Morality and Charlie Rangel’s Taxes It’s much easier to raise taxes if you don’t pay them. Source: WSJ Ever notice that those who endorse high taxes and those who actually pay them aren’t the same people? Consider the curious case of Ways and Means Chairman Charlie Rangel, who is leading…
IRS Urgent Letters and Notices That YOU MUST ATTEND TO Mike Habib, EA IRS Audit & Examination Letters Letter 525 – General 30 Day Letter This letter accompanies a report giving you a computation of the proposed adjustments to your tax return. It informs you of the courses of action…
Tax Relief No one looks forward to the tax filing season. This period is associated with endless paperwork and sorting through receipts and other documents to get your tax accounts in order. And even with the use of tax programs, you are still at risk of encountering errors that can…
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…