Monthly Archives: August 2014

Do Call Us, We Won’t Call You

Posted on August 28, 2014 by Russ

The IRS does not initiate collection activities by phone calls. If you owe money to the IRS, the first notice will always be a letter delivered by the Postal Service. Unfortunately, scammers are continuing to pray on people. The IRS … Continue reading →

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Remember Those Missing IRS Emails? They Appear to Exist….

Posted on August 25, 2014 by Russ

“There’s no such thing as Lois Lerner’s missing emails. It’s all been a big lie. They’ve been lying to the courts, to the American people, and to Contgess. It is really outrageous.” That’s Tom Filton, President of Judicial Watch: The … Continue reading →

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Tax Preparers Behaving Badly

Posted on August 24, 2014 by Russ

There’s a common thread among these tax professionals: You’ll be getting a refund. That sounds good until you realize that you really shouldn’t have, and that you will likely get in trouble later. Our first preparer might be saying, “Well, … Continue reading →

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Today, Liechtenstein; Tomorrow, the World!

Posted on August 24, 2014 by Russ

Fellow Enrolled Agent Jason Dinesen calls EAs the Liechtenstein of the tax world. Personally, I think he may be overstating our case; when I tell people I’m an Enrolled Agent the most common reaction is, “You don’t look like you’re … Continue reading →

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A Passive Activity Case Goes to the Taxpayers

Posted on August 20, 2014 by Russ

We’re going to see a lot more IRS activity regarding “passive” activities in the coming years. The Affordable Care Act (aka ObamaCare) added a new Net Investment Tax that impacts passive activities. Many taxpayers will be attempting to state activities … Continue reading →

Posted in Tax Court | Tagged | 1 Comment

FBAR Filing Follies

Posted on August 18, 2014 by Russ

Joe Kristan reported last week that you cannot use Adobe Acrobat to file the FBAR; you must use Adobe Reader. In fact, if you have Adobe Acrobat installed on your computer and use Adobe Reader it won’t work either. Well, … Continue reading →

Posted in FINCEN | Tagged | 1 Comment

A Golden Scheme Leads to ClubFed

Posted on August 17, 2014 by Russ

If there’s one phrase I’ve used over and over on this blog, it’s if it sounds too good to be true it probably is. But greed is a powerful motivating force. For example, consider Yamashita’s gold. Yamashita’s gold is the … Continue reading →

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Judge Sullivan Not Impressed by the “Dog Ate my Homework” Excuse

Posted on August 17, 2014 by Russ

Judicial Watch filed a Freedom of Information Act (FOIA) request with the IRS for information on the targeting of conservative groups. When the FOIA request went nowhere, Judicial Watch filed a lawsuit against the IRS. In July, Judge Emmet Sullivan … Continue reading →

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The Hom Decision and the Past (2008 – 2012)

Posted on August 17, 2014 by Russ

Back in June, a federal district court ruled in United States v. Hom that foreign online gambling accounts are reportable for FBAR purposes. An obvious question is what does this mean for prior years. First, these are just my thoughts. … Continue reading →

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Lawsuits Against FATCA in Canada

Posted on August 14, 2014 by Russ

A lawsuit was filed in Federal Court in Vancouver, British Columbia, challenging Canada’s complying with the US Foreign Account Tax Compliance Act (FATCA). This is the law that spawned Form 8938 (the “Son of FBAR”). This law, passed in 2010, … Continue reading →

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