Another big week in tax relief and IRS news! Here is my weekly round up of the stories that caught my eye this week:
Lets begin with my favorite post this week: My Best Tax Advice Ever, Part III: Make Friends With a Tax Pro, In this piece, Kelly Phillips Erb shares some great tips in choosing a tax professional.
In Taxpayer Advocate Service News:
When Nina Olson, head of The Taxpayer Advocate Service speaks up, we listen! Here are some headlines about her report to Congress in which she indicates the IRS is misleading taxpayers coming forward in the voluntary disclosure programs.
Voluntary Disclosure News:
As we reported last week, the IRS is launching a third program where foreign account holders can voluntarily report previously undisclosed information and pay tax on that income. Good deal? Latest IRS Crackdown on Undisclosed Foreign Accounts by Matthew Campione brings up some very valid points:
Under whatever circumstance, if you decide to proceed under the program you should not go at it alone. Although a qualified accountant can amend returns and prepare the necessary filings, you may want to hire a qualified tax attorney because of the potential exposure to criminal liability that is involved.
In celebrity tax woes
It was announced early this week that celebrity couple Robin Thicke and Paula Patton Owe IRS More Than $490,000 (though a rep for the couple says they were just made aware of the issue and it is being taken care of immediately).
Just plain strange
Man tells IRS he is a resident of ‘heaven,’ owes no taxes
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