Identity theft cost the Internal Revenue Service $5.2 billion in tax year 2013, according to an analysis from the U.S. Government Accountability Office. While the IRS estimates it prevented $24.2 billion in fraudulent refunds, there are still thousands of taxpayers whose tax refunds were delayed because a criminal beat them to the joyous task of […]
The United States is one of the few large countries that taxes citizens, permanent residents and corporations on income earned anywhere in the world. U.S. corporations have a nifty way to avoid tax on their foreign income and reduce their U.S. tax without really leaving home. It’s called tax inversion, and due to some recent […]
Topics Covered: 1. The IRS And Big Data. 2. Four Ways That Returns Are Selected for Examination 3. How the IRS is matching Big Data to your tax return and selecting you for audit. 4. Questions from our listeners: a. Is It True That Taxpayers with Legal Counsel are Treated Better By The IRS? b. But […]
With another tax filing and estimated tax payment deadline coming up, you may have spent the last few days thinking hard about your taxes, but the IRS has been doing so for years – positioning itself as a leader in using Big Data. Each year, April 15th is a memorable date for those of us […]
I must say that the overwhelming majority of taxpayers file returns and make tax payments timely and accurately. As such taxpayers have a right to expect fair and efficient tax administration from the IRS, including verification that taxes are correctly reported and paid with enforcement actions against those who fail to comply voluntarily. Four Ways […]
According to IRS estimates, in a calendar year employers, businesses, financial institutions, credit card companies and other third party payers will file 2.3 billion information statements. These information statements report income and financial transactions, and can help individuals and businesses prepare accurate tax returns. Using information-matching programs, the IRS compares third-party information statements with taxpayer […]
Jeffrey B. Kahn, Esq. speaks on Tax Inversions and IRS e-Filing Problems on the Mr. Credit Show on 760AM KFMB in San Diego.
A Gallup Poll released in April 2014 found that two-thirds of Americans believe that the Internal Revenue Service abuses its power. Yet few people realize exactly how much arbitrary power the IRS has through the Courts and the Laws of the United States. Remember that the IRS like any government agency has a purpose to […]
Headline: If You Have An Undisclosed Foreign Bank Account, You May Owe The IRS $10,000! 1. Who needs to worry about this? 2. What form do you file? 3. What if you missed the filing date? 4. What should you do?
IRS Sends Signal Out That It Is Ready To Enforce The Tax Disclosure Laws For Foreign Accounts And Foreign Income Of U.S. Taxpayers With Swiss Bank Accounts. If you have non-declared bank accounts with Swiss banks, or if you acted as signatory on such accounts, you should start to qualify for the 2014 Offshore Voluntary […]
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