Tax Problems – Tax Problem Resolution When tax problems occur, it can be difficult to hide from the IRS. Being familiar with these tax problems allow you to recognize them as soon as they occur. Whether you are an individual or a business entity, make sure that you are aware…
IRS Tax Lien – How to release federal tax liens and levies Taxpayers have the right to appeal the IRS’ filing of a notice of a tax lien in the public record and petition for release. If filed in error, the IRS must release the lien and state that the…
Table 16.Delinquent Collection Activities, Fiscal Years 2005-2008 [Money amounts are in thousands of dollars.] Activity 2005 2006 2007 2008 (1) (2) (3) (4) Returns filed with additional tax due: Total amount collected [1] [r] 27,615,348 [r] 29,172,915 [r] 31,952,399 28,465,648 Taxpayer delinquent accounts (thousands): Number in beginning inventory 5,981 6,478…
Extended and liberalized homebuyer tax credit rules Mike Habib, EA On November 6, the President signed into law H.R. 3548, the ”Worker, Homeownership, and Business Assistance Act of 2009.” The new law extends and generally liberalizes the tax credit for first-time homebuyers, making it a much more flexible tax-saving tool.…
Year-end tax planning letter Mike Habib, EA As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account that retirees and…
Tax debt help Mike Habib, EA 877-788-2937 You’re going to need tax debt help if you’re one of the many taxpayers trying to contend with back taxes and tax debts amounting to more than $10,000. While there are people who believe that hiring a professional to help you resolve your…
Thinking of hiring a $5000 tax attorney? HOLD IT. If you do not qualify for an IRS Offer in Compromise, an attorney CANNOT help you. That’s $5000 down the drain. Many of the unnamed tax attorneys that advertise are nothing but fast-talking salesmen trying to get your money without really…
Back taxes shutters Jack in the Box Source: Mercury-Register A state tax dispute is behind the sudden Jack in the Box closures Thursday. A press release issued this morning indicated that owner Abe Alizadeh, president of Kobra Properties, has temporarily closed the restaurants. Alizadeh owns 70 Jacks in northern and…
Hawaii Cash Economy Enforcement Act of 2009 On June 18, 2009, Governor Linda Lingle signed Senate Bill 972 SD2, HD1, CD1 into law as Act 134, the “Cash Economy Enforcement Act of 2009.” This Act provides the department with additional resources and tools to target high-risk, cash-based transactions to shore…
IRS Releases List of Transactions of Interest (Notice 2009-55) The IRS has provided a list of transactions that have been identified by the Service as “transactions of interest.” The IRS will consider transactions similar to any of the transactions on the list to be transactions of interest for purposes of…