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Taxation & Estate Planning

IRS Problem Solver Blog

IRS Problems and how to solve them
By Darrin T. Mish, Esq.

Post Frequency: 7.9/day

Last Entry: March 30, 2011 at 14:49:38

More IRS Updates

Posted on December 27, 2010
Reminder to Tax Preparers The IRS is aiming for a greater degree of accuracy in tax returns. As such it has issued more than 10,000 letters to tax preparers who have submitted tax returns that the IRS has identified contain common errors...

IRS Updates

Posted on December 26, 2010
Save on Tax Bill and Energy at the Same Time There is a way you can reduce your tax payments and save on energy at the same time. The IRS will give you a 30% tax credit for all energy-saving equipments you purchase and install by December 31 this year...

Payroll Requirement Extended by IRS

Posted on December 25, 2010
The IRS has extended the deadline to January 31, 2011 for employers to withhold less from their workers? paychecks. This reduction of withholding is part of a tax measure that the President is set to sign into law. The reduction amounts to a cut of two percentage points to the 6...

Paid Tax Preparers Regulated by IRS

Posted on December 24, 2010
For the first time, the IRS has taken concerted steps in regulating the tax preparation industry. Up to now, virtually anyone can prepare a tax return for someone else and get paid for it. While the majority of tax returns are prepared by knowledgeable professionals, there are others who do so although they are not properly qualified or knowledgeable...

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State of Minnesota Sues Firm Promising IRS Help

Posted on December 23, 2010
The State of Minnesota has filed a lawsuit against TaxMasters, a Texas company it says promises much but delivers little. TaxMasters uses television commercials to promise taxpayers that they will solve their tax problems. But Minnesota Attorney General Lori Swanson has accused the company of charging exorbitant fees while not living up to its claims...

Greenpeace Lodges IRS Complaint

Posted on December 22, 2010
Greenpeace has lodged a formal complaint with the IRS against the Alliance to Protect Nantucket Sound urging the authorities to investigate whether the Alliance has flouted tax laws when they aired a radio advertisement critical of Deval Patrick?s support for an offshore wind farm during the final days of the governor?s race...

Former UBS Banker Accused of Abetting Tax Evasion

Posted on December 21, 2010
A former banker with UBS Bank of Switzerland was accused by the US Attorney?s Office in Miami of helping wealthy Americans conceal information about their assets in a smaller Swiss bank, Basler Kantonalbank in an attempt to evade taxes...

Donate to Charity for Tax Benefits

Posted on December 20, 2010
Most people donate to their favorite charities especially at this time of the year. The IRS encourages this by giving you tax benefits. Most of us know that donations in cash will make you eligible for tax deductions. All charities will accept checks and most would also accept gifts designated for specific activities you like...

IRS Rules on People over 701/2

Posted on December 18, 2010
If you are over 701/2 and have tax-deferred retirement accounts, you should withdraw some money from them. In case you did not know, compulsory minimum retirement distributions are on again. In a recent survey by Fidelity Investments, about half of people did not realize this...

Charitable Donations to Reduce Tax Liability

Posted on December 14, 2010
Everybody knows that giving to certain charities can be tax-deductible. The amount of deductions you can make depends on your tax bracket and other factors. What?s more, you have the opportunity to contribute to society in some way...

IRS Employees face Threats of Violence

Posted on December 13, 2010
The Treasury Inspector General for Tax Administration in its report for April to September 2010, stated that IRS employees constantly face threats of violence in carrying out their duties. Assaults, intimidations and bomb threats are some of the dangers faced...

Co-founder of Yellowstone Club Owes $15.4M in Taxes

Posted on December 12, 2010
Edra Blixseth, the co-founder of the exclusive Montana based Yellowstone Club owes two years? worth of taxes amounting to $15.4 million. The IRS has filed a claim for the amount in Blixseth?s bankruptcy case. Edra ran the club with her then husband Tim Blixseth for much of the last decade and assumed full control of it after her 2008 divorce...

IRS Mulls Repeating Voluntary Disclosure Program

Posted on December 11, 2010
The IRS is ?seriously considering? repeating the Voluntary Disclosure Program for holders of secret offshore bank accounts that provides a partial amnesty from full prosecution of the law. The first Voluntary Disclosure Program was held between March and October 2009 that drew a response from 15,000 taxpayers arising from a crackdown on American offshore accounts in UBS bank of Switzerland...

Developments in Tax World

Posted on December 10, 2010
What you should know about Health Care Tax Credit The new Affordable Care Act brings new tax credits, health insurance exchanges and other tools that help you provide affordable health insurance coverage for your employees if you are a business owner...

Latest Tax News

Posted on December 09, 2010
Doug E. Fresh Owes IRS Hip Hop pioneer Doug E. Fresh owes more than $2 million in unpaid taxes to the IRS, $2,276,848 to be exact. This has prompted the IRS to file a lien against Fresh at the New York City register?s office in October...

Mileage Reimbursement Rate Raised by IRS

Posted on December 08, 2010
The IRS has raised the rate for calculating the deductible cost of operating an automobile for business purposes. Starting from January 1, 2011 the rate will be 51 cents a mile, up from 50 cents a mile this year. In West Virginia, the rate at which employees will be reimbursed for using their own personal vehicles for official business was reduced from 44...

Accountants and IRS Face Uncertain Tax Rates

Posted on December 07, 2010
It seems apparent that President Obama and Republicans in Congress are about to extend the Bush-era tax cuts. If this were to happen it would at least end the uncertainty that tax professionals have been under for a considerable time...

Man in Prison Charged of Scamming IRS

Posted on December 06, 2010
Michael Joseph, 51 an prisoner in Apalachee Correctional Institute in Jackson County allegedly scammed more than $100,000 from the IRS, all the while behind bars. He filed false tax returns from his prison cell and managed to obtain thousands of dollars for himself and dozens of fellow prisoners, earning himself the nickname ?H & R Block?...

Man Tries to Cash IRS Check

Posted on December 05, 2010
Eric Friedman, a resident of Rockaway Township received a check of $158,174 from the IRS that was meant for his former company Fuel: Bio One LLC. Friedman subsequently attempted to cash the check. As a result, he was charged with theft and theft of property lost, mislaid or delivered by mistake...

Brothers Kane Jailed and Indicted in Tax Evasion Case

Posted on December 04, 2010
John D. Kane, brother of former Limerick supervisor David was sentenced to a year?s jail after he admitted to tax evasion and bank fraud. His brother David was also indicted in connection with the case. In sentencing, US District Court Judge Eduardo C...

Tax Snippets

Posted on December 03, 2010
Former New York Official Evaded Taxes Andrew Stein, a former New York City and Manhattan official recently pleaded guilty to evading taxes and lying to the IRS. Stein, 66 was once the New York City council and Manhattan borough President and a State Assembly member...

No More Tax Booklets from IRS

Posted on November 24, 2010
The IRS has decided not to mail the usual federal income tax booklets for 2010 in efforts to encourage taxpayers to file their income tax returns electronically and cut down an estimated $10 million in costs. In not printing the forms and instructions, the IRS also aims to save trees...

Lost Refund Checks Poser for IRS

Posted on November 23, 2010
In Texas, more than $12 million worth of refund checks are being held by the IRS because they have been returned in the mail. Likewise in Colorado, refund checks returned to the agency as ?undeliverable? totals $2,156,188. More than 9,820 Texans are owed the $12 million whereas in Colorado, 2,120 Colorado taxpayers are owed checks averaging $1,017...

Navy Veterans Founder Fools IRS

Posted on November 22, 2010
After intensive tax audits and listening to founder Lt Cmdr Bobby Thompson and his lawyers? explanations two years ago, the IRS has given the US Navy Veterans Association the all clear. More on Navy Veterans Founder Fools IRS Navy Veterans Founder Fools IRS is a post from: IRS Tax Problem Solver Blog - IRS Help Navy Veterans Founder Fools IRS is a post from: IRS Tax Problem Solver Blog - IRS Help

Tax Reporting Requirements for Landlords

Posted on November 21, 2010
With the introduction of the Small Business Jobs Act 2010, landlords will have to file information returns usually in the form of an IRS Form 1099 ? MISC when they pay any contractor more than $600 in a tax year starting from January 1, 2011...

IRS to Charge More

Posted on November 20, 2010
The IRS confirmed that they intend to initiate criminal charges against some of approximately 4,000 American taxpayers whose details have been turned over by Swiss bank UBS under a treaty between the Swiss and American governments in 2009...

More IRS News

Posted on November 19, 2010
Even Jail Can?t Stop IRS Scammers Nearly 20 inmates in the Duval County jail have been making false tax returns and claiming thousands of dollars in tax refunds and having the IRS checks deposited into their jail accounts. More on More IRS News More IRS News is a post from: IRS Tax Problem Solver Blog - IRS Help More IRS News is a post from: IRS Tax Problem Solver Blog - IRS Help

UBS Delivers Names IRS Drops Suit

Posted on November 18, 2010
UBS Delivers Names, IRS Drops Suit In its long-running feud with UBS, the IRS has recently dropped its legal suit against the Swiss bank after receiving names and account details of wealthy American UBS customers suspected of evading taxes...

Tribe Told to Give Details of Finances to IRS

Posted on November 17, 2010
Tribe Told to give details of Finances to IRS The IRS is demanding details of accounting records from the Miccosukee tribe to determine if taxes were adequately paid. The West Miami-Dade tribe has been distributing millions of dollars of gambling profits to it members...

WaferGen and Generex Receive IRS Grants

Posted on November 16, 2010
WaferGen Biosystems Inc and Generex Biotechnology Corp have received grants from the IRS and the Department of Health and Human Services under the Qualifying Therapeutic Discovery Project program established under Section 48D of the Internal Revenue Code...

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