Now here is a fact that is not so widely known – the National Football Association which you figure makes a ton of money is recognized by the IRS as a tax-exempt entity. Besides the match-up of the Seahawks and the Patriots in Super Bowl 49, people are excited over the entertainment and half-time show, […]
California is overtaking Brazil as the world’s seventh-largest economy, bolstered by rising employment, home values and personal and corporate income, a year after the U.S. most-populous state surpassed Russia and Italy. Brazil has a population five times bigger than California’s 38.3 million; yet the Golden State with GDP of $2.20 trillion in 2013, expanded last […]
Issues discussed: 1. IRS becoming less and less reachable and taxes getting more complicated at the same time. Is this setup for a disaster this tax year? 2. Itemizing deductions is one of the first filters the IRS uses to find people whom to audit. Consumer reports recently gave us this list of Do’s/Don’ts for […]
Topics Covered: 1. IRS Seizure Of Business Funds – The Plight Of Carole Hinders. 2. Beware Your Hobby Business Could Land You In Tax Court. 3. FATCA Enforcement – Sovereign Management In Panama Now Under DOJ/IRS Investigation. 4. Questions From Our Listeners: a. What should I be looking for in a tax preparer this tax […]
Process Of Appealing To U.S. Tax Court Under normal audit procedures, the IRS issues a 30-day letter, giving a taxpayer 30 days to file a protest and request an Appeals hearing. On the taxpayer’s failure to request a hearing or following an Appeals hearing, the Service issues a 90-day letter (officially called a “Notice Of […]
Anyone filing an “FBAR” (Report of Foreign Bank and Financial Accounts – FinCEN Form 114) or IRS Form 8938 (Statement of Foreign Financial Assets) for calendar year 2014 will be pleased to know that the official exchange rates for 2014 have been published. As U.S. law states that no other exchange rate is permitted, it […]
The IRS is using its extensive Big Data resources to pin-point their investigations to the wealthiest areas in San Diego County, California. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. The government is looking for […]
Important announcement to U.S. taxpayers that opened offshore bank accounts through a company called Sovereign Management & Legal, Ltd. Based in Panama, the company offers to help Americans open offshore bank accounts with nominee corporations. Knowing that many people who do take these actions are also committing tax evasion, the IRS and Justice Department obtained […]
Iowa restaurant owner’s fight against the IRS gains national attention. A restaurant owner in northwest Iowa has landed in the national news spotlight over her fight with the federal government. Carole Hinders who at the time was 67 years old and a grandmother has operated Mrs. Lady’s Mexican Food in Arnolds Park, Iowa for 38 years. […]
Your hobby business could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. Many people successfully develop a hobby into a going concern and actually receive income from it. That income must always be reported and taxes paid on that money regardless of your situation. If you leave […]
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