Tax Problem Solver – Why You Need Professional Help Tax problems come in different forms; IRS tax problems, State tax problems, and Sales tax problems. Tax authorities are constantly increasing their tax enforcement efforts through tax collection and tax audit. When taxpayers receive the dreaded tax notice that their tax…
Avoiding IRS Tax Penalties and the Tax Gap Mike Habib, EA myIRSTaxRelief.com IRS — 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…
Final regs detail donee’s filing requirements for qualified intellectual property contributions T.D. 9392, 04/04/2008; Reg. § 1.6050L-2 Mike Habib, EA MyIRSTaxRelief.com IRS has issued final regs explaining the information return requirements for donees receiving net income from qualified intellectual property contributions made after June 3, 2004. Background. A taxpayer’s deduction…
“Makeup” required minimum distributions salvage lifetime payouts to nonspouse IRA beneficiary Mike Habib, EAmyIRSTaxRelief.com A private letter ruling allows the nonspouse beneficiary of an IRA to salvage lifetime payouts even though she failed an essential rule requiring distributions to begin by the end of the year following the year of…
If you owe the IRS, you’re better off resolving your tax debt now. As you know, tax problems do not go away by themselves! Stop IRS wage garnishment today, stop IRS bank levy today, and release IRS tax lien today. As you can see from the statement below by Mr.…
Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay Mike Habib, EA myIRSTaxRelief.com In a Revenue Procedure, IRS has provided a safe harbor accounting method for accrual method taxpayers that incur Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax (i.e., payroll…
IRS tax problem, IRS penalty, IRS Tax court ruling in favor of taxpayer Tax Court found that it could hear challenge to frivolous return penalty before rejecting summary judgment in favor of IRS Callahan (2008), 130 TC No. 3 After determining that the taxpayers could challenge a frivolous return penalty…
IRS targets tool reimbursement plans that recharacterize wagesEmployee Tool & Equipment Alert on IRS’s website https://www.irs.gov/businesses/article/0,,id=178028,00.html IRS has established a cross divisional team to address significant concerns with employee tool and equipment plans that purport to be valid accountable plans. Taxpayers that are considering implementing these plans, which are widely…
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…