Internal Revenue Service

The former chairman of the HSBC Swiss private bank Lord Stephen Green covered illegal activities of banking arm dealers and helped wealthy customers from around the world to evade taxes. This kind of strategy used by Mr. Green shows disappointing financial performance by people who are supposed to act like leaders not criminals. Instead of keeping the company’s reputation safe, Mr. Green engaged himself and the company who he’s been leading into trouble. Moreover, while Mr. Green let these…

less tax evasion such as imposing larger penalties and increase the ability to detect taxpayer-evading taxes. Among the various types of potential penalties that would help lower tax evasion instances include, monetary fines that would recoup the revenue when criminal sanctions do not (Pickhardt & Prinz, 2012). By increasing penalties that would utilize fines would also be helpful. While these would be very helpful, in reality, it does not seem to be a consideration. There are reasons why…

Monica- Hiring Household Employees How to File Your Taxes as a Household Employer If you are a household employer, it is wise to consult a proper tax preparer or accountant to assist you with filing your taxes. Guy La Monica, and his team at RKL Tax Service LLC are prepared to help you determine how your household employment taxes need to be handled, ensuring you are in compliance with the federal and state government standards. Who is a Household Employee? In short, a household employee is…

The rule of Texas Public Accountancy Administration (TPAA) prohibits Certified Public Accountants (CPA) in Texas from advertising their tax services to the person whose name is on the IRS’s potential audit list within 30 days following the date of publication. This case raises a question whether the TPAA’s policy of banning CPA’s solicitation to potential customers violates the right of free speech under the First Amendment. We hold the opinion that the policy is unconstitutional in serving the…

IV. Authority for Conclusions A. Per I.R.C. §162(a), in order for Mr. Boston to deduct miscellaneous itemized expenses on Schedule A of his 2013 tax return the deduction must be ordinary and necessary expenses paid or incurred during the tax year in the course of carrying on any trade or business. Treas. Reg. §1.162-5 clarifies the Code section for the purpose of expenses for education. Treas. Reg. §1.162-5(a) describes the two situations in which education expenses are allowed to be…

Are you one of those people that every once a year you have the obligation to do taxes? Whether you like it or not this is a duty that must be accomplished in order to not get into a dilemma with the government. In order to do your taxes you must know the history and how they came to be. If not, you are just doing paperwork for the government without knowing what you're getting yourself into. It all dates back to the summer of 1861, we are in the verge of the commencement of the Civil War. The…

there comes a time when this activity becomes more than a hobby and under US tax laws and regulations is considered a business. But, how can you tell if what you’re doing is no longer a hobby, but a business instead? As defined by the Internal Revenue Services, IRS, a hobby is an activity not executed with the hopes of making a profit. To determine the status of your activity, taxpayers are advised to follow appropriate guidelines to avoid misfiling an activity considered a business as a hobby…

All the branches of government have protocols to follow. In order, for the government to work efficiently they uses certain rules to help give them structure and organization. The committee hearings are ways the government and government officials partake in to help the economy. The legislators are the main audience of the committee hearings and would revert to the meeting to be well equipped with important information, regarding societal issues and gives methods to solve problems. There are…

preparation of financial statements. The terms fair market value and fair value are typically used in business-owner buy-sell agreements without proper consideration of the confusion these terms can cause. Fair market value is defined by the Internal Revenue Service as the price at which a property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable…

Wacky Tax Deductions Unusual Tax Deductions Generate Unexpected Income People have successfully claimed some pretty zany deductions, and in the interests of lightening up the dry topic of preparing taxes, we 'd like to examine the lighter side of business and tax planning by covering some of these deductions. Of course, there is a point to reviewing these wacky deductions -- you’ll get a better of idea of how the IRS applies tax law to your tax claims. You can deduct those claims that the IRS…