News

Being declared "Currently Non-Collectible" means that the IRS considers that your current financial situation makes it impossible for you to pay your taxes and they determine that they cannot collect the money from you...at least not for now.

Technology seems to be the "way of the future" even for the IRS!! This is reflected by two recent pronouncements within the Service.

Cary Bryson, a Louisiana Tax Resolution Attorney, was recently featured in USA Today as well as major online media outlets, including Yahoo!Finance, Morningstar, CNBC, MarketWatch and many others.

You have the power as an individual taxpayer to appeal almost any decision made by the IRS. In fact, you can appeal audit findings, penalties and interest, rejected offers-in-compromise, liens, seizures, garnishments and other collection actions.

If you've been notified by the IRS either over the phone or by mail that you owe them, that's all the warning you get.

An H&R manager in Southern California has been arrested for using the identities of his former tax preparation clients. Damon Dubose was working as a manager for H&R Block and alledgedly obtained personal information from past clients. He prepared fake tax returns in their names to get refunds and credits and then used the H&R Block Emerald Cards to withdraw the funds from ATMS.  

Berkshire Hathaway chairman Warren Buffett hinted in is annual letter to shareholders that the company's nearly 18,000 page tax return may merit the attenton of the Guiness Book of World Records.

The Alternate Minimum Tax (AMT) was created to ensure anyone who benefits from certain tax breaks pays at least a minimum amount of tax.

The Internal Revenue Service's criminal investigation division has cracked down on a Southern California tax preparer accused of stealing his clients refunds. 

Almost everything you own and use for personal or investment purposes is a capital asset. Capital assets include a home, vehicle, stocks and bonds. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.