by steve | Jan 12, 2012 | Tax News
Stick it to us IRS.
Congress has shortcut the IRS making it harder to us normal taxpayers to fight fraud and collect monies from delinquent taxpayers.
As Nina Olson, National Taxpayers Advocate put it, there is a imbalance between its workload and its resources is becoming unmanageable.
Collections from IRS tax audits are down over $4 billion since last year with the exact same amounts of Agents working cases.There has been no explanation from the IRS why the decline of $4 Billion from last year.
Also tax fraud is at a all time high , up over 70% from last year. Most of the fraud comes from phony taxpayers filing fraudulent tax returns from taxpayers with stolen identities and social security numbers.IRS handled more than 226,000 cases of identity fraud in 2011, a 20 percent increase over 2010.
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by steve | Jan 11, 2012 | IRS Tax Audit
So, what are the chances of you getting audited by the IRS?
The results have just been posted by the IRS and the odds of you getting audited by the IRS are 1.1%
Oddly enough the numbers are identical to last year.
Internal Revenue Service has just over 13,800 Revenue Agents and tax auditors responsible for enforcing the tax laws for 2011, with that said the Examination Division was responsible for assessing and collecting just over $12.40 Billion dollars last year.
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by steve | Jan 10, 2012 | Income Tax Preparation
With so much tax fraud around and thieves trying to pick up easy money, hundreds of these scam artists prey on taxpayers seeking large refunds. These thieves will promise you the moon and tell you anything to get there hands on your refund check.
Jail cells are lined up with these thieves.
Stop and think, do you homework before choosing a income tax preparer. It will save you money, give you piece of mind and never lose sleep.
How to Choose a Tax Preparer
Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s very important to choose your tax preparer carefully.
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by steve | Jan 9, 2012 | Tax Lawyer
IRS has announced it’s new tax program for Offshore Bank Accounts.
After finding a goldmine in Offshore Accounts the IRS will continue to ramp up it’s program.
Here is how the process and the new program will work.
The overall penalty structure for the new program is the same for 2011, except for taxpayers in the highest penalty category. Off course IRS must modify the program.
For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure.
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by steve | Jan 9, 2012 | Tax Lawyer, Tax News
Having an issue, call is today, get professional tax help.
The IRS Offshore Programs was HUGE success, how big?
How about to the the tune of 4$.4 B, very large.
Offshore Voluntary Disclosure Program Reopens:
The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs. Expect much more of this to continue.
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