Avoiding IRS Tax Penalties and the Tax Gap Mike Habib, EA myIRSTaxRelief.com IRS — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. If you do not file your return and pay your tax by the due date, you…
Estate and Gift Tax Relief – Joint Committee Staff examines options for reforming transfer taxes Mike Habib, EA MyIRSTaxRelief.com The Staff of the Joint Committee on Taxation has released JCX-23-08, Taxation Of Wealth Transfers Within A Family: A Discussion Of Selected Areas For Possible Reform. This document, which was prepared…
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…
Retired insurance agents’ renewal commissions didn’t qualify for FICA special timing rule Mike Habib, EA myIRSTaxRelief.com Chief Counsel Advice 200813042 In a Chief Counsel Advice (CCA), IRS has ruled that because renewal commissions paid to its retired employees were subject to a substantial risk of forfeiture as of the insurance…
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.…
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…
Tax-exempt hospital’s chairman of the board was liable for trust fund penalty – have a tax professional on your side Mike Habib, EA myIRSTaxRelief.com Stephen Verret v. U.S. (DC TX 2/14/2008) 101 AFTR 2d ¶2008-572 A district court has found that the chairman of the board of a tax-exempt hospital…
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.…
What are your chances for being audited? IRS’s 2007 data book provides some clues Mike Habib, EA myIRSTaxRelief.com IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2007 activities. As this article explains, the data book provides valuable information about how many tax…
IRS unveils 2008 list of notorious tax scams – the “Dirty Dozen” Mike Habib, EA myIRSTaxRelief.com IRS has recently unveiled its latest list of notorious tax scams, which it calls the “Dirty Dozen,” highlighted by Internet phishing scams and several frivolous tax arguments. New to the “Dirty Dozen” this year…