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Saturday, July 04 2009 @ 04:28 AM EDT
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Connecticut Tax Amnesty First Look

General NewsAmnesty program only applies to unfiled returns or under reported tax returns. If you owe DRS money for properly filed returns, the Amnesty Program does not apply.
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What do Ana Ivanovic, Soren Hansen, and Coldplay have in common?

General NewsWell the IRS will be paying "special attention" to these three and any other foreign athletes and entertainers who work in the United States. The IRS recently launched an "Issue Management Team" focused on improving compliance by foreign athletes and entertainers who work in the United States. And the initial focus will be on non-Citizens engaged in tennis, golf and music.
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Florida Taxpayer Charged in Murder for Hire Plot of an IRS Revenue Officer

General NewsOn July 30, 2008, Randy Nowak was charged in a criminal complaint in the U.S. District Court, Middle District of Florida, Tampa Division, with attempting to kill an Internal Revenue Service (IRS) Revenue Officer while such officer was engaged in the performance of official duties.

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On hold with the IRS? You're not alone!

General NewsCalling the IRS is certainly can be grueling. Hold times can typically run up to an hour. But of you called, you know you're not alone. The IRS provides these two classical compositions for your listening pleasure. But what the names of these catchy jingles? Well, we have investigated various claims and now are able to reveal the truth

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Better Business Bureau Connecticut Gives "American Tax Relief" a Failing Grade.

General NewsAccording to the firms promising to help Americans reduce their back taxes, so called "tax relief" has become a lucrative industry. The BBB warns however that consumers do not always get what they paid for and can be left to answer to the Internal Revenue Service without the expertise or relief for which they paid.

One example is a company called American Tax Relief, which promises to "settle tax debt for a fraction of the debt," and "remove penalties, interest and tax lien." The BBB maintains that more than 150 customer complaints have been filed against this company, which received an "F" from BBB. Two complaints against the company were filed in Connecticut since 2005.
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Can the IRS Run Out of Time to Collect Taxes?

General NewsYES. The taxman doesn’t have forever to chase down unpaid taxes. Generally, 10 years after the tax is assessed, if the IRS hasn’t collected, the statute of limitations kicks in and debts are forgiven. However, there are some important caveats to be aware of.
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Connecticut Peparer barred from preparing federal tax returns

General NewsOn June 2, 2008, a federal judge in Hartford, Conn., has issued a preliminary injunction order against Sunita Buddhu, a resident of Wethesfield. The order precludes Ms. Buddhu from preparing federal income tax returns, amended federal income tax returns and other related documents and forms for others. Additionally, the order prohibits the, resident from representing customers before the Internal Revenue Service (IRS); advising, assisting, counseling or instructing anyone about the preparation of a federal tax return; and promoting tax fraud schemes. The court had entered a temporary restraining order against Ms. Buddhu last month.

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IRS’s NASTY New Warning Letters

General NewsMany more taxpayers will be getting a nasty surprise in the mail this fall. A new IRS form called the CP 2057 is on its way, warning its recipients that they may be underreporting, and instructs them to file an amended return if they discover an error upon double-checking their return. It asks the taxpayer to work with their employers to correct W2s, 1099s, K1s and other documents, as wells as warning that it will closely examine the following year’s return to see that similar problems don’t crop up.

Unlike like the previous warning letter --- the CP 2000 --- which names specific changes to income, payments, credits, deductions or other parts of the return and may have asked the recipient to pay additional tax – the new form does not specify the amount of tax that is owed, leaving it up to the recipient to calculate.

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Nation’s Largest IRS Resolution Firm Settles With 18 States

General NewsJK Harris, a company which calls itself “the nation’s largest tax resolution company,” recently settled agreements with state officials in 18 states after receiving numerous complaints that the company did not live up to its advertised claims. Most of the complaints came as a result of consumers paying thousands of dollars up-front to have their IRS problem resolved for “pennies on the dollar to the IRS” through the IRS Offer-in-Compromise (OIC) program, yet not getting the results. As of 2006, only 12,000 OIC offers were accepted, down from 20,000 in 2004.

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Congress Wants to Start Tracking Your Credit Card Transactions

General NewsCongress has recently proposed a controversial bill that would require credit card companies to report payments made to merchants for credit card and debit card transactions to the IRS.
The idea is to catch tax cheats, but opponents of the bill doubt that such regulations would actually catch anyone cheating. Companies that cheat on their taxes usually do so by failing to report cash transactions, not credit card transactions.