District court holds that stipends paid to medical residents were exempt from FICA Regents of the University of Minnesota v. U.S. (DC MN 4/1/2008) 101 AFTR 2d ¶ 2008-647 Mike Habib, EA myIRSTaxRelief.com A district court has held that stipends paid by the Regents of the University of Minnesota to…
New, changed and expired provisions affect 2008 individual estimated tax Mike Habib, EA MyIRSTaxRelief.com Apr. 15, 2008 is the due date for affected calendar year taxpayers to make their first installment of 2008 estimated tax. There aren’t any drastic changes in the estimated tax rules themselves for 2008. However, there…
Truckers Tax Relief – Are you a truck driver with tax problems? Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting If you’re a truck driver and owe the IRS, you’re better off resolving your tax debt now.…
Homes sold by estate beneficiary remained subject to federal estate tax liens First American Title Insurance Co., et al. v. U.S. (CA9 3/27/2008) 101 AFTR 2d ¶ 2008-622 Mike Habib, EA MyIRSTaxRelief.com The Court of Appeals for the Ninth Circuit, affirming a district court, has held that title companies couldn’t…
IRS Regs clarify Code Sec. 501(c)(3) exempt status and impact of excise taxes Mike Habib, EA MyIRSTaxRelief.com T.D. 9390, 03/27/2008; Reg. § 1.503(c)(3)-1, Reg. § 53.4958-2 IRS has issued final regs clarifying the substantive requirements for tax exemption under Code Sec. 501(c)(3) and the relationship between those requirements and the…
Tax breaks for qualifying relatives are limited – what you should know Internal Legal Memorandum 200812024 Mike Habib, EAmyIRSTaxRelief.com An Internal Legal Memorandum (ILM) explains that various tax breaks are not allowed for qualifying relatives. Specifically, the ILM concludes that, apart from a dependency exemption, a taxpayer’s qualifying relative may…
How falling interest rates and the declining stock market affect tax and estate planning Mike Habib, EA myIRSTaxRelief.com Interest rates have dropped significantly in recent months and may drop even more given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning…
Did you know that forgiven credit card debt triggered taxable income Mike Habib, EAmyIRSTaxRelief.com A new Tax Court case illustrates how a taxpayer generally has taxable income when a credit card company agrees to accept a reduced payment in settlement of his or her account. Background. A solvent debtor usually…
“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.…