New proposed regs address complex issue–capitalization of tangible assets Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject in 2006 and that IRS…
Like-Kind Exchanges Under IRC Code Section 1031 Mike Habib, EAmyIRSTaxRelief.com Whenever you sell a business or an investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying…
Starting March 2008, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS. Mike Habib, EAmyIRSTaxRelief.com The new requirement, which went into effect on March 4, 2008, was contained in guidance released Sept. 4 by…
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…
Help Yourself by Filing Past-Due Tax Returns Mike Habib, EAmyIRSTaxRelief.com Most citizens voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. There are…
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.…
IRS explains how to correct a failure to follow retirement plan termsRetirement News for Employers Mike Habib, EA In its Retirement News for Employers, IRS has explained how to correct the common retirement plan mistake of failing to follow the plan terms in its operation. IRS clarified when a plan…
Distressed asset trust transactions identified as listed transactions Mike Habib, EA In a Notice, the IRS has identified a distressed asset trust (DAT) transaction as a listed transaction under Reg. § 1.6011-4(b)(2), Code Sec. 6111 and Code Sec. 6112. In such a transaction, a tax-indifferent party contributes one or more…
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…
Direct from the IRS Mike Habib, EA Is an Offer in Compromise Right for You? Should the IRS determine that a taxpayer is unable to pay the liability in a lump sum or through an installment agreement and has exhausted the search for other payment arrangements the last option would…