IRS urged to issue pre-April 15 guidance for Madoff victims An influential voice in politics, former New York State Governor George Pataki, has asked IRS to issue pre-Apr. 15 guidance for victims of the Ponzi scheme alleged to have been perpetrated by dealer and advisor Bernard Madoff and his firm.…
While the new law tax changes in the Emergency Economic Stabilization Act of 2008 were the most significant developments in the final quarter of 2008, many other tax developments may affect you, your family, and your livelihood. These other key developments in the final quarter of 2008 are summarized below.…
As you start to organize your records for your 2009 tax preparation, I thought you might find this brief rundown of 2009 tax changes useful. * ADOPTION TAX CREDIT increases to $12,150 for adoption of an eligible child. * SECTION 179 maximum deduction decreases to $133,000. Phase-out threshold is $530,000.…
No More Tax Problems in 2009 Mike Habib, EA Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009. You can solve your tax problems and get tax relief through our tax resolution services.…
Taxpayer’s failure to timely file breached offer-in-compromise justified renewed collection action Trout, (2008) 131 TC No. 16 Mike Habib, EA The Tax Court has concluded that IRS didn’t abuse its discretion in finding that a taxpayer had breached his offer-in-compromise (OIC) and deciding to proceed with its collection efforts where…
Capital contributions did not restore or increase shareholders’ tax bases in loans to S corporations Nathel, (2008) 131 TC No. 17 Mike Habib, EA The Tax Court has held that taxpayers’ capital contributions to S corporations did not constitute income to the S corporations and that the contributions did not…
IRS reminds taxpayers to make use of recent tax law changes before December 31st [Fact Sheet 2008-26]: Mike Habib, EA With the end of tax year 2008 just weeks away, IRS has issued a number of tax tips that taxpayers should consider. Among the tips are the following–first-time homebuyers (those…
IRS tips for year-end charitable contributions IR 2008-138 Mike Habib, EA IRS reminds individuals and businesses making contributions to charity that they should keep in mind several important tax law provisions that have taken effect in recent years. One provision offers older owners of individual retirement arrangements (IRAs) a different…
A roadmap to disaster area tax relief in 2008 legislation Mike Habib, EA The 2008 calendar year has seen more than the usual share of natural disasters in the U.S., and legislation designed to provide tax relief to the victims. By and large, legislative relief has been granted on an…
IRS boosts 2008 housing cost allowances for those working abroad in high-cost areas Notice 2008-107, 2008-50 IRB Mike Habib, EA A new Notice effectively increases the maximum housing cost exclusion for U.S. citizens and residents working abroad in specified high-cost locations. The increases are based on geographic differences in foreign…