IRS posts Q&As on the Making Work Pay Credit Making Work Pay Credit: Questions and Answers, IRS Web Site IRS has posted a number of questions and answers (Q&As) on the Making Work Pay Credit (MWPC) on its web site. They are grouped into four categories: general issues, Form W-4,…
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,…
Most Tax Procrastinating City in America Settle with IRS and resolve your tax problems by contacting the tax firm of Mike Habib, EA at 877-788-2937 or online at myirstaxrelief.com As reported by Intuit, maker of TurboTax. SAN DIEGO–(BUSINESS WIRE)–April 1, 2009–It’s the 50 yard dash to the April 15 tax…
Like-kind-exchange related party rule triggered gain recognition despite use of qualified intermediary Ocmulgee Fields, Inc. (2009) 132 TC No. 6 Mike Habib, EA Tax Relief Services The Tax Court has held that a taxpayer could not avoid the like-kind-exchange related-party rule by using a qualified intermediary. The taxpayer had to…
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…