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My Tax Blog

  • RTRP Goes To Appeals Court for Oral Arguments

    The IRS is appealing the court’s decision in the case of Loving vs the IRS.  While their defense calls upon an 1884 law, the judges were noted to have been “engaged.” There is no doubt that this ability for the IRS to regulate preparers is long over due and much needed, but if this appeal […]

    IRS Admits Sending Erroneous Penalty Notices

    The Internal Revenue Service said Friday that approximately 4,000 plan sponsors received erroneous penalty notices. The erroneous notices were dated between July 28 and Aug. 26, 2013. The IRS mistakenly sent out the CP 283C, Notice of Balance Due for Incomplete/Late Penalties, for the Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested […]

    IRS Proposes Higher Fees for OIC & Payment Arrangements

    Due  to continuous budget cuts for the IRS, the Agency has proposed plans to raise fees for programs that help taxpayers who are struggling with enormous tax debt. These proposed raise will be on fees which are charged for an Offer in Compromise or fees to set up payment installation agreements.  These fees have not […]

    Gov to Allow “Unbanked” to Buy Insurance with Prepaid Debit Cards

    Remember that report stating that folks with out bank accounts were going to face a ton of problems? Well, that crisis has been avoided. The Obama administration said Wednesday that there will be a rule preventing health plans from not accommodating households that do not have traditional bank accounts. An estimated 8.5 million people without […]

  • IRS Warning: Congressional Inaction Risks 2013 Tax ‘Disaster’

    During the most recent Bush administration, individual income tax cuts passed which are now expected to expire at the end of this year. This year is an election year which means that politicians are waiting until after the election to decide whether or not the tax cuts will be extended. According to Accounting Today, most […]

    Another One Bites The Dust. TaxMasters Files For Chapter 11 Bankruptcy.

    Yet another company claiming to assist taxpayers with tax debt resolution files for Chapter 11 bankruptcy. From false claims of help to deceptive businesses practices, another national tax resolution company shows why it may best to go with a local tax professional. Many national tax resolution companies advertise negotiation help in resolving clients’ debt problems. […]

    Fraudulent Tax Return Could Lead To Deportation

    Two married resident aliens were convicted of willfully making, subscribing, and assisting in the preparation of a false tax return which caused the government a tax loss of over $10,000.  An immigration judge ordered the couple’s deportation. On February 21, 2012, the Supreme Court decided Kawashima v. Holder, holding that the offenses that make an […]

    Update: Rejected Corporate Returns

    Corporate returns that were rejected yesterday have 5 more days to refile and get accepted before any penalties will be levied.  For both the corporation and shareholders the penalties for filing late are steep.  Shareholders run the risk of receiving a $100 fine for being untimely. If the untimeliness boiled down to an intentional disregard, […]

    IRS Newswire: First Registered Tax Return Preparer Certificates

    The IRS has announced that it has begun to provide test results to tax return preparers who have taken the new return preparer competency test. The competency test to get your new designation, Registered Tax Return Preparer, is a 120 question test which has a perfect score of 500. Preparers must score a 350 or […]

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