The Treasury Inspector General for Tax Administration released a report on June 17, 2010, titled Additional Steps Are Needed to Prevent and Recover Erroneous Claims for the First-Time Homebuyer Credit. A study by the Inspector General found widespread fraud involving the government hand out that gives people a tax credit of $8,000 for [...]
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IRS statistics show that the risk of a tax audit is significantly greater if you operate your business as a sole proprietor or through a limited liability company taxed as a sole proprietor. Entities that are taxed as partnerships, C corporations and S corporation (LLCs can potentially be taxed all four ways) [...] IR-2010-32, March 16, 2010 The Internal Revenue Service today issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing. “Taxpayers should be wary of anyone peddling scams that seem too good to be true,” IRS Commissioner Doug Shulman said. “The IRS fights [...] The Tax Lawyer’s Blog: “Here is more evidence (as if we needed it) that supports the soundness of our recommendation that small business owners should incorporate or form an LLC rather than operate as a sole proprietorship. Back in October we reported that the IRS is considering placing limits on the amount [...] IRS.gov: The Internal Revenue Service has become aware that nominee individuals are being listed as principal officers, general partners, grantors, owners, and trustors in the Employer Identification Number (EIN) application process. A nominee is not one of these people. Rather, nominees are temporarily authorized to act on behalf of entities during the [...] As the federal government continues to grow, it provides less service at a higher cost. During the 2009 income tax filing season 75.7 million people tried to call the IRS toll-free telephone lines. Although the IRS answered 35.8 million (47.3%) calls, 22.4 million calls were not answered because taxpayers hung up, were [...] |
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