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October 2016 Archives

IRS has new strategy for collecting tax debt from nonfilers

The IRS loses billions of dollars every year in tax revenue from those who neglect to file tax returns. An audit was done by the Treasury Inspector General for Tax Administration (TIGTA) to determine if the IRS controls were effectively identifying and addressing expired tax filing extensions. The TIGTA found that while the IRS sends proper notification 640,000 nonfilers each year, they missed approximately 1.9 additional taxpayers in 2012 and 2013 combined. As of May of this year, the back taxes for these nonfiling taxpayers equaled $7.4 billion.

Mistakes on tax forms: What should you do?

Sometimes, even those who intended to accurately and fully execute their annual tax return make mistakes. Generally, if a paid tax accountant is responsible for this mistake, they will take steps to correct their error on your behalf as quickly as possible. For those who prepared and filed their own returns, however, this situation can quickly become a real predicament. Should you file a corrected return? How big should the error be before it's required to file an amended tax return? And most importantly, does filing a correction to a previously filed tax form result in increased risk of an IRS tax audit?

New IRS data filters caught $4.1 billion in suspected tax fraud

The IRS added 23 new data elements to its tax return computer system filters this past tax season. The objective of these enhanced features was to locate instances of identity-theft related tax fraud. These efforts are being made to protect taxpayers from identity theft and prevent fraudulent tax returns from being filed.

CPA or lawyer: Who do you need for your tax issue?

When you have a tax issue to resolve, it can be difficult to know if the matter is best resolved through a certified public accountant (CPA) or a qualified tax attorney. In most situations, the particular circumstances will determine if one or the other, or both, are needed.

Firm news & Events

Friday, November 18, 2016

Chaya Kundra will be a panelist at the New England IRS Representation Conference on Preparer Penalties.

Preparer Penalties: Everything You Need to Know! Over time the IRS has increased its focus from individual taxpayers to tax preparers. When the IRS identifies a pattern of false or fraudulent returns, it does not hesitate to impose penalties on the return preparers. This panel will walk you through the various penalties and what preparers need to know to protect themselves.

Moderator: Amanda Evans, Green & Sklarz LLC, New Haven, CT

Panelists: Chaya Kundra, Kundra & Associates, Rockville, MD, Barbara Kaplan, Greenburg Traurig, New York, NY

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Kundra & Associates, PC
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