Bloomberg News columnist John M. Berry makes some interesting points regarding President Obama’s new task force created to close the tax gap by focusing on closing loopholes, streamlining tax code and generating revenue.
“It may not accomplish much,” he says.
Highlights from the article include:
With April 15 fast approaching, stronger enforcement and a lot more resources for the Internal Revenue Service should head the administration’s to-do list.
The tax code could be undoubtedly
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According to a recent article in the Wall Street Journal, a push by the IRS to be more aggressive with wealthy taxpayers means that it’s critical to know the common tax audit red flags.
The IRS has been strongly disputing a report this week from the Transactional Records Access Clearinghouse that says audits of the wealthy Americans have significantly dropped off.
Taxpayers who make more than $10 million a year or more
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The IRS announced new voluntary disclosure practices for offshore account holders. Voluntary disclosure can help taxpayers avoid prosecution for possible tax evasion and reduce taxes, penalties, and interest owed.  The IRS offers leniency for voluntary disclosure and Americans with IRS tax problems should take advantage of this policy to mitigate legal problems later.
While taxpayers can participate in the voluntary disclosure program before the IRS has initiated a civil or criminal
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Just got a nice note from a client in Monroe, Washington and wanted to share his kind words. Our team of tax relief experts was able to greatly reduce his tax debt by negotiating an offer in compromise settlement with the IRS on his behalf.
When he came to us for tax help, he owed the IRS $212,555. We worked on his behalf to negotiate a tax settlement of $2,400. The
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I’ve blogged before about how closing the tax gap could help fund deficit reduction activities. And the White House is definitely searching for new tax revenues. Plans are underway to create a task force that will be looking to end corporate loopholes and bolster IRS enforcement.
The Wall Street Journal reports:
Mr. Obama’s budget proposal began the process of addressing problems such as the tax gap, the difference between taxes owed and
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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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