While the new law tax changes in the Emergency Economic Stabilization Act of 2008 were the most significant developments in the final quarter of 2008, many other tax developments may affect you, your family, and your livelihood. These other key developments in the final quarter of 2008 are summarized below.…
IRS Speeds Lien Relief for Homeowners Trying to Refinance, or Sell their house Contact Mike Habib, EA to release your IRS Federal Tax lien The Internal Revenue Service announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing…
As you can see from the article below, the IRS tax code is getting more complicated than ever. Further, the IRS‘s reach of audits has no limits. If you have a tax problem, can not pay your tax bill or is facing an IRS tax audit contact us now. Tax…
As you start to organize your records for your 2009 tax preparation, I thought you might find this brief rundown of 2009 tax changes useful. * ADOPTION TAX CREDIT increases to $12,150 for adoption of an eligible child. * SECTION 179 maximum deduction decreases to $133,000. Phase-out threshold is $530,000.…
No More Tax Problems in 2009 Mike Habib, EA Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009. You can solve your tax problems and get tax relief through our tax resolution services.…
Taxpayer’s failure to timely file breached offer-in-compromise justified renewed collection action Trout, (2008) 131 TC No. 16 Mike Habib, EA The Tax Court has concluded that IRS didn’t abuse its discretion in finding that a taxpayer had breached his offer-in-compromise (OIC) and deciding to proceed with its collection efforts where…
Capital contributions did not restore or increase shareholders’ tax bases in loans to S corporations Nathel, (2008) 131 TC No. 17 Mike Habib, EA The Tax Court has held that taxpayers’ capital contributions to S corporations did not constitute income to the S corporations and that the contributions did not…
IRS reminds taxpayers to make use of recent tax law changes before December 31st [Fact Sheet 2008-26]: Mike Habib, EA With the end of tax year 2008 just weeks away, IRS has issued a number of tax tips that taxpayers should consider. Among the tips are the following–first-time homebuyers (those…
IRS tips for year-end charitable contributions IR 2008-138 Mike Habib, EA IRS reminds individuals and businesses making contributions to charity that they should keep in mind several important tax law provisions that have taken effect in recent years. One provision offers older owners of individual retirement arrangements (IRAs) a different…
A roadmap to disaster area tax relief in 2008 legislation Mike Habib, EA The 2008 calendar year has seen more than the usual share of natural disasters in the U.S., and legislation designed to provide tax relief to the victims. By and large, legislative relief has been granted on an…