All deadlines have more or less equal implications, but some deadlines are more equal than others. This one looms – no later than June 30 upcoming! By law, many U.S. folk with foreign accounts exceeding certain thresholds must file Form 114, “Report of Foreign Bank and Financial Accounts” (aka “FBAR”) electronically with the Treasury Department’s
We’ve been preaching that note for decades – but some folk just don’t seem to get it, and refuse to look after their own savings needs, expecting they will be spending each summer on the Riviera. It just doesn’t work that way. The Tax Foundation has a good recent report on the matter, which those
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
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
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.
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
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
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,
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
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
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.