FACTA REPORTING FELL SHORT PART TWO

FACTA reporting fell short part two. The reason Congress wants to tighten up the FACTA reporting comes on the heels of the Pandora Papers and Panama Papers leaks, where hundreds of politicians, rich individuals, celebrities, and sports figures, were hiding billions from tax authorities all over the world, including the United States. It is estimated […]

IRS DISPELS MYTHS ABOUT TAX REFUNDS

IRS dispels myths about tax refunds. In IRS Publication IR-2022-80, dated April 12, 2022, the IRS put out this publication in an attempt to cut down on the number of phone calls it gets about “Where is my tax refund ?”, which can put a tax on the IRS system, so to speak. Some have […]

TAX COURT CASE LASSEK MEMO

Tax court case lassek memo. The Tax Court held that a wife was entitled to innocent spouse relief that was related to the understatement of tax when her husband reported a 401(k) IRS distribution on a tax return as nontaxable. Although the IRS has conceded that the wife was entitled to the relief, the husband, […]

FEDS TAKE SINGLE MOM’S TAX REFUND

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Feds take single mom’s tax refund. As she scanned the letters’ black type, Alexis Patterson felt herself go numb. “The U.S. Department of Treasury–applied all or part of your payment to delinquent debt that you owe,” it read. Patterson stopped reading. One thing mattered now. The single mother would not receive her $3,063 tax refund, […]