Category Archives: COMPLIANCE

ANOTHER OFFSHORE VOLUNTARY DISCLOSURE WINDOW OPENED BY IRS

On January 9, 2012 IRS announced (IR-2012-5) that it has reopened the offshore voluntary disclosure program to encourage those with still undisclosed offshore accounts to come in from the cold. IRS claims it has collected $4.4 billion thus far on … Continue reading

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CPA SUED BY WIFE FOR FAILING TO ADVISE OF CONSEQUENCES JOINT RETURN

In Theresa M.  Karam v. Commissioner, 2011 TC Memo 230, the Tax Court  http://www.ustaxcourt.gov/InOpHistoric/karammemo.TCM.WPD.pdf  considers the familiar issue whether the petitioner, Theresa M. Karam  is entitled to equitable relief under Section 6015(f) of the Internal Revenue Code (all section references are … Continue reading

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MORE ON STATE COURT ORDER THAT SPOUSE FILE A JOINT RETURN

Further regarding a Nebraska Appellate court decision in Bock v. Dalbey (see post of 10/5/11, “Can State Court Order Unwilling Spouse to File Joint Return”), upholding a lower court’s order that the wife join in filing joint returns with the husband, … Continue reading

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CAN STATE COURT ORDER UNWILLING SPOUSE TO FILE JOINT RETURN?

The Nebraska Court of Appeals in Bock V. Dalbey (19 Neb. App. 210, filed September 27, 2077) upheld a lower court divorce decision ordering the wife to file joint federal income tax returns with her husband for the years 2008 … Continue reading

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OFFSHORE UPDATE: NEW INDICTIMENTS & SWISS PROBE, FATCA GUIDANCE, EXTENDED DUE DATE FOR OVDI 2011 ADMISSION AND FinCEN FINE IMPOSED

Latest indictment: Another Swiss Banker falls: On August 2, another former Swiss Banker was indicted in the U.S., charged as an enabler, assisting 9 named wealthy U.S. taxpayers to evade U.S. taxes by hiding assets in a smaller Swiss bank … Continue reading

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IRS NOTICES ARE FRUSTRATING AND RESPONDING TO THEM REQUIRES CARE AND ATTENTION TO DETAILS

 A report issued on July 6, 2011 by the Treasury Inspector General for Tax Administration (TIGTA) concludes as did the National Tax payer Advocate that IRS correspondence functions need improvement.  Without a study any professional who deals regularly with IRS … Continue reading

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COMPLICATING YOUR TAX LIFE

Steinberg Talks Tax (TM) Vol. 4, No. 6, August 1, 2010 (www.steinbergtaxlaw.com) admonished taxpayers to avoid certain investments and strategies that unduly complicate one’s tax life.  Among those I had suggested to avoid were foreign bank accounts, even if reported, ETF … Continue reading

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DONATION ALLOWED FOR “CAT HOUSE” UNREIMBURSED EXPENSES BUT SUBSTANTIATION RULES PROVE NETTLESOME

The Tax Court has put animal foster care volunteer expenses on the same plane as  foster child care expenses in deciding that volunteer unreimbursed expenses in performing services for a qualified charity are tax- deductible charitable contributions provided the required statutory documentation is provided and maintained.  The case … Continue reading

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NOT FILING OR FILING LATE CREATES PROBLEMS

People do not file their tax return on time for many reasons:  some are general malingerers who procrastinate with everything in life; some are disorganized people who endlessly claim to be working on getting tax information together but never do; some know they will owe tax … Continue reading

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THE MARX BROTHERS WOULD LOVE THE CONGRESSIONAL FORM 1099 ROUTINE

Quite amusing is the hubbub over the expanded Form 1099 reporting requirements included is the Patient Protection and Affordable Care Act and break-neck efforts over its seemingly inevitable repeal.  The House voted overwhelmingly on March 3 to wipe the ridiculous … Continue reading

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