The Internal Revenue Service has an official program for accepting settlement offers, called an Offer in Compromise (OIC). However, a recent article reminds us that there is no guarantee that an IRS agent will accept an OIC. In fact, less than one-third of all OIC's are accepted.
Is there a benefit to combining a public account certification with expertise in tax law? When it comes to defending against IRS audits, you bet your bottom dollar.
Whether you own a small business, are reporting individual income taxes, or have recently received an inheritance, chances are that you will have to file a return with the Internal Revenue Service. Each of those contexts, unfortunately, presents the opportunity for a potential IRS dispute.
The Internal Revenue Service recently issued a warning against tax scams. The problem is more widespread than readers may realize: almost 4,000 Americans may already have lost over $20 million due to such deceitful tactics.
Responding to questions from the Internal Revenue Service can be intimidating. Even a minor federal income tax controversy or alleged tax underpayment may raise fears of tax penalties, an IRS tax audit or even criminal tax fraud charges.
A few years ago, a veterinarian and fossil enthusiast decided to donate some of his prized collection of trilobites to the California Academy of Sciences. They were apparently worth quite a bit of money -- he valued the four he donated in 2006 at $136,500, and eight more, which he gave the group in 2007, at $109,800.
Cyber-thieves based in Russia and other countries recently hacked into an IRS website, stealing U.S. taxpayer information and using that information to file more than 10,000 false tax returns. In return, the hackers walked away with tens of millions of dollars in tax refunds.
Today was the extended filing deadline for U.S. citizens who lived abroad on the regular tax due date for 2014 returns. You still have until the end of June to file your FBARs, FATCA reports and Statements of Special Foreign Financial Assets, as appropriate, however, which brings us back to those controversial foreign income reports.
Whenever financial information is sent over the Internet, you can rely on hackers and identity thieves to try to take advantage of the situation. And, as we've discussed before on this blog, that means both federal and state tax returns have been tempting targets for fraud and identity theft.
According to a quarterly securities filing, the IRS has been auditing 11 years of Microsoft's tax filings. This includes an ongoing audit of tax years 2007 through 2014 and a reopened audit of tax years 2004 through 2006, with the main issue being transfer pricing.