IRS Regulations

Expense Your Property under the De Minimis Safe Harbor

The IRS issued regulations in 2013 & 2014 trying to bring clarity to the many conflicting rules in the area of capitalization vs expensing of business property. These new regulations are commonly called the “tangible property regulations”. The new regulations … read more

Temporary Regulations Provide Guidance on Form 5471

Effective December 31, 2013, the IRS issued temporary regulations providing guidance on the reporting by U.S. officers, directors, and shareholders of foreign corporations. Generally, this information is required to be reported on Form 5471, Information Return of U.S. Persons with … read more

Frivolous Tax Arguments: Contention that Compliance with an Administrative Summons Issued by the IRS is Voluntary

IRS deals with many tax arguments considered as “frivolous”.  One such argument is the contention that compliance with an administrative summons issued by IRS is voluntary.  Proponents of this particular position often point to the court case Schulz v. IRS, … read more

Phishing Scams Involving the IRS

I wish fishing scams didn’t go beyond over eager anglers breaking the rules in a fishing tournament.  But that’s a different kind of fish story.  This one’s a bit more serious. Phishing is a scam typically carried out by unsolicited … read more

The Dreaded IRS Letter

Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that does not mean you need to worry. Below please find eight things every taxpayer should know about IRS notices – just in case you … read more

IRS Increases Mileage Rate to 55.5 Cents Per Mile

On June 23, 2011, the Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile … read more

IRS Funding

The IRS estimates that $460 million in additional enforcement funds would net $1.3 billion per year, once new employees hired to track down tax evaders settle in by 2014.  It is also estimated that investments in tax evasion enforcement could … read more

New Guidance on W-2 Reporting Issued by IRS

In a recent Internal Revenue Service Notice number 2011-28, guidance is provided on informational reporting to employees of the cost of their group health insurance coverage as required as part of the Affordable Care Act.  The purpose of the provision … read more

IRS Whistleblower and Informant Awards

Did you know that IRS has a Whistleblower Office with money to pay people who blow the whistle on persons who fail to pay the tax that they owe?  They do and you can be awarded up to 30 percent … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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