How small businesses can use the new longer NOL carryback to achieve maximum tax savings Mike Habib, EA Tax Relief & Tax Problem Resolution The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a…
Tax Relief Services Filing tax returns is a necessary hassle, and everyone – even prudent individuals – are prone to errors. Tax delinquency is becoming a common problem as the harsh economy renders more people incapable of paying their taxes for various reasons. Luckily, resolving delinquent tax liabilities need not…
Licensed real estate agent’s activities count for PAL qualifying real estate professionals’ exception Agarwal, TC Summary Opinion 2009-29 Mike Habib, EA Tax Relief & Tax Problem Resolution In a Summary Opinion, the Tax Court has held that a licensed real estate agent’s activities counted for purposes of the Code Sec.…
GAO report says noncompliance with 1099-Misc reporting requirements contributes to the tax gap [GAO-09-238]: Mike Habib, EA Tax Relief & Tax Problem Resolution A “significant problem” may exist regarding the extent to which third party payers fail to submit required Form 1099-MISC information returns, the Government Accountability Office (GAO) said…
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…
Newly revised 2008 Form 5405, First-Time Homebuyer Credit, reflects Recovery Act IR 2009-14 Mike Habib, EA Tax Relief & Tax Problem Resolution In a news release issued on Feb. 25, 2009, IRS has announced that it has posted a revised version of the 2008 Form 5405, First-Time Homebuyer Credit, to…
The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for business. Here’s a review of the more widely applicable provisions that could have an impact on you and your…
IRS LMSB Memorandum targets artificially-generated foreign tax credits LMSB Tier I Issue Foreign Tax Credit Generator Directive – Revision 1 (LMSB-04-0109-002, February 19) Mike Habib, EA Tax Relief & Tax Problem Resolution In a Large & Mid Size Business Division (LMSB) Memorandum, IRS has focused on the problem of foreign…
Battle over UBS secret accounts is before US court Associated Press MIAMI_U.S. tax authorities should quickly gain access to the secret accounts of 52,000 wealthy Americans at Swiss bank UBS AG to stop continuing tax evasion, U.S. lawyers told a federal judge. “The United States does not believe justice is…
TIGTA assesses how well IRS Examination function scrutinizes all open tax periods during audits [Audit Report No. 2009-30-034]: IRS Examination function employees do not always appropriately inspect and examine prior and/or subsequent year tax returns when warranted, the Treasury Inspector General for Tax Administration (TIGTA) said in a new audit.…