Taxpayer asks: Any site that you can provide related to the statute of limitations of unpaid individual income taxes? The tax periods in question are from 1982 – 1987. Taxgirl says: This is actually a tricky question because so many things need to be taken into account. Here are some general principles: Under IRC section…
The tech blog at the Financial Times (FT.com) is offering some further insight into the EFTPS scam that I reported earlier. According to FT.com, the scam is part of the Zeus family. The links in the email take you to what is a real web site but along the way, a version of Zeus may…
Yesterday, the National Retail Federation made news for its economic analysis of a Value Added Tax (VAT). The study considered the addition of a VAT to the existing tax structure, something that just won’t happen. But assuming that the existing tax structure was somehow tweaked, there is likely some limited support for a VAT (click…
The Washington Post ran a piece today about an “economic analysis” commissioned by the National Retail Federation (NRF) that seems to indicate that a VAT (a value added tax) would crush our economy. Oh wait. That’s the spin. The important bit is that the premise of the study was that a VAT would be added…
Talk about your taxpayers literally being robbed… The Danish Tax Ministry has reported that at least fifteen computers and two telephones have been stolen from their offices in Christianshavn. The robberies happened at the end of September. No signs of a break-in were obvious, leading officials to believe that it was an inside job. While…
It seems that the spammers, phishers, scammers, and schemers are upping their game these days. In addition to the EFTPS scam making the rounds, I received word that there is a phishing scheme involving the Canada Revenue Agency. The email read: Online Refund Form After the last annual calculation of your fiscal activity we have…
President Obama hit the road this weekend to promote his plan to boost the country’s infrastructure by a whopping $50 billion. Noting that updates to bridges and roads have been largely pushed aside over the last few years, the President said that now is the time to make improvements: We’ve always had the best infrastructure……
Brace yourself. From now until November, I promise you that you will hear about this next piece of news over and over again: There will likely be no increase in Social Security benefits (sometimes referred to as a “COLA” or “cost of living adjustment”) for 2011. That makes two years in a row since there…
The IRS has been ramping up its campaign advising that charitable organizations of all sizes are now required to file annual information returns. The annual gross receipts of the charitable organization determines the kind of return to be filed. This has become a confusing issue for many smaller charities which have inconsistent receipts – some…
Thanks to my friends over at Smithford Law Offices for noting that the IRS has issued a warning about these EFTPS scams. You can get more details, including a link to the warning, here. If you can’t view the post, you can read the IRS warning here. Apparently, the scam has been circulating for a…