IRS Issues Final Regulations Governing Installment Agreements The IRS has issued final regulations relating to the payment of tax liabilities through installment agreements. The regulations reflect changes to the law made by the Taxpayer Bill of Rights II (P.L. 104-168), the Internal Revenue Service Restructuring and Reform Act of 1998…
Treasury / SBA Highlight Role of Tax Cuts During Small Business Financing Forum US Treasury Secretary Timothy F. Geithner presided over the Small Business Financing Forum presented by the Treasury Department and the Small Business Administration (SBA) on November 18 in Washington, D.C. While the program was aimed at exploring…
President Signs Military Spouses Residency Relief Act Source: Journal of Accountancy President Barack Obama signed into law the Military Spouses Residency Relief Act (PL 111-97), which will ensure that the spouses of military personnel who move because their spouse is posted for military duty will be treated as not having…
Effective Date of Regulations Under § 411(b)(5)(B)(i); Relief Under § 411(d)(6); and Notice to Pension Plan Participants Announcement 2009-82 The Treasury Department and the Internal Revenue Service are announcing relief for sponsors of statutory hybrid plans that must amend the interest crediting rate in those plans. Plan sponsors may rely…
IRS Back Taxes Mike Habib, EA You incur IRS back taxes when you haven’t been filing your income tax returns religiously every year. Tax season can be a stressful time and there are a lot of people who tend to overlook the deadlines so they find themselves having to rush…
Tax Debt Relief Mike Habib, EA 877-788-2937 If you failed to file your returns and the IRS is already calling your attention so you can pay for back taxes, you need to seek tax debt relief. These back taxes are derived from the SFR (Substitute For Return) filings that the…
Tax Impact of Job Loss JOB LOSS CREATES TAX ISSUES The Internal Revenue Service recognizes that the loss of a job may create new tax issues. The IRS provides the following information to assist displaced workers. > Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or…
Do You Barter? Mike Habib, EA Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern…
IRS Commissioner Doug Shulman addressed the National Association of Corporate Directors Governance Conference WASHINGTON — I realize that the IRS Commissioner has not customarily addressed the NACD’s corporate governance conference…but what I want to discuss with you this afternoon is the important role that boards of directors can play in…
U.S. Citizens Residing in Canada Liable for AMT Based on Foreign Tax Credit Limitation (Jamieson, CA-DC) Married U.S. citizens residing in Canada were liable for the alternative minimum tax (AMT) because the amount of foreign tax credits they could claim was limited by Code Sec. 59(a)(2) (prior to repeal by…