Category Archives: Uncategorized

Are you an audit target? Here’s the latest scoop from them that (might) know.

Who’s most likely to get audited by the IRS this year? According to Debra Estrem, Managing Director of the scarily-named Tax Controversy Group at Deloitte Tax LLP, the service is going to be focusing more on the wealthiest taxpayers, but is also going to be focusing on people with unusually large deductions and business losses.

As Ben Steverman wrote for Bloomberg, Estrem sees the IRS including in its list of targets taxpayers with:

–large charitable contributions

–large mortgage interest deductions

–large losses from self-employment ventures

–large incomes

Look at this as the IRS trying to focus its limited resources on Going Where The Money Is. None of this means you cannot have significant mortgage interest deductions, or give a lot to charity, or lose money in a venture that you reasonably believe will eventually become profitable.

But as always–document, document, document.

IRS should drop “service” from its name

How hard was it for taxpayers to deal with the IRS this past filing season? A new report, outlined by Government Executive and other publications, says that the agency didn’t even answer the phone — as in, pick up a call — almost 9 million times. Of those calls that were picked up, only 37%… Continue Reading

Hastert and FIFA cases prove the oldest rule in the book: Follow the money!

What does Dennis Hastert’s indictment on apparently Very Very Bad Horrible Terrible Behavior (kudos to Kaili Joy Gray of Wonkette) and the FIFA bribery and kickback scandal (New York Times version here) have in common? They both in part involve people charged with trying to hide or disguise transfers of money—something that is of tremendous… Continue Reading

Delta Airlines pays zero tax on $2.7 billion in earnings in 2013

When people have a bad financial year, they generally don’t get any tax benefit. But when corporations lose money, the losses don’t disappear. For tax purposes, they are carried forward to future years, and can result in companies making billions but still owing nothing. Case in point: Delta Airlines, which, as Bloomberg Business Week explains,… Continue Reading

Google employees may be worth more dead than alive

I had to post this just so I could write the headline. Here’s the deal: Google provides life insurance for their employees. But not just the typical $50,000 policy you may have seen at your job, or a death benefit of one year’s pay. Nope. Google’s policy provides the surviving spouse or domestic partner of… Continue Reading