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July 2014 Archives

New report: Large partnerships can be difficult for IRS to audit

These days, it is increasingly rare to find a business partnership that consists of two doctors, lawyers or financial professionals setting up shop together. The Government Accountability Office defines a large partnership as having at least $100 million in assets and at least 100 direct and indirect partners. Over the last few years, the number of businesses organized as large partnerships has grown substantially. Between tax years 2002 and 2011, IRS data shows that the number of large partnerships in America more than tripled.

Will new IRS policy encourage tax fraud?

Starting on July 1 a new policy went into effect for organizations seeking tax-exempt status as a charity. Previously, groups pursuing this designation had to complete a detailed 26-page form, provide reams of supporting documentation and describe their intended activities in narrative form.

Proposal to further slash IRS budget could mean fewer audits

In recent years, the IRS has been forced to operate with a significantly lower budget. Since 2010, IRS funding has been cut by nearly $1 billion. And, after a recent meeting of the House Appropriations Committee, everyone's favorite tax collection agency could be on the chopping block once again.

Don't forget to factor tax considerations into divorce

The tax code is a bloated tangle of inscrutable rules and regulations that is Greek to even some of the most highly trained professionals. That being the case, no one expects you to have a fully developed grasp of every way in which a divorce will affect your tax liability. But even without a complete understanding of the tax code, a basic overview of taxes in divorce can give you a better idea of what to expect when tax time comes in April.

Every Tax Problem Has A Solution

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