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IRS Archives

Deduction planning during political gridlock

Our Bay Area readers are no doubt aware that the national election is just days away and depending upon who wins the Presidency, there may be changes in personal income tax deductions. If fact, no matter who wins there may be changes to the income tax code. So what are we all to do?

Olympic gold is taxable (likewise silver and bronze)

Olympic athletes often give up a lot to pursue their sport. They may delay college, marriage, children or "real" jobs. They train and practice long and hard with the hope of getting a gold, silver or bronze medal. However, when they win that medal, they come home to a tax bill. That hardly seems fair does it?

IRS drops the ball -- identity thieves cash in

As we enter the fall election cycle, California and the rest of the nation is talking about the economy, employment and taxes. Recently the Treasury Department released information that affects all three of those contentious topics.

Is there a strategy to deal with IRS back taxes? Yes -- compromise.

Most of us in the Bay Area file our tax returns like clockwork. Many of us get a refund after the tax deadline. Some of us find that we owe money to the Internal Revenue Service. When we owe a lot of money or we don't have the cash on hand, we may put off paying the IRS without discussing it with them. Fines and penalties begin to accrue and then, seemingly overnight, there is a huge tax debt.

Executive loses IRS battle over offshore account unfiled reports

In a previous post we reminded our California readers that June 30 was the deadline to file their Report of Foreign Bank and Financial Accounts, or FBAR, to the Internal Revenue Service. The report is required for anyone with more than $10,000 in a foreign or offshore account.

IRS blows off tips from whistleblowers

A few former employees of a company prepared a 32-page document for the Internal Revenue Service alleging that their former employer, Alliantgroup LP, helped its clients avoid taxes through false classification of salaries and other expenses under the tax deductible category of research.

Tax fraud on the rise says the Internal Revenue Service

Many in Alameda are breathing a sigh of relief now that tax day is behind us. For some, the refunds will be processed shortly. For others, their tax payments are about to clear. For yet others, they may get a notice to provide additional information.

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