In the news: Hastert accused of structuring

Posted by on May 30, 2015 in Blog | 0 comments

So, exactly what is structuring? In 1986 congress enacted Section 5317 of the IRC as a tool to combat drug trafficking by requiring banking institutions to report cash transactions in excess of 10k. Here’s a good article on the subject if you want to know more.

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Guilty until proven innocent

Posted by on May 13, 2015 in Blog | 0 comments

Wait, that can’t be how things work in this country. Well, that is how it works when dealing with the IRS. In most cases a determination by the IRS is presumed correct unless proven wrong by the taxpayer. That’s why I like this recent case about a bartender beating the IRS. His daily tip records were good enough to beat the IRS in court. This┬ácase demonstrates the power of good record...

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Bogus Education Credits?

Posted by on May 5, 2015 in Blog | 0 comments

Many news sources today have reported that IRS may have issued 5.6 billion in bogus education credits. This comes from a report from the Inspector General after reviewing statistics from the 2012 tax year. They reached this conclusion because total education credits claimed on returns exceeds the total amount of eligible expenses reported on Form 1098-T by roughly 5.6 billion dollars. Everyone likes to complain about government incompetence,...

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