Construction Industry Tax Issues Accumulated Earnings Tax Closely held C corporations are more likely to accumulate earnings and profits beyond the reasonable needs of the business in order to avoid income taxes on its shareholders than are large C corporations. Each accumulated earnings case is unique. No pro forma guide…
Abusive Tax Evasion Schemes Resolve your tax problem and get tax relief today! Examples of Abusive Tax Scheme Investigations – Fiscal Year 2009 The following examples of abusive tax schemes are written from public record documents on file in the courts in the judicial district in which the cases were…
Special Tax Break on New Car Purchases Available in States With No Sales Tax The Internal Revenue Service and Treasury Department today announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery…
Getting to Grips with Wage Garnishment Have you ever heard of a wage garnishment? If you haven’t, and you are responsible for paying the IRS what you owe them, then you should read on! If you’re in a position where you owe the IRS money already, then you shouldn’t just…
IRS to seek more regulation of tax preparers The IRS reported that it is working on new rules that will require paid tax preparers to be licensed. This will improve tax compliance and reduce tax preparer fraud; IRS Commissioner Doug Shulman announced that on June 4, 2009. A whopping eighty…
IRS Disaster Tax Relief Added Leon, Levy and Wakulla counties, 5/12/09 Added Dixie and Gilchrist counties, 5/4/09 tax relief from the Internal Revenue Service. Following severe storms, flooding, tornados and straight-line winds on March 26, 2009, the President declared Calhoun, Dixie, Gilchrist, Hamilton, Holmes, Jackson, Lafayette, Leon, Levy, Liberty, Madison,…
IRS has a check for you Mike Habib, EA Tax Relief & Tax Problem Resolution IR-2009-16, March 3, 2009 WASHINGTON — Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today.…
Enhanced first-time homebuyer credit in the American Recovery and Reinvestment Act of 2009 Mike Habib, EA Tax Relief & Tax Problem Resolution In hopes of spurring the housing industry, the recently enacted “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) includes an enhanced tax credit for…
Tax changes affecting individuals and families in the American Recovery and Reinvestment Act of 2009 Mike Habib, EA Tax Relief & Tax Problem Resolution The recently enacted “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax relief for low…
Seventh Circuit classifies computer programmer as an independent contractor Suskovich v. Anthem Health Plans of Virginia, Inc., (CA 7 1/22/2009) 103 AFTR 2d ¶2009-385 The Court of Appeals for the Seventh Circuit, affirming a district court, has concluded that a computer programmer was an independent contractor and not an employee.…