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Category: IRS

The IRS Remains Unclear on Bitcoin

With bitcoin’s phenomenal success this year, many are left to wonder how the virtual currency will be taxed. Released in 2009 by an unknown person or group known only by Satoshi Nakamoto, bitcoin is the most prominent of several “virtual currencies,” and is maintained by a decentralized network of computers […]

IRS

Selecting a tax return preparer, part 1: where to start

Given the complexity of the U.S. tax code, it is scarcely surprising that many Americans use professional tax preparers. Often people use the same trusted preparer year after year. This can provide an important element of continuity amid the tax law changes that seem to come every year. It is […]

IRS

IRS Vendors Incurring Large Tax Debts

The Treasury Inspector General for Tax Administration found that almost 1200 IRS vendors, about 7% of all IRS vendors, had almost $600 million in combined federal tax debt! Over half a billion dollars in unpaid taxes by those who are working for the agency in charge of tax collection is […]

IRS

IRS Defends its Argument to Regulate Tax Preparers

“I hate to beat a dead horse, especially one from the Civil War era,” said Justice Department Tax Division lawyer Gilbert Rothenberg while attempting to defend the Obama administration’s effort to regulate the tax return preparation business for the first time in U.S. history. The administration’s case was based largely […]

IRS

Texas’ ‘tax-free weekend’ runs Aug. 9 to Aug. 11

This weekend, parents of school-aged children will cram Dallas-area shopping malls and department stores to take advantage of Texas’ “tax-free weekend.” Between Aug. 9 and Aug. 11, Texas will temporarily suspend the normal sales tax on most clothing, shoes and school supplies under $100. The idea is to give families […]

IRS