The IRS is continuing its efforts to catch taxpayers who failed to report foreign earning or accounts. The Associated Press reported that the IRS is in the hunt for taxpayers who had foreign accounts with companies owned by R. Allen Stanford — the billionaire who was indicted for fraud and other charges. Basically Stanford, ran [...]

At the beginning of this month, the Treasury Inspector General released a report describing the negative effect that reduced withholding associated with the Making Work Pay Credit (MWPC) could cause. What the report mentioned is that 15+ million taxpayers could owe taxes when filing in 2009 and 2010 due to the fact that the withholding tables failed to consider certain factors. Moreover, many taxpayers will receive no refund or a reduced refund and some may end up with IRS penalties.

A couple days ago, the IRS extended their deadline for taxpayers with hidden offshore accounts to voluntarily come forward and report any account over $10k. This pushed back the deadline from September 23rd to October 15th, 2009. Remember, as a US taxpayer you need to file a tax return and report income whether working abroad, or if you own foreign equities or stock.

Today, the Wall Street Journal reported that certain State Tax Revenue Agents are using social sites to find those taxpayers that owe money and who been trying to stay under the radar. Social sites like Facebook.com, MySpace.com, and others have been named in the article. Minnesota and California are some of ths states using the [...]