Dear Client, On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of…
FINAL REGS ISSUED ON PARTNERSHIP VARYING INTERESTS RULE T.D. 9728, 07/31/2015, Reg. § 1.706-1, Reg. § 1.706-4, Reg. § 1.706-5 IRS has issued final regs on the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner’s interest varies during a…
When a taxpayer decides to resolve and pay back the owed amount using any one of the IRS payment programs/filings/settlements, it is called a tax settlement. Internal Revenue Service or IRS offers a tax settlement if the concerned taxpayer is struggling to pay back the tax debts or if there…
If you received a letter that reads ‘IRS Letter 1058/LT11’, know that it is a final notice from the IRS (Internal Revenue Service) reminding you about the balance you still owe. Moreover, if you do not resolve your delinquent matter, they will make an attempt to levy your bank accounts,…
Recordkeeping Tips Keep and organize all banking records, including deposit slips and receipts for unusual nontaxable items such as inheritances, gifts, loans, and insurance payouts. Make notations on large deposits and account transfers so you will be able to recall the source of the monies to avoid being classified by…
Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS Tax representation by a tax lawyer for IRS audits and back tax settlements Did the IRS claim that you did not report all your income? Did they disallow some of your expenses or deductions? Have you been…
Many companies advertise “heavily” on the radio, TV and the internet promising that they can resolve and settle any and all tax problems for pennies on the dollar or get you an 80-90% reduction. BEWARE! I highly caution you to NOT call these advertisers. Here is why you should not…
Dear Client & Perspective Client: Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate…
I came across this good article, and I wanted to share with you. Checking Up on the Affordable Care Act By Rande Spiegelman SOURCE: SCHWAB With all the commentary and debate surrounding the Patient Protection and Affordable Care Act, or “Obamacare,” it can be difficult to figure out what to…
It is crucial for your business that you hire a tax professional in order to get proper assistance with your tax audit. Mike Habib EA, the right tax professional, will be able to help you protect and generate more money for your business. Professional tax audit assistance can help you…