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…
IRS Issues Guidance on 2009 Required Minimum Distribution Waiver Mike Habib, EA The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from…
Cash IS Taxable Law school grad turned call girl Cristina Warthen under house arrest after cheating the Government Source: NY Daily News Law school comes in handy when trying to evade taxes as a call girl, or at least that’s what one Stanford graduate seemed to think. Cristina Warthen –…
Tax Relief Services for Union Members We represent Union members before the IRS and their respective States in regards to tax matters such as back taxes, tax problem resolution, stopping wage garnishments, tax relief services, and IRS tax audits. If you are a Union member of any of the following…
IRS to Audit 6,000 Companies to Test Employment Tax Compliance Source: Bloomberg By Ryan J. Donmoyer Sept. 18 (Bloomberg) — The Internal Revenue Service will audit 6,000 U.S. companies to determine whether they pay all their required employment taxes to fund Social Security and Medicare benefits. The IRS said the…
Thinking of hiring a $5000 tax attorney? HOLD IT. If you do not qualify for an IRS Offer in Compromise, an attorney CANNOT help you. That’s $5000 down the drain. Many of the unnamed tax attorneys that advertise are nothing but fast-talking salesmen trying to get your money without really…
Back taxes shutters Jack in the Box Source: Mercury-Register A state tax dispute is behind the sudden Jack in the Box closures Thursday. A press release issued this morning indicated that owner Abe Alizadeh, president of Kobra Properties, has temporarily closed the restaurants. Alizadeh owns 70 Jacks in northern and…
California – Corporate Income Tax: FTB Has Begun Contacting Return Nonfilers for 2007 The California Franchise Tax Board (FTB) has begun contacting more than 35,000 companies that did business in California in 2007, but failed to file a California corporation franchise or income tax return for that year. Businesses contacted…
IRS Appeals mediation program A new IRS revenue procedure updates Rev Proc 2002-44, 2002-2 CB 10, which formally established a mediation procedure for cases at the IRS Appeals administrative level. The new revenue procedure expands and clarifies the types of cases that may be mediated by Appeals. Generally, the program…
IRS Back Taxes Help for Financially Distressed Taxpayers IRS Back Taxes – IRS Tax Tip If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is…