Category: Uncategorized

IRS Set to Increase Audits on Small Businesses

In a move to collect more lost taxes, the IRS is coming down hard on small businesses who the agency claims are underreporting their earnings and contributing 84% of the $450 billion tax gap. As such, the IRS has recently announced 8 areas of audit for small businesses it will target this next year. 1…. Read more »

Former UBS Banker Awarded $104 million by IRS

Bradley C. Birkenfeld, the infamous ex-UBS banker who blew the whistle on his former employer’s practice of helping wealthy Americans evade taxes by hiding taxable assets in Swiss bank accounts, has been awarded the highest ever whistleblower reward of $104 million. The IRS has concluded that evidence given by Birkenfeld was directly responsible for the… Read more »

Catholic Church Bulletin Sparks Protest to IRS

Election watchdog group, Americans United for the Separation of Church and State filed an official complaint with the IRS Monday over a bulletin published by the St Raphael Parish Catholic church in El Paso. As organizations exempted from tax, churches and other houses of worship are prohibited from formally endorsing or opposing any political party… Read more »

File Tax Returns even when Late

If you are a taxpayer you know you have to file your taxes every year by a certain deadline (for most people, it is in April). If by chance you fail to do so, you will be subjected to penalties and interests charged by the IRS. So if you happen to be late, is it… Read more »

Success Story: Stop That Lien!

A self-employed contractor who owed money to the IRS filed an amended return and requested additional time to pay what was owed. The IRS agreed to a collection hold, but still planned to file a lien. Because this would adversely affect the contractor’s credit report, the contractor objected. Taxpayer Advocate Services (TAS) was able to… Read more »

New IRS Rules Freak Out Foreign Investors in Florida

According to David Schwartz, Executive Director of the Florida International Bankers Association, the new IRS rule on foreign depositors has caused millions of dollars to be repatriated out of Florida. The places of choice are tax havens like Panama and the Cayman Islands. Schwartz said, “Since April 19 [when the regulation was passed], we’ve heard… Read more »

Tax Refund Scammers may get away with $26 billion

Over the next 5 years, the Treasury Inspector General for Tax Administration (TIGTA), Russell George estimates that scammers who masquerade as other people to steal their tax refunds could get away with $26 billion in the next 5 years as the IRS fights a losing battle against identity theft and tax refund theft. In a… Read more »

Darrin T. Mish Appears on WTIS Radio – Tampa Bay

This was a really fun and easy interview to do. The host Deborah wanted to talk about Offshore Bank Accounts and the effect that the IRS and the US government is having upon Americans leaving their own country for good. Quite a lengthy conversation about why this is happening and what can be done about… Read more »

Tax Compliance Measures by IRS

The IRS has been taking laudable steps to ensure tax compliance by both big time businesses and individual taxpayers. In a session with the National Press Club, outgoing IRS Commissioner Doug Shulman said the agency is “putting a big dent in offshore tax evasion” as part of its plan to focus on large businesses. Commenting… Read more »