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Taxpayers Erroneously Report Noncash Charitable Contributions

Submitted by admin on Wed, 1/16/2013 - 12:00 am

The IRS has released findings from the Treasury Inspector General for Tax Administration (TIGTA), that states approximately 60 percent of taxpayers who claim large noncash contributions may be reporting them erroneously. Typically, a taxpayer can claim a noncash contribution to...


IRS Overwhelmed by Offers-In-Compromise Requests

Submitted by admin on Thu, 4/26/2012 - 12:00 am

The IRS is having trouble dealing with the growing backlog of Offer in Compromise (OIC) submissions from struggling taxpayers. The IRS has recently been promoting the program during the tough economic times in order to assist taxpayers who qualify for...


Tax Masters Files for Bankruptcy

Submitted by admin on Mon, 3/19/2012 - 12:00 am

Houston-based Tax Masters Inc., currently being sued by the Texas Attorney General, has filed a three page petition with the US Bankruptcy Court in Houston, TX, seeking Chapter 11 protection. Front man Patrick Cox alleges that the company as less...


JK Harris arrested for contempt of court

Submitted by admin on Mon, 3/19/2012 - 12:00 am

JK Harris, former CEO of JK Harris & Co. has been arrested for contempt of court, regarding the failure to appear after being ordered to appear in a case that held Mr. Harris personally liable for a $355K judgement for...


JK Harris files for bankruptcy

Submitted by admin on Sun, 11/27/2011 - 12:00 am

JK Harris & Co. plans to seek bankruptcy protection in Charleston to head off an attempt by the Texas attorney general’s office to force the company into receivership, said company founder John K. Harris. The company, a national tax-resolution service...


IRS Warns Employers of Outsourcing Payroll

Submitted by admin on Fri, 11/4/2011 - 12:00 am

The IRS has issued a reminder to employers who outsource their employee payroll processing to a third party, to be careful about the due diligence performed on the payroll company. Third party payroll processors receive tax deposits and then forward...


House Democrats’ Wish List of Revenue Proposals

Submitted by admin on Wed, 9/14/2011 - 12:00 am

Last week, the House Democrats proposed an unofficial summary of revenue raising provisions to the Joint Select Committee (Super Committee) of Congress, most of which are not new at all, but some of the main proposals for individual taxpayers and...


Tax Court Ruling on Installment Agreement Cancellation by IRS

Submitted by admin on Thu, 8/4/2011 - 12:00 am

The US Tax Court has ruled in a recent case, Rosenbloom v. Commissioner of Internal Revenue, (U.S.T.C. 2011), that the IRS cannot arbitrarily decide to cancel an Installment Agreement, and criticized their “Heavy Handed” collection action levy after the cancellation...


IRS Eases Innocent Spouse Eligibility Requirements

Submitted by admin on Wed, 8/3/2011 - 12:00 am

The IRS has announced a few new items regarding the eligibility requirements surrounding the filing of an Innocent Spouse claim for relief from a joint tax liability. The IRS has stated that they are eliminating the 2-year time limit that...


IRS’s Regulation of Paid Tax Return Preparers

Submitted by admin on Tue, 8/2/2011 - 12:00 am

Most individuals, 8 out of 10, now rely on software or a paid tax preparer to file their tax returns because of the increasing complexity of the U.S. tax code, but the preparers often make mistakes, and some have criminal...