Homeowners whose debt is forgiven under Treasury’s “Making Home Affordable” initiative may be entitled to tax relief Relief for Responsible Homeowners: Treasury Announces Requirements for the Making Home Affordable Mike Habib, EA Tax Relief & Tax Problem Resolution On Mar. 4, Treasury release the first details on two programs designed…
Fifth Circuit finds tax-exempt hospital’s chairman liable for trust fund penalty Verret v. U.S., (CA 5 2/26/2009) 103 AFTR 2d ¶2009-576 Mike Habib, EA Tax Relief & Tax Problem Resolution In an unpublished per curiam decision, the Court of Appeals for the Fifth Circuit has affirmed a district court’s finding…
Licensed real estate agent’s activities count for PAL qualifying real estate professionals’ exception Agarwal, TC Summary Opinion 2009-29 Mike Habib, EA Tax Relief & Tax Problem Resolution In a Summary Opinion, the Tax Court has held that a licensed real estate agent’s activities counted for purposes of the Code Sec.…
IRS has a check for you Mike Habib, EA Tax Relief & Tax Problem Resolution IR-2009-16, March 3, 2009 WASHINGTON — Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today.…
How small businesses can take maximum advantage of the new longer 2008 NOL carryback Mike Habib, EA Tax Relief & Tax Problem Resolution The American Recovery and Reinvestment Act of 2009, signed into law on Feb. 17, 2009 ( P.L. 111-5 , the “Recovery Act”) allows qualifying small business to…
GAO report says noncompliance with 1099-Misc reporting requirements contributes to the tax gap [GAO-09-238]: Mike Habib, EA Tax Relief & Tax Problem Resolution A “significant problem” may exist regarding the extent to which third party payers fail to submit required Form 1099-MISC information returns, the Government Accountability Office (GAO) said…
President’s budget proposal includes funds to improve IRS: Mike Habib, EA Tax Relief & Tax Problem Resolution President Obama’s fiscal year 2010 budget proposal, totaling $3.6 trillion, includes funding “for a robust portfolio of IRS international tax compliance initiatives,” according to budget documents released on Feb. 26. The new administration…
How individuals are affected by tax changes in the American Recovery and Reinvestment Act of 2009 Mike Habib, EA Tax Relief & Tax Problem Resolution The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes…
Widow entitled to equitable spousal relief for some years Martinez, TC Memo 2008-165 Mike Habib, EA Tax Relief & Tax Problem Resolution The Tax Court held that a widow was entitled to equitable spousal relief for two of four tax years even though she had knowledge of her and her…
Newly revised 2008 Form 5405, First-Time Homebuyer Credit, reflects Recovery Act IR 2009-14 Mike Habib, EA Tax Relief & Tax Problem Resolution In a news release issued on Feb. 25, 2009, IRS has announced that it has posted a revised version of the 2008 Form 5405, First-Time Homebuyer Credit, to…