The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming. Today’s Fix the Tax Code Friday question is: Is the targeting of offshore accounts a fair use of IRS resources? Or…
The IRS is making serious noise about its attempts to combat offshore tax evasion. What could be a better pulpit than its high profile UBS matter? Just a short while after details on the UBS settlement were released, the IRS announced the indictments of a former UBS bank executive and a Swiss attorney. Hansruedi Schumacher,…
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 Internal Revenue Service (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…
It’s time for the Census! According to best estimates, there are 307,216,361 people in the US as of the publishing of this blog entry. The ticker on the US Census web site was plugging along quite nicely as I was writing, so chances are, there will be a few hundred more by the time you…
Um, that’s all we know. Really. I’ve been sent a trillion links on this today and despite pages and pages of content, nobody has any real details. The Internal Revenue Service (IRS) has requested the names of more than 50,000 US taxpayers with accounts at UBS. The Swiss bank handed over about 300 names so…
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 –…
The Internal Revenue Service (IRS) has issued some guidance on the “Consumer Assistance to Recycle and Save” (Cash for Clunkers program). President Obama signed the bill into law on June 24, 2009 (you can download the bill here as a pdf). It’s basically a vehicle trade-in and purchase program (leases for more than 5 years…
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 Internal Revenue Service (IRS) is warning taxpayers that they are serious about investigating and…
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…
In an effort to recover income from funds that might have been hidden offshore, the US introduced a Voluntary Compliance Program that offers reduced civil penalties and no criminal penalties. At the time, IRS Commission Doug Shulman described the program as stating: The goal is to have a predictable set of outcomes to encourage people…