New IRS Focus

The IRS has recently begun to focus on the accuracy of information contained in Schedules A, C, and E. They are doing this by informing tax preparers that, while they may rely in good faith on client information, they may not ignore the implications of information that may be suspected to be untrue, incomplete, inconsistent, or inaccurate. What this means for you, the taxpayer, is that your tax preparer will be asking you to provide ...

IRS Modifies Safe Harbors for Ponzi Scheme Victims

If you've been cheated in a Ponzi investment scheme "a la Bernie Madoff", the IRS wants to cut you some slack. From previous experience, we know the feds will let you treat your loss as a tax-favored ordinary loss rather than a capital loss. Locally, Longcrier & Associates has had experience with helping clients caught up in the Estate Financial meltdown, and also Cedar Funding in Monterey County to name just two. The IRS generally takes ...