[taxabletalk] Russ: Updates From the Blogosphere

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Posted by Russ:
Updates From the Blogosphere
http://www.taxabletalk.com/posts/1252274988.shtml


   Over the past week there's been some interesting stories posted around
   the tax Blogosphere:
   [1]The IRS posted a page titled "Keeping Good Records Reduces Stress
   at Tax Time." I cannot stress this enough. If you have good records
   (especailly good records that corroborate your tax return), an audit
   may be annoying, time consuming, and a pain. That said, you will
   likely survive it just fine. Without those records, you should expect
   to be writing a check.
   [2]Joe Kristan and the [3]Federal Tax Crimes Blog both spotlighted the
   IRS creating a new group to look at "...wealthy taxpayers who use
   offshore arrangements for tax evasion.." It's pretty clear to those of
   us in the tax profession field that you really need to declare those
   foreign bank and financial accounts by September 23rd. If you've been
   hiding money from the IRS for a number of years, I'll echo what Joe
   said: "Folks pondering whether to own up to their offshore accounts
   need to get in touch with their lawyers quickly. Three weeks isn't a
   long time."
   Jerry Koosman was sentenced to six months at ClubFed. Had he not
   admitted that he was duped by tax protesters, the sentence would
   likely have been far longer. [4]Joe Kristan has more.

References

   1. http://www.irs.gov/newsroom/article/0,,id=172250,00.html
   2. http://www.rothcpa.com/archives/005105.php
   3. http://federaltaxcrimes.blogspot.com/2009/09/get-in-line-brother-25-irs-plans-for.html
   4. http://www.rothcpa.com/archives/005115.php