IRS Announces ‘Dirty Dozen’ Tax Scams for 2008 Phishing Scams, Fuel Tax Credits, Frivolous Arguments, Hiding Income Offshore Top the 2008 Tax Scams WASHINGTON — The Internal Revenue Service today issued its 2008 list of the 12 most egregious tax schemes and scams, highlighted by Internet phishing scams and several…
IRS or State Payroll Tax Audit & Employment Tax Audit The word audit can strike a very real sense of fear into the hearts of even the most courageous of men. When you own a business, there is even more at stake than a few minor penalties or fees; you…
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,…
Payments made by retailer in connection with sales promotion weren’t taxable – PLR 200816027 Mike Habib, EA myIRSTaxRelief.com The IRS has privately ruled that payments made by a retailer in connection with a sales promotion were nontaxable purchase price adjustments and they weren’t subject to reporting or withholding. Facts. Taxpayer,…
The IRS OKs deferral of income from intellectual property payments Mike Habib, EA myIRSTaxRelief.com The IRS has privately ruled that a taxpayer could defer reporting income from intellectual property payments until the tax year following the tax year of receipt of the payments under a revenue procedure governing advance payments.…
Offsets in Senate Finance’s farm bill include Schedule F loss limits, optional self-employment tax, and information reporting Mike Habib, EA MyIRSTaxRelief.com On April 18, the Senate Finance Committee conferees on the farm bill announced $2.4 billion of reforms/offsets – “double the reforms in the House or Senate bills alone” –…
IRS Begins Focus on Foreign Athletes and Entertainers The IRS recently launched an Issue Management Team focused on improving U.S. income reporting and tax payment compliance by foreign athletes and entertainers who work in the United States. The initial focus is on those engaged in tennis, golf and music. These…
Memo explains how state property tax credits are taxed and reported – Chief Counsel Advice 200814022 Mike Habib, EA myIRSTaxRelief.com In Chief Counsel Advice, IRS has explained the proper federal income tax treatment of certain state property tax credits and the extent to which the state must provide information reports…
The most important IRS Tax Development in Q1 2008 Mike Habib, EA myIRSTaxRelief.com While the Economic Stimulus Act of 2008 was the most significant development in the first quarter of 2008, many other tax developments may affect you, your family, and your livelihood. The new law changes and other key…
Final regs detail donee’s filing requirements for qualified intellectual property contributions T.D. 9392, 04/04/2008; Reg. § 1.6050L-2 Mike Habib, EA MyIRSTaxRelief.com IRS has issued final regs explaining the information return requirements for donees receiving net income from qualified intellectual property contributions made after June 3, 2004. Background. A taxpayer’s deduction…