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Posts tagged "IRS"

IRS challenged by late billionaire's estate

Billions of dollars are at stake in a recently filed petition which claims that the IRS overvalued certain assets that belonged to late billionaire and former NBA team owner Bill Davidson. The petition, filed on behalf of Davidson's estate, alleges that the deficiency notice handed down by the IRS does not reflect the staggering loss in value that his stock holdings took at the time of the billionaire's death. The litigation will go to the U.S. Tax Court and its outcome could hold the key to how similar cases are handled here in California.

Tax return items that can trigger an IRS audit

Many California residents are curious about which types of tax matters are most likely to garner the attention of the Internal Revenue Service. In truth, it is impossible to predict with complete accuracy which returns will lead to an audit. However, there are a number of tax return issues which are known to increase the likelihood that the IRS will want to take a closer look at one's tax return.

Media magnate Redstone faces decades-old gift tax challenge

California's entertainment industry is no stranger to Sumner Redstone, who owns majority stakes in multiple TV production companies. Although Redstone recently made headlines, it's not for anything related to his involvement in the entertainment industry. In fact, the businessman is in the news because the Internal Revenue Service issued a tax claim against him from a 1972 transaction, which is before he even entered the media industry.

IRS loosens requirements for tax preparers

Like many people in California and across the country, you may choose to hand over a stack of paperwork to a professional tax preparer when tax season arrives. It can be an easy way to get your taxes taken care of without spending hours poring over documents and trying to navigate complex IRS forms.

Avoid IRS tax on unpaid mortgage debt with a short sale: going fast!

There is not much time left, but those in San Francisco who can take advantage of a short sale before the end of 2012 would be wise to do so. A number of tax law changes are about to take place on January 1, 2013, if Congress does not act - which it seems unlikely to do.

Overseas banks balk at Foreign Account Tax Compliance Act

There has been some controversy surrounding the Foreign Account Tax Compliance Act that many people in San Francisco may have heard about. The new law forces overseas banks to share with the Internal Revenue Service very personal information on American customers whose bank accounts have more than $50,000 in them. Not only does this law demand a lot of banks that may not even operate in the United States, but it also violates many countries' privacy laws.

Internal Revenue Service sued for non-enforcement of ban

Just two weeks ago we posted about the lack of IRS enforcement of the tax code which restricts religious institutions from making political endorsements, or risk losing their nonprofit status. Not only has the lack of enforcement by the IRS not gone unnoticed, it has generated a reaction from a group of non-religious people seeking to force the IRS into compliance.

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