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 rules that withholding exceptions for employees in foreign country don’t apply – Chief Counsel Advice 200814010 Mike Habib, EA myIRSTaxRelief.com In Chief Counsel Advice (CCA), IRS has held that a U.S. employer had to withhold on wages it paid to employees working in a foreign country. The withholding exception…
Foreclosure Prevention Act of 2008 – S enate passes housing stimulus bill Mike Habib, EA myIRSTaxRelief.com On Apr. 10, the Senate by a vote of 84 to 12 approved H.R. 3221, the “Foreclosure Prevention Act of 2008,” the Senate housing stimulus bill. Before final passage of the bill, the Senate…
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…
Kickback Income Tax Fraud – Ballard finally prevails in reversal by Eleventh Circuit Ballard, (CA 11 4/7/2008) 101 AFTR 2d ¶ 2008-659 Mike Habib, EA myIRSTaxRelief.com In the latest chapter of a case with a long and storied history, the Eleventh Circuit rejected the Tax Court’s findings that a taxpayer…
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…
Avoiding IRS Tax Penalties and the Tax Gap Mike Habib, EA myIRSTaxRelief.com IRS — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. If you do not file your return and pay your tax by the due date, you…
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…
District court holds that stipends paid to medical residents were exempt from FICA Regents of the University of Minnesota v. U.S. (DC MN 4/1/2008) 101 AFTR 2d ¶ 2008-647 Mike Habib, EA myIRSTaxRelief.com A district court has held that stipends paid by the Regents of the University of Minnesota to…