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IRS To Increase Audits On Wealthy

No doubt, a lot of low-income (or those who claim to be low-income) cheat on their taxes. A huge trend we saw (and continue to see the results of) is audits of those whose reported income was so low, they were entitled to  Earned Income Credit. 

 

Oftentimes, these folks call us and ask us what to do — they have no money to pay the assessment. The answer tends to be to put them into non-collectible status. They debt doesn't get wiped out (until the statute of limitations expires), but the IRS stops bothering them for the money.

 

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The Universal Jurisdiction of the IRS

You, Mr. American citizen, suppose you go on vacation with your lovely wife to Costa Rica. While there, you take surfing lessons. You get up on the board, and you are such a natural (naturally), the instructor asks if you wouldn’t mind helping teach some more of his advanced students.  You have …

The FBAR penalty explained

Or, who put the F in FBAR?
And the answer to that question is, Congress, of course.
But before we talk about the FBAR penalty, we need to know what the FBAR is.

“FBAR” stands for “Report of Foreign Bank and Financial Accounts.” Which, as acronyms go, doesn’t make all that much sense, does …

WPLR Guest Appearance May 19th

 

I have just been booked on Chaz & AJ's morning show in on 99.1 WPLR Tuesday May 19th. I am definitely looking forward to this. Will be talking about taxes, but I swear, it will be interesting. Give a listen if you can.

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The IRS’ Kerosene-powered Mainframe

I just read a terrific a book about the limitation of what computers can really accomplish, Dreaming in Code. That is, those patiently awaiting singularity – – – the day when computers will become as smart as humans, well, you should just relax for a bit. Someone has got to write that code, …