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Author Archives: Sandy Suchoff
Creator of Beanie Babies Hit with $53.5 Million Penalty for Tax Evasion
Ty Warner, the creator of Beanie Babies, has been charged with tax evasion for failing to report income in a secret offshore bank account. The 69-year-old Chicago-area billionaire has agreed to plead guilty and pay a $53.6 million civil penalty … Continue reading
Posted in IRS Collections
Tagged Back Taxes, IRS Problem Help, IRS Tax Problems, Tax Problem Solutions
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IRS Sends “Possible Income Underreporting” Notices
Form 1099-K is a new information return sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed for the business. The IRS also receives a copy of Form 1099-K … Continue reading
Posted in IRS Notice
Tagged File Returns, File Tax Return, IRS Problem Help, IRS Tax Problems, Tax Problem Solutions
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IRS Systems Faulted for Identity and Access Management Security
Taxpayer data is vulnerable to inappropriate use, modification or disclosure, perhaps without being detected, according to a new government report that found problems with the Internal Revenue Service’s technology for configuration management and identity and access management. The report, from … Continue reading
Posted in IRS Notice
Tagged File Returns, File Tax Return, IRS Problem Help, IRS Relief
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IRS Expands Fast-Track Settlement Program for Small Businesses Under Audit
The Internal Revenue Service expanded nationwide the roll-out of its streamlined Fast Track Settlement program, which aims to help small businesses under audit settle their differences with the IRS over their tax debts more quickly. The Fast Track Settlement program … Continue reading
Posted in IRS Tax Audit
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Did You Receive a CP2000 Notice from the IRS?
Have you received a CP 2000 notice? Notice CP 2000 shows proposed changes to your income tax return. This proposal is based on a comparison of the income, payments, credits, and deductions reported on your tax return with information on these … Continue reading
Posted in IRS Notice
Tagged File Returns, File Tax Return, IRS Problem Help, IRS Relief, IRS Tax Problems, Tax Problem Solutions
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The IRS is Having a Bad Year
First it was the acknowledgement of mishandling non-profit applications for groups with “Tea Party” and “Patriot” in their name. Then it was the bad publicity around lavish spending at IRS internal conventions and meetings. The latest oops is the … Continue reading
Posted in IRS Compliance
Tagged File Returns, File Tax Return, IRS Tax Problems, Tax Problem Solutions
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If You Receive an IRS Notice, Here’s What to Do
Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the … Continue reading
Posted in IRS Letters
Tagged IRS Problem Help, IRS Relief, IRS Tax Problems, Tax Audit, Tax Penalty Relief, Tax Problem Solutions
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IRS Identity Verification Requests
In recent years, the IRS has stressed its commitment to protecting taxpayers from tax-related identity theft. As part of this commitment, the IRS enhanced the Electronic Fraud Detection System (EFDS). In 2012, the EFDS detected 7.8 million potentially fraudulent returns. … Continue reading
Posted in IRS Letters
Tagged IRS Problem Help, IRS Tax Problems, Tax Problem Solutions
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Follow the Tax Rules When You Borrow From Your Corporation
If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised … Continue reading
Posted in IRS Compliance
Tagged Business IRS Tax Areas to Watch, IRS Problem Help, IRS Tax Problems, Tax Problem Solutions
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What Are Your Audit Odds?
Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business … Continue reading
Posted in IRS Tax Audit
Tagged IRS Problem Help, Tax Audit, Tax Audit Areas, Tax Audit Areas to Watch through 2013, Tax Problem Solutions
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