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How You Can Find And Collect Unclaimed Money Federal And State Governments And Businesses Owe You

Find Money Federal And State Governments Owe You
Find Unclaimed Money

If a business, government office, or other source owes you money that you don’t collect, it’s considered unclaimed.

The federal government doesn’t have a central website for finding unclaimed money. But you don’t need to hire a company to find unclaimed money for you. You can find it on your own for free, using official databases.

1. Search For Unclaimed Money In Your State

Businesses send money to state-run unclaimed property offices when they can’t locate the owner. The unclaimed funds held by the state are often from bank accounts, insurance policies, or your state government.

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Axe The Food Tax: Eliminating Sales Tax On Groceries In Kansas

Axe The Food Tax: Eliminating Sales Tax On Groceries In Kansas

Kansas Gov. Laura Kelly announced in November her plans to introduce a bill to the Kansas legislature to “Axe the Food Tax” and completely eliminate sales tax on groceries in the state. Her plan is for the bill to be introduced during the 2022 legislative session.

Kansas is currently one of just seven states in the U.S. that fully taxes groceries. The current grocery sales tax rate is 6.5%, the second highest in the nation.

Keep reading to learn more about why the governor wants to axe the food tax and what this will look like for Kansas citizens.

The Negative Side Effects Of Grocery Sales Tax

While a grocery sales tax can lead to economic growth and more money for the state government, there can be negative effects for the citizens, specifically those in lower economic classes.

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Fun Jokes For The Tax Professionals’ Christmas Party

Santa Jokes And Fun Santa Tax Form

♦ What do cannibal tax accountants do at their Office Christmas Dinner? Toast their clients.

♦ What is Father Christmas’s tax status? Elf-employed.

♦ How does Santa’s tax accountant value his sleigh?
Net PRESENT Value.

♦ What’s the biggest overhead in Santa’s accounts?
Private ELF Insurance.

♦ Why is Santa always so jolly when he comes to the UK?
He can claim Gift Relief.

♦ Where do snowmen keep their money? In a snow bank

♦ What brings you presents and scratches your furniture?
Santa Claws

♦ What do you get when you cross a snowman and a dog? Frostbite

♦ How does a sheep say Merry Christmas? Fleece Navidad

♦ Knock Knock! Who is there? Murray! Murray Who?
Murray Christmas

♦ What kind of motorbike does Santa ride? A Holly Davidson

♦ Who is Santa’s favorite singer? Elf-is-Presley

♦ What did the beaver say to the Christmas tree? Nice gnawing you!

♦ What did Adam say to his wife on the day before Christmas? It’s Christmas, Eve!

Want More Christmas Jokes And A Fun Santa Tax Form?

Request 250+ Tax Jokes And Fun Tax Forms

The Travel Act Makes It A Federal Crime To Travel, Use The Mail, Or Use Any Interstate Commerce Facility For Unlawful Activity

The Travel Act Makes It A Federal Crime To Travel, Use The Mail, Or Use Any Interstate Commerce Facility For Unlawful Activity

The Travel Act, 18 U.S.C. § 1952, makes it a federal crime to travel, use the mail, or use any facility in interstate or foreign commerce for the purpose of furthering an “unlawful activity.”

At the time of its enactment in 1961, the Travel Act was originally intended to give the federal government a leg up in the fight against organized crime. An example of the sort of situation that the Travel Act was intended to target is where a crime boss resided in one state and operated an illegal enterprise in another. In such a situation, it was feared that neither state would have jurisdiction to prosecute the crime boss for operating the illegal enterprise and, in the absence of something like the Travel Act, the conduct would go unpunished.

From its origins combating organized crime, the Travel Act has since been used in a variety of other contexts, including in conjunction with the Foreign Corrupt Practices Act (“FCPA”), as a predicate offense under the Racketeer Influenced and Corrupt Organizations Act (“RICO”), and, recently, in health care corrupt payment prosecutions.

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Tax Firm Owners: How To Give Your Team A Raise This Year

Key To Success

During November/December for the past twenty-five years, I receive calls from tax professionals and tax services firm leadership. The topic is always the same…it is about salary and what a tax professional should be compensating for tax expertise. This is the time of year firm leadership is working on their budgets, and they want to keep their people motivated and engaged. This year we have developed a solution for leadership teams to give team members a raise. We figured out how to make a tax services firms a destination firm with little to no turnover.

A goal of tax, accounting and legal services leadership should be to become a “destination firm” which is the ultimate destination for an employee – a firm people want to work with and stay with for a very long time. Your key to success is building a destination firm for your tax, accounting, or legal professional services firm. Destination firms are supported by highly motivated, engaged, productive professionals. They are staffed by happy contributors to firm success; they are new client acquisition magnets; and they generate increased revenue for the firm all year.

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The IRS, Fraudulent Transfers, And Transferee Liability

The IRS, Fraudulent Transfers, And Transferee Liability

Can you be held liable for a tax liability owed by another taxpayer?

Yes, under certain circumstances.  The IRS  uses fraudulent transfer law and “transferee” liability tools to collect unpaid taxes where a taxpayer has transferred property to a third party.  The third party, known as a “transferee” or “nominee,” may be liable to the IRS based on several legal theories, such as transferee liability, nominee liability, alter ego liability and other mechanisms.  This article provides a comprehensive overview of IRS third-party liability.

Third-Party Liability

Under federal tax law, a third party can be held liable for the tax liability of another person.  The IRS often uses the following legal theories to hold a third party liable for taxes that are owed by another person:

  • Transferee Liability
  • Fiduciary Liability
  • Successor-in-Interest Liability
  • Nominee Liability
  • Alter Ego Liability

When invoking these legal theories, the IRS often alleges fraud.  Thus, taxpayers and third parties in this context typically face a higher risk of civil fraud penalties or criminal prosecution.

Levies and Seizures

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Taxpayers In Louisiana, Texas, And Mississippi Should Consider IRS’s Streamlined Compliance Procedure Program

Taxpayers In Louisiana, Texas, And Mississippi Should Consider IRS’s Streamlined Compliance Procedure Program

IRS’s Streamlined Compliance Procedure Program

On November 30, 2021, the United States Court of Appeals for the Fifth Circuit issued its opinion in U.S. v. Bittner.  Contrary to decisions of other federal courts, the Fifth Circuit concluded that it was proper for the IRS to impose non-willful FBAR penalties against the taxpayer, Mr. Bittner, on a per-account, rather than a per-year, basis.  The Fifth Circuit further concluded that Mr. Bittner had failed to establish reasonable cause for abatement of the penalties.

To be sure, the recent decision in Bittner is not taxpayer-friendly.  Indeed, all taxpayers who currently reside in the Fifth Circuit—i.e., those in the States of Texas, Louisiana, and Mississippi—should take a careful watch of the decision, particularly if they have undisclosed foreign bank accounts.  Because the civil penalties can now be quite large under the rationale of Bittner, taxpayers should consider whether it is appropriate to enter into the IRS’s Streamlined Filing Compliance Procedures to mitigate their exposure to potential civil penalties.

Facts of Bittner’s Case

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IRS Issues Guidance Regarding The Retroactive Termination Of The Employee Retention Credit

IRS Issues Guidance Regarding The Retroactive Termination Of The Employee Retention Credit

The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the law so that the Employee Retention Credit  applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business.

Notice 2021-65 applies to employers that paid wages after September 30, 2021, and received an advance payment of the Employee Retention Credit for those wages or reduced employment tax deposits in anticipation of the credit for the fourth quarter of 2021, but are now ineligible for the credit due to the change in the law. The notice also provides guidance regarding how the rules apply to recovery startup businesses during the fourth quarter of 2021.

Employers Who Received Advance Payments
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How To Rise Above The Hippos! An Amazing New Marketing Strategy That Works For Tax Professionals!

Marketing For Tax Professionals

A group of hippos is called a bloat.  Do you know that hippos enter the water and exit the water in the very same spot each time? They do not go far taking the same steps over and over again. They get stuck in the world of doing the same thing over and over again and not making any progress. You must take a different path in your marketing and use a new strategy; one that works in this market!

During our Virtual Tax Summit in November, I made a very enlightening presentation how to rise above your competitors in your marketing strategy. My PowerPoint caught quite a bit of attention since it visibly educates you how to approach marketing tax services from a completely different perspective.

There is a little-known secret few are sharing with you! It is about a significant reduction in the number of people registering to attend webinars, conferences, and online events. Although not being discussed openly, multiple association executives are very concerned about lack of attendance at online events. They believe people are simply too busy to attend online conferences today, but this is not the real cause. TaxConnections understands what the real cause is in marketing tax expertise. It is significant and you must pay attention to what is happening.

The real reason attendance is dropping is attention span is closely linked to boredom. Audiences are avoiding anything deemed boring. When you mention the word taxes, do you notice people get all excited about the topic? Not:) When you learn how to communicate with people in a way that stimulates them, you will attract their attention!

Request a complimentary marketing consultation with me and I will share this valuable deck with you. Reply to kat@taxconnections.com.

Guaranteed the deck will be a real eye-opener for those who listen!

The Taxation Of Stablecoins

The Taxation Of Stablecoins

Over the past few years, cryptocurrencies such as Bitcoin and Ethereum have received the lion’s share of attention from crypto enthusiasts and investors, sending the price of these coins to new highs. The price of cryptocurrencies, however, is notoriously volatile. At any given moment, their prices can experience wild swings based on a regulatory crackdown from a country, an announcement of a hard fork upgrade, or even a tweet. This volatility has made the adoption of digital coins as a mainstream currency, on par with the U.S. dollar or other fiat currency, impractical. As a result, despite their popularity, cryptocurrencies continue to be viewed by many as speculative assets rather than a form of currency that can be used to conduct financial transactions.  Enter stablecoins.

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Immunization Infrastructure Modernization Act H.R. 550: Cost To Taxpayers 400 Million

H.R. 550- House Passes Bill

According to the Immunization Infrastructure Modernization Act, four hundred million (400 Million) of taxpayers dollars will be used to set up a fund for an “immunization system data modernization and expansion,” a system otherwise defined as “a confidential, population-based, computerized database that records immunization doses administered by any health care provider to persons within the geographic area covered by that database.” The H.R. 550 Bill  passed the House of Representatives late in the day on November 30, 2021 and must now pass the Senate.

According to Breitbart News, the legislation paves the way for the government to give blue states millions in taxpayers funds to enforce vaccine mandates. According to the bill’s text, the government could award grants and cooperative agreements to health departments or other local governmental entities for agreeing to adopt the new data collection guidelines set by the CDC. Any agencies hoping to receive a grant must agree to comply with security standards to protect personal health information.

Want to see who in the House Of Representatives supports tracking vaccines on U.S. taxpayers? You can search by name, state, and votes at this link: https://clerk.house.gov/Votes/2021388

Ponzi Schemes And The Theft Loss Deduction

Ponzi Schemes And The Theft Loss Deduction

Every few months or so seem to bring new revelations of a Ponzi scheme gone bust.[1]  In the aftermath, erstwhile investors often struggle to be made whole again.  Fortunately, the federal income tax offers options to help, although none are perfect.

Under the federal income tax, individuals currently have two ways to claim a deduction for losses due to Ponzi schemes:  1) follow the general rules for deducting theft losses under I.R.C. § 165 (which can be unduly burdensome), or 2) follow the “safe-harbor” under Revenue Procedure 2009-20 (which sets limitations on the deductible amounts of such losses).

I.RC. § 165, Generally

I.R.C. § 165 generally allows individuals to deduct losses not otherwise compensated for that are sustained during the taxable year in any transaction entered into for profit.[i]  See I.R.C. § 165(a), (c)(2).  This includes losses due to theft.  See Treas. Reg. § 1.165-8(a)(1).

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