Disbarred Attorney Allowed by Law to Prepare Income Tax Returns If a tax preparer fails to file his/her federal income tax returns, fails to remit the taxes due, willfully fails to sign a tax … [Read more...] about IRS Lacks Authority to Deny Disbarred, Suspended and Sanctioned Tax Preparers to Prepare Your Tax Returns
IRS Tax Planning Ideas, Tips & News
Tax Preparer Fails to File Extension To File Request and Taxpayer is Assessed $120,607 Penalty – Court Denies Abatement of Penalty
Procrastination Cost Taxpayer $120,627 Background Kristin Intress and Patrick Steffen (taxpayers) were a married couple who filed a joint return for the 2014 tax year. Taxpayers were … [Read more...] about Tax Preparer Fails to File Extension To File Request and Taxpayer is Assessed $120,607 Penalty – Court Denies Abatement of Penalty
IRS Reconstructs Income for Taxpayer Who Failed to File Tax Returns for Five Years
Lack of Adequate Records by Taxpayer Not a Deterrent to Preventing IRS from Reconstructing Taxable Income Background Francis Steffan Hayes [T.C. Memo 2019-147] failed to file his tax returns … [Read more...] about IRS Reconstructs Income for Taxpayer Who Failed to File Tax Returns for Five Years
Did You Know that your H&R Block Tax Preparer Works for the IRS?
Your Tax Preparer May Even Work for the Criminal Investigation Unit of the IRS Background The Treasury Inspector General for Tax Administration (TIGTA) found that as many as 2,200 IRS … [Read more...] about Did You Know that your H&R Block Tax Preparer Works for the IRS?
IRS Focuses on Crypto & Non-crypto Virtual Currencies
If you invest in Bitcoin or some other form of a virtual currency, be aware that the IRS is expanding its enforcement actions and understand what your tax responsibilities are. Background In … [Read more...] about IRS Focuses on Crypto & Non-crypto Virtual Currencies
Excess IRA Contribution
“Excess IRA Contributions Cannot be Ignored, Unless You Don't Mind Being Assessed an Annual 6% Penalty" Background If a contribution is made to an Individual Retirement Account (IRA) in … [Read more...] about Excess IRA Contribution
