Randolph Law Firm, P.C.

July 2014 Archives

IRS approves voluntary courses for unregulated tax preparers

The majority of taxpayers, including in Nevada, do not do their own returns. Instead, they hire someone to do it for them. The IRS recognizes and regulates a group of “federally authorized tax practitioners,” who consist mainly of CPA’s, attorneys, and enrolled agents. These FATPs are generally experienced and trained individuals who are allowed to represent taxpayers during audits, appeals and conferences.

IRS pays and collects millions through informant award program

Some persons may find it a lucrative calling to become an informant for the IRS. Federal law contains provisions to compensate handsomely those who turn in tax evaders or other tax violators. Thus, in Nevada and all other states, the IRS pays between 15 and 30 percent for information leading to the recovery $2 million or more. This only applies where the delinquent taxpayer has income in excess of $200,000.

IRS seeks to collect additional $7 billion in oversees taxes

The IRS has unique problems with collections of taxes from Americans and American companies located overseas. Obviously, their sheer geographic distance from the United States may make them somewhat inaccessible to the IRS. Furthermore, the circumstances may not lend themselves to universally conscientious income-reporting by some individuals and businesses. Citizens in Nevada and other states often maintain close relationships with businesses and individuals in foreign locations but they generally have no legal obligation to pay the foreign entity's taxes.

Taxpayers' Bill of Rights released by IRS to the public

A majority of Americans, including in Nevada, don’t believe that they have any legal rights with respect to the IRS. Based on popular images of the IRS wielding absolute power, such beliefs may be understandable. However, anyone familiar with the American constitutional system knows that no agency can be a power unto itself. Recently, the IRS itself acted to dispel such fantastical ideas by officially releasing a “Taxpayer Bill of Rights.”

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Randolph Law Firm, P.C.
6260 N. Durango Drive
Las Vegas, NV 89149

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