IRS Commish Heading For Early Retirement?

- By : aqn

Seems as if that’s pretty much how it’s looking – the House Judiciary Committee has scheduled hearings to examine alleged misconduct by Commish Koskinen, we hear.  On May 24 (just next week) the Judiciary Committee will hear the findings of the House Oversight and Government Reform Committee’s investigation of the Chief Revenooer! Congressman Jim Jordan

Celebrate Your Freedom!

- By : aqn

Tax Freedom, that is!  You actually just achieved it about a week ago, according to the Tax Foundation.  “Tax Freedom Day” 2016 just passed – on April 24, or 114 days (not counting “Leap Day”) into the new year.  And indeed, “Freedom” comes one day earlier than last year! That’s the good news.  You will

IRS: No Deduction For Spiffy Duds!

- By : aqn

So you think the fact that you spend some big bucks on the clothes you wear to work – in order to impress your customers and others – is reason enough to have Uncle Sam subsidize your expenditure. Not so, say the Revenooers, as most recently expressed in the Tax Court case of Sofien Beltifa. 

Revenooers Reveal This Year’s “Dirty Dozen” Tax Scams

- By : jquinn

Always vigilant to the endless raft of tax shenanigans going on out there, IRS has released its latest list of favorites – warning taxpayers to be alert to the most egregious potential problems lurking. Identity theft – This is the biggie.  IRS continues to hunt down and prosecute the crooks filing false tax returns using

Calculators

- By : aqn

Archive

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Newsletter

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New Rule: IRS No Longer Hires Tax Cheats

- By : jquinn

Comforting, isn’t it?  To learn that IRS has adopted policies that prohibit its employees who cheat on their own taxes to work for Uncle Sam! “I have no indication that anyone working for the IRS has not followed the updated procedures,” quoth Commish Koskinen in recent testimony before the Senate Finance Committee. Recall that a

Resources

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Magnanimous Obama Proposes Retirement Savings Incentives

- By : jquinn

REVENOOER RANTS – 2/8/16 Lest we be chastised for not giving credit where credit is due, we have to hand it to Obama for recently announcing much needed retirement incentives which will be included in his 2017 budget to be announced this week.  The simple fact is that, unlike the situation in our parents’ generation,

Tax Court Reiterates Employee/Independent Contractor Distinction

- By : jquinn

Seems like an issue which just won’t go away – the question of whether a worker bee is an employee, or an independent contractor.  Makes a big difference in how the bloke reports his expenses.  If he’s an employee, those expenses go on Schedule A as itemized deductions, and are likely to be subjected to

Cat Grabs IRS’ Tongue

- By : jquinn

Seems the Revenooers plan to go silent – they just don’t want to talk to you anymore. The National Taxpayer Advocate, in her recent report to Congress, notes that for the past year and a half, IRS has devoted significant resources to creating a “future state” plan which details how the agency will operate in

Watch out for “Hillarytax”

- By : jquinn

So, here we go – head first into another election year!  And you Hillary fans, out there, should not forget her recent promise to go even beyond Obama’s desired tax schemes, and “to make sure the effective tax rate paid by millionaires reflects a truly fair tax system,” according to one of her aide’s recently.

IRS Hangs Tough On IRA 60 Day Rollover Rule

- By : jquinn

We’ve reported, many times, about various situations in which beleaguered taxpayers have been unable to meet the requisite 60 day IRA rollover rule (to avoid treating the dough coming out of the IRA in the first instance to be taxable), and IRS has bent over – showing its “kinder and gentler” side and not slapping

Revenooers Comin’ After High Earners!

- By : jquinn

And the Treasury Inspector General for Tax Administration (TIGTA) doesn’t like the IRS’ “MO”. In its most recent audit report, last week, TIGTA notes that IRS has taken steps to improve its audit coverage of high-income taxpayers.  But it should reevaluate whether the threshold of $200,000 for its High-Income and High-Wealth strategy results in an