Tax Lawyer Robert Wood: Three Worst IRS Tax Traps

"Opinions about tax traps vary widely, but I consider these the worst parts of the tax code:

Personal Injury Exclusion, Attorney Fees Pay AMT, Foreign Accounts and FATCA."

Wood LLP

Read more at Forbes.com

HUGE Taxpayer Win: Supreme Court Tells IRS 3 Years To Audit Is PLENTY!

Even the IRS has limits. If you’ve ever been audited by the IRS, you may think going back three years is bad enough. The tax code generally allows the IRS to audit three years back, and six in some cases. The U.S. Supreme Court inU.S. v. Home Concrete & Supply, LLC has dramatically cut back on IRS reaches into six year territory. It’s a positively stunning result.

Read more at Forbes.com

Wood LLP

Why Americans want a Buffett Tax Robert Wood San Francisco California

Why Americans want a Buffett Tax Robert Wood San Francisco California from Sequence Media on Vimeo.

Forget travel if you owe the IRS!

Forget travel if you owe the IRS Tax Lawyer Robert Wood from Sequence Media on Vimeo.

A tax law quietly proposed a few months ago—Owe IRS Taxes, Lose Your Passport—is quietly gaining momentum. Now more people have noticed. If you owe the IRS? You’renot going anywhere if this law passes. In America, we love to tinker with our tax laws. Congress is always introducing one bill or another to tweak an already bloated and increasingly dysfunctional tax system. A tax law quietly proposed a few months ago—Owe IRS Taxes, Lose Your Passport—is quietly gaining momentum. Now more people have noticed. If you owe the IRS? You’renot going anywhere if this law passes. In America, we love to tinker with our tax laws. Congress is always introducing one bill or another to tweak an already bloated and increasingly dysfunctional tax system.

Beware sharp increase in IRS audit rates Tax Lawyer Robert Wood San Francisco California

Beware sharp increase in IRS audit rates Tax Lawyer Robert Wood San Francisco California from Sequence Media on Vimeo.

The IRS has released its 2011 IRS Data Book showing an unprecedented 62.8% spike in audit rates on the wealthiest taxpayers. These audits top out an all-time high of 30%. The IRS has long been criticized for putting too many resources into auditing taxpayers with comparatively simple issues and relatively few dollars at stake. High income persons not only have more dollars on the table but tend to have tougher and more nuanced tax issues. That can make audits more revenue productive.

Robert W. Wood, Wood LLP San Francisco California