Posts tagged as:

IRS

Taxes from A to Z: O Is for Offer in Compromise

19 March 2012

O Is For Offer in Compromise. When you owe a debt to the IRS, there are a few ways that you can handle it. Most commonly, you can enter into an installment agreement; under an installment agreement, you agree to pay off your debt over a period of time. If you can’t pay the full [...]

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Taxes from A to Z: L Is For Levy

16 March 2012

L is for Levy. In God we trust; all others must pay cash. The IRS, like most creditors, wants to get paid. And if you owe money to the IRS, they’re going to do all they can to make sure that happens. One of the ways that the IRS works to make sure they get [...]

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Tax Preparers Speak Out Against New Regs, File Suit Against IRS

13 March 2012

“Because I said so.” As a parent, I’ve grown to love the power of those words. But as a professional? Not so much. At work, I like to have rules. And I like to think we have those rules for a reason. I don’t like it when rules don’t make sense, appear arbitrary or aren’t [...]

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Taxes from A to Z: I is for Injured Spouse

13 March 2012

I is for Injured Spouse. Injured spouse is perhaps one of the most misunderstood tax terms in the Tax Code. It just carries with it all kinds of baggage and associated terms, most of which have zero to do with actually being an injured spouse. So forget all of the things you think it means. [...]

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IRS Begins Issuing Test Results for Tax Preparers

12 March 2012

I hate standardized tests. My daughter, a straight A student at her elementary school, was freaking out over taking the PSSAs, the state issued assessment tests in Pennsylvania, this week. She was a bundle of nervous energy, talking through a litany of “what if?” questions, all of which appeared to revolve around some kind of [...]

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Taxes from A to Z: G Is For Gift Expenses

11 March 2012

G is for Gift Expenses. The word gift can have a different meaning, depending on who is doing the giving and who is doing the getting. If you don’t believe me, check out an episode or two of Judge Judy (yes, I’m a fan). When it comes to business, however, the IRS has a very [...]

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IRS Announces Efforts to Help Struggling Taxpayers

7 March 2012

It’s tough out there these days and increasingly, taxpayers are scurrying away from their tax obligations for fear that they won’t be able to pay. As a practitioner, I’ve seen the drill plenty of time: lay low and hope the IRS doesn’t come looking for you. That rarely works. And when IRS does catch up [...]

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I Do Not Like Them, IRS: My Ode to Dr. Seuss

2 March 2012

Here’s what I learned in my son’s kindergarten this morning: it’s Dr. Seuss birthday! Theodor Seuss Geisel, or Dr. Seuss, was born on March 2, 1904. If he were still alive, he’d be 108 years old! Dr. Seuss is known for a number of books and poems but perhaps most closely associated with the clever [...]

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Citibank Issues Forms 1099 for Frequent Flyer Miles, Surprising Customers and IRS

1 March 2012

Apparently, the banking industry doesn’t have enough bad press these days. They’re going to new heights to tick off customers… quite literally. Citibank, part of Citigroup, America’s #3 bank holding company, launched a campaign offering frequent flyer miles for opening new accounts. Sounds great, right? Only there was a hitch: Citibank announced that it would [...]

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IRS Claims Nearly $1 Billion Owed to Taxpayers for 2008

29 February 2012

The IRS has extra cash: more than $1 billion in extra cash. And some of it might belong to you. More than one million taxpayers who were due a refund failed to file a federal income tax return in 2008, resulting in more than $1 billion sitting and waiting to be collected. The IRS estimates [...]

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