Posts Tagged ‘Jason.Dinesen’

While I Was Out…

Thursday, August 8th, 2013

Ten days off in a row should have been enough…but it wasn’t. In any case, here are some of the posts that the tax blogosphere had that might be of interest:

Jason Dinesen asked, “What’s the upside of preparer regulation for Enrolled Agents?” While at the National Association of Enrolled Agents annual meeting, I asked that question, too. The NAEA officials all swore it was a wonderful thing. The only thing I can deduce is that the RTRP program should lead to more Enrolled Agents. That said, I remain opposed to the RTRP program.

National Public Radio (NPR) noted that statistics show that the IRS targeting was worse for conservative groups than liberal groups. Republicans asked Democrats to bring just one liberal or progressive group to hearings that was impacted. To date, none have been found.

Jason Dinesen’s client who went through a nearly 28-month identity theft nightmare with the IRS finally received her tax refund.

The IRS released a draft of Form 8960. What’s that? It’s the new ObamaCare 3.8% Investment Tax. It does appear that the IRS smartly didn’t link the form to Other Income (as I previously noted, gambling income is not subject to this tax). As Paul Neiffer reported, there are only 33 lines to calculate this tax. As I tell my friends, I have lifetime employment…for all the wrong reasons.

Joe Kristan has a report on an interesting court decision: Can suing be your trade or business? The court held that it could be.

Meanwhile, the Tax Court held that a business owner whose business made a whopping $877 must take a salary of nearly $31,000! Joe Kristan has more on what is a very raw deal for the taxpayer. I do agree with Joe’s conclusion: “When advancing and withdrawing funds from an S corporation, be sure to generate the appropriate prissy paperwork.” If you have a loan, make it look like a loan: Charge interest and record it! It’s possible that with good paperwork the owner wouldn’t have received such a ridiculous result.

Would You Deliberately Mail a Check to the Wrong Address?

Monday, January 28th, 2013

Seriously, would you?

Assume you owed a customer $1,000. The debt goes back over a year, and now you’re ready to pay. The customer notifies you that she’s moved, and provides you with her new correct address. How many of you would mail the return to the old incorrect address and wait for the check to come back before reissuing and sending it to her correct address? I’m guessing none of you.

Yet the Internal Revenue Service is going to do this to a victim of identity theft deliberately, with either malice aforethought or just plain indifference and stupidity. Jason Dinesen has more in his 11th part of a series that must be read from beginning to end to understand how broken the IRS’s ability to deal with identity theft really is.

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