On Friday, February 15, 2013 we posted How to Report Your Tribal Trust Settlement to the IRS? Since then the IRS announces the publication of Notyice 2013-16, which updates and supersedes Notice 2013-1. Notice 2013-1, 2013-3 IRB 281, provides guidance on the federal tax treatment of per capita payments that members of Indian tribes…
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Are You an IRS Audit Target? Part I
The IRS said it audited more than 1million individuals in fiscal 2012 for the sixth year in a row, collecting more than $50 billion for the third consecutive year. While those numbers might seem high, audit rates are really quite low. The IRS’ audit rate is roughly 1.03 % of all tax returns filed. The…
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Are You an IRS Audit Target? – Part II
We previoustly posted Are You an IRS Audit Target? - Part I. We continue this discuss herein. Several approaches can improve the odds that you won’t be caught in an audit. Some are surprisingly simple. These include fact-checking names and Social Security numbers for you, your spouse and dependents and filling out accurate occupational descriptions…
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Why Do Celebrities Have Tax Problems?
What do Marion Barry, Rob Lowe, Wyclef Jean, Vera Wang and Lindsay Lohan have in common? IRS trouble! No matter how famous, talented or connected, whether actor, designer, politician or musician, in the eyes of the Internal Revenue Service they are simply “taxpayers.” The average taxpayer who chooses a withholding status and then turns tax…
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