G-20 includes accounting reform in proposed overhaul of market regulation Mike Habib, EA Tax Relief & Tax Problem Resolution Summary: The heads of the leading 20 world economies called on accounting standard-setters to revise fair value guidance and adopt a single, global set of global accounting rules. The leaders also…
Roundup of recent employment tax related cases of interest Mike Habib, EA Tax Relief & Tax Problem Resolution Federal courts have recently issued rulings on: (1) whether medical residents may qualify for the student FICA exception, (2) whether an employee’s embezzlement was reasonable cause for failing to remit withholding taxes,…
Fifth Circuit finds tax-exempt hospital’s chairman liable for trust fund penalty Verret v. U.S., (CA 5 2/26/2009) 103 AFTR 2d ¶2009-576 Mike Habib, EA Tax Relief & Tax Problem Resolution In an unpublished per curiam decision, the Court of Appeals for the Fifth Circuit has affirmed a district court’s finding…
Widow entitled to equitable spousal relief for some years Martinez, TC Memo 2008-165 Mike Habib, EA Tax Relief & Tax Problem Resolution The Tax Court held that a widow was entitled to equitable spousal relief for two of four tax years even though she had knowledge of her and her…
IRS not obligated to accept offer in compromise Bennett, TC Memo 2008-251 Mike Habib, EA The Tax Court held that the IRS did not abuse its discretion when it refused to accept the taxpayer’s settlement offer, which was higher than the amount it had calculated the taxpayer could pay. Instead…
No More Tax Problems in 2009 Mike Habib, EA Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009. You can solve your tax problems and get tax relief through our tax resolution services.…
Taxpayer’s failure to timely file breached offer-in-compromise justified renewed collection action Trout, (2008) 131 TC No. 16 Mike Habib, EA The Tax Court has concluded that IRS didn’t abuse its discretion in finding that a taxpayer had breached his offer-in-compromise (OIC) and deciding to proceed with its collection efforts where…
Capital contributions did not restore or increase shareholders’ tax bases in loans to S corporations Nathel, (2008) 131 TC No. 17 Mike Habib, EA The Tax Court has held that taxpayers’ capital contributions to S corporations did not constitute income to the S corporations and that the contributions did not…
A roadmap to disaster area tax relief in 2008 legislation Mike Habib, EA The 2008 calendar year has seen more than the usual share of natural disasters in the U.S., and legislation designed to provide tax relief to the victims. By and large, legislative relief has been granted on an…
Appeals Court reverses ruling that denied taxpayer Section 530 Relief Trucker tax relief, trucking tax relief, trucking tax problem resolution. Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting Peno Trucking, Inc. v. Commissioner, CA6, 102 AFTR 2d…