Russ Fox writes in IRS Looking at Millionaires: As I tell my clients the IRS is a collection agency. Generally, they look to collect money where there’s money to be found. Clearly, that’s individuals who make a lot of money. Douglas Shulman, the IRS Commissioner, told a House committee, “Our long-term investment is to have a [...]
Tags: International Taxation · Tax Collections · Tax Crimes
This is the first installment of the tax lawyer’s Tax Lexicon. Tax Audit - An enhanced interrogation technique performed by government officials on suspected terrorists and enemy combatants housed at Gitmo. Tax audits are often done in conjunction with the use of creepy insects. IRS Agent – A person with a deep-seated and long-standing grudge against mankind for [...]
Tags: Tax Humor
The St. Louis Business Journal reports that complaints against Certified Public Accountants (CPAs) remain low: Nationwide, complaints against tax preparers appear to be few. In 2007, 1,708 complaints were filed against tax preparers with the Better Business Bureau, according to its data. That’s more than double the 816 complaints filed in 2002, but still a small number, [...]
Tags: News · Regulation of Tax Preparers
We’ve previously written about the prevalence of tax preparer fraud and the IRS’s committment to vigorously prosecute it. Here’s an example we found in today’s South Florida Business Journal: A Miami woman, who once worked as a tax preparer for Jackson Hewitt in Miramar, has pleaded guilty to making and filing fraudulent tax returns. Providencia [...]
Tags: Tax Crimes
Bloomberg.com reports that Congress is considering a tax on employer-provided health insurance in order to pay for the overhaul of the health-care system: In a document laying out health-care alternatives, Chairman Max Baucus, a Montana Democrat, and Senator Charles Grassley of Iowa, the panel’s top Republican, said taxing health benefits would address so-called “Cadillac plans” [...]
Tags: Legislative Watch · Tax Policy
JLP of the excellent blog All Financial Matters writes about the absurdity of sin taxes on unhealthful foods in Health Care Tax B.S.: Democrats want to tax bad behavior by increasing taxes on cigarettes and beer. Okay, this is stupid. What about all the other “bad foods” out there: • Cookies and cakes • Hamburger [...]
Tags: Tax Policy
TaxProf has a funny tongue-in-cheek post about the following statement President Obama made at his Arizona State University commencement address last week: President Crowe and the Board of Regents will soon learn all about being audited by the IRS. You’ll recall that the Board of Regents had decided not to issue an honorary degree to the President [...]
Tags: IRS Audits · Tax Humor
