Timely reminder for small businesses to steer clear of trouble on payroll tax and retirement plan contributions IRS Employee Plan News (Fall 2008) In these trying times, with cash scarce and credit hard to find, a small business might be tempted to “temporarily” use money it deducts for taxes and…
Once is enough as far as collection of the trust fund recovery penalty is concerned Chief Counsel Advice 200838027 The IRS has issued a new Chief Counsel Advice (CCA) on the trust fund recovery penalty. The IRS notes that the CCA may not be used or cited as precedent. IRC…
IRS Tax Help by Mike Habib, EA UNFILED BACK TAX RETURNS Do you have back tax returns that are Unfiled? Are you missing the records and forms necessary to file your tax returns? I have the experience and procedures to help you in reconstructing the records necessary to file your…
To disclose or not to disclose, that is the question. Hiding Income Offshore is not the way to go. Mike Habib, EA For years, offshore accounts have been a hot topic in popular culture and for the IRS; most recently Liechtenstein has been mentioned, however the IRS is interested in…
If It Seems Too Good to Be True, It Probably Is Tax Return Preparer Fraud Mike Habib, EA Dishonest tax return preparers can cause many problems for taxpayers who fall victim to their schemes. These scam artists make their money in a number of ways including skimming a portion of…
Yes, we are all fed up with the cost of fuel. No, I’m sorry to report, not everyone is eligible for the fuel tax credit. Fuel Tax Credit Scams Mike Habib, EA The IRS has recently added fraud involving the fuel tax credit to the list of frivolous tax claims…
Beneficial owners can deduct home mortgage interest and taxes The Tax Court held that taxpayers were entitled to deduct mortgage interest and real estate taxes they paid on property owned by their son, because they were the beneficial owners of the property. The taxpayers resided at the property for all…
IRS official pledges improved collection of billions in unpaid payroll taxes from businesses WASHINGTON (AP) — A top IRS official promised Congress Tuesday that the agency “will do better” in collecting billions in taxes that businesses supposedly withheld from employees’ paychecks but never remitted to the government. Linda Stiff, a…
Doctors get socked with big tax and penalties for donations tied to consolidation of their practice Berquistist and Kendrick, et al., (2008) 131 TC No. 2 Mike Habib, EA The Tax Court has determined that doctors grossly overvalued charitable donations of stock in their medical professional service corporation (PSC) that…
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…