Archive for May, 2008
Wednesday, May 14th, 2008
There is no doubt about it. The IRS appears to be getting help. Not only is it back in business enforcing the country's tax law (Internal Revenue Code), but it seems to be getting a jump start in those cases that a few years ago would have been impossible to ...
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Tuesday, May 13th, 2008
On February 27, 2008, Office of Chief Counsel (i.e. the legal arm of the IRS) issued Notice CC-2008-011 to clarify its concern of potential “evidentiary” problems with respect to information received under the Tax Whistleblower Reward Program.
Essentially, the Notice deals with 3 situations for which a tax whistleblower may be ...
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Thursday, May 8th, 2008
During recent weeks I have been approached by several accountants with a similar question, "One of my clients was solicited by a Tax Shelter promoter to enter into what I consider an abusive scheme to create artificial deducitons or to hide income. I advised my client not to participate, ...
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Tuesday, May 6th, 2008
Labeled as the largest criminal tax investigation ever conducted, the Justice Department began a quest in 2000 to dismantle Anderson’s Ark & Associates, an organization that the Justice Department claims has sold abusive tax shelters to over 1500 clients. At one point, over 500 IRS Special Agents were investigating ...
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Sunday, May 4th, 2008
One thing is clear; the IRS is back in business. A decade ago, Congress enacted the Restructuring and Reform Act of 1998 (RRA 98). Due to alleged abuse by the IRS, Congress increased the administrative requirements and legal duties of the IRS in an effort to ensure that taxpayers were ...
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Thursday, May 1st, 2008
The IRS has recently been active putting into place regualtions and issuing Notices with respect to those items that begin to make the tax whistleblowing process work. Clarification of IRC Section 7623 was addressed by IR Notice 2008-004. Primarily, the Transition rules:
New section Title 26 Internal Revenue Code (IRC) 7623(b) ...
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