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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...
No one likes the idea of being audited by the IRS, but the reality is that many taxpayers will face this uncomfortable and sometimes tricky process. Audits may be as simple as a review, or as complicated as delving into previous tax years, item by item. While audits...
Readers in the Sacramento area may have seen reports regarding the tax issues surrounding Eduardo Saverin. Saverin is a co-founder of social media powerhouse Facebook, and the tax controversy stems from his renouncing his U.S. citizenship shortly before Facebook's...
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...
State schools and private nonprofit universities in California will need to be on the alert in their bookkeeping, as more than 30 state schools and private nonprofits throughout the country have already been subject to audits by the IRS this year. The agency says...
It is no secret that the world is increasingly becoming a smaller place, especially when measured by the Internal Revenue Service's (IRS) long reach. An article in the New York Times discusses how Americans living abroad are coming under pressure to declare foreign...
Next month, Betty Williams will be speaking at the 2012 Annual Income Tax Seminar on June 22, 2012 at Golden Gate University in San Francisco.Ms. Williams, Steven Walker, and Susan Morse will be presenting on "International Tax Enforcement and Expanded Reporting...
Tax controversies often involve questions about the actions of taxpayers who may or may not have intended to file a false return. However, recent reports show a significant increase in fraudulent returns filed in connection with taxpayers' stolen identities.The IRS...
The U.S. Department of Justice (DOJ) and the Internal Revenue Service (IRS) recently announced that attorney Aristotle "Rick" Matsa was convicted of tax fraud and obstruction of justice related offenses, including witness tampering. Additionally, Mr. Matsa and his...
required to recognize income from discharge of indebtedness, gain deferred pursuant to its installment sale, or gain on a disposition of an installment obligation.The taxpayer sold property to a new corporation controlled by a private equity firm in exchange for cash...
