Archive for the ‘Recent IRS Announcements’ Category

IRS All Worked Up Over Budget

Posted on December 15th, 2014 by by George Ashley

Seems the IRS Oversight Board heard a whole lot of whining from the Chief Revenooers, last week, regarding their expected 2015 budget which, among other things, suggests that IRS will have to “absorb” $345 million in additional costs, which will eventuate in reduced “customer service,” enforcement and information technology infrastructure. Let us shed a tear. […]

2015 Tax Filing Season Looks Grim

Posted on November 11th, 2014 by by George Ashley

              That’s what the Commish recently said, echoed by the National Taxpayer Advocate. Koskinen predicts that nearly half the folks trying to reach IRS by phone, before next April 15 celebrations, probably won’t get through.  “Phone service (he uses the term loosely – ed.) could plummet to 53%,” quoth the Commish.  That would be […]

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 Code “Junk” Says Ways and Means Chair

Posted on January 27th, 2014 by by George Ashley

Check out the latest video on the House Ways and Means Committee website for some face time by Chairman Dave Camp (R-MI) who says he wants to get rid of all the “junk it contains” in a reference to the Internal Revenue Code. Don’t you just love it! Camp wants a “simpler and fairer” Code, […]

IRS Lenient On Tardy IRA Rollover

Posted on June 24th, 2013 by by George Ashley

IRS is not widely known for the mercy it bestows upon taxpayers.  In one particular area of the law, however, leniency has almost seems to have become the norm. Recall that taxpayers have long been able to essentially “borrow” from their IRA for a short period of time, as long as the dough is replenished […]

Doesn’t IRS Already Have Its Hands Full?

Posted on June 6th, 2013 by by George Ashley

You’d think these blokes had enough to do, with testimony before Congress, putting out fires set by (the suddenly anti-administration) press, etc.  But get ready:  IRS is about to begin the administration of something like 47 tax provisions occasioned by “Obamacare.”  And, according to CNBC, IRS has also to determine how to distribute annual subsidies […]

Whoops!

Posted on May 13th, 2013 by by George Ashley

Seems the Revenooers, falling all over themselves in apologies, have hit an unintended hot button in the recent admission that “conservative groups” seeking tax exemption may have been unfairly targeted with respect to their tax exempt status applications. Of course, in the never-ending Obama manner of blaming Bush for every problem, the politicians populating the […]

Revenooers All Over Identity Theft

Posted on February 4th, 2013 by by George Ashley

You will be pleased to learn that IRS is really worked up over identity theft issues, and for 2013, has significantly increased the number and quality of identity theft screening filters which spot fraudulent tax returns – which claim refunds, of course.  Indeed, we hear several hundred investigations have commenced since October.  IRS has also […]

IRS Offers “Safe Harbor” for Home Office Deductions

Posted on January 21st, 2013 by by George Ashley

One of the more contentious tax matters which has plagued primarily the self-employed over the years is the issue of claiming deductions for that office in the home.  So here comes the IRS, offering an optional safe harbor method that individuals can use to determine the amount of these deductions. For tax years beginning in […]

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