I want to start by clarifying some misinformation which has been circulating amongst those who make their living on sites like Ebay. The repeal recently signed into law by President Obama does not effect, in any way, the reporting requirements mandated upon Paypal and other payment processing sites that began this year. For lack of… Read more
On April 6, 2011, IRS Commissioner Doug Shulman addressed the National Press Club and offered suggestions on improving tax return reporting. The goal of his proposal is to allow for more accurate reporting and a decrease in the number of audits due to mismatched information.
On March 24th, The Treasury Inspector General for Tax Administration (the “TIGTA”) released an audit report of the IRS’s Correspondence and Discretionary Examination (the “CDE”) Program. CDE is the formal name for IRS audits via the mail system. When a tax return is selected for audit under the CDE Program, a taxpayer is sent a… Read more
