TaxEsqBlog -by Ronald J. Cappuccio, J.D., LL.M.(Tax)

IRS Audits and Collections down for 2016 IRS has issued the 2017 IRS Data Book, its annual publication containing statistical tables and IRS organizational information. One key figure in the Data Book is the rate at which IRS audited returns in 2017 – it dropped to 0.6%, the lowest rate since 2002. Background. Each year, IRS issues the Data Book, which describes activities from the most-recently ended fiscal year and includes information about tax returns, refunds, examinations and appeals, illustrated with charts showing changes in IRS enforcement activities, taxpayer assistance levels, tax-exempt activities, legal support workload, and IRS budget and workforce levels compared to the previous fiscal year. Interesting statistics in the 2017 book. Some of the interesting statistics from the 2017 book, which covers IRS activities conducted during the period from Oct. 1, 2016 to Sept. 30, 2017, include: There were fewer audits during fiscal year 2017, as compared to fisca...

States Attack Business! In order to collect more money to pay for their profligate spending many states are hiring collectors and placing judgments against taxpayers who owe taxes. Many states are trying to declare businesses as being resident of their state and therefore requiring them to register and pay taxes with the state. New York is leading the attack, but others are quickly following suit. Full Article....

The IRS has started a big push to collect money. Bank Levies and Wage Executions are up. There is also an attack against late filers. One client who is late filing a 941 for the third quarter (due Oct 31) has already received an IRS assessment based upon inflated figures. If that happens to your business, you have only 30 day from the DATE OF THE ASSESSMENT to file the actual return. If the IRS knocks on you door, get the card of the person, but give no information other than referring them to Ronald J. Cappuccio at (856) 665-2121. DO NOT LET THEM INTO YOUR HOME OR BUSINESS! For more information on Confronting the IRS, click here...