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…
As per the IRS Offer in Compromise Mike Habib, EA If taxpayers are unable to pay a tax debt in full and an installment agreement is not an option, they may be able to take advantage of an offer in compromise (OIC). Generally, an OIC should be viewed as a…
Want to stop a wage levy or a bank levy? Read on…. Mike Habib, EA If you have not noticed, the IRS is getting more aggressive in their collection, and audit activities. Enforcement actions is at its highest level for years now! Here is the scoop directly from the IRS…
Tax problem with capital gain taxes, S Corp capital gain tax problem Ninth Circuit holds that gain was recognized on disputed sale in shareholder’s forced buyout Glenn Hightower v. Comm., (CA9 2/12/2008) The Court of Appeals for the Ninth Circuit, affirming the Tax Court’s decision, has held that an individual…
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…
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…
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…
Mortgage Tax Debt Relief, AMT Relief – why you need professional tax advice AMT relief. In general terms, to find out if you owe alternative minimum tax (AMT), you start with regular taxable income, modify it with various adjustments and preferences (such as add-backs for property and income tax deductions…