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Articles Posted in US Taxes

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Tax Development Q1 2008 – Economic Stimulus – Chances of being audited

The most important IRS Tax Development in Q1 2008 Mike Habib, EA myIRSTaxRelief.com While the Economic Stimulus Act of 2008 was the most significant development in the first quarter of 2008, many other tax developments may affect you, your family, and your livelihood. The new law changes and other key…

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Intellectual property contribution tax problem resolution

Final regs detail donee’s filing requirements for qualified intellectual property contributions T.D. 9392, 04/04/2008; Reg. § 1.6050L-2 Mike Habib, EA MyIRSTaxRelief.com IRS has issued final regs explaining the information return requirements for donees receiving net income from qualified intellectual property contributions made after June 3, 2004. Background. A taxpayer’s deduction…

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Estate and Gift Tax Problem Resolution

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…

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Insurance Agent Tax Resolution

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…

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Non-profit exempt organization tax problems

IRS Regs clarify Code Sec. 501(c)(3) exempt status and impact of excise taxes Mike Habib, EA MyIRSTaxRelief.com T.D. 9390, 03/27/2008; Reg. § 1.503(c)(3)-1, Reg. § 53.4958-2 IRS has issued final regs clarifying the substantive requirements for tax exemption under Code Sec. 501(c)(3) and the relationship between those requirements and the…

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Dependent deductions tax problem

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…

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PPA Pension Protection Act Tax Issues

IRS issues proposed regs reflecting PPA changes and guidance for notice of retroactively effective plan amendments Mike Habib, EA myIRS.TaxRelief.com Prop Reg § 1.411(d)-3(a)(1); Prop Reg § 54.4980F-1, Q&A 8(d); Prop Reg § 54.4980F-1, Q&A 9(f); Prop Reg § 54.4980F-1, Q&A 9(g); Prop Reg § 54.4980F-1, Q&A 11(a)(7); Prop Reg…

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Lower interest rate could result in higher taxes

How falling interest rates and the declining stock market affect tax and estate planning Mike Habib, EA myIRSTaxRelief.com Interest rates have dropped significantly in recent months and may drop even more given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning…

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