A group of taxpayers associated with a limited partnership under audit by the Internal Revenue Service lost their battle against the agency’s summonses for financial information when the U.S. Supreme Court declined to hear their appeal of their Eleventh Circuit loss on Monday.
Tag Archive for IRS
National Taxpayer Advocate Nina E. Olson released her 2016 Annual Report to Congress, recommending that the IRS revamp its “Future State” plan to adopt a taxpayer-centric focus and urging Congress to simplify the tax code. The report presents a series of proposals to improve tax administration, placing particular emphasis on changing the culture of the IRS. Olson explains that “to create an environment that encourages taxpayer trust and confidence, the IRS must change its culture from one that is enforcement-oriented to one that is service-oriented.”
It’s a brand new year and you’ve decided to take a deep breath and finally address your unfiled and unpaid taxes.
Yes, it’s scary, but you know it’s not getting any better and your tax bill is getting bigger every day you ignore it.
The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.
The Department of Justice announced today that it has reached final resolutions with banks that have met the requirements of the Swiss Bank Program. The Program provided a path for Swiss banks to resolve potential criminal liabilities in the United States, and to cooperate in the Department’s ongoing investigations of the use of foreign bank accounts to commit tax evasion. The Program also provided a path for those Swiss banks that were not engaged in wrongful acts but nonetheless wanted a resolution of their status. Banks already under criminal investigation related to their Swiss-banking activities and all individuals were expressly excluded from the Program.
A minister who wishes to be exempt from social security/Medicare tax must file a Form 4361 with the IRS for approval. Before your application can be approved, the IRS must verify that you are aware of the grounds for exemption and that you want the exemption on that basis.
If you drive your car for work, you can take a mileage deduction on your taxes. Yet, many people don’t know the IRS has some strict rules on what is deductible business driving. There’s no such thing as a “commuting to work tax deduction.” But there are circumstances where your drive from home could be tax deductible. Learn about the IRS commuting rule.
If you’re in the market for a new car or you’ve purchased one this year, you might also be in for some great tax benefits. That is, if you purchase a plug-in electric vehicle or low-speed or two-or three-wheeled vehicles.
Most taxpayers are aware that an organization must submit papers to a state official, usually the Secretary of State in order to obtain a corporate charter and file an 1120 tax form as a corporation. However, one must meet all the IRS requirements for corporate status in order to file as a corporation.
First, some background. In founding a Limited Liability Company (LLC) the taxpayer must file with the appropriate state official and receive its charter as an LLC. Read more
An Israeli Supreme Court panel has thrown out a challenge to a tax information-sharing agreement with the U.S. and removed a temporary block on FATCA’s implementation, rejecting arguments that the agreement violates the rights of Israelis.
Owing taxes to the IRS can be very scary. Scammers take advantage of your fear to separate you from your money by dishonest means. Scammers are very good at making themselves seem real—they can make a fake website look real; they can alter their telephone number in your caller ID to look like the caller is from IRS, often with a Washington, DC area code.
The credits for education are based on eligible expenses paid in the current year for academic periods beginning in the current year and/or the first three months of the following year. In a recent case, a student paid tuition of $5,895 in December 2011 for the spring 2012 semester that started February 1.