Music composer tax related capital gain treatment IRS Temp reg describes how and when to elect capital gain treatment for self-created musical works T.D. 9379, 02/07/2008, Reg. § 1.1221-3T; Preamble to Prop Reg 02/07/2008, Prop Reg § 1.1221-3 IRS has issued a temporary reg on the time and manner for…
Employment tax penalty abatement, Payroll tax problem, Abate tax penalty Court says bank error (not employee error) may be reasonable cause to abate employment tax assessment Mike Habib, EA Don Johnson Motors, Inc. v. U.S., DC TX, 101 AFTR 2d 2008-370, Civil Action No. B-06-047, 12/21/07 Employment tax problem? Get…
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…
Taxpayer Advocate’s Annual Report to Congress highlights compliance problems & suggests improvements The National Taxpayer Advocate has released its 2007 Annual Report to Congress. It’s a voluminous study of the most serious problems facing taxpayers and IRS, along with suggested improvements. These problems include late-year Code changes by Congress, nonreporting…
Payroll Taxes forms 940, 941, and 944 update Don’t get into an IRS payroll tax problem… IRS has revised its instructions for Forms 940, 941, and 944 and will be sending out notices in February to employers that are eligible to file Form 944 for the 2008 tax year. Form…
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…
alties, options to address your IRS tax penalty and more… The IRS has over 148 different types of penalties. And boy do they love to hand them out. The worst part is that the IRS also charges interest and additional penalties on the original penalty. So you must try to…
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…
What’s New: IRS has $110 million in undeliverable refunds Are you still waiting for your tax refund? If so, you may be one of the 115,478 taxpayers to whom the IRS has been unable to deliver a refund check. The refunds total about $110 million. Every year there are taxpayers…