This blog post is a follow up to our posts titled U.S Indicts Swiss Executive for Foreign Bank Account Evasion and Will IRS Voluntary Disclosure Practice Help UBS Clients. The New York Times reporter Julia Werdigier reports in UBS Finds Only Limited Tax Fraud Involving Wealthy Americans the following: “Our investigations have uncovered a limited number of cases [...]
Tags: News
Happy Thanksgiving Day, everyone. Here are the top 10 things (in no particular order) I am thankful for today: 1. I was lucky enough not to have been born in Ethiopia, Bangladesh, East Timor, Somalia or any one of a thousand other places where parents can’t be sure they’ll be able to feed their children in the [...]
Tags: Announcements
Thomas J. Barrow v . Commissioner; Barrow, Aldridge & Co. v. Commissioner (BACO) – This case involved several issues. This update deals only with the IRS’s assessment of the civil fraud penalty (the penalty amount is equal to 75% of the understatement) and the Court’s use of the “badges of fraud” test to determine fraudulent conduct. Thomas [...]
Tags: Court Cases
Whatever you think of the IRS, it’s website is a veritable treasure trove of useful information for taxpayers and the tax professionals who represent them. Here is a table I found that compares the requirements and benefits of the IRS’s various payment and offer arrangements. PAYMENT AGREEMENT COMPARISON TABLE Type of Payment Agreement Total Liability Limit? [...]
Tags: IRS Installment Agreements · Offers in Compromise
“Gee, I wish we had one of them doomsday machines” – General “Buck” Turgidson – Quack, Quack, I’m back! Little Doc humor, there. Thanksgiving is once again upon us so I thought it would be fitting for the good Doctor to give thanks for the best tax blog posts of the month. Here we go: [...]
Tags: Dr. Tax-O-Sphere
The lighter side of taxes from America’s late-night wits: Jay Leno “65% of people say that cheating on your income tax is worse than cheating on your spouse. The other 35% were women.” “Today the IRS gave some guidelines on how to avoid getting audited. Number one, don’t list deductions that will raise a red [...]
Tags: Tax Humor
Today is the 45th anniversary of the assassination of John F. Kennedy. I found this video clip which gives us a good indication of what that wise man would have done were he faced with today’s economic crisis: I was only six years old when JFK was shot and killed in Dallas. I remember the grainy [...]
Tags: News
