No refund suit is allowed in the absence of a timely claim filed with IRS U.S. v. Clintwood Elkorn Mining Co., (S Ct 4/15/2008) 101 AFTR 2d ¶ 2008696 Mike Habib, EA myIRSTaxRelief.com The Supreme Court, reversing the Court of Appeals for the Federal Circuit, has held that the plain…
IRS acquiesces to TLC Leasing – explains meals deduction limit in employee leasing setting Rev Rul 2008-23, 2008-18 IRB TRUCKER TAX RELIEF & TRUCKER TAX PROBLEM RESOLUTION Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting Mike Habib,…
IRS Begins Focus on Foreign Athletes and Entertainers The IRS recently launched an Issue Management Team focused on improving U.S. income reporting and tax payment compliance by foreign athletes and entertainers who work in the United States. The initial focus is on those engaged in tennis, golf and music. These…
Failure to follow IRS procedure prevented use of longer NOL carryback Tualatin Valley Builders Supply, Inc. v. U.S. 101 AFTR 2d ¶ 2008688 Mike Habib, EA myIRSTaxRelief.com The Ninth Circuit, affirming a district court, has held that a taxpayer could not use the special 5-year carryback period that applied for…
IRS rules that withholding exceptions for employees in foreign country don’t apply – Chief Counsel Advice 200814010 Mike Habib, EA myIRSTaxRelief.com In Chief Counsel Advice (CCA), IRS has held that a U.S. employer had to withhold on wages it paid to employees working in a foreign country. The withholding exception…
Foreclosure Prevention Act of 2008 – S enate passes housing stimulus bill Mike Habib, EA myIRSTaxRelief.com On Apr. 10, the Senate by a vote of 84 to 12 approved H.R. 3221, the “Foreclosure Prevention Act of 2008,” the Senate housing stimulus bill. Before final passage of the bill, the Senate…
Memo explains how state property tax credits are taxed and reported – Chief Counsel Advice 200814022 Mike Habib, EA myIRSTaxRelief.com In Chief Counsel Advice, IRS has explained the proper federal income tax treatment of certain state property tax credits and the extent to which the state must provide information reports…
IRS wrongfully revoked DLC’s tax-exempt status Democratic Leadership Council, Inc. v. U.S., 101 AFTR 2d ¶ 2008-661 Mike Habib, EA myIRSTaxRelief.com A district court has held that IRS violated its own regs when it retroactively revoked the tax exempt status of the Democratic Leadership Council (DLC) as a Code Sec.…
Kickback Income Tax Fraud – Ballard finally prevails in reversal by Eleventh Circuit Ballard, (CA 11 4/7/2008) 101 AFTR 2d ¶ 2008-659 Mike Habib, EA myIRSTaxRelief.com In the latest chapter of a case with a long and storied history, the Eleventh Circuit rejected the Tax Court’s findings that a taxpayer…
The most important IRS Tax Development in Q1 2008 Mike Habib, EA myIRSTaxRelief.com While the Economic Stimulus Act of 2008 was the most significant development in the first quarter of 2008, many other tax developments may affect you, your family, and your livelihood. The new law changes and other key…