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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About: Ronald Marini
Recent Posts by Ronald Marini
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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IRS Statistics – Who Filed Uncertain Tax Positions in 2011?
The IRS has released their statistics on Uncertain Tax Position (UTP) filingsby taxpayers for the 2011 tax year. The Schedule UTP asks for information about tax positions that affect the U.S. federal income tax liabilities of certain corporations that issue or are included in audited financial statements and have assets that equal or exceed…
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How to Report Your Tribal Trust Settlement to the IRS?
The IRS announces the publication of Notice 2013-1, which updates and supersedes Notice 2012-60. Notice 2013-1 provides guidance concerning the federal income tax treatment of per capita payments that a member of an Indian tribe receives from the proceeds of certain settlements of tribal trust accounting and mismanagement cases between the United States and that…
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