Category Archives: IRS

So I Married a Tax Cheat

Posted on December 27, 2007 by Russ

I remember the Michael Myers movie, So I Married an Axe Murderer. Today the Tax Court looked at a related issue: What happens if you marry a tax cheat but don’t know about it? The basic facts weren’t in dispute. … Continue reading →

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IRS Announces Which Taxpayers’ Returns Will Be Delayed

Posted on December 27, 2007 by Russ

The IRS announced today that most taxpayers will be able to file their tax returns normally. However, about 3 to 4 million taxpayers who use just a few forms will need to wait until February 11th. (While about 13.5 million … Continue reading →

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70 Pages of Non-Frivolity

Posted on December 23, 2007 by Russ

Heading into Christmas, I hope you’ve completed your shopping. The IRS gave out its list on Friday: A list debunking some of the most popular of the frivolous arguments used by tax protesters. For example, some have contended that only … Continue reading →

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AMT Bill Passes; Tax Season to Start on February 29th?

Posted on December 19, 2007 by Russ

In the no surprise department, the House passed the AMT patch bill that did not contain any offsets. It now goes to President Bush who will likely sign it tomorrow or Friday. The IRS previously said that it would take … Continue reading →

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AMT Bill to Likely Pass the House Today

Posted on December 19, 2007 by Russ

News reports state that the House will consider an AMT patch bill that has already passed the Senate. The Senate version of the AMT bill does not contain any tax offsets (or “paygo”) provisions. Earlier, the House had passed an … Continue reading →

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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 →

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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 →

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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 →

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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 →

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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 →

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