On July 26, 2012, the United States Department of Treasury published two versions of model intergovernmental agreements, a reciprocal and non-reciprocal. These agreements establish a framework for financial institutions to report certain financial account information...
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IRS
Why California taxpayers shouldn’t fear the IRS
Paying taxes will always remain as one of the few absolutes in society. Filing taxes either for personal or business incomes can be daunting sometimes, and California residents may benefit from having professional assistance. This may be even more helpful as the IRS...
IRS Breaks Law in 22% of Seizures?
On Monday, July 16, 2012, The Treasury Inspector General for Tax Administration (TIGTA) released Fiscal Year 2012 Review of Compliance with Legal Guidelines When Conducting Seizures of Taxpayers' Property (2012-30-072):The TIGTA report presents the results of their...
Congress Criticized for Lack of Action on 100+ Expiring Tax Provisions
Even the IRS is frustrated...Nina Olson, the National Tax Payer Advocate, is urging Congress to act sooner rather than later to resolve the many tax laws that either expired at the end of 2011 or are scheduled to expire throughout 2012. In her report dated June 30,...
IRS Reports $5 Billion Collected From Offshore Disclosures
The Internal Revenue Service's (IRS) third iteration of the Offshore Voluntary Disclosure Program continues to march through 2012 and indefinitely into the future. The IRS is reporting that at this point approximately 34,500 taxpayers have come forward and revealed...
IRS Fires Revenue Agent for Willfully Understating Personal Tax Liability
The Appeals Court for the Federal Circuit affirmed the IRS's 2008 termination of Revenue Agent, Anthony Agbaniyaka. While employed at the IRS, Mr. Agbaniyaka received excellent performance evaluations, and several promotions. He also obtained a Master's Degree in...
Worker classifications extremely important during IRS audits
California businesses should be cautious about how they classify their workers. Whether a worker ought to be classified as an independent contractor or an employee can be a tricky business that is carefully scrutinized by the IRS during audits. It is explicitly stated...
The IRS Marks Third Anniversary of Tax Return Preparer Initiative
On June 5, 2012, the Internal Revenue Service (IRS) marked the third anniversary of its tax preparer initiative. The IRS also took the opportunity to renew its call for tax preparers to take and pass a new competency test as soon as possible.Prior to the IRS Return...
IRS Mistakenly Sends Cleveland Waitress a Refund of $434,712
Virginian Hopkins, a waitress in downtown Cleveland, looks forward to receiving her IRS tax refund every year. This year, her expected refund of over $700 was supposed to go toward much needed car repairs. Much to her surprise, her refund check was nearly half a...
IRS Announces Fresh Start Initiative That Makes Changes to the Offer in Compromise Program
The Internal Revenue Service (IRS) recently announced, under release IR-2012-53, that they will expand their "Fresh Start" initiative by offering more flexible terms in their Offer in Compromise (OIC) program. An OIC is one method a taxpayer can use to settle his IRS...
