How to compare tax relief and resolution service companies? Customer…Beware! How To Keep From Getting Ripped Off? Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not. They’ll lie to you and tell…
Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay Mike Habib, EA myIRSTaxRelief.com In a Revenue Procedure, IRS has provided a safe harbor accounting method for accrual method taxpayers that incur Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax (i.e., payroll…
Examination and Compliance Check Processes For Exempt Organizations Mike Habib, EA myIRSTaxRelief.com The Internal Revenue Service has a variety of tools at its disposal to make certain that tax-exempt organizations comply with federal law designed to ensure they are entitled to any tax exemption they may claim. The responsibility for…
Help Yourself by Filing Past-Due Tax Returns Mike Habib, EAmyIRSTaxRelief.com Most citizens voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law. There are…
Direct from the IRS Mike Habib, EA Is an Offer in Compromise Right for You? Should the IRS determine that a taxpayer is unable to pay the liability in a lump sum or through an installment agreement and has exhausted the search for other payment arrangements the last option would…
As per the IRS Offer in Compromise Mike Habib, EA If taxpayers are unable to pay a tax debt in full and an installment agreement is not an option, they may be able to take advantage of an offer in compromise (OIC). Generally, an OIC should be viewed as a…
Most common questions by corporations and other business entities on 1099 reporting requirements. Below is a direct IRS response to frequently asked question on 1099 issues. Mike Habib, EA IRS provides further guidance on Form 1099 reporting Questions on Corporations. Generally, payments to corporations are not reported on Form 1099-MISC,…
IRS and treaty partners target Liechtenstein accounts Mike Habib, EA An IRS news release reports that IRS is initiating enforcement action involving more than 100 U.S. taxpayers to ensure proper income reporting and tax payment in connection with accounts in Liechtenstein. Observation: IRS is not alone in raising concerns about…
As you probably know by now, I specialize in representing individuals and businesses before the IRS and any taxing authority. Mike Habib, EA IRS strengthened enforcement policies, along with their new and complex tax regulations, makes it essential to properly plan for and manage IRS examinations or collections efforts in…
Tax Return Preparer Fraud Since I recently represented an innocent couple who were victims of Tax Return Preparer Fraud, and successfully helped them in their audit, I thought you might be interested in the info below. Per the IRS: FS-2008-10, January 2008 Return preparer fraud generally involves the preparation and…