IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA). The recovery law provides tax incentives…
Drywall victims could get tax relief WASHINGTON, D.C. – The Internal Revenue Service has declared that residents whose homes have been severely damaged by Chinese drywall may qualify for special tax deductions. Homeowners may be able to claim a casualty loss on their tax returns if they have Chinese drywall…
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…
Oregon: Tax Amnesty Program Enacted Gov. Ted Kulongoski has signed legislation that authorizes the Oregon Department of Revenue (DOR) to initiate a tax amnesty program for taxpayers subject to the corporation excise (income) tax, the personal income tax, the inheritance tax, and the mass transit district tax on self-employment. The…
Louisiana: Tax Amnesty Program Enacted The Louisiana Tax Delinquency Amnesty Act of 2009, which requires the Department of Revenue () to develop and implement a tax amnesty program to be effective for a period not to exceed two consecutive calendar months between July 1, 2009, and June 30, 2010, at…
Construction Industry Tax Issues Accumulated Earnings Tax Closely held C corporations are more likely to accumulate earnings and profits beyond the reasonable needs of the business in order to avoid income taxes on its shareholders than are large C corporations. Each accumulated earnings case is unique. No pro forma guide…
Registered Warrants Can Pay Your State Income Tax Bill (Sacramento) – The Franchise Tax Board (FTB) announced it accepts California registered warrants (IOUs) as payment of current and past due personal and corporate tax obligations. To pay a tax liability with an IOU, endorse the IOU on the reverse side…
Abusive Tax Evasion Schemes Resolve your tax problem and get tax relief today! Examples of Abusive Tax Scheme Investigations – Fiscal Year 2009 The following examples of abusive tax schemes are written from public record documents on file in the courts in the judicial district in which the cases were…
Enrolled Agent vs. Tax Attorney / Tax Lawyer Dealing with tax problems entails a good amount of hard work and stress, which is why it is not advisable to deal with such problems on your own. It requires that you have a fair understanding not only of the taxation process…