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Category Archives: IRS
Washington 2, Indians 0
Municipal bonds are part of many investors portfolios. They’re tax advantaged, as most municipal bonds are tax free. Of course, the issuing agency must follow some rules: the bonds must be for an essential government function. The Cabazon Band of … Continue reading
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2007 Mileage Rates Announced
The IRS announced the 2007 standard mileage rates: $0.485/mile driven for business; $0.20/mile driven for medical or moving; and $0.14/mile driven for service to a charitable organization. The business mileage rate is up 4 cents/mile from 2006. Hat Tip: The … Continue reading
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Telephone Tax Refunds
As mentioned earlier, 2006 saw the end of the Spanish-American War (of 1898)…well, the funding for the war. The telephone excise tax, a “luxury” tax, has ended for most services. Taxpayers will receive refunds with their 2007 tax returns. The … Continue reading
Gratuity Included
An interesting story from Las Vegas: It seems that there’s a problem with tips, and tip reporting, in Sin City. The American Gaming Association is very unhappy about the IRS’ enforcement of the voluntary tip program. This program allows workers … Continue reading
IRS 2006-2007 Priority Guidance Plan Released; Poker Still in the Crosshairs
The IRS released its 2006-2007 Priority Guidance Plan earlier this month. There are 264 projects listed. Some of the projects include: Regulations to facilitate electronic filing and reduce taxpayer burden [for corporations]. Temporary regulations were published on May 30, 2006. … Continue reading
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When Income Isn’t: The Murphy Decision
Yesterday, the D.C. Circuit ruled that §104(a)(2) of the Internal Revenue Code (Title 26, U.S.C.) is “…unconstitutional insofar as it permits the taxation of an award of damages for mental distress and loss of reputation.” This is a monumental decision … Continue reading
New Pension Law Changes Charitable Donations Rule
The new Pension Law, which will be signed into law by President Bush next week, will impact areas that have nothing to do with pensions. Joe Kristan at Roth Tax Updates writes how you will need to have a receipt … Continue reading
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IRS Digital Fraud Detection System Out of Order
The IRS acknowledged that the system they use to detect digital fraud was not updated before the 2006 tax year. This failure may have led to $300 million being paid in bogus tax returns. The “Electronic Fraud Detection System,” or … Continue reading
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IRS Fresno Wrongly Denied Extensions
According to the Fresno IRS Service Center, around 40,000 to 50,000 extensions filed using Form 4868 were wrongly denied at the Fresno IRS campus. Most of the forms were transmitted in bulk via paid preparers. The IRS is now notifying … Continue reading
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What In the World Does the IMF Have to Do with Taxes?
No, I’m not talking about the Impossible Missions Force. I’m speaking about…well, to be honest, a lot of nothing. But several charlatans have been promoting an “IMF Decoding Service.” Indeed, if you do a search on Google or some other … Continue reading
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