July 23, 2008  

Editor's Note

Iris, your IRS helper, has a public service announcement for you: It's not too late to get your stimulus payment. The IRS is continuing to devote time and money trying to track down low- income taxpayers, retirees, and veterans who might not be required to file income tax returns, in an effort to get everyone on the stimulus payment bandwagon. A new mailing is going out to 5.2 million people, most of whom are not required to file tax returns, suggesting they file a form to request their rebate payment. Our tax dollars are of course paying for all of these administrative costs. Is this merely an election ploy to make the current administration look like the good guys, or is this a subversive means of getting millions of non- taxpaying citizens on the federal radar?

Listen to Iris's announcement.

Best regards,
Gail Perry, CPA
Managing Editor
AccountingWEB, Inc.
editor@accountingweb.com



Blogs

Blog: Economic Stimulus Checks

These cheques are a sore spot with me, in that I find the economic stimulus checks to be one of the worst ideas anyone has ever invented....

Read Liz Zitzow's Far and Away: Offshore Taxation blog and add your own comments!

Blog: Wake-Up call for your clients

It's time to get review your clients' bank balances and help them protect their life savings! TaxMama provides a solution....

Read Eva Rosenberg's Talk to TaxMama blog and add your own comments!



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IRS tries to find non-filers to give them rebate checks

The Internal Revenue Service is reminding qualifying retirees and veterans that it is not too late to file for an economic stimulus payment and announced it will send a second set of information packets to 5.2 million people who may be eligible but who have not yet filed for their stimulus payment. more

Tax documentary, "An Inconvenient Tax," in the works

Five filmmakers in association with Life is My Movie Entertainment are traveling the United States this summer in an effort to grasp America's growing issue, tax reform. The documentary they plan to film is an unbiased, educational and entertaining look into the potential reforms that are inevitable come 2010 when the Bush administration tax cuts cease. more

Indian tribes take issue with IRS interpretations

Indian tribal governments are urging Congress to enact legislation that would prohibit the IRS from interpreting the tax law in a way that limits the tax-exempt debt that Indian tribes can issue, claiming that such limitations put the tribes at a competitive disadvantage to state and local government, according to a report in public finance newsletter, "The Bond Buyer." more

IRS announces new deadlines for disaster-area tax return extensions

The Internal Revenue Service is postponing until August 29, 2008 the time to file certain tax returns, to make certain tax payments, and to perform time-sensitive acts for storm, flood, and tornado victims in presidential disaster areas in six states, mostly in the Midwest. more

John Doe summons means Swiss banks may have lost their mystique

Earlier this month, the IRS met with several major accounting firms that have foreign offices - a group which is thought to include Ernst & Young, PricewaterhouseCoopers, KPMG, Deloitte & Touche, BDO Seidman and Grant Thornton - to solicit their help with the Qualified Intermediary program. That program began in 2000 and is designed to help the IRS track funds that may be secreted in foreign accounts. more

Celebrity News: Michael Vick adds back taxes to list of woes

Former NFL quarterback Michael Vick, currently serving a prison term for criminal conspiracy resulting from felonious dog fighting, filed for Chapter 11 bankruptcy protection earlier this month and has requested more time for preparing the paperwork in his bankruptcy proceeding. Vick claims debts ranging from $10 to $50 million and assets in the same range on his bankruptcy application. more

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