The IRS OKs deferral of income from intellectual property payments Mike Habib, EA myIRSTaxRelief.com The IRS has privately ruled that a taxpayer could defer reporting income from intellectual property payments until the tax year following the tax year of receipt of the payments under a revenue procedure governing advance payments.…
Grantor’s power to substitute trust property didn’t trigger inclusion in estate – Rev Rul 2008-22, 2008-16 IRB 796 Mike Habib, EA myIRSTaxRelief.com A new revenue ruling concludes that the corpus of an irrevocable trust that a grantor created during life is not includible in his gross estate under Code Sec.…
Offsets in Senate Finance’s farm bill include Schedule F loss limits, optional self-employment tax, and information reporting Mike Habib, EA MyIRSTaxRelief.com On April 18, the Senate Finance Committee conferees on the farm bill announced $2.4 billion of reforms/offsets – “double the reforms in the House or Senate bills alone” –…
IRS proposed regs would update federal tax lien priority provisions for holders of security interests Preamble to Prop Reg 04/16/2008, Prop Reg § 301.6323(b)-1, Prop Reg § 301.6323(c)-2, Prop Reg § 301.6323(f)-1, Prop Reg § 301.6323(g)-1 Mike Habib, EA myIRSTaxRelief.com IRS has issued proposed regs on the priority of federal…
IRS Oversight Board Annual Report 2007 is now available – see more details below Mike Habib, EA myIRSTaxRelief.com As you can see from the report below, the IRS places “<span as their TOP priority, that will involve enforcement of their collection activity of back taxes owed, and enforcement of their…
You missed the tax deadline April 15th, so now what? Mike Habib, EA myIRSTaxRelief.com Although the IRS has received a record number of returns this year, there are still thousands of people who did not file tax returns on April 15th. The reasons for this are numerous, but the IRS…
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…