The Center on Budget and Policy Priorities issue a report on ten myths and realities on estate taxation. There is interesting data such as only the richest 2 in 1,000 estates actually pay estate taxes or the estates that do pay estate tax typically pay less than 1/6 of the value of the estate tax.
The Center on Budget and Policy Priorities conducts research and analysis at the federal and state levels on public programs and fiscal policy.
Nationwide tax resolution firm Omni Financial under investigation by the Florida Attorney General. Will this be the next nationwide firm to go down?
Livingston Interdisciplinary Professional Association (LIPA) is offering a free seminar on divorce and family law. LIPA’s mission is to inform and guide Livingston county couples and families in order to reach smarter, more helpful and less costly outcomes in divorce and family law situations through non-court processes.
There has been a considerable amount of press on Bush Tax Cuts set to expire on December 31, 2012. What is not well publicized is there are many other tax provisions that have expired or are set to expire this year. So what really is at stake?
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The Supreme Court ruled in favor of the taxpayer in a 5-4 vote concluding that an overstatement of basis is not considered an omission of gross income for the purposes of the six year limitation rules.
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According to the Treasury Inspector General for Tax Administration (TIGTA) report, the IRS was overwhelmed by Offer in Compromise (OIC) requests. Due to the backlog of OIC requests, TIGTA recommended changes to the OIC program. The IRS did implement some of the recommended changes.
The IRS issued their fiscal year 2011 Data Book. The 2011 Data Book provides a snap snapshot of agency activities for the year. For example, the IRS collected $2.4 trillion and processed more than 234 million tax returns. Below are some interesting statistics related to tax resolution.
82% of annual individual tax returns selected for audit resulted in a change. On average, the changes made resulted in about $11,000 of additional taxes per return.
71% of annual business tax returns selected for audit resulted in a change. On average, the changes made resulted in about $850,000 of additional taxes per return.
30% of the annual individual income tax returns selected for audit claimed the Earn Income Tax Credit (EITC).
The IRS Substitute for Return program resulted in $14.4 billion of additional taxes.
The IRS assessed $31 billion in penalties. The IRS abated $11 billion in penalties.
On average, 34% of individual penalties were abated and 44% of business penalties were abated.
There were 59,000 Offer in Compromises (settlements) filed. 33% of the offers submitted were accepted.
IRS issued 3.7 billion levies. This is an increase of 4% compared to 2010.
If you need relief from the IRS, ALG Tax Solutions, P.C. can help. Call us at 855-MI-TaxHelp. (855-648-2943)
IRS Circular 230 Disclosure: To the extent this writing contains advice on a federal tax issue, the advice is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this communication.
As previously reported, Taxmasters filed for federal bankruptcy protection. Well the news does not get any better. Taxmasters was recently hit with a $195 million judgment. Continue reading…
Taxmasters, a nationally advertised tax resolution firm, filed for federal bankruptcy protection on March 18, 2012. Taxmaster is now the fourth nationwide firm to get into trouble with the attorney general. Continue reading…
The IRS is implementing new procedures to catch phony claims for the first-time homebuyer credit. The IRS will need to act quickly as the statue of limitations for making adjustments will soon expire. Continue reading…
