IRS Tax Audits and Examination The US Internal Revenue Service organizes audits and examinations on tax returns to ensure tax compliance by both individuals and businesses. But because it’s virtually impossible to actually audit and examine every ITR for discrepancies, the audits are mostly randomized so your chances of getting…
IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA). The recovery law provides tax incentives…
Drywall victims could get tax relief WASHINGTON, D.C. – The Internal Revenue Service has declared that residents whose homes have been severely damaged by Chinese drywall may qualify for special tax deductions. Homeowners may be able to claim a casualty loss on their tax returns if they have Chinese drywall…
Hawaii Cash Economy Enforcement Act of 2009 On June 18, 2009, Governor Linda Lingle signed Senate Bill 972 SD2, HD1, CD1 into law as Act 134, the “Cash Economy Enforcement Act of 2009.” This Act provides the department with additional resources and tools to target high-risk, cash-based transactions to shore…
Florida Department of RevenueAdministrative Collection Processing Fee Beginning September 1, 2009 Effective May 30, 2009, a new law imposes a 10 percent administrative collection processing fee on any outstanding debt older than 90 days. The fee is equal to 10 percent of the total amount of tax, penalty, and interest…
IRS Releases List of Transactions of Interest (Notice 2009-55) The IRS has provided a list of transactions that have been identified by the Service as “transactions of interest.” The IRS will consider transactions similar to any of the transactions on the list to be transactions of interest for purposes of…
Oregon: Tax Amnesty Program Enacted Gov. Ted Kulongoski has signed legislation that authorizes the Oregon Department of Revenue (DOR) to initiate a tax amnesty program for taxpayers subject to the corporation excise (income) tax, the personal income tax, the inheritance tax, and the mass transit district tax on self-employment. The…
Louisiana: Tax Amnesty Program Enacted The Louisiana Tax Delinquency Amnesty Act of 2009, which requires the Department of Revenue () to develop and implement a tax amnesty program to be effective for a period not to exceed two consecutive calendar months between July 1, 2009, and June 30, 2010, at…
Top Seven Tips for Taxpayers Starting a New Business IRS Summertime Tax Tip 2009-02 Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this…
Construction Industry Tax Issues Accumulated Earnings Tax Closely held C corporations are more likely to accumulate earnings and profits beyond the reasonable needs of the business in order to avoid income taxes on its shareholders than are large C corporations. Each accumulated earnings case is unique. No pro forma guide…