Federal Tax Posts Aug9

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Post 1:

Owe back taxes? You may not be able to get a passport. The IRS is reminding taxpayers that they may not be able to renew a current passport, or obtain a new passport, if they’re delinquent in paying federal taxes. A 2015 law made having a “seriously delinquent tax debt” grounds for denial, revocation or limitation of a passport. For 2019, a seriously delinquent tax debt is $52,000. For more information: https://bit.ly/2MQ8Q3x

Post 2:

 taxpayer loses on several fronts. The IRS audited a taxpayer and determined that he owed capital gains tax on the sale of a construction business. The taxpayer filed for bankruptcy, but the Bankruptcy Court ruled that he was liable for the unpaid tax because he’d willfully attempted to evade collection. After the bankruptcy, the IRS resumed trying to collect the unpaid tax. Eventually, a default judgment was entered against the taxpayer for $491,513, plus interest. He then filed a claim alleging that he’d suffered injury due to the conduct of specific IRS employees. A U.S. District Court dismissed the taxpayer’s claim but will allow him to amend his complaint.

Post 3:

The U.S. Tax Court has upheld the IRS’s revocation of a group’s tax-exempt status. Although the organization did distribute some assets to charitable organizations, it wasn’t operated exclusively for an exempt purpose. The taxpayer was originally a for-profit company specializing in the sale of replacement windows and other home improvement services to residential customers. It used telemarketing to promote its services. Recognizing that charitable organizations weren’t subject to the restrictions of the “do-not-call registry,” the company decided to create a nonprofit corporation. But the IRS revoked its exempt status and the court agreed.

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