Today the U.S. Tax Court issued an interesting opinion which provides a chapter-by-chapter refutation of Peter Hendrickson's book "Cracking the Code: The Fascinating Truth About Taxation in America." Waltner v. Commissioner, T.C. Memo. 2014-35. Cracking the Code is...
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Month: February 2014
IRS statistics continue to show increase in individual income tax refunds for the 2014 filing season compared to 2013
Today the IRS released statistics today regarding individual income tax returns filed so far during the 2014 filing season, an update from statistics released last week. The statistics reflect that 31,308,000 returns filed so far in 2014 showed refunds, up from...
IRS Issues Criminal Investigation Report – Investigations, Prosecutions and Convictions are up, while Agent Resources were Cut
The IRS released its annual Criminal Investigation report today concerning fiscal year 2013. The Criminal Investigation Division initiated over 5,000 cases and recommended over 4,300 for prosecution; the conviction rate of those cases prosecuted was 93 percent. This...
IRS Issues the Annual “Dirty Dozen” List of Tax Scams for 2014
Today the IRS issued the annual "Dirty Dozen" list of tax scams for 2014, in which the IRS compiles a variety of common scams that taxpayers can encounter. See IR-2014-16. The release notes that while taxpayers can encounter these scams at any point during the year,...
New Guidance on Federal Bank Secrecy Act Expectations Regarding Marijuana-Related Businesses
Today the Financial Crimes Enforcement Network (FinCEN) issued guidance for financial institutions who seek to provide services to marijuana-related businesses in light of recent state initiatives to legalize certain marijuana-related activities. See FIN-2014-G001. A...
Court of Appeals holds that the IRS does not have the authority to regulate tax return preparers
On Tuesday the U.S. Court of Appeals for the District of Columbia Circuit found that the IRS had exceeded its statutory authority when it attempted to regulate tax return preparers. Loving v. Internal Revenue Service, No. 13-5061 (Feb. 11, 2014).The Secretary of the...
