Category Archives: IRS

How Big Is the Tax Gap?

Posted on April 26, 2006 by Russ

The “Tax Gap” is difference between the amount of tax that the IRS should collect if everyone followed the law and the amount that it actually collects. There are three components of the gap: nonfiling, under-reporting, and underpayment. Of course, … Continue reading →

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T-Day

Posted on April 17, 2006 by Russ

Today is the deadline. You have until midnight tonight to file your taxes. The question were asked every year (usually around 9pm) is, “We just realized that we need to file our taxes…What do we do?” The answer is to … Continue reading →

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PayPal Users Better Watch Out

Posted on April 12, 2006 by Russ

The digital age has spawned numerous successful companies and industries. One industry that did not exist ten years ago is online auctions, such as those on eBay. A company that sprung up to facilitate payment transfers for eBay is PayPal. … Continue reading →

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One Week To T-Day

Posted on April 9, 2006 by Russ

Tax Day is Monday, April 17th…except for some municipal taxes in Ohio that are still due on April 15th. So, at this late date, what can you do to lower your taxes? 1. Make a contribution to an IRA, if … Continue reading →

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Swearing at the Court Isn’t a Great Idea

Posted on April 5, 2006 by Russ

The IRS puts two liens against you. You fight the case, filing a lawsuit against the Commissioner of the IRS, claiming $4.5 million in damages for slander of title, inconvenience, aggravation, and generally annoying behavior. But you lose in District … Continue reading →

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I Wish the IRS Would Look At….

Posted on March 24, 2006 by Russ

Have you ever thought of an area where you’d like to see the IRS issue guidance? Now is your chance to send the IRS cogent tax items that need clarification. Today the IRS issued Notice 2006-36 requesting recommendations for the … Continue reading →

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Shades of Wetsern Tax Service

Posted on March 17, 2006 by Russ

Out of the news and into my email inbox this afternoon comes word that a Bell Buckle, TN woman and a Florida couple have been charged with preparing tax returns with phony deductions, causing unwarrented refunds to taxpayers in the … Continue reading →

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Phish Got to Swim….

Posted on March 14, 2006 by Russ

A couple of weeks ago, I noted that phishers have started targeting people by claiming that you can receive a small tax refund. Just click on their link (to a phony IRS website), give out your information, and we’ll get … Continue reading →

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Spend the $4.50….

Posted on March 2, 2006 by Russ

When I send out a tax return to a client, and it has to be mailed to a tax agency, I always state, in my letter, “mail, using certified mail, return receipt requested….” Joe Kristan of Roth Tax Updates today … Continue reading →

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Go Phish.

Posted on February 27, 2006 by Russ

One of my clients called me this morning and asked about an email he received, purportedly from the IRS. I told him that, in general, the IRS doesn’t send out emails. The email he received told him that he had … Continue reading →

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