http://houstonbusinessdaily.com/advisor/George_Connelly Just another WordPress weblog Mon, 26 Jul 2010 19:25:28 +0000 http://backend.userland.com/rss092 en             In the last article, we focused on overcoming an accuracy penalty when the taxpayer uses and relies on tax preparation software.  Let’s see what the “rules of the road” are if he instead relies on professionals.                The case of Curcio v. Commissioner, T.C. Memo 2010-115, decided May 2010, ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=101             This is a two-part article intended to cover the challenges facing a taxpayer whose return is audited, producing a tax deficiency, on top of which the I.R.S. asserts a penalty.                First, a little bit of history.  Until 1982, outside of situations where the I.R.S. could prove an affirmative ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=98             This is a question I hear from a lot of clients who owe the IRS money, because either they were not able to pay everything on their tax return when it was filed, or they endured an IRS audit and adjustments were unfavorable to them.  The fact of the ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=95             As my readers know, I focus my practice on representing people who have “misunderstandings” with the Internal Revenue Service.  I can’t count the number of clients who have made a comment along the lines of “get me Geithner’s deal” since it came to light that he had some significant ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=90             It is a virtual certainty that higher personal income tax rates are in the cards for Americans.  Even if the United States Congress does not raise rates to pay for the health care proposals or to shrink the deficit, inaction by Congress would return us to the rates that ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=85             I suspect that the answer of most readers will be "why would I want the IRS to find me in any event?"  In fact, I can recall one client who actually asked me to have him removed from what he described as "the IRS mailing list."               Believe it ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=82             Because our Internal Revenue Code contains so many grey areas, and in some situations the potential tax consequences from even a good faith mistake can be devastating, taxpayers often wish they could go to the IRS "in advance" and find out what the tax consequences of a transaction would ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=79             Getting a Notice of Levy from the IRS is never fun, especially if you are the taxpayer.  However, it can be even more perilous when you receive one with respect to someone you employ that owes the IRS money, seeking to garnish the worker's compensation.               An employer would ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=77             It is said that before the tsunami hit the Pacific a few years ago, the animals on the various islands ran from the shoreline toward higher ground.  If you are a return preparer, you ought to consider the signs that a similar tsunami is on its way.               The most ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=74             The homebuyer's tax credit that was effective in 2009 and 2010 has received a lot of attention.  It is just the latest example of the Internal Revenue Code favoring home ownership.  Historically, that practice involved giving deductions for interest on mortgages as well as real estate taxes.  Prior to ... http://houstonbusinessdaily.com/advisor/George_Connelly/?p=71