THERON JOHNSON v COMMISSIONER

Theron Johnson v Commissioner. In our ongoing coverage of Tax Court cases, this case addresses a long standing issue–substantiating business travel expenses. If you own a business, deductions can be taken for the ordinary and necessary expenses relating to the business activities, including certain travel expenses. However, to qualify for any deductions, strict recordkeeping requirements […]

IRS AMNESTY AND TAX EVASION

IRS Amnesty and Tax Evasion questions are posed to us now and then, along with both business owners and individuals looking for options for dealing with a tax debt. The first thing we usually need to know is, do you have any unfilled tax returns ?  Being in compliance (filling all required tax returns), is […]

OWE TAXES YOU MAY LOSE YOUR PASSPORT

Owe taxes you may lose your passport. If you owe the IRS more than $52,000 in overdue taxes, you may not be able to get a new passport or renew your existing one–or it might be revoked, whether you’re home or abroad. The IRS has notified more than 400,000 taxpayers that their passports are at […]

IRS TAX SCAMS CONTINUE YEAR ROUND

IRS tax scams continue year round. Although the April filing deadline has passed, scam artists remain hard at work and the IRS has urged taxpayers to be on the alert for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax related scams. One […]

IRS DISPELS FIVE MYTHS ABOUT TAX REFUNDS

IRS dispels five myths about tax refunds. As tax time comes and goes, the Internal Revenue Service understands that taxpayers are anxious to get details about their tax refunds. This had led to a number of common myths about refunds that often circulate on social media. While there’s no secret way for taxpayers to find […]

NEW TAX PROFESSIONAL PRACTICE

New tax professional practice. The Internal Revenue Service and its Security Summit partners have achieved much success in combating identity theft (see “Tax Matters: IRS Touts Progress Against Taxpayer Identity Theft issues). However, an area identified by this group as still needing more safeguards is the dissemination of tax transcripts. As the internet becomes a […]

HERE’S A BETTER WAY TO TAX THE RICH

Here’s a better way to tax the rich. Ocasio-Cortez’s recent proposal to create a 70% tax bracket on income over $10 million will not become law anytime soon due to Republican opposition. But the proposal, which would only affect fewer than one in every 1,000 households, has sparked a long overdue discussion about taxing the […]

STATE OF ECONOMY AND TAXES

State of Economy and Taxes. This was the headline in President Trump’s recent State of the union speech. While the economy was the centerpiece of the speech, he also touched upon the Tax Cuts and Jobs Act, and its impact on the economy. While his administration has often been mired in controversy on other issues […]

TAXPAYER SERVICE REVIEW

Taxpayer service review. The IRS Taxpayer Advocate Service will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress. Taxpayer service review. In her preface to the report, Ms. Olson praises the IRS for running a generally […]