From the category archives:

IRS news/announcements

Offshore Voluntary Compliance Program Deadline Extended

21 September 2009

The Internal Revenue Service has announced an extension of the deadline for its Offshore Voluntary Compliance Program. The deadline, which was initially September 23, 2009, has been pushed out until October 15, 2009.
While more than 3,000 have come forward so far, the program is expected to garner considerably more taxpayers before [...]

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IRS Plays Chicken with Taxpayers

19 August 2009

Remember that great scene in the movie Footloose when Kevin Bacon is challenged to a game of chicken on the tractor?

It seems that the IRS is playing a little chicken of its own with taxpayers…
The IRS has entered into a settlement with UBS to divulge the names of about 4,450 account holders at the Swiss [...]

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Looking for Some Extra Cash This Summer?

9 August 2009

Are you looking for a little extra cash this summer! The IRS recently issued a reminder about unclaimed refunds… does one belong to you? Earlier this year, the IRS announced that unclaimed refunds for 2005 (the last year for which you could claim a refund as of tax day, 2009) totaled approximately $1.3 billion [...]

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Don’t Be Fooled: Homebuyer’s Credit Fraud is Still Fraud

3 August 2009

With a more or less self-governing tax system, there are always going to be opportunities for fraud. New deductions and expenses create an environment that can make cheating tempting – and the new first time homebuyer’s credit is no exception. However, the IRS is warning taxpayers that they are serious about investigating and [...]

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Is UBS About to Name Names?

30 July 2009

Rumors have been swirling for months that a settlement between UBS and the Justice Department would be announced in mid-July. Specifically, The New York Times had implied that the feds were backing off demands for the Swiss bank to release the names of more than 50,000 Americans with secret accounts.
The idea that no names [...]

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But Tax Pros Are Already Certifiable…

18 June 2009

It seems that the IRS’ on again off again love affair with the idea of certifying tax preparers is on again. Earlier this month, IRS Commish Doug Shulman announced a proposal that would require tax preparers be licensed and certified. The immediate feedback on the proposal has been mixed.
My colleagues at the ABA [...]

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IRS Reverses Course on Cell Phone Tax; Asks Congress for Repeal

16 June 2009

Just a few days ago, IRS Commissioner Doug Shulman asked for public feedback on proposals to clarify a 1989 law regarding the taxation of cell phones. Apparently, he got some. Earlier today, Shulman announced that he, together with Treasury Secretary Geithner, has asked Congress to repeal the tax altogether.
(Remember, Congress makes the tax [...]

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IRS Fights Back on Cell Phone Issue

16 June 2009

The IRS is fighting back on the cell phone issue – only someone forgot to call their PR person first.
As blogged earlier, the IRS has asked for feedback on its proposal to set more specific rules for the taxation of personal use of cell phones. The current rules require the entire “value” (whatever that [...]

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IRS Talks Cell Phones Again

14 June 2009

Some of us consider employer-provided cell phones a much appreciated necessity. Some of us consider them a burden. The IRS considers them income.
I previously blogged that the IRS considers employer-provided cell phones a fringe benefit subject to reporting and consequently, taxation. The initial buzz on this issue, which started about a [...]

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IRS Announces Additional Tax Breaks on Purchases of New Cars

11 June 2009

The good news under ARRA (American Recovery and Reinvestment Act of 2009): if you buy a qualifying new vehicle after February 16, 2009, and before January 1, 2010, you can deduct state or local sales or excise taxes paid on the purchase. The deduction is available whether or not you itemize.
The bad news [...]

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