Latest From IRS: “Give Us A Roadmap”
February 5, 2010
Or perhaps better phrased in this technology laden world: “Give us a GPS” tour through your tax return.
That’s what the Revenooers want, in any case, when it comes to your annual income tax return, to the extent it may reflect transactions which carry with them a little “uncertainty.”
Last week we got Announcement 2010-9, which lays out the IRS’ notion of the reporting requirements they would like to see when it comes to “uncertain tax positions” of some business taxpayers. And what they will want is a “schedule” (which they are presently designing–just to make things more convenient for you) which will be filed with the annual income tax return of every business taxpayer with total assets in excess of $10 million. The IRS will issue proposed regulations governing just how they see all of this working, and for now, are seeking public comments on the notion.
We hear the new schedule will require taxpayers to state a description of each uncertain tax position and the maximum amount of possible federal income tax liability attributable to each such position.
And as usual, they will also be seeking legislation which would impose penalties or other sanctions upon those who fail to adequately disclose the required info.
Send in your comments by March 31, 2010.
And keep them clean.
Of course, if you’re Nancy Pelosi (and others of her colleagues), there’s no uncertainty when it comes to how much in the way of taxpayers’ dough you can spend on important junkets, such as the recent one to Copenhagen–ostensibly to toil tediously on behalf of we and thee when it comes to the latest impending crisis: global climate change.
Seems Nancy has managed to rack up over $101 grand in liquor bills and other “in flight services” related to her trips on Air Force jets over the last two years. Documents obtained under the Freedom of Information Act by Judicial Watch (government corruption watchdog) show Pelosi incurred expenses of something like $2.1 million (in toto) for her use of Air Force jets over the time of her speakership thus far.
In fact, we hear that Pelosi has also recently joined President B.H. Obama on a Judicial Watch list of “Top 10 corrupt politicians” because of her “sense of entitlement.”
And finally, this week, comes word that even the IRS Commissioner himself avails himself of the services of an income tax preparer. During an interview on C-SPAN in January, Commish Shulman noted, “I’ve used one for years. I find it convenient. I find the tax code complex so I use a preparer.”
So there you have it.
CONSULT YOUR TAX ADVISOR – This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation.
Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He is also a contributor to the recently published 13th edition of Tax Savvy for Small Business, published by Nolo. He can be reached at 831-7288, and welcomes comments below.