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warning of tax scams

IRS Warns of Various Tax Scams

The IRS puts out constant reminders concerning potential tax scams that could prove costly to Michigan taxpayers. Taxpayers may lose out on refunds. They could also face civil and criminal penalties for false reporting or filing frivolous returns. The agency recently put out what it calls its “Dirty Dozen” list. These scams range from obtaining private …

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difficulties for federal employees with tax

New Tax Law Creates Problems for Federal Employees

On behalf of Silver Tax Group posted in Back Taxes on Monday, April 16, 2018. Even federal employees have problems with the tax code. This includes experiencing difficulties concerning reimbursement for transportation, travel and relocation. The problem concerns the need for updating of regulations pertaining to the newly passed Tax Cuts and Jobs Act. Becoming effective on January 1, …

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A blue-collar worker and tax law changes

Tax Law Changes and Detroit’s Blue-collar Workers

On behalf of Silver Tax Group posted in Tax Law on Friday, January 26, 2018. Recently named “America’s Comeback City,” Detroit has a lot to be proud of. As the economy evolves, Michigan’s largest city is thriving. The poverty rate is lower than the national average, its unemployment rate continues to drop and revitalization efforts are infusing new blood …

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the power the IRS

Tax Provision the Subject of Supreme Court Case

On behalf of Silver Tax Group posted in Tax Crimes on Thursday, January 4, 2018. We’ve long discussed on this blog the power the IRS has in imposing criminal penalties. For example, Tax Code Section 7212(a) imposes penalties upon individuals who obstruct, impede or even endeavor to obstruct or impede “the due administration” of the Internal Revenue Code.” This …

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tax changes in 2018

Tax Changes in 2018

On behalf of Silver Tax Group posted in Tax Law on Wednesday, November 22, 2017. As we near the end of 2017, you can’t turn anywhere without hearing about taxes. Tax reform is in the news. Ads for Black Friday and Christmas deals on tax software start to flood the airwaves. Businesses start to send their employees notices that …

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IRS rehires with misconduct issues

Many IRS Rehires Have Prior Misconduct Issues

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, October 31, 2017. Taxpayers face criminal penalties for tax code infractions. However, IRS employees also have been guilty of misconduct. Some have a history of performance issues. And many may still be working for the agency. Employees with misconduct issues Treasury Inspector General for Tax Administration …

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new tax reform proposals

What’s Included in the New Tax Reform Proposals?

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, October 25, 2017. Every presidential administration promises some sort of significant tax reform. While the promise is almost always that the impact will be beneficial to the ordinary taxpayer, issues and unintended consequences usually arise. Michigan residents will nevertheless wish to pay attention to new changes in …

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new bill regarding digital currency

Congress Introduces New Bill Regarding Digital Currency

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 21, 2017. As digital currency is not the same as real currency, taxing of digital currency transactions is complex. Since digital currency can go up and down in value, exchanges and sales of digital currency trigger capital gains tax treatment. Because the price of digital currency has …

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congressional bill

Congressional Bill Designed to Curb IRS Abuses

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 14, 2017. There have been a large number of complaints from farmers and business owners facing unjust IRS prosecution. Such complaints involve the IRS accusing farmers and small business owners of making transactions under $10,000 to avoid the Bank Secrecy Act rules. Congressional bill In …

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tax breaks and job seekers

FATCA Challenge May Move to the Supreme Court

On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, September 7, 2017. Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and …

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proposals and tax write-offs

Proposals Could Mean Certain Tax Write-offs Will Vanish

On behalf of Silver Tax Group posted in Back Taxes on Wednesday, August 30, 2017. Changes to the tax code that some politicians propose could actually hurt many individual taxpayers. This is because simplification of the tax code could eliminate a large number of tax write-offs. Such changes in turn could eliminate incentives to itemize deductions on tax forms. …

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supreme court and retroactive tax legislation

Supreme Court Will Not Rule on Retroactive Tax Legislation

We previously wrote about a legal challenge brought by a number of corporations concerning changes to Michigan tax law. The U.S. Supreme Court has now declined to hear this challenge. Because of this, the changes to Michigan laws will stand. Changes on retroactive legislation These changes in law resulted in some of these businesses retroactively owing back …

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alternative minimum tax

The Possible Repeal of the Alternative Minimum Tax

On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. For decades, the alternative minimum tax has been a source of contention for taxpayers in Michigan and across the country. While the aim of the AMT was originally to target extremely wealthy taxpayers, it has been under criticism for impacting upper-middleclass taxpayers instead. What …

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Legislators looking at repeal of FATCA

Legislators Looking at Repeal of FATCA

On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, April 19, 2017. With every new presidential administration, there are likely to be changes in federal tax policy. Some of these changes can radically impact the way that Michigan taxpayers will file their taxes and report on earnings. One such possible measure involves repeal of the Foreign …

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