Where Do You Rank Among Fellow Taxpayers?
The scores are in! According to recently released IRS data for 2012, you have to make $434,682 or more in AGI (Adjusted Gross Income) to classify as the top 1% of taxpayers.
The scores are in! According to recently released IRS data for 2012, you have to make $434,682 or more in AGI (Adjusted Gross Income) to classify as the top 1% of taxpayers.
The Office of Management and Budget released the President’s Budget for Fiscal Year 2016 on Monday. The proposal is very detailed in its suggestions for changes to the tax code for individuals, businesses, international taxation, and gift/estate taxation. Below is a specific list of notable items:
There has been potential fraudulent activity through Turbo Tax for Minnesota State Tax Returns. Therefore, in an effort to combat this activity, the State of Minnesota is no longer accepting State Tax Turbo Tax filings.
John Doe summonses were issued at the end of 2014 on eight entities to produce records that will assist the IRS in identifying U.S. taxpayers who, from 2005 through 2013, used Sovereign’s services to establish, maintain, operate or control of any foreign financial account or other assets; any foreign corporation, company, trust, foundation or other legal entity; or any foreign or domestic financial account in the name of such foreign entity.
Misrepresentation or erroneous reporting of tax deductions can quickly lead to an IRS audit. A key component that the IRS will look at if an audit is triggered is the separation of business and personal expenses. Keeping thorough, organized, and accurate records is essential for a taxpayer to protect him or herself from additional and unnecessary tax expenditures.
On the heels of the 100,000 names that were leaked from HSBC, there are 4,183 clients that are United States citizens. With this list the Department of Justice could cross-match these names to the results of the John Doe Summons issued in December 2014(see John Does Order) to determine a list of United States taxpayers that may be evading tax.
The Department of Justice Tax Division has been investigating HSBC in Switzerland since 2010. With the recent Swiss Leaks (team of journalists from 45 countries) that unearthed secret bank accounts maintained for criminals, traffickers, tax dodgers, politicians and celebrities, the Swiss government took action by raiding the Geneva office.
The Tax Division of the Department of Justice is prosecuting U.S. taxpayers that fail to voluntarily come forward and take advantage of programs like OVDP and Streamline Filing.
Impersonating the IRS is not as uncommon as one might think. IRS impersonators are generally calculating, convincing, and overly informed regarding intimate information about their victims.
This year at the 85th Annual Academy Awards, the nominees received swag bags with an estimated fair market value of $168,000. As we celebrate the best of the best for their contributions to cinema in 2014, it should be noted that these swag bags will be taxable as income on the nominees 2015 individual tax return (1040).
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