Draft Form 8957, FATCA Registration Released
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.
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Dirty Dozen may protect California residents from tax crimes
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...
Tax Court Determines Value of Interests in Artwork for Estate Tax Purposes
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...
U.S. District Court Acquits Defendant on Tax Fraud and Conspiracy Charges
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...
Back tax debt problems come to the forefront during tax season
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...
IRS Releases 2012 Data Book: Criminal Investigations Referrals and Prosecutions Continue to Rise
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...
Seven Tips for Taxpayers with Foreign Income
The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in...
IRS Publishes List of “Dirty Dozen” Tax Scams
Each year, the Internal Revenue Service (IRS) issues a list of "Dirty Dozen" tax scams that can affect taxpayers. The IRS publishes the list in order to educate taxpayers about the need to protect financial information and use common sense when it comes to filing tax...
California residents that leave the state risk audits
Now that the federal government has raised the tax rate for the country's top earners to 39.6 percent, many people are deciding to leave California, which also raised its highest tax rate from 10.3 percent to 13.3 percent, for a state with lower personal income tax...
U.S. Tax Court Finds Construction Workers Classified as Employees; General Contractor Liable for Employment Taxes
In Kurek v. Commissioner, T.C. Memo 2013-64, the U.S. Tax Court held that a general contractor should have treated construction workers on his projects as employees rather than independent contractors. During the tax year at issue, Mieczyslaw Kurek hired approximately...
