Archive for the ‘About the IRS’ Category

Tax Season Never Ends

Posted on October 13th, 2014 by by George Ashley

Although the final extension date for 2013 hits this week, prudent taxpayers are already planning for their 2014 tax bite, as year end approaches.  Following are a couple of observations which may be of interest. Remember that long-term capital gain income is favorably taxed in comparison to “ordinary” income.  The rate most folks recognize is […]

Time Remains to Unravel That Roth IRA Conversion

Posted on September 29th, 2014 by by George Ashley

So you converted your “traditional” IRA to Roth IRA status in 2013 and now find, for any number of reasons, that you suffer from buyer’s remorse, and wish you hadn’t. Not to worry – if you act before October 15, you have the ability to unwind the transaction.  Instruct the custodian/trustee of the new Roth […]

Unhappy With IRS “Service”? – Write Your Congressman!

Posted on August 28th, 2014 by by George Ashley

That’s the advice of IRS Commish John Koskinen. In his keynote address to a recent meeting of the National Society of Accountants, Koskinen whined that the biggest challenge facing the IRS is its attempt to implement tax provisions of the “Affordable Care Act” despite a cut in the agency’s budget by something like 7 percent. […]

Get On The Ball Now If You Want to “Borrow” from your IRA

Posted on August 4th, 2014 by by George Ashley

As we recently mentioned, there has been some confusion over the application of the “60 day rule,” pursuant to which a bloke can temporarily access his IRA dough for whatever purpose he wants, as long as he replaces the funds within a 60 day period.  And the law has long stated, that one can only […]

It Finally Happened: IRS Won’t Take Cash!

Posted on July 29th, 2014 by by George Ashley

No – not because Obama has so devalued your greenbacks. It’s just a matter of procedure, you see – one of those great innovations of our time:  the electronic payment scheme which the Revenooers just can’t seem to live without. That’s how Allgreens got whipsawed, anyway, prompting a trip to meet the Revenooers in the […]

IRS Gets Strategic

Posted on July 7th, 2014 by by George Ashley

At least that’s what they would have you think.  And presumably one of the reasons for the recent publication of their “Strategic Plan FY 2014-2017.” Consider a few of their “core values.” Honesty and Integrity – We uphold the public trust in all that we do; we are honest and forthright in all of our […]

Ignore IRS Mail at Your Own Risk!

Posted on June 30th, 2014 by by George Ashley

That’s what taxpayer Onyango found out, when the Tax Court slapped down his arguments that he “just didn’t know” about the mean and nasty IRS actions taken to his detriment. Seems our boy would spend 30 to 40% of his time sleeping overnight at his Columbus Drive, Chicago apartment, spending most of the rest of […]

Revenooers Can’t Catch a Break

Posted on June 23rd, 2014 by by George Ashley

Last week’s Congressional grilling of IRS Commish Koskinen was bad enough.  But only a day or two earlier, the Treasury Inspector General for Tax Administration (TIGTA) also lowered the boom.  And you have to chuckle at TIGTA’s press release covering its most recent findings, which noted that “TIGTA audit finds room for improvement in disposal […]

IRS Record Keeping Takes a Hit

Posted on June 16th, 2014 by by George Ashley

By now, you’ve heard that for some inexplicable reason, IRS has simply “lost” a bunch of Lois Lerner’s emails, which at least one Congressional Committee has been seeking for a year or more. Even though IRS says its technicians have gone to great lengths attempting to recover the info from Lois’ computer, including sending the […]

IRS Doesn’t Fold Regarding Online Poker Accounts

Posted on June 9th, 2014 by by George Ashley

Beware of IRS subtleties when it comes to those foreign account reports due by June 30.  Taxpayer Hom recently found out the hard way, when a California District Court sided with the Revenooers regarding the question of whether online poker accounts had to be included. We have recently mentioned the overall rules in this area […]

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