Most common questions by corporations and other business entities on 1099 reporting requirements. Below is a direct IRS response to frequently asked question on 1099 issues. Mike Habib, EA IRS provides further guidance on Form 1099 reporting Questions on Corporations. Generally, payments to corporations are not reported on Form 1099-MISC,…
As you probably know by now, I specialize in representing individuals and businesses before the IRS and any taxing authority. Mike Habib, EA IRS strengthened enforcement policies, along with their new and complex tax regulations, makes it essential to properly plan for and manage IRS examinations or collections efforts in…
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…
IRS gets tougher on variable prepaid forward contracts with share lending arrangements Variable Prepaid Forward Contracts Incorporating Share Lending Arrangements An IRS coordinated issue paper for all industries concludes that variable prepaid forward contract (VPFC) transactions that incorporate a share lending or similar agreement permitting the counterparty to borrow or…
IRS tax problem, IRS penalty, IRS Tax court ruling in favor of taxpayer Tax Court found that it could hear challenge to frivolous return penalty before rejecting summary judgment in favor of IRS Callahan (2008), 130 TC No. 3 After determining that the taxpayers could challenge a frivolous return penalty…
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…
Nothing strikes terror in the heart of American taxpayers quite like finding a letter in the mailbox from the IRS! In an effort to help you avoid that unpleasant scenario, provided below are examples of some common pitfalls to avoid if you don’t want the IRS lining up to be…