On August 23, 2018 we posted IRS to Introduce New Tax Transcript as of 9/23/18! where we discussed that the IRS announced in IR-2018-171 that it is moving to better protect taxpayer data, in a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series. This new transcript replaces the…
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The IRS Still Does Not Make Effective Use Of Currency Transaction Reports
The Treasury Inspector General For Tax Administration (TIGTA) issued on September 21, 2018 a Report Reference Number: 2018-30-076 to the Commissioner of Internal Revenue concluding that the Internal Revenue Service Still Does Not Make Effective Use of Currency Transaction Reports. Highlights of Reference Number: 2018-30-076 to the Commissioner of Internal Revenue. IMPACT ON TAXPAYERS The Currency and Foreign Transactions…
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Ad Exec Appealed His $10M Tax Refund Denial and Won
According to Law360 a former ad agency executive won his appeal for more than $10 million in tax refunds when the Ninth Circuit ruled on September 24, 2018 that he had fulfilled a legal requirement to report inconsistencies between his personal tax return and that of his now-defunct advertising placement company. Thomas Rubin had sued the Internal…
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Tax Shelter RICO Suit Dismissed for Seyfarth
According to Law360 an Illinois federal judge has dismissed a Racketeer Influenced and Corrupt Organizations Act suit accusing Seyfarth Shaw LLP of selling a client an illegal tax shelter, saying that the man had failed to establish that the alleged fraud was part of the firm’s usual way of doing business or that it was an…
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