by Dan Smith | Jan 6, 2012 | Entrepreneurs' Business Blog
The IRS has just recently published statistics on the number of audits it performs and which taxpayers are more or less likely to be audited. In broad terms, a taxpayer making over $200,000 a year has about a 1 in 25 chance to be audited. If the taxpayer’s...
by Dan Smith | Jan 6, 2012 | Entrepreneurs' Business Blog
I have posted on the topic of Innocent Spouse Relief before. In particular, the 2-year deadline for filing for equitable relief under Section 6015 has been problematic for many people and has been challenged in court. The IRS has now published new rules in Notice...
by Dan Smith | Jan 5, 2012 | Entrepreneurs' Business Blog
If you are one of those tax procrastinators who wait until the very last minute to file your income tax return, then 2012 is going to be a good year for you. Although in most years, April 15 is the traditional “tax day” in the United States for filing...
by Dan Smith | Dec 8, 2011 | Entrepreneurs' Business Blog
Yesterday, the U.S. Tax Court issued an opinion in the case of Ruffin v. Commissioner, that provides helpful information as to how to determine if litigation settlement proceeds are taxable or not. In short, you must look at the nature of the claim that is the basis...
by Dan Smith | Dec 2, 2011 | Entrepreneurs' Business Blog
Next week, the IRS will begin the “toe-dipping” process of unveiling what it hopes to become a new kind of IRS. On December 8, the IRS will hold the first of several planned public meetings to gather feedback from tax professsionals and the public about...
by Dan Smith | Nov 29, 2011 | Entrepreneurs' Business Blog
The IRS interest rates for the first quarter of 2012 (January through March 2012) have been released, and they are the same rates that are in effect for the fourth and final quarter of 2011. The rates are: three (3) percent for overpayments [two (2) percent in the...
