IRS Miscalculates Interest on CP2000 Notices

The IRS reported that they miscalculated the interest owed on proposed taxes from under-reported income. The interest figures were lower than they should be and the issue has already been corrected. The incorrect figures were mailed out between July 1st…

July 15, 2013

Singer Lauryn Hill Reports to Prison for Tax Evasion

Lauren Hill, a famous singer has reportedly made her way to a Connecticut prison due to tax evasion. In an article posted on The Rolling Stone it was reported that Hill failed to pay over $1 million for taxes in…

July 10, 2013

IRS Accidentally Releases Thousands of Social Security Numbers

According to The Daily Dot the IRS accidentally uploaded tens of thousands of social security numbers (SSN) to an online database. The mistake was caught by a non-profit organization,, and the database was then shut down. Many are upset…

July 10, 2013

New Accounting Options are Available for Some Private, For-Profit Businesses

A new accounting framework is going to be available for some small to mid-sized and privately owned businesses. This framework will make it easier for certain businesses that don’t have their own in-house accounting team to prepare financial statements, cutting…

June 28, 2013

IRS Sends Millions to Single Bank Account Accessed by Over 2000 Aliens

CNSNews .com reports that the IRS has sent $7,319,518 in refunds to a single bank account that is used by 2,706 aliens who are reportedly not authorized to work within the United States. For almost two decades the IRS has…

June 26, 2013

What Deductions are You Forgetting?

An article posted on Entrepreneur brings up a few common tax deductions that we may in fact be forgetting about. They are simple, every day costs, and we thought you might be interested to know where else you can save…

June 24, 2013

What is Your Financial Personality?

At Patrick T. Sheehan & Associates we represent individuals and businesses before the IRS (Internal Revenue Service) & IDR (Illinois Department of Revenue) to successfully resolve their tax problems. With our company we do not only resolve our clients issues…

June 05, 2013

IRS Employee Interviews Reveal More about who is Responsible for Tea Party Targeting

With the allegations flowing about the recent Cincinnati IRS employee Tea Party screenings, there are new turns in the case. Originally, it was reported that there was singling out of Tea Party Groups or conservative organizations specifically from Cincinnati, Ohio….

June 03, 2013

French Tax Rates Take the Cake

France’s government has recorded taxing over 8,000 French households more than 100% of their income. This is the result of an attempt to “offset the cost of a rebate scheme and taxation cap” that was implemented by former President Nikolas…

May 20, 2013

Notice of Deficiency

A corporation is recognized as a “separate person” under the law.  But what happens if the corporation is not in good standing with the Secretary of State when it is required to take action? In a recent Tax Court case,…

May 13, 2013

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