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…
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…
IRSHas $1.2 Billion for People Who Have Not Filed a 2004 Tax Return Mike Habib, EA MyIRSTaxRelief.com IRS-2008-46,March 19, 2008 IRS WASHINGTON– Unclaimed refunds totaling approximately $1.2 billion are awaiting about 1.3 million people who failed to file a federal income tax return for 2004, the Internal Revenue Service announced…
Did you know that forgiven credit card debt triggered taxable income Mike Habib, EAmyIRSTaxRelief.com A new Tax Court case illustrates how a taxpayer generally has taxable income when a credit card company agrees to accept a reduced payment in settlement of his or her account. Background. A solvent debtor usually…
“Makeup” required minimum distributions salvage lifetime payouts to nonspouse IRA beneficiary Mike Habib, EAmyIRSTaxRelief.com A private letter ruling allows the nonspouse beneficiary of an IRA to salvage lifetime payouts even though she failed an essential rule requiring distributions to begin by the end of the year following the year of…
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.…
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…
IRS website provides guidance on S corporation election problems Filing Requirements for Filing Status Change, on IRS website Mike Habib, EAmyIRSTaxRelief.com In a recent posting on its website, IRS explains the steps to be taken and forms to be filed by taxpayers requesting to change their filing status from a…
Starting March 2008, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS. Mike Habib, EAmyIRSTaxRelief.com The new requirement, which went into effect on March 4, 2008, was contained in guidance released Sept. 4 by…