From the arizona tax attorney Tag

Energy Incentive Credits

Most everyone seeks to conserve energy and use it wisely.  There are a number of provisions in the Internal Revenue Code that encourage individuals to be energy smart.   Residential Energy Efficient Property Credit […]

Statute of Limitation Basics

Generally, a statute of limitations is a law that limits the time a legal proceeding, or act allowed under a law, can be initiated.  Think of it as a way of legal housecleaning – […]

Property Valuation Issues

Valuing a piece of property where there is not a readily available market price available can be difficult.  And issue may arises when you make a gift of this property to a loved one […]

IRS Contractors and Summons Material

The IRS has clarified its rules regarding when an IRS contractor may receive material on behalf of the IRS that was produced in response to an IRS summons.   The IRS has amended its […]

Frivolous Tax Arguments

The IRS recently issued a list of the latest tax scams and frivolous tax arguments it sees in the Tax Court and the IRS appeals process.  These arguments have never worked, nor will they […]

Court Upholds FBAR Penalty That Exceeded Foreign Account Assets

A Federal appeals court recently upheld a case where a Florida taxpayer (Mr. Carl R. Zwerner) was assessed a penalty equal to 150% of the value of the foreign accounts that he should have […]

Supreme Court Allows Maximum Penalty

The U.S. Supreme Court recently ruled that even though a taxpayer invested in a tax shelter based on advice that turned out to be incorrect, the IRS is still able to assess the maximum […]

Virtual Currency Treated As Property by IRS

The Internal Revenue Service recently released their views on the proper tax treatment of virtual currencies such as bitcoin.  These virtual currencies are often used as a medium of exchange for payment for goods […]

Responsible Person Liability For Payroll Taxes

The Internal Revenue Code (Section 7501) states that payroll taxes withheld from an employee’s paycheck are held in trust for the United States and must be paid to them.  Withholding these funds and then […]

IRS May Offer Penalty Relief Under OVDP

The IRS continues to collect revenue under its Offshore Voluntary Disclosure Program (OVDP).  To date it has brought in $5 billion in revenue.  The penalties are varied and can be severe.  Recently, the IRS […]