Overview of the tax changes in the Heartland, Habitat, Harvest, and Horticulture Act of 2008 The recently enacted “Heartland, Habitat, Harvest, and Horticulture Act of 2008” (the 2008 Farm Act) contains a package of tax changes including specialized tax breaks for the farming industry (along with a crackdown on farm…
Overview of tax changes in the Heroes Earnings Assistance and Relief Tax Act of 2008 The recently enacted “Heroes Earnings Assistance and Relief Tax Act of 2008” (the 2008 Heroes Act) provides targeted tax relief for military members and their families, fully offset with tightened expatriation rules, a new rule…
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.…
Grantor’s power to substitute trust property didn’t trigger inclusion in estate – Rev Rul 2008-22, 2008-16 IRB 796 Mike Habib, EA myIRSTaxRelief.com A new revenue ruling concludes that the corpus of an irrevocable trust that a grantor created during life is not includible in his gross estate under Code Sec.…
No refund suit is allowed in the absence of a timely claim filed with IRS U.S. v. Clintwood Elkorn Mining Co., (S Ct 4/15/2008) 101 AFTR 2d ¶ 2008696 Mike Habib, EA myIRSTaxRelief.com The Supreme Court, reversing the Court of Appeals for the Federal Circuit, has held that the plain…
IRS acquiesces to TLC Leasing – explains meals deduction limit in employee leasing setting Rev Rul 2008-23, 2008-18 IRB TRUCKER TAX RELIEF & TRUCKER TAX PROBLEM RESOLUTION Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting Mike Habib,…
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…
Failure to follow IRS procedure prevented use of longer NOL carryback Tualatin Valley Builders Supply, Inc. v. U.S. 101 AFTR 2d ¶ 2008688 Mike Habib, EA myIRSTaxRelief.com The Ninth Circuit, affirming a district court, has held that a taxpayer could not use the special 5-year carryback period that applied for…
IRS wrongfully revoked DLC’s tax-exempt status Democratic Leadership Council, Inc. v. U.S., 101 AFTR 2d ¶ 2008-661 Mike Habib, EA myIRSTaxRelief.com A district court has held that IRS violated its own regs when it retroactively revoked the tax exempt status of the Democratic Leadership Council (DLC) as a Code Sec.…
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…