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IRS Has Unclaimed Tax Refunds Worth More Than $1.5 Billion From 2016

Roughly 1.4 Million Americans Set To Lose Out On Refunds Roughly 1.4 million Americans are set to lose out on unclaimed income tax refunds worth more than $1.5 billion……because they didn’t file their 2016 tax returns. Taxpayers are given a…

July 06, 2020

If You Want to Fight The IRS You Gotta Play by the Rules

If you owe money to the IRS, the IRS has a number of tools in the toolbox to take your wages, money in the bank or assets, such as your car or home to take away from you by force…

July 31, 2020

Married Couple Improperly Deducted Self-Employment Tax

In a recent case before the United States Tax Court, a married couple who improperly deducted one-half of their alleged self-employment tax for two years was denied this deduction.  The husband was a Certified Public Accountant who ran an accounting…

August 14, 2020

If You Make a Decent Income, Watch Out Because the IRS Plans to Audit More High-Income Taxpayers!

If you make a decent income, you better watch out because the IRS is planning to audit more high-income taxpayers according to Treasury Secretary Steven Mnuchin.  During a House Ways and Means Committee Hearing on the president’s 2020-2021 budget, Mnuchin…

July 17, 2020

IRS Budget Increased, IRS Enforcement to Increase

President Trump has requested $12 Billion dollars in funding for the IRS in Fiscal year 2020, an increase of $500 Million dollars over last year’s budget.  $300 Million of this amount will continue the IRS’ modernization efforts, including funding to…

July 10, 2020

Taxpayer Criminally Convicted of Willfully Failing to Disclose His Foreign Bank Accounts on His Tax Returns

If you have one or more foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (commonly referred to as an FBAR) with your federal Form 1040 tax returns when they are filed. …

July 03, 2020

Whistleblower Not Entitled to Money Award

The IRS has a Whistleblower program that can pay the whistleblower at least 15% and up to 30% of the proceeds collected as a result of the whistleblower turning somebody in to the IRS.  If you know of a taxpayer…

June 26, 2020

Beware of Ghost Tax Return Preparers

Ghost tax return preparers are people that will prepare your tax return without signing it as the preparer and often promises big refunds.  If someone promises you a big refund without even looking at your income or your expenses, that…

June 19, 2020

Court Finds Comedian Not So Funny

A taxpayer who performed comedy shows deducted personal expenses as business expenses, such as childcare, clothing, groceries and meals at fast-food restaurants.  In court, the taxpayer presented unsorted and voluminous documentation where personal living expenses were not clearly distinguishable from…

June 12, 2020

Fraud Penalty Assessed Against Attorney for Unreported Income

In a recent case, the civil fraud penalty was assessed against an attorney because he failed to report income on an already filed tax return.  As a result of the under-reporting, he underpaid his income tax liability.  The Court also…

June 04, 2020

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