paul Varga on WMLN 91.5 in Milton, MA. We talked about what taxpayers need to do if they can’t afford to pay their 2008 tax bill and how people in tax trouble can get help!
Most people get into trouble with the IRS by not filing when they should. On average, our tax relief clients come to us with
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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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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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