We hear this question all the time. CPA’s prepare tax returns and there are a lot of CPA’s and other tax professionals who are great in preparing tax returns. A taxpayer will provide them with information and tax documents and a return will be generated for filing with the IRS. This process I refer to […]
It is surprising how many people think that just because someone worked for the IRS, they think that the former official has some kind of advantage in private practice. What I find is that IRS agents are trained to deal with matters that are black and white. However many times matters are gray and that’s […]
Unfortunately, this is a trap that so many taxpayers full into. Revenue Officers are by definition “Collection Officers” for the IRS. Revenue Officers are assigned to accounts to collect back taxes. The Revenue Officer is working for the government’s best interest to collect the taxes that are owed as quickly as possible and to have […]
Many U.S. taxpayers do not realize that they must report their worldwide income, regardless of whether they are living in the U.S. or abroad. If you are a U.S. Citizen or resident alien, you must report your worldwide income from whatever source, subject to the same income tax filing requirements that apply to U.S. Citizens […]
Through my years in this profession, that is a commonly asked or thought-about question. We call these companies “Offer Mills”. These companies which have no track record or history come in and out rather quickly and are never associated with any individual willing to put his or her name to the company and what the […]
Through my years in this profession, that is one of the most commonly asked or thought about questions. Usually a taxpayer’s attention to his or her tax problems stems from a notice generated by some department of the IRS (which may look extremely intimidating) demanding that the taxpayer immediately contact either the Revenue Officer or […]
CA tax attorney Jeffrey B. Kahn discusses various IRS and Tax topics on Mr. Credit radio talk show. Topics Covered: 1. National Football Association is recognized by the IRS as a tax-exempt entity. 2. Why should I hire you when I can call IRS on my own? 3. I hear all the time how firms […]
Now here is a fact that is not so widely known – the National Football Association which you figure makes a ton of money is recognized by the IRS as a tax-exempt entity. You heard me right – the National Football League does not pay income taxes as any for-profit-company would. Section 501(c)(6) of the […]
A taxpayer who met with a Revenue Officer at an Internal Revenue Service office on Long Island successfully sued the IRS for $862,000 after he was injured by tripping over a phone cord. William Berroyer claimed in his lawsuit that he could no longer play golf or have intimate relations with his wife more than […]
All U.S. taxpayers who have an interest in, or signatory or other authority over foreign trust accounts must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of the foreign trust accounts exceeds $10,000 at any time during the calendar year. As of October 1, 2013 the FBAR […]
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