Tax-exempt hospital’s chairman of the board was liable for trust fund penalty – have a tax professional on your side Mike Habib, EA myIRSTaxRelief.com Stephen Verret v. U.S. (DC TX 2/14/2008) 101 AFTR 2d ¶2008-572 A district court has found that the chairman of the board of a tax-exempt hospital…
IRSHas $1.2 Billion for People Who Have Not Filed a 2004 Tax Return Mike Habib, EA MyIRSTaxRelief.com IRS-2008-46,March 19, 2008 IRS WASHINGTON– Unclaimed refunds totaling approximately $1.2 billion are awaiting about 1.3 million people who failed to file a federal income tax return for 2004, the Internal Revenue Service announced…
IRS issues proposed regs reflecting PPA changes and guidance for notice of retroactively effective plan amendments Mike Habib, EA myIRS.TaxRelief.com Prop Reg § 1.411(d)-3(a)(1); Prop Reg § 54.4980F-1, Q&A 8(d); Prop Reg § 54.4980F-1, Q&A 9(f); Prop Reg § 54.4980F-1, Q&A 9(g); Prop Reg § 54.4980F-1, Q&A 11(a)(7); Prop Reg…
How falling interest rates and the declining stock market affect tax and estate planning Mike Habib, EA myIRSTaxRelief.com Interest rates have dropped significantly in recent months and may drop even more given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning…
Did you know that forgiven credit card debt triggered taxable income Mike Habib, EAmyIRSTaxRelief.com A new Tax Court case illustrates how a taxpayer generally has taxable income when a credit card company agrees to accept a reduced payment in settlement of his or her account. Background. A solvent debtor usually…
“Makeup” required minimum distributions salvage lifetime payouts to nonspouse IRA beneficiary Mike Habib, EAmyIRSTaxRelief.com A private letter ruling allows the nonspouse beneficiary of an IRA to salvage lifetime payouts even though she failed an essential rule requiring distributions to begin by the end of the year following the year of…
If you owe the IRS, you’re better off resolving your tax debt now. As you know, tax problems do not go away by themselves! Stop IRS wage garnishment today, stop IRS bank levy today, and release IRS tax lien today. As you can see from the statement below by Mr.…
What are your chances for being audited? IRS’s 2007 data book provides some clues Mike Habib, EA myIRSTaxRelief.com IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2007 activities. As this article explains, the data book provides valuable information about how many tax…
Investors suffered theft loss in connection with company that issued sub-prime loans Mike Habib, EA myIRSTaxRelief.com A Chief Counsel Advice (CCA) has concluded that a theft occurred in connection with investors’ losses on loans to a company engaged in writing sub-prime loans. However, it determined that whether and when a…
IRS unveils 2008 list of notorious tax scams – the “Dirty Dozen” Mike Habib, EA myIRSTaxRelief.com IRS has recently unveiled its latest list of notorious tax scams, which it calls the “Dirty Dozen,” highlighted by Internet phishing scams and several frivolous tax arguments. New to the “Dirty Dozen” this year…