IRS eases rules for partial annuity exchanges Mike Habib, EAmyIRSTaxRelief.com In 2003, IRS issued a revenue ruling formally sanctioning partial annuity exchanges as qualifying for tax-free treatment under Code Sec. 1035. At the same time, it issued a notice warning that it would go after taxpayers who use partial exchanges…
Final regs clarify treatment of loss from abandoned securities Mike Habib, EAmyIRSTaxRelief.com IRS has issued final regs that provide guidance on the availability and character of a loss deduction from abandoned securities under Code Sec. 165. The regs, which adopt proposed regs issued in 2007, apply to securities abandoned after…
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…
Guidance on timing of PPA-related amendments for calculating plan cash-outs starting in 2008 Mike Habib, EAmyIRSTaxRelief.com IRS has issued guidance, in question and answer format, that addresses the timing of plan amendments made to comply with Sec. 302 of the Pension Protection Act of 2006 (PPA 2006, P.L. 109-280, Sec.…
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…
Tax Return Preparer Fraud Since I recently represented an innocent couple who were victims of Tax Return Preparer Fraud, and successfully helped them in their audit, I thought you might be interested in the info below. Per the IRS: FS-2008-10, January 2008 Return preparer fraud generally involves the preparation and…
S corporations tax challenges by the IRS and other taxing authorities Tax Advocate’s Report highlights S corporation issues Despite the fact that Subchapter S corporations are the most common corporate entity (over three million S corporations filing returns in fiscal year 2006), the National Taxpayer Advocate’s 2007 Annual Report notes…
How to handle the IRS at your Front Door? Is a Revenue Officer or a Revenue Agent visiting you soon? If you find yourself face to face with an IRS Agent (Revenue Officer for collection issues, or Revenue Agent for audit and examination issues), at your front door you must…
IRS tax audit and IRS tax problems facing transportation or construction businesses, and other similar industries IRS SBSE-04-0108-003, 1/14/08 The IRS has reissued interim guidance that provides audit guidelines to its examiners reviewing excess per diem payments. The original guidance expired in November 2007. The original guidance (IRS SBSE-04-1106-049) affected…
IRS tax audit, IRS tax examination, IRS audit reconsideration, IRS appeal Are you asking yourself … If I have tax problems who should I contact? Fiscal Year 2007 Enforcement and Service ResultsAs reported in a statement issued by IRS, it has continued to make strong progress in a number of…