To disclose or not to disclose, that is the question. Hiding Income Offshore is not the way to go. Mike Habib, EA For years, offshore accounts have been a hot topic in popular culture and for the IRS; most recently Liechtenstein has been mentioned, however the IRS is interested in…
If It Seems Too Good to Be True, It Probably Is Tax Return Preparer Fraud Mike Habib, EA Dishonest tax return preparers can cause many problems for taxpayers who fall victim to their schemes. These scam artists make their money in a number of ways including skimming a portion of…
TIGTA study finds modest audit rate increase for C corps but marked increase for passthroughs ( S Corps) Trends in Compliance Activities Through Fiscal Year 2007, TIGTA Reference Number 2008095 A recently released TIGTA (Treasury Inspector General for Tax Administration) report reveals that despite a slight uptick in FY 2007,…
Enhanced tax breaks make it an especially good time to buy business autos Mike Habib, EA myIRSTaxRelief.com Thanks to economic woes in general and financial trouble for auto manufacturers in particular, it’s a good time to shop for a new vehicle, if you can afford to do so. Thanks to…
IRS Regs clarify Code Sec. 501(c)(3) exempt status and impact of excise taxes Mike Habib, EA MyIRSTaxRelief.com T.D. 9390, 03/27/2008; Reg. § 1.503(c)(3)-1, Reg. § 53.4958-2 IRS has issued final regs clarifying the substantive requirements for tax exemption under Code Sec. 501(c)(3) and the relationship between those requirements and the…
What are your chances for being audited? IRS’s 2007 data book provides some clues Mike Habib, EA myIRSTaxRelief.com IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2007 activities. As this article explains, the data book provides valuable information about how many tax…
Examination and Compliance Check Processes For Exempt Organizations Mike Habib, EA myIRSTaxRelief.com The Internal Revenue Service has a variety of tools at its disposal to make certain that tax-exempt organizations comply with federal law designed to ensure they are entitled to any tax exemption they may claim. The responsibility for…
Distressed asset trust transactions identified as listed transactions Mike Habib, EA In a Notice, the IRS has identified a distressed asset trust (DAT) transaction as a listed transaction under Reg. § 1.6011-4(b)(2), Code Sec. 6111 and Code Sec. 6112. In such a transaction, a tax-indifferent party contributes one or more…
Reconstructing Your Records Mike Habib, EA Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. Records that you need to prove your loss may have been damaged or destroyed in a casualty. While it may not be easy, reconstructing your records may…
Want to stop a wage levy or a bank levy? Read on…. Mike Habib, EA If you have not noticed, the IRS is getting more aggressive in their collection, and audit activities. Enforcement actions is at its highest level for years now! Here is the scoop directly from the IRS…