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…
Estate and Gift Tax Relief – Joint Committee Staff examines options for reforming transfer taxes Mike Habib, EA MyIRSTaxRelief.com The Staff of the Joint Committee on Taxation has released JCX-23-08, Taxation Of Wealth Transfers Within A Family: A Discussion Of Selected Areas For Possible Reform. This document, which was prepared…
New, changed and expired provisions affect 2008 individual estimated tax Mike Habib, EA MyIRSTaxRelief.com Apr. 15, 2008 is the due date for affected calendar year taxpayers to make their first installment of 2008 estimated tax. There aren’t any drastic changes in the estimated tax rules themselves for 2008. However, there…
Retired insurance agents’ renewal commissions didn’t qualify for FICA special timing rule Mike Habib, EA myIRSTaxRelief.com Chief Counsel Advice 200813042 In a Chief Counsel Advice (CCA), IRS has ruled that because renewal commissions paid to its retired employees were subject to a substantial risk of forfeiture as of the insurance…
Truckers Tax Relief – Are you a truck driver with tax problems? Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting If you’re a truck driver and owe the IRS, you’re better off resolving your tax debt now.…
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…
IRS issues proposed regs reflecting PPA changes and guidance for notice of retroactively effective plan amendments Mike Habib, EA myIRS.TaxRelief.com Prop Reg § 1.411(d)-3(a)(1); Prop Reg § 54.4980F-1, Q&A 8(d); Prop Reg § 54.4980F-1, Q&A 9(f); Prop Reg § 54.4980F-1, Q&A 9(g); Prop Reg § 54.4980F-1, Q&A 11(a)(7); Prop Reg…
How falling interest rates and the declining stock market affect tax and estate planning Mike Habib, EA myIRSTaxRelief.com Interest rates have dropped significantly in recent months and may drop even more given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning…
“Makeup” required minimum distributions salvage lifetime payouts to nonspouse IRA beneficiary Mike Habib, EAmyIRSTaxRelief.com A private letter ruling allows the nonspouse beneficiary of an IRA to salvage lifetime payouts even though she failed an essential rule requiring distributions to begin by the end of the year following the year of…