After helping taxpayers hide assets in offshore bank accounts for more than 10 years, Bank Leumi entered into an agreement with the Department of Justice in which it will pay the United States $270 million as a penalty and will make a full and complete disclosure of...
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The Good, the Bad, and the Inevitable with IRS Budget Cuts
IRS Commissioner John Koskinen recently announced the extent and effect of the significant budget cuts facing the IRS in 2015. Noting that the IRS will now be required to operate on the lowest budget since 1998 (after adjustments for inflation were made), the IRS will...
Ohio District Court rejects estate’s reasonable cause argument for its late-filed estate tax return
Ohio District Court rejects estate's reasonable cause argument for its late-filed estate tax returnLast week the United States District Court for the Southern District of Ohio issued an opinion finding an estate liable for additions to tax due to the estate's failure...
IRS Taxpayer Advocate Issues Annual Report
In her annual report to Congress, Taxpayer Advocate Nina Olsen anticipates that taxpayers will receive the worst level of service since 2001. Citing budget problems of the past five years, Ms. Olson notes the erosion of taxpayer service to individuals coupled with a...
Tenth Circuit holds that late-filed tax returns are not “returns” for purposes of dischargeability in bankruptcy
Earlier this week the Tenth Circuit Court of Appeals issued an opinion in Mallo v. IRS, holding that certain income tax liabilities were not discharged in bankruptcy because the taxpayers filed late returns after the IRS had already assessed the taxes. Mallo v. IRS,...
