A common question asked related to federal income tax filing is: How long should I hold on to receipts? It’s a fair question, considering that if the Internal Revenue Service decides to investigate and order an audit, they likely will want to go back a ways. Receipts will help confirm that claims made in filed […]

For the last couple of weeks, we’ve been focusing our attention on the effects the government shutdown is having on taxpayers. For taxpayers who may be facing the dread of an Internal Revenue Service audit, the shutdown has likely provided a bit of a cushion against the stress, temporary as it might be. As we […]

In our last post we made note of the fact that audits by the Internal Revenue Service would be going into stasis during a government shutdown. What has not been suspended is tax collection, specifically in cases where taxes are collected electronically. What also has not been suspended is the filing deadline for individuals who […]

It doesn’t seem to matter which side of the aisle one sits on in Congress, or at what spot on the political spectrum a lawmaker stands; no one is coming out and saying they support the idea of a government shutdown. And yet, the prospects of avoiding such an event horizon don’t seem very likely. […]

Back in the 1990s, the Beanie Baby craze swept the world. By some estimates the popularity of the under-stuffed bean-bag animals represents the epitome of a marketing strategy based on the concept of controlling a fad and thus increasing the value of the product. Beanie Babies creator, Ty Warner, used the strategy to such effect […]

Tipping is one of those interesting cultural things that can be hard to understand. Someone who has never worked as a wait person may be at a loss to appreciate what a hot button issue it can be. They may be equally at a loss to understand why a new rule by the Internal Revenue […]

Switzerland has long stood as the icon of banking confidentiality. As we’ve written about often in recent months, the United States has been particularly aggressive about going after Swiss banks in an effort to uncover unreported (and therefore untaxed) cash held by Americans. Late last week, the two countries announced they have formalized processes that […]

You probably are among the vast majority of people who have never used it. But perhaps you have heard about it. And you can be sure that you will be hearing more about it going forward. We’re talking about a Bitcoin. And the reason it’s sure to be garnering a lot more public attention is […]

First it was taken to task for apparently targeting conservative nonprofits for undue scrutiny of their tax-free applications. Now, lawmakers on Capitol Hill are wondering if the Internal Revenue Service isn’t being somewhat heavy handed in going after some small businesses. The source of the concern stems from a letter that was sent out to […]

The extent to which federal agencies cooperate with each other to advance their particular agendas is getting a bit more media attention this week. The Internal Revenue Service is smack in the middle of it again. The information being revealed is raising more than a few eyebrows inside and outside of Washington, D.C. According to […]