IRS

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,...

On November 17, 2014, the IRS released suggestions to insure successful year-end charitable giving. Please see below for six tips from the IRS, and contact our office at our office if you have any questions. Qualified charities. You can only deduct gifts you give to...

Internal Revenue Service Commissioner, John Koskinen, and The National Taxpayer Advocate, Nina Olson, spoke to an audience of tax professionals at the AICPA National Tax Conference in Washington, DC on November 4, 2014. Both presented a dismal tax filing season for...

On October 23, 2014, U.S. District Court Judge Reggie Walton dismissed two lawsuits against the Internal Revenue Service (IRS). True the Vote, an offshoot of the Tea Party-Affiliated King Street Patriots, sued the IRS claiming the IRS targeted conservative tax-exempt...

Today the IRS issued a fraud alert to foreign financial institutions warning them that scam artists posing as IRS agents may call to request client and account information allegedly as part of the Foreign Account Tax Compliance Act (FATCA) requirements. The IRS...

In Wade v. Commissioner, T.C. Memo. 2014-169, the Court found that the taxpayers, a husband and wife who owned stock in two S corporations, had materially participated in the activities the corporations, which finding enabled the taxpayers to take a loss deduction in...

In her mid-year report, the Taxpayer Advocate identified top priorities as issuing refunds to victims of return preparer fraud, continuing to make improvements in the Exempt Organizations area and expanding the recently announced voluntary return preparer...

Many people enjoy hobbies and even earn money as a result. That income is reportable and business related to the income may be deductible so long as the activity is not truly a hobby. The way the activity is treated is important in determining whether the government...

Recently the District Court for the Western District of Kentucky upheld the imposition of a penalty under I.R.C. sec. 6656(a), which provides a penalty in the case of any failure to deposit a tax payment on the due date unless that failure is due to reasonable cause...

The IRS has created a new form to help small charitable organizations obtain 501(c)(3) tax-status. Instead of filing the 26-page Form 102, qualified organizations may use the IRS' new form, 1023-EZ, to complete the application. An estimated 70 percent of organizations...