Adverse conditions may allow certain U.S. citizens to claim foreign earned income and housing cost exclusions [Rev Proc 2009-22]: Individuals who were forced to leave certain foreign countries in 2008 because of adverse conditions may still qualify as bona fide residents of that country for purposes of the IRC §911…
Subsidiary’s employment tax liability cannot be collected from the parent corporation [Chief Counsel Advice 200913052]: The IRS Office of Chief Council has expressed its opinion in a new Chief Council Advice (CCA) that the employment tax liability of a subsidiary corporation in a consolidated group cannot be collected from the…
IRS announces settlement offer for those that voluntarily disclose unreported offshore income Mike Habib, EA Tax Relief & Tax Resolution Services IRS Commissioner Doug Shulman has announced what is in effect a settlement offer for those that voluntarily and timely disclose unreported offshore income. Those meeting the terms of the…
Linked trusts were eligible to be S shareholders PLR 200912005 Mike Habib, EA Tax Relief & Tax Resolution Services IRS has privately ruled that a trust having a second trust as a remainder beneficiary could choose to be treated as an electing small business trust (ESBT) and thus was eligible…
IRS wage garnishment levy and IRS bank levy tax relief Collecting tax revenue in the face of recession has been – and will continue to be – a challenge for the IRS. There is an increase in the number of taxpayers unable to pay their back taxes due to loss…
Solve Your 941 Payroll Tax Problems It’s fairly common for businesses – no matter what size – to struggle with some sort of 941 tax issue or another. Even companies that use good payroll software to sort out their entire payroll related taxes are still prone to errors. The IRS…
How small businesses can use the new longer NOL carryback to achieve maximum tax savings Mike Habib, EA Tax Relief & Tax Problem Resolution The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a…
IRS Tax Penalties in Detail Mike Habib, EA Tax Relief & Tax Problem Resolution 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…
Summary of IRS tax penalty rules Mike Habib, EA Tax Relief & Tax Problem Resolution Taxpayers who do not file their tax return and pay their tax by the due date may have to pay a penalty. Here are seven things you should know about failure-to-file and failure-to-pay penalties. The…
IRS giving relief to some Madoff investors By MARCY GORDON, AP Business Writer WASHINGTON – The Internal Revenue Service issued guidelines Tuesday that will allow tax relief and refunds for some Bernard Madoff victims who were levied for investment earnings that turned out to be nonexistent. IRS Commissioner Douglas Shulman…