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THE WANDERING TAX PRO
You can help to keep THE WANDERING TAX PRO alive and well by becoming a “sponsor” of this blog.I will link to your website via a description (like “DISCOUNT CHECK PRINTING” or “BEST INSURANCE RATES”) or title (like “AMAZON” or “ENTERPRISE RENT-A-CAR”) – your choice - in a special highlighted...
THE TWELVE DAYS OF TAX SEASON!
Now it is time for what you have been waiting a year for - the February 1st tradition here at THE WANDERING TAX PRO of posting “The Twelve Days of Tax Season” -On the first day of tax season my client gave to me a Closing Statement for the purchase...
He said, Columbo-like.Just so you know, I will not be responding to, or even reading, emails from non-clients regarding my blogs during the tax season – whether they be comments on posts or appropriate, or inappropriate, tax questions. If you have a question that you need answered in order to...
SO LONG, FAREWELL, AUF WIEDERSEHEN, GOOD NIGHT!
.Joy to the world - tax season’s here.I’ll soon be flush with cash!Let every client be organized,and give me all I need, and give me all I need,and give me all I need to prepare their returns!.My 39th tax season will officially begin tomorrow - the floodgates will soon be...
Does anyone else find it a bit outrageous that H+R Block, as per their ads, charges $68.00 to prepare a Form 1040EZ, truly the simplest of all tax returns, and the corresponding basic state tax return? And God knows how much else for a usurious Refund Anticipation Loan (RAL)!An H+R...
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
This is the last BUZZ until after the end of the tax filing season! .You can continue to get daily tax tips from my column at MAINSTREET.COM.* Did you catch Kay Bell’s “Tax Twitter Tuesday - 1.26.10” at DON’T MESS WITH TAXES? The first T3 of 2010!* Kudos to Joe...
Start Making Sense
Here is the "Free Preview" of Getting It, which (again) you can purchase right here.1. The Legions of HateAt the well-appointed offices of Ashby & Cinders, Peter Crossley, the partner who had been rather casually appointed to handle the new Barlow matter, was waiting for his subordinates. They...
Evidently unable to sit still (or eager not to put to waste my recent passport renewal), I've apparently arranged or agreed to the following academic speech & travel schedule over the next few months:March 20 - discuss my foreign tax credit paper at a conference in Vienna sponsored by the...
Nie ma alternatywy dla podwyzszenia podatkow!
I believe that's Polish for "There is no alternative to raising taxes." It's the headline of my interview in the Polish magazine Wprost, concerning long-term budget and sustainability problems in lots of countries around the world, available in its Polish translation here.The on-line Google translator (turning it back...
Getting It - now available from iUniverse
My satirical novel, Getting It, has gone live on the iUniverse website, and is now available for purchase. Price is $14.95, not including shipping. It should be up soon on Amazon and bn.com, which presumably would affect shipping charges.The link is right here.Brief description, as per the "Overview"...
Fiscally reckless extension of expiring tax cuts
The Obama Administration's budget proposal for fiscal year 2011 includes proposals to extend permanently a number of tax cuts that were adopted in 2001 and 2003 - extending just about everything major from those Bush Administration enactments, if I recall correctly, other than their elimination of the 36% and 39.6%...
My novel should be publicly available very shortly, and I've submitted my foreign tax credit article to a handful of leading law reviews (though I have alternative publication plans if, ahem, they are all too benighted to accept it)....
PRO-TAX
If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales......
The Earned Income Tax Credit (EITC) is designed for working taxpayers with lower incomes. The......
New Tax Break for Contributions to Haiti Earthquake Relief
Congress passed a new tax relief law allowing taxpayers who contribute in 2010 to charities......
Okay, so everyone knows that you have to file your Federal Income Taxes by April 15. What......
You have dutifully filed your tax return and now you have entered the void; that place where you......
Are you Getting More Pay (Or A Smaller Refund) With The "Making Work Pay" Tax Credit?
If you’re like most wage earners last Spring you probably started receiving a larger paycheck (but......
Tax Problem Attorney Blog
Criminal Tax Problems for HSBC Customer Who Failed to File FBARs
In the latest of a string of guilty pleas related to FBAR cases, Dr. Andrew Silva, a Virginia surgeon pled guilty to one count of conspiracy to impede the United States, and to making a false statement. Several interesting points......
Deportation for Tax Fraud and Other Tax Crimes
Filing a false tax return in violation of Internal Revenue Code (IRC) Section 7206 can result in deportation of a resident alien, i.e. a green card holder, according to the 9th Circuit Court of Appeals. Kawashima v. Holder (9th Cir.......
UBS Offshore Account Owner Wins Case Against Internal Revenue Service (IRS)
The owner of a UBS offshore account has won a lawsuit in the Swiss Administrative Court barring UBS from turning over her name to the Internal Revenue (IRS). The reasoning of the Court was that the only evidence of tax......
Taxpayer Advocate Reports Tax Liens as Serious Tax Problem
The Internal Revenue’s (IRS ) tax lien filing polices were in the Taxpayer Advocate’s 2009 Report to Congress listed as the second most serious tax problem facing taxpayers today. This is not a big surprise to those tax lawyers who......
California Income Tax Evasion Charged
The California Franchise Tax Board (FTB) has arrested an individual for felony income tax evasion. According to the FTB Phillip Leech was the CFO of In & Out Desighns, Inc. which allegedly earned more than $1.3 million over a three......
IRS Issues Fact Sheet on Filing Foreign Bank Account Reports (FBARs)
The IRS has issued a fact sheet on filing Form 90-22.1, Report of Foreign Bank and Financial Accounts (FBARs) to start the New Year. The FBAR fact sheet adds nothing to the sum of our knowledge on FBARs simply stating......
MauledAgain
Jonathan Salant has written an article for Bloomberg, Business Lobbyists Push to Revive Estate Tax They Tried to Kill, that should be required reading for every citizen above the age of twelve. It is an eye-opening analysis of what happens when lobbyists think in the short-term only to find that...
The Perniciousness of the Anti-Tax Crowd
Peter Pappas, of the Tax Lawyer’s Blog, expresses concern, in Opposition to Increased Taxes is Not Opposition to All Taxes about the ramifications of something I wrote in Snow, Budgets, and User Fees. This is the sentence that alarmed Peter: “[I]f the anti-tax crowd continues to influence the unwitting and...
Implementing Trash Collection User Fees
On Friday, in Yes for The Proposed User Fee, No for the Proposed Tax, I commented on the proposed trash collection user fee set forth in the latest budget proposal from the mayor of Philadelphia. I support the fee, but I acknowledge that there are issues with it that need...
Yes for The Proposed User Fee, No for the Proposed Tax
According to this Philadelphia Inquirer story, the mayor of Philadelphia, reluctant to cut any more essential services and squeezed by declining tax revenues from existing taxes, will propose a 2010-2011 budget that includes a $300 annual trash collection user fee and a 2-cent-per-ounce tax on beverages containing sugar. The $300...
Recently, in Snow, Budgets, and User Fees, I concluded my thoughts with this prediction about the impact of cutting taxes and user fees too sharply:Of course, if the anti-tax crowd continues to influence the unwitting and uninformed by appealing to emotional distaste for taxation, it might persuade the entire nation...
A Law School Outline Vendor I Will Not Be
About a month ago, in Caveat Emptor, Law Students Seeking Outlines, I expressed disapproval of an enterprise that encouraged the sharing of outlines by law students for a long list of reasons that I explained in that posting. I had half expected to hear from someone at Outline Depot defending...
Don't Mess With Taxes
Missouri tax tidbit: miscellaneous credits
Missouri shows its taxpayers 54 assorted credits that could reduce their tax bills. The officially named miscellaneous credits, some for businesses, others for individuals, are administered by several government agencies, including the Missouri Department of Revenue. It's an interesting list, but some tax credit titles in particular caught my eye:...
More, and more well-off, tax filers are not paying any taxes
As millions of us are staring down April 15, the big question we have is how do we pay Uncle Sam as little as possible? Some folks have that answer totally figured out. One-third of individuals who last filing season submitted a 2008 return paid no tax whatsoever, according to...
Kentucky tax tidbit: $5K new home credit
The official song is My Old Kentucky Home, but the Bluegrass State is singing a special tax tune for residents who buy new houses. Kentucky's New Home Tax Credit is available to eligible individuals who purchase a new primary residence between July 26, 2009, and July 25, 2010. The tax...
Thumbs down on theater tax evasion
Tonight is the movie industry's big event. Films nowadays are as much about the money they make as they are about art. That's why the Academy Awards' Best Picture category was expanded to 10 flicks this year. Some of that financial benefit accrues to the theaters that play the films....
Attention tax preparers. Does the complaint below sound familiar? Attention tax clients: Is @taxmegan talking about you? Now I'm sure -- OK, pretty sure -- that Megan is kidding about inflicting physical pain on her less-than-ideal client. But then tax hurt can come in many forms, as Megan, an Enrolled...
Are you ready for a Roth conversion?
A Roth IRA is a great option for many folks looking to sock away retirement money. While you pay taxes on the money you put into the account, that's offset by no taxes due when you eventually start taking money out. A lot of folks don't have Roths, though, primarily...
JD Supra Taxation
What Filing Status Might Lower Our Taxes the Most?
Contributor: Doron Eghbali [View: Profile | Documents]...
China Issues New Tax Rules For Representative Offices Of Foreign Enterprises
Contributor: Sheppard Mullin Richter & Hampton LLP [View: Profile | Documents]...
2010: The Year of the Employee and $7 Billion in Additional Payroll Taxes?
Contributor: Sands Anderson PC [View: Profile | Documents]...
Federal Unemployment Benefits, COBRA Subsidy Extended One Month
Contributor: McAfee & Taft [View: Profile | Documents]...
Contributor: Warner Norcross & Judd [View: Profile | Documents]...
Welcome Relief! IRS Issues Section 409A Correction Program
Contributor: Warner Norcross & Judd [View: Profile | Documents]...
AccountingWEB.com - News
Guide your client to more competitive bankcard processing rates
By Mark Dunn read more...
Accelerating cash flow during a credit crunch
By Alex Vuchnich, CPA, CFE read more...
IRS announces qualified disaster treatment for Chile
The Internal Revenue Service this week issued guidance designating the February earthquake in Chile as a qualified disaster for federal tax purposes. read more...
Citibank apologizes after exposing 600,000 Social Security numbers
Read any good envelopes lately? If you did and you have criminal intent, you might have just won the identity-theft lottery. Citibank representatives call it a processing error, which doesn’t sound too serious. But for more than half a million Citibank customers who received mail from the credit card company with...
Basketball and income tax: An unlikely pair? Not necessarily
What does it take to get spectators in the seats at a New Jersey Nets basketball game? Evidently the game itself is not enough enticement. With the worst record in the NBA, 6-53, and the worst attendance, promoters for the Nets are trying to hit people where they live. Once...
Our Taxing Times
Preparer Registration - The Details
Earlier this year, the IRS released their plans for tax return preparer registration and testing. Some tentative details are starting to emerge. The IRS is, of course, saying all details are subject to change. Phase 1 Online registration will open......
It's Not the Preparer's Fault!
Yeah, tax professionals make mistakes. That's why you want to pick a good preparer and still check your return and ask questions. But if you're consistently ending up with a balance due on your return, may be you should take......
IRS Expands Efforts to Assist Financially Challenged Taxpayers
The IRS is expanding a program it started a year ago to help taxpayers who are caught in the current economic mess. More flexibility in the Offer in Compromise program. IRS employers can now consider current and potential income in......
I am dumbfounded. I was on a tax forum I follow and saw a tax question posted. It was a basic question that illustrates why testing of tax preparers is so important. The question the poster was asking was; “How......
The IRS did a major revision on the 1040X in 2009. This has led to a confusion on which form to use for amending returns for tax years prior to 2008 the new 1040X or the old form which was......
I don't know which is worse, the man who rammed a small plane into an IRS office building or all the smart remarks I heard (and will continue to hear) making light of the tragedy because of the victims. Yes,......
AOL News Collection:All top stories collection
Iraqi Election Begins With Deadly Attacks
Test of Democracyhttp://o.aolcdn.com/photo-hub/news_gallery/6/5/652284/1267956977260.JPEGAFP / Getty Images]]>...
California Player Wins $133M Mega Millions Jackpot
Lucky Ticket]]>...
Teacher Accused of Sending Nude Photos to Student
Police say a New Hampshire English teacher emailed naked pictures of herself to a 15-year-old, who then forwarded them to classmates.Police say a New Hampshire English teacher emailed naked pictures of herself to a 15-year-old, who then forwarded them to classmates.Indecent Exposurehttp://o.aolcdn.com/photo-hub/news_gallery/6/5/652265/1267921147032.JPEGAP]]>...
Convict's Testimony in Knox Case Blames Mystery Man
A murderer jailed with one of the three people convicted in the death of Amanda Knox's roommate says someone else did the crime.A murderer jailed with one of the three people convicted in the death of Amanda Knox's roommate says someone else did the crime.Latest Twisthttp://o.aolcdn.com/photo-hub/news_gallery/6/5/652259/1267913628411.JPEGGetty]]>...
Conservatives Condemn Liz Cheney's Attack Ad
A spot produced by Liz Cheney's organization draws fire for suggesting Attorney General Eric Holder hired al-Qaida sympathizers.A spot produced by Liz Cheney's organization draws fire for suggesting Attorney General Eric Holder hired al-Qaida sympathizers.Video Controversyhttp://o.aolcdn.com/photo-hub/news_gallery/6/5/652252/1267898476116.JPEGAP]]>...
IRS Tax Problem Solver Blog - IRS Help
Hotel Sues Bogus IRS Officer The Ignatio hotel in Novato has filed a breach of contract lawsuit against Sherry Lynn Vertoch, 64, for failing to pay $55,175.25 in various hotel charges comprising of room fees, pet charges and miscellaneous expenses over a two year stay. The lawsuit was filed at the...
Guess Who thinks the Tax Code is ‘Complex’
Guess who thinks the tax code is complex and does not prepare his own tax returns? Doug Shulman, the IRS Commissioner! In a recent interview, Shulman confessed that he engages a professional tax preparer to fill out his tax forms, adding that he has been using one for 10 years. More...
Americans in the state of Georgia can expect delays in receiving their tax refunds, especially for those who filed their tax returns via paper filings. Those who filed their returns electronically, however, are unlikely to be affected. Why the discrepancy? More on Georgians Tax Refund Delays Georgians Tax Refund Delays is a...
Do you know what CSED stands for? Collection Statute Expiration Date. And CSED means the time period by which the IRS must collect the taxes you owe. Beyond this time limit, your tax debt is cancelled. But before you jump for joy, you need to know that the CSED time...
What You Should Know about Bankruptcy and Tax
Here’s a relatively little known fact – you can completely cancel your tax debts by being declared a bankrupt. Of course, there are certain conditions that you must fulfill. But if you meet the basic criteria, you can wave goodbye to your tax debts. On the other hand, there are...
What to Do about Your Tax Debt
Many people do not realize that tax debts can be changed or compromised over. The truth is that if you deal with the IRS in good faith and accept your responsibility, they will be more than willing to work with you to reduce your tax burden. The important thing to...
Tax Questions and Answers
Question from Rick March 12, 2010 at 3:27am Richard, WHAT FORM DO I USE TO DETERMINE THE TUITION AND FEES TAX BREAK ON OREGON FORM 40? I USED THE HOPE CREDIT ON THE FEDERAL !)$) RETURN. Answer: Rick - I......
When can I claim the Home Buyers Tax Credit?
Question from Jessica March 11, 2010 at 10:44pm Richard, We are closing Escrow on April 7th and have already filed our taxes and received our return for this year. Is there any way to amend my tax return from this......
What happens if the account number is wrong on a direct deposit?
Question from David March 11, 2010 at 9:33pm Richard, I have efiled and discovered my bank account number for direct deposit is wrong. What should I do, file and admended return? Answer: David - You should not file an amended......
Do I have to pay unemployment tax?
Question from James March 11, 2010 at 8:02pm Richard, I am a self employed handyman with no employees. Am I required to pay unemployment taxes. Answer: James - At the federal level there is a tax, reported on Form 940,......
Can I take a deduction for my roof and skylight?
Question from Terri March 11, 2010 at 10:26am Richard, Can I take any deductions for a new architucal roof with a new skylight if it was done in 2008 or 2009? Answer: Terri - There are no specific deductions for......
How do you pay tax when you are self-employed?
Question from Iretta March 11, 2010 at 10:16am Richard, We are located in KCK. My husband has a janitoral business and we wanted to know how to determine the amount of taxes to withhold from his monthly salary? Do his......
Offer in Compromise Blog
Submitting an Offer in Compromise in Hawaii
Offer in Compromise or OIC is an agreement between the Internal Revenue Service (IRS) and the Hawaiian taxpayer which may allow the taxpayer to settle their IRS tax debt for less than the total amount owed. The Internal Revenue Service will only accept an OIC offer if the taxpayer meets...
Offer in Compromise For The Oregon Taxpayer
Oregon taxpayers who owe federal tax debt may be able to settle their debt at a fraction of the full liability owed. The Internal Revenue Service has created a variety of tax settlement programs for taxpayers to repay their tax debt and help them meet all of their future federal...
Submitting An Offer in Compromise To The IRS In Virginia
The IRS has a variety of IRS tax settlement options which are available to Virginia taxpayers and Offer in Compromise or OIC is one of the most popular. Virginia taxpayers can make the IRS an offer, which the IRS can choose to accept or deny. If the offer is accepted,...
Rhode Island Offer in Compromise
Offer in Compromise or OIC is one of the most popular IRS tax settlement options available to taxpayers. Offer in Compromise allows the Rhode Island taxpayer to make an offer to the IRS to settle their IRS tax debt. Frequently the offer is for far less than the full amount...
The Internal Revenue Service (IRS) offers a variety of tax settlement options for Maryland taxpayers who would like to settle their IRS tax debt. Offer in Compromise is one these options and may allow Maryland taxpayers to settle their debt for a fraction of the total amount owed. Offer in Compromise...
Offer in Compromise for Alabama Taxpayers
Offer in Compromise (OIC) is an agreement between the taxpayer and the Internal Revenue Service to negotiate and pay a tax liability for less than the total amount owed. The Internal Revenue Service will agree to an Offer in Compromise if a taxpayer meets certain criteria and is not in...
California Tax Attorney Blog
It Is Time To Prepare Your Living Trust, Will And Powers Of Attorney
California residents are impacted by the change in federal estate tax laws in ways which impact their estate plans, including their living trusts and wills. The federal death tax rules are different since the new year....
Executor's And Administrator's Probate Duties
This statement of duties and liabilities as an executor in a California probate is a summary and is not a complete statement of the law. Your conduct as a personal representative is governed by the law itself and not by this summary. If you fail to perform your duties or...
Federal Tax Liens Are A Serious Problem
One-size-fits-all lien filing policies circumvent the spirit of the law, fail to promote future tax compliance, and unnecessarily harm taxpayers...
Communication Can Help With Unequal Distributions
Disinheriting a child? Thinking about unequal distributions of your property to your kids? Want to leave your property to your current spouse instead of to your kids from your earlier marriage? Please read more…....
Changing Irrevocable Trusts In California
Irrevocable trusts can be modified, amended or revoked in California because some estate planning documents are simply not set in stone and unchangeable....
Small Law Offices Serve Their Clients Well
Lower attorneys' fees charged by solo practitioners and small law firms and the personal services they offer is attractive to those who need tax or probate help in California....
TaxProf Blog
Saturday: TIGTA Is Investigating 70 Jokes/Inappropriate Statements About the Attack on the Austin IRS Office Amar & Johnson: U.S. News Should Include Diversity in its Law School Rankings Corporate Mobility in the European Union and Exit Taxes Roe: Delaware's Shrinking Half-Life Sunday: Top 5 Tax Paper Downloads A Colorful Anti-Lawyer......
MIT Announced Its Admissions Decisions Today (3.14) at 1:59 -- 3.14159
MIT released its undergraduate admission decisions today at 1:59 p.m. -- 3.14159! From Pi Day: Pi, Greek letter ( ), is the symbol for the ratio of the circumference of a circle to its diameter. Pi Day is celebrated by math enthusiasts around the world on March 14th. Pi =......
There is a bit of movement in this week's list of the Top 5 Recent Tax Paper Downloads, with a new #1 paper (which I highly recommend) and a paper returning to the list at #5: 1. [339 Downloads] Ten Estate Planning Advantages of Limited Liability Companies, by Paul L.......
A Colorful Anti-Lawyer (and Anti-Law Professor) Rant
Here is a colorful rant against lawyers and law professors over the Wall Street Journal's suggestion that Harry Markopolos, who has written a best-selling book on his decade-long attempt to get the SEC to blow the whistle on Bernie Madoff’s billion-dollar Ponzi scheme, should be appointed chairman of the SEC:......
Sacramento Bee, IRS Visits Sacramento Carwash in Pursuit of 4 Cents: It was every businessperson's nightmare. Arriving at Harv's Metro Car Wash in midtown Wednesday afternoon were two dark-suited IRS agents demanding payment of delinquent taxes. "They were deadly serious, very aggressive, very condescending," says Harv's owner, Aaron Zeff. The......
Several states (Alabama, Hawaii, Kansas, New York, North Carolina) are considering delaying tax refund checks because of state budget shortfalls. ABC News, Check's in the Mail -- State Tax Officials Refute Worries of Refund Delays CBS News, Some States Delaying Tax Refund Payments USA Today, States May Hold Onto Tax......