IRS giving relief to some Madoff investors By MARCY GORDON, AP Business Writer WASHINGTON – The Internal Revenue Service issued guidelines Tuesday that will allow tax relief and refunds for some Bernard Madoff victims who were levied for investment earnings that turned out to be nonexistent. IRS Commissioner Douglas Shulman…
What are your chances for being audited? IRS’s 2008 data book provides some clues IR 2009-22 Mike Habib, EA Tax Relief & Tax Problem Resolution IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2008 activities. As this article explains, the data book…
Pasadena, CA March 13, 2009 – The current recession offers the best opportunity for individuals and businesses to address their tax issues and effectuate a tax settlement with the IRS. The Internal Revenue Service has announced its willingness to resolve and settle delinquent tax accounts; this will help those taxpayers…
Get your CA FTB withheld tax refund today by contacting Mike Habib, EA at 877-788-2937 CA Tax Rates According to the California State Franchise Tax Board (FTB), partnerships that are not based in California should file withholding tax on the sale of real estate in the state. The CA tax…
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…
Homeowners whose debt is forgiven under Treasury’s “Making Home Affordable” initiative may be entitled to tax relief Relief for Responsible Homeowners: Treasury Announces Requirements for the Making Home Affordable Mike Habib, EA Tax Relief & Tax Problem Resolution On Mar. 4, Treasury release the first details on two programs designed…
Fifth Circuit finds tax-exempt hospital’s chairman liable for trust fund penalty Verret v. U.S., (CA 5 2/26/2009) 103 AFTR 2d ¶2009-576 Mike Habib, EA Tax Relief & Tax Problem Resolution In an unpublished per curiam decision, the Court of Appeals for the Fifth Circuit has affirmed a district court’s finding…
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…