Tax Impact of Job Loss JOB LOSS CREATES TAX ISSUES The Internal Revenue Service recognizes that the loss of a job may create new tax issues. The IRS provides the following information to assist displaced workers. > Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or…
Do You Barter? Mike Habib, EA Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern…
IRS Commissioner Doug Shulman addressed the National Association of Corporate Directors Governance Conference WASHINGTON — I realize that the IRS Commissioner has not customarily addressed the NACD’s corporate governance conference…but what I want to discuss with you this afternoon is the important role that boards of directors can play in…
U.S. Citizens Residing in Canada Liable for AMT Based on Foreign Tax Credit Limitation (Jamieson, CA-DC) Married U.S. citizens residing in Canada were liable for the alternative minimum tax (AMT) because the amount of foreign tax credits they could claim was limited by Code Sec. 59(a)(2) (prior to repeal by…
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us at 877-788-2937 for more information about any of these developments and what steps you should implement to…
Tax debt help Mike Habib, EA 877-788-2937 You’re going to need tax debt help if you’re one of the many taxpayers trying to contend with back taxes and tax debts amounting to more than $10,000. While there are people who believe that hiring a professional to help you resolve your…
Method Man Talks About Tax Evasion Arrest WATCH IT! The IRS might be looking for you fo rback taxes too!
Getting Tax Relief Help By Mike Habib, EA Even when you’re really careful about filing your income tax returns, something’s always bound to go wrong when you least expect it. It’s not uncommon to find even the most discerning and meticulous individuals and businesses to find themselves searching for tax…
The Correct “Process” for Correcting an employment Tax Return Mike Habib, EA Even the best of us can make a mistake on a quarterly Form 941 (or on a Form W-2, which often creates an error on the 941). The IRS has introduced a new form for correcting the dollar…
Interest expense deduction of foreign corporations Mike Habib, EA TD-9465, provides final regulations under section 882(c) of the Internal Revenue Code (Code) concerning the determination of the interest expense deduction of foreign corporations engaged in a trade or business within the United States. These final regulations conform the interest expense…