by Leif Jensen | Jun 26, 2011 | General |
Apparently the IRS needs to do a better job of tracking its own employees’ compliance. According to Treasury inspectors the computer program used to detect workers who didn’t timely file or pay taxes or who understated their taxes, allowed over 100 employees who were...
by Leif Jensen | Jun 26, 2011 | General |
Internet Crime Complaint Center Highlights Of the complaints involving financial harm that were referred to law enforcement, the highest median dollar losses were • found among investment fraud ($3,200), overpayment fraud ($2,500), and advance fee fraud ($1,500)...
by Leif Jensen | Jun 24, 2011 | General |
51% of households owed no federal income tax for 2009! According to a study by the nonpartisan Joint Tax Commission. In fact, about 30% of all households got back a check for their full income tax bill and more due to refundable tax credits…the earned income credit,...
by Leif Jensen | Jun 23, 2011 | General |
Not paying income taxes shown on filed returns won’t preclude bankruptcy relief. Unpaid taxes can still be discharged in bankruptcy, according to an Appeals Court: in the case of a doctor who timely filed returns showing the proper amount of tax due but didn’t send in...
by Leif Jensen | Jun 23, 2011 | General |
The IRS has issued information on disclosure of uncertain tax positions: The agency isn’t planning on extending the regime to pass-through entities, an IRS official says. So partnerships, limited liability companies and S corporations don’t have to worry about filing...
by Leif Jensen | Jun 23, 2011 | General |
Owners of unreported foreign accounts can get a disclosure extension, according to the IRS. Under the agency’s most recent voluntary disclosure program, taxpayers generally have until Aug. 31 to fess up about their offshore accounts to qualify for lesser penalties...
