The latest straight from the IRS — new rules, deadlines, guidance, and announcements explained in plain English.
This tax season, Penny Lea Jones won’t be preparing tax returns if the feds have their way. U.S. District Judge Edward J. Lodge has issued a preliminary injunction barring Jones from preparing federal income tax returns for taxpayers while a lawsuit against her proceeds. The lawsuit is one of seven such actions filed by the…
You know how it goes. You sit for a bit, staring at the phone, maybe even biting your nails a bit. Should you call? Is it too early? You take a deep breath, pick up the phone, and dial. It rings and rings. No answer. You bite your lip and hang up. And then you…
The Housing Assistance Tax Act of 2008 made headlines as part of the larger Housing and Economic Recovery Act of 2008, or HERA, signed into law by President Bush. HERA was introduced as HR 3221 by Rep. Nancy Pelosi (D-CA), with the title: A bill to provide needed housing reform and for other purposes and…
Today, the IRS published the “Prepared Remarks of Commissioner Douglas Shulman before the 22nd Annual George Washington University International Tax Conference.” You can read the whole speech here. But for those of you who don’t have the time to read the 2703 word speech, here’s a summary: Shulman started out with an update on three…
The IRS announced that it has awarded nearly $8 million in matching grants to support its Volunteer Income Tax Assistance (VITA) program. The funds will be divided between 147 organizations in all 50 states and the District of Columbia. Richard Byrd, Jr., the Commissioner for the IRS Wage and Investment Operating Division, said of the…
Of course, more folks are e-filing. It’s fast, it’s easy. And with more folks than ever with internet and computer access, it’s to be expected. But. And you knew there would be a but. Here’s my cynical take… You’ll note fewer taxpayers filing generally, down a whopping 12 million this year. There’s a bump in…
It looks like 2010 likely won’t be all that different from 2009 – at least when it comes to taxes. Each year, by law, the dollar amounts for certain tax provisions are indexed for inflation. But inflation hasn’t budged all that much (that’s good, right?) which means that a lot of nothing is happening. Here’s…
So, who among us didn’t see this coming? IRS Commish Doug Shulman has announced the establishment of a new enforcement unit targeting the very wealthy. The group, called the Global High Wealth Industry, will specifically investigate partnerships, offshore trusts and other techniques used by the wealthy to hide income. How wealthy is wealthy? Unlike a…
It’s somehow appropriate that the IRS would release a private letter ruling regarding a double mastectomy in October (in case you’re not aware, it’s Breast Cancer Awareness month). Here are the facts: Taxpayer had a double mastectomy. She later gave birth to a healthy baby. As a result of the mastectomy, she was not able…
The Internal Revenue Service invites proposals for original papers for the 2010 IRS Research Conference. Topics can include tax compliance, taxpayer burden, improving tax administration, and the nature and behavior of the taxpayer population. You don’t have to be a tax pro to enter. Proposals are welcome from government and non-government researchers. One author from…