IRS Warning: Congressional Inaction Risks 2013 Tax ‘Disaster’
During the most recent Bush administration, individual income tax cuts passed which are now expected to expire at the end of this year. This year is an election year which means that politicians are waiting until after the election to decide whether or not the tax cuts will be extended. According to Accounting Today, most […]
Another One Bites The Dust. TaxMasters Files For Chapter 11 Bankruptcy.
Yet another company claiming to assist taxpayers with tax debt resolution files for Chapter 11 bankruptcy. From false claims of help to deceptive businesses practices, another national tax resolution company shows why it may best to go with a local tax professional. Many national tax resolution companies advertise negotiation help in resolving clients’ debt problems. […]
Fraudulent Tax Return Could Lead To Deportation
Two married resident aliens were convicted of willfully making, subscribing, and assisting in the preparation of a false tax return which caused the government a tax loss of over $10,000. An immigration judge ordered the couple’s deportation. On February 21, 2012, the Supreme Court decided Kawashima v. Holder, holding that the offenses that make an […]
Update: Rejected Corporate Returns
Corporate returns that were rejected yesterday have 5 more days to refile and get accepted before any penalties will be levied. For both the corporation and shareholders the penalties for filing late are steep. Shareholders run the risk of receiving a $100 fine for being untimely. If the untimeliness boiled down to an intentional disregard, […]
IRS Newswire: First Registered Tax Return Preparer Certificates
The IRS has announced that it has begun to provide test results to tax return preparers who have taken the new return preparer competency test. The competency test to get your new designation, Registered Tax Return Preparer, is a 120 question test which has a perfect score of 500. Preparers must score a 350 or […]