You Can’t Do That!
In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.
MLB Player Settles Bill with IRS (Update)
A few weeks ago I mentioned former MLB player Darryl Strawberry’s ongoing issue with the IRS. In short, he owed the IRS, so the IRS announced it would auction off the rights to his deferred compensation. The auction began at $550,000 and concluded yesterday. The highest bid? $1.3 million. This equates to the full value of the annuity […]
Department of Revenue May Have a “Ruff” Time in Court
The Indiana Department of Revenue is being sued for compensatory damages regarding a 2009 tax case. The case, Garwood v. Indiana, revolves around a $125,000 tax liability, including interest, owed by the taxpayer. The taxpayer was in the business of breeding and selling dogs and did not properly remit sales tax during the period in question. Since […]
What You Need to Know About the Premium Tax Credit
What is the Premium Tax Credit? The Premium Assistance Credit or Premium Tax Credit is a refundable credit that helps taxpayers pay for health insurance purchased through a government-sponsored exchange. In essence, this credit subsidizes the cost of health insurance throughout the year by allowing for a refundable credit at the end of the year. […]
Your 2014 Tax Return – Part I: Sources of Income
Another tax season has snuck up on us already. Tax organizers have already been sent to clients to prepare them for the challenging tax season ahead. Once they receive this subtle reminder that tax season is looming, clients who are trying to stay ahead will email or call me and ask what they can be doing […]
New IRS Treatment of Canadian Retirement Plans
The IRS has made it easier for U.S. taxpayers to benefit from favorable tax treatment on their Canadian retirement plans in 2014. Any U.S. taxpayer with a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) is now eligible for tax deferral, similar to the treatment of IRAs and 401(k)s. To qualify, all […]
Employer-Provided Transit Benefit for Employees
In 2014, taxpayers were allowed $130 per month in employer-provided transit and vanpooling benefits under Code Sec. 132(f)(2)(A). The Tax Increase Prevention Act of 2014 retroactively changed the monthly exclusion from $130 to $250. The new rate applies to the entirety of 2014 and will force employers to act quickly to make adjustments to 2014 […]
Another Important Change for Business Owners This Tax Season
The Affordable Care Act has grabbed most of the headlines for the upcoming tax season, but there are other requirements that will add to the difficulty of the 2014 filing season. One such requirement that will have an impact on almost all business owners, especially those in the real estate field, is the Repair Regulation […]
You Can’t Do That!
Yesterday, I mentioned the ongoing issues the IRS is having regulating tax preparers. Today, two more preparers have been brought into the spotlight because of their actions. There is also a bonus story about six college students who thought they could out-smart the IRS. Jeffrey Shelby, Jr. plead guilty to filing hundred of fraudulent tax […]
More Tax Preparer Regulations on the Horizon?
In recent years, the IRS has been trying to cut down on the amount of fraudulent tax returns. Notably, in 2012, the IRS attempted to require all paid federal tax return preparers to complete registration, competency testing and continuing education. Last spring, it was ruled, and upheld in appeals, that the IRS lacked statutory authority […]
