Posted by taxguru on April 19, 2012
As most people know, it is considered a bigger crime against society in this country to be a tax cheat than to be a murderer or drug dealer. I recently saw this funny scene in the Breaking Bad TV show, where the “full service” attorney instructs his drug dealer client on the importance of laundering his illegal drug money so as to keep on the IRS’s good side.
Reposted due to YouTube blockage.
Posted in Crooks, IRS, TVShows, video | Comments Off on Money Laundering
Posted by taxguru on April 5, 2012
An uncivil income tax system – A good look at the joint suffering we all go through this time of year, trying to keep our overlords at the IRS happy.
TaxMasters Hit With $195M Judgement – This comes as no surprise. These tax resolution services are no more legit than the credit card settlement services that take large up-front fees from desperate trusting people and then do nothing to help them.
IRS Already Gearing Up for Health-Care Crackdown – Another reason to root for the Supremes in DC to honor the Constitution and toss out ObamaCare. As if it’s not bad enough that the DemonRats’ socialized medicine scheme will decimate health care in this country, it also gives the already too powerful IRS more power over our lives.
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Posted by taxguru on February 28, 2012
Is the IRS Attempting to Intimidate Local Tea Parties? – And this surprises anyone? As I well know personally from the Clinton years, vocal critics of the regime in power are frequently subjected to persecution and harassment by the IRS.
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Posted by taxguru on February 24, 2012
IRS Interest Rates Remain the Same for the Second Quarter of 2012
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2012. The rates will be:
- three (3) percent for overpayments (two (2) percent in the case of a corporation);
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
With the record low interest rates in the market, it would be nice if some of the States also brought their interest rates into line with everyone else. For example, Arkansas has always charged 10%. As you can see in this chart from the TaxInterest program, some states even charge much more than that.
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| From Tax Info |
Posted in IRS | Comments Off on Interest on Back Taxes
Posted by taxguru on February 24, 2012
IRS still experiencing delays in sending tax refunds – I have been hearing about a lot of snags in the IRS’s electronic filing system from other tax preparers. It just makes me glad I have stuck to my policy of only preparing paper tax returns.
Posted by taxguru on February 17, 2012
IRS Releases the Dirty Dozen Tax Scams for 2012
1. Identity Theft
2. Phishing
3. Return Preparer Fraud
4. Hiding Income Offshore
5. “Free Money” from the IRS & Tax Scams Involving Social Security
6. False/Inflated Income and Expenses
7. False Form 1099 Refund Claims
8. Frivolous Arguments – listed here
9. Falsely Claiming Zero Wages
10. Abuse of Charitable Organizations and Deductions
11. Disguised Corporate Ownership
12. Misuse of Trusts
Posted in IRS, scams | 1 Comment »
Posted by taxguru on January 13, 2012
Which explains why they are increasingly pushing the legality envelope during audits.
From Jay Leno:
According to USA Today, the Internal Revenue Service’s budget is too small for them to reform all the things they need to do. Good! That’s fantastic!
This is consistent with their latest fictitious Tax Gap report in an attempt to scare up more money from Congress.
As I’ve explained several times before, the “Tax Gap” is by definition an unmeasurable figure and the IRS pulls their numbers out of the air as a means of justifying more money and power for themselves.
Posted in IRS | Comments Off on IRS needs more money…
Posted by taxguru on December 9, 2011
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
Posted in Deductions, IRS, Vehicles | Comments Off on 2012 IRS Mileage Rates
Posted by taxguru on December 6, 2011
Interest Rates Remain the Same for the First Quarter of 2012
Interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. The rates will be:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
The 3 percent rate also applies to estimated tax underpayments for the first calendar quarter in 2012 and for the first 15 days in April 2012.
Posted in IRS | Comments Off on IRS Interest Rates Unchanged
Posted by taxguru on November 16, 2011
Proposal to Let IRS Prepare Tax Returns Raises Concern as D.C. Looks Under the Cushions
What a great deal for taxpayers. They can save a few hundred dollars in preparation fees in exchange for paying thousands more in taxes. Can anyone think of a bigger conflict of interest than allowing IRS to calculate your taxes?
Posted in IRS, preparers | Comments Off on Most idiotic idea of the week…
Tax Guru - Ker$tetter Letter 