Late filing penalties for partnerships – how to make them go away

I’m working with a new client whose former CPA failed to file their partnership tax return on time – it actually escaped their notice until the next tax season came along the next year – consequently, this 2 person partnership was charged a $4,680 penalty ($195 per partner, per month, as long as it was […]

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IRS Gouges Martin Shkreli with $4.6 Million Tax Lien

BY MICHAEL COHN The Internal Revenue Service has filed a tax lien for $4,628,928.55 against Martin Shkreli, the former CEO of Turing Pharmaceuticals who hiked the price of a lifesaving medication produced by the company by 5,000 percent. The IRS prepared the tax lien against Shkreli on December 18, a day after the FBI arrested […]

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IRS Systems Outage Shuts Down Tax Processing

119 WASHINGTON, D.C. (FEBRUARY 3, 2016) BY MICHAEL COHN The Internal Revenue Service said Wednesday evening its tax-processing systems have suffered a hardware failure and that tax processing could be affected into Thursday. “The IRS experienced a hardware failure this afternoon affecting a number of tax processing systems, which are currently unavailable,” said the IRS. […]

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Supreme Court Rules in Favor of Same-Sex Marriage

WASHINGTON, D.C. (JUNE 26, 2015) BY ROGER RUSSELL In a 5-4 ruling, the Supreme Court held in Obergefell v. Hodges that the 14th amendment requires all states to license a marriage between two persons of the same sex, and to recognize same-sex marriages validly performed out of state. Justice Anthony Kennedy wrote the majority opinion, […]

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IRS Detects Massive Data Breach in ‘Get Transcript’ Application

WASHINGTON, D.C. (MAY 26, 2015) BY MICHAEL COHN The Internal Revenue Service warned of a huge data breach of its online Get Transcript application that allowed the tax returns of approximately 104,000 taxpayers to be accessed by identity thieves. The IRS said Tuesday that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized […]

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800,000 Taxpayers Received Wrong Tax Info from Health Insurance Marketplace

{source: http://www.accountingtoday.com/news/tax-season/800000-taxpayers-received-wrong-tax-info-from-health-insurance-marketplace-73707-1.html} AKA, this is why we can’t have nice things – Ian Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when they receive […]

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Get your tax refund on a reloadable debit card

On occasion, people will ask me if they can pay their tax return fees as a deduction from their refund – the answer is yes. There are a few methods: Direct deposit refund transfer – using this method, we can direct deposit your refund, and deduct tax preparation fees from your refund. Additional fees do […]

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Woman accused of stealing $27K from her employer

Shared through kcofer@paychecx.com Trust, but verify, folks: SPARTANBURG COUNTY, S.C. — A woman has been charged with breach of trust after being accused of stealing thousands of dollars from her employer. Tina Jo Simmons was the bookkeeper for Welders Supply House on Asheville Highway in Spartanburg, according to the police report. The vice president of […]

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Not cool, Dude. Not cool

WASHINGTON, D.C. (MARCH 19, 2014) BY RICHARD RUBIN BLOOMBERG (Bloomberg) An Internal Revenue Service employee took home a computer thumb drive containing unencrypted data on 20,000 fellow workers, the agency said in a statement. The tax agency’s systems that hold personal data on hundreds of millions of Americans weren’t breached, the statement said Tuesday. “This […]

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Where the heck is my refund?

If you’ve filed your tax return, expect a refund, and wonder where it is, you can go to the web and find out the status. You can either go to my website (http://ianharpercpa.com/) click on the “Links” tab, then scroll to the bottom of the page and click on the link that says “Where the […]

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