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Monthly Archives: September 2013
Two Cases of Tax Return Preparers Committing Identity Theft
From the Bozo tax preparation front come two stories of preparers committing identity theft and preparing false tax returns. First, from Durham, North Carolina comes the case of Leslie Brewster. She’ll get to spend 70 months (nearly six years) at … Continue reading
Posted in Tax Fraud
Tagged BozoTaxPreparer
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Two QSB Relief Bills on Governor Brown’s Desk
The California legislature heard from business owners, and the business owners were angry. Their anger had to do with how California’s Franchise Tax Board decided to implement a court decision on Qualified Small Business Stock. The FTB decided that the … Continue reading
Business and Trust Tax Filing Deadline is Monday
If you haven’t yet filed your corporation tax return (Form 1120 or Form 1120S), partnership tax return (Form 1065), or fiduciary (trust) tax return (Form 1041) that’s been on extension, the deadline for filing those forms is Monday, September 16th. … Continue reading
Bankruptcy Trumps a Deemed Sale
The Wilshire Courtyard is a 1-million square foot office complex in Los Angeles’s “Miracle Mile” district. The complex’s mortgage debt was acquired through bankruptcy by a consortium led by McCarthy Cook, Blackstone Real Estate Advisors, and Merrill Lynch. California’s Franchise … Continue reading
Did IRS Give Black Nonprofits Preferential Treatment?
Investors Business Daily reported in an editorial that the IRS “selectively advised black churches and other Democrat nonprofits on how far they can go in campaigning for President Obama and other Democrats” during the 2012 campaign. IBD reported that Attorney … Continue reading
The Apprentice, IRS Style
The IRS made videos parodying Star Trek and Gilligan’s Island. It’s time for another: The Apprentice, IRS Style: On the bright side, this video only cost us taxpayers $10,000; the Star Trek and Gilligan’s Island parodies cost a reported $60,000 … Continue reading
California to Require Annual Reporting of Like-Kind Exchanges for Out-of-State Property
Section 1031 exchanges are a popular means of deferring taxation on commercial property. Suppose in 1970 you purchased a commercial property in Los Angeles for $500,000. You decide to sell it, and discover that it’s now worth $2.5 million. One … Continue reading
IRS Interest Rates Unchanged for the Fourth Quarter
The IRS announced today that interest rates for the fourth quarter (beginning October 1, 2013) will be unchanged: 3% for overpayments (2% for corporate overpayments); 3% for underpayments; 5% for large corporate underpayments; and 0.5% for corporate overpayments exceeding $10,000. … Continue reading
IRS Is Big Hindrance in Social Security’s Matching of Social Security Numbers and Names
I am on the distribution list for TIGTA (the Treasury Inspector General for Tax Administration) audit reports. These reports (which generally review IRS operations) are quite useful. I don’t read all of the other federal agencies’ Inspector General reports. There … Continue reading
All Legal Same-Sex Marriages Will be Recognized for Federal Tax Purposes
The Department of the Treasury and the IRS announced last week that all same-sex marriages will be recognized for federal tax purposes. That means that if you are in a legal same-sex marriage, you must file as married filing jointly … Continue reading
Posted in IRS
Tagged same.sex.couples
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