Taxpayers and their advisors have good reason to want to categorize losses as theft losses rather than investment losses. Theft losses are treated as ordinary losses and are deductible in the year incurred.¹ Investment losses are treated as capital losses and are limited to the amount of capital gains plus $3,000. It is, therefore, not surprising that TIGTA has [...]
Tags: Announcements · Deductible Expenses · IRS Audits · News
Accounting Today reports that one of Switzerland’s oldest banks, Clariden Leu, has become the latest to cooperate with U.S. tax authorities in disclosing the names of American investors: The bank has begun notifying some of its U.S. customers that it plans to reveal their names and account information to the Internal Revenue Service, according to [...]
Tags: Announcements · International Taxation · IRS Audits · News · Tax Crimes
I just googled “IRS audit of Google” and found this blog post by Paul Caron: Bloomberg, Google Tax Probe to Focus on Offshore Units, by Jesse Drucker: The IRS is auditing how Google avoided federal income taxes by shifting profit into offshore subsidiaries, according to a person with knowledge of the matter. The agency is [...]
Tags: Announcements · International Taxation · IRS Audits
WebCPA reports that the American Institute of CPAs (AICPA) is asking the Internal Revenue Service to reconsider some of the fees it plans to charge for competency exams and fingerprinting as part of its tax preparer oversight program. The new fees would apply to individuals who are required to take the IRS competency examination in [...]
Tags: Announcements · IRS procedure · News · Regulation of Tax Preparers
Yes, you read that correctly. The Journal of Accountancy reports that the IRS plans to start fingerprinting thousands of tax preparers as part of its oversight program and run the fingerprints through an FBI database: The IRS released more details on its tax preparer oversight program on Wednesday, and said registered tax return preparers would now be [...]
Tags: Announcements · IRS procedure · News · Regulation of Tax Preparers
The IRS is apparently so happy with the results of it’s offshore voluntary disclosure program that it has established a similar program in the area of worker classification. Michael Cohn of AccountingToday writes that the IRS has introduced a new voluntary compliance program Wednesday to convince employers to resolve their past issues with classifying employees as independent [...]
Tags: Announcements · IRS Audits · IRS Penalties · News · Payroll Taxes · voluntary disclosure
@GoodAttorneys Good Attorneys FED TAX-Did you know? The IRS may not levy while an Offer In Compromise is pending decision, 30 days after a rejection, or during an appeal Bookmark & Share:
Tags: Announcements · News
