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Category Archives: IRS
Congress Gets in the Christmas Spirit: Tax Extenders Pass
“It’s looking a lot like Christmas,” is how one Christmas tune begins. Here in Las Vegas, that means it’s cold (for Las Vegas), and the few deciduous trees in town are now leafless. But Congress got in the Christmas spirit, … Continue reading
Posted in IRS, Legislation
Tagged Extenders
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FOIA Lawsuit Looks at IRS Procedures on Representative’s Personally Identifiable Information
One of the tax blogs that I faithfully read is Procedurally Taxing. Today, they noted a lawsuit against the IRS regarding the IRS’s procedures when a third-party calls them for taxpayer information. The author of the post is a tax … Continue reading
IRS Criminal Investigation Has a 91.2% Conviction Rate
Here’s a helpful hint to anyone who commits a serious tax crime: If IRS Criminal Investigation (CI) comes after you, there’s a 91.2% chance that you will be heading to ClubFed or otherwise be convicted. As poker players say, ‘Those … Continue reading
Posted in IRS
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Deja Vu All Over Again, Again
Last year I wrote a post noting the following: A client filed his tax return on October 2nd. He had a balance due (he had made an extension payment, but he still owed some tax). He paid by having his … Continue reading
It Looks Just Like the L.A. Freeway System!
One of the things I love about living in Las Vegas is not dealing with the Southern California traffic. I remember running into a horrendous traffic jam at 2 a.m. I remember the ten mile drive that took two hours. … Continue reading
Posted in IRS
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Should a Taxpayer be Liable for Tax on Income She Didn’t Receive?
Not even the IRS could go after someone for income they didn’t receive, right? Well, wrong. And when the taxpayer filed a lawsuit to reverse the result, she lost. She appealed to the Eleventh Circuit where the Court had a … Continue reading
IRS No Longer Redacting Information on Wage & Income Transcripts
Yesterday I went on e-Services and downloaded a Wage & Income Transcript for a client. I was surprised to see that the payor information was no longer redacted. There was the payor’s name in full (along with the address and … Continue reading
Posted in IRS
Tagged IRS.eServices
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Can I Disclose a Candidate’s Tax Returns?
Let’s say that back in 2010 I prepared the federal and California tax returns for John and Mary Smith of Irvine, California. Ten years later, Mr. Smith decides to run for statewide office. Let’s further assume I abhor Mr. Smith’s … Continue reading
Posted in IRS, Tax Preparation
Tagged President.Trump
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Bozo Tax Tip #1: We Don’t Need No Stinkin’ Basis
If there’s one issue in tax that tax professionals have trouble explaining to clients it’s basis. Your basis in an entity is, generally, the total of your investment in an entity plus income it generated less any distributions from it. … Continue reading
Bozo Tax Tip #2: We Don’t Need No Stinkin’ Employees (Especially Because We’re Lawyers)
A few years ago, I first heard about the law firm that had no employees. Now, I can imagine a small firm of, say, three or four partners, with no clerical staff as a possibility. However, having dealt with enough … Continue reading
Posted in California, IRS
Tagged BozoTaxTips
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