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For many California residents, tax time is stressful. Aside from the hassle of going through receipts and worries that there could be missed deductions, many fear that they will be subjected to tax audits as a result of their return. While there are a number of issues...
Recently, the IRS has publicly stated their position that there is no expectation of privacy regarding electronic communications, and that they may be able to view your electronic communications without a warrant.To read more, click here.
Domestic Entity filers for tax year 2012 are not required to file Form 8938. The IRS anticipates issuing regulations in the future that will require a domestic entity to file Form 8938; but, until such regulations are issued, only individuals must file Form 8938....
With the economic downturn the U.S. tax court has seen its fair share of cases tackling the limitation of real estate losses.In Hassanipour v. Commissioner, the U.S. Tax Court, held that a couple's losses from their rental activities were limited under IRC section...
A draft of IRS Form 8957, which will be used to register financial instutions for FATCA, has been relased. To learn more, click here to view the IRS' announcement.
Well, tis the season - tax season that is. Recently, the Internal Revenue Service released its annual list of tax scams, affectionately dubbed the "Dirty Dozen." The purpose of the annual list is to caution taxpayers and improve awareness about various tax crimes. The...
In Estate of Elkins v. Commissioner, the Tax Court rejected the IRS's argument that no discount should be allowed in valuing fractional interests in artwork in a decedent's estate. The Court, however, allowed only a ten percent discount to account for uncertainties a...
In Pflueger v. United States, U.S. District Judge, Leslie Kobayashi, recently acquitted James Pflueger on all tax fraud and conspiracy charges. Judge Kobayashi of the U.S. District Court for the District of Hawaii wrote that the government had not met its burden of...
As tax season rapidly speeds by, it's probably a good time for those with tax problems from prior years to take some action to try and resolve those issues. A person who struggles with tax debt often falls into a deep cycle of self-perpetuating procrastination. In...
The Internal Revenue Service recently released the 2012 IRS Data Book, which is, in essence, a snapshot of IRS's activities for the 2012 fiscal year.The Data Book describes activities conducted by the IRS from Oct. 1, 2011, through Sept. 30, 2012, and includes...
