Category Archives: IRS

Important S Corp Health Insurance Update

Posted on December 13, 2007 by Russ

Joe Kristan has the details on an IRS update on the correct procedure for S Corporation’s 2% (or greater) owners’ health insurance: “This new Notice is a slight liberalization of the rules. The IRS announced in 2006 that only premiums … Continue reading →

Posted in IRS | Comments Off on Important S Corp Health Insurance Update

I Thinking I’m Getting Sick…

Posted on December 2, 2007 by Russ

What does the IRS have to do with health care? Very little today. However, if one presidential candidate gets his wish, the IRS will be intimately involved in health care. Former Senator John Edwards (D-NC) proposes that under his version … Continue reading →

Posted in IRS | Comments Off on I Thinking I’m Getting Sick…

IRS Oversight Board “Gravely Concerned”

Posted on November 27, 2007 by Russ

This afternoon I spoke to the Exchange Club of Irvine regarding tax law changes in 2007. One issue that came up that I couldn’t give a complete answer to was the Alternative Minimum Tax (AMT). Would Congress pass another “patch” … Continue reading →

Posted in IRS, Legislation | Comments Off on IRS Oversight Board “Gravely Concerned”

Mileage Rates for 2008

Posted on November 27, 2007 by Russ

A sure way to know when the IRS will announce the standard mileage rates for the following year is to look at my schedule. At lunch today I spoke to the Exchange Club of Irvine on 2007 tax law changes. … Continue reading →

Posted in IRS | Comments Off on Mileage Rates for 2008

FBARs

Posted on November 25, 2007 by Russ

Several months ago, I participated in a phone form on the FBAR program (Foreign Bank Account Rreporting); generally, if you have a foreign bank account with $10,000 or more in it you must file Form TD F90-22.1 with the Department … Continue reading →

Posted in IRS | Tagged | Comments Off on FBARs

Only The IRS Conducts Audits

Posted on November 19, 2007 by Russ

Wouldn’t it be nice if you could conduct an audit of that conniving guy or gal that you have to deal with? You’d make his or her life a total pain. Well, that’s just no doable. Only the IRS (and … Continue reading →

Posted in IRS, Tax Court | Comments Off on Only The IRS Conducts Audits

For The Birds

Posted on November 15, 2007 by Russ

One of the vexing matters for tax professionals are side businesses. If they’re profitable, it’s usually not an issue. It’s another Schedule C for the return. However, when they are unprofitable problems can arise if the IRS scrutinizes the return. … Continue reading →

Posted in IRS, Tax Court | Comments Off on For The Birds

IRS Helps With Late S Corp Elections

Posted on October 10, 2007 by Russ

The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first … Continue reading →

Posted in IRS | Tagged | Comments Off on IRS Helps With Late S Corp Elections

Adult Businesses & Taxes

Posted on September 23, 2007 by Russ

The Houston Chronicle has an interesting article about US Attorneys using the tax laws to go after adult business owners. Pornography, excuse me, adult businesses, are not liked by the government. Back in 2005, then US Attorney General Alberto Gonzales … Continue reading →

Posted in IRS | Comments Off on Adult Businesses & Taxes

Bozo IRS Agent Busted

Posted on September 23, 2007 by Russ

Bohdan Senyszyn worked for the IRS in Paterson, New Jersey. He audited mid to large-sized businesses. Mr. Senyszyn also holds a CPA license. Then things went wrong. In 1992, Mr. Senyszyn agreed to help a New Jersey real estate developer … Continue reading →

Posted in IRS, Tax Fraud | Comments Off on Bozo IRS Agent Busted