Category Archives: Tax News

Supreme Court to Hear Case on IRS Summons Power

Posted on April 22, 2014 by Wetenkamp

If the IRS, as part of a tax audit or examination, wants something from the taxpayer, they tend to ask nicely only once. Sometimes it is difficult to hand over the books and every last financial detail to the IRS.  … Continue reading →

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Supermodel Gisele Blames IRS Audit on her Forbes List Ranking

Posted on April 12, 2014 by Wetenkamp

Are you not making the millions you planned to make?  Is your face not occupying magazine covers? Is your name nowhere to be found on any Forbes lists?  Well, the silver lining is that you are not subject to any … Continue reading →

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Koskinen’s Press Club Speech

Posted on April 7, 2014 by Wetenkamp

The IRS Commissioner typically speaks at a National Press Club luncheon once a year.  It is the perfect venue to learn about the Commissioner, his vision, and everything at the top of his to-do list.  Here are a few things … Continue reading →

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IRS Provides Guidance on Tax Treatment of Bitcoin

Posted on March 25, 2014 by Wetenkamp

Its status has been up in the air for some time now, but today the IRS provided guidance on the tax treatment of online currency such as Bitcoin.  The official position is that virtual currency is not to be treated … Continue reading →

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TAP Now Accepting Volunteer Applications

Posted on March 10, 2014 by Wetenkamp

Do you live in Alaska and have a spare 200 to 300 hours per year to donate to a good cause?  You may want to think about volunteering as a member of the Taxpayer Advocacy Panel (TAP). TAP is “a … Continue reading →

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The Unlikely IRS Phone Scam Victim

Posted on March 6, 2014 by Wetenkamp

Have you heard about those IRS phone scams?  No, it’s not what you’re thinking; not scams sponsored by the IRS.  They are scams perpetrated by individuals posing as IRS personnel, and they have been more prevalent than ever in the … Continue reading →

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2014 Tax Season: Status Check

Posted on February 27, 2014 by Wetenkamp

Today the IRS released some key filing season statistics to show how they are doing compared to last year at this time. So far the IRS has received some 49.6 million tax returns and has processed around 98 percent of … Continue reading →

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Sacramento Pot Shop Refuses to Negotiate with IRS

Posted on February 18, 2014 by Wetenkamp

It has been a while since I have seen news about the tax problems of medical marijuana dispensaries.  The one I saw today involves a Sacramento-based pot shop by the name of Canna Care.  The IRS has imposed an $873,000 … Continue reading →

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FTB Holding $16 Million in Returned Tax Refunds

Posted on January 13, 2014 by Wetenkamp

When you move to a different residence, do you immediately contact your creditors to let them know where you are?  Suuuure you do.  When you get around to it… It’s no secret that some people spend their lives moving from … Continue reading →

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New Commish, 2014 Tax Season, EITC

Posted on December 20, 2013 by Wetenkamp

A few noteworthy events caught my eye in the world of tax relief today. First, the Senate approved Obama’s nomination of John Koskinen in a 59-36 vote, confirming him to fill the top position at the IRS; a position that has been … Continue reading →

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