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…
Avoiding IRS Tax Penalties and the Tax Gap Mike Habib, EA myIRSTaxRelief.com IRS — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. If you do not file your return and pay your tax by the due date, you…
Final regs detail donee’s filing requirements for qualified intellectual property contributions T.D. 9392, 04/04/2008; Reg. § 1.6050L-2 Mike Habib, EA MyIRSTaxRelief.com IRS has issued final regs explaining the information return requirements for donees receiving net income from qualified intellectual property contributions made after June 3, 2004. Background. A taxpayer’s deduction…
Estate and Gift Tax Relief – Joint Committee Staff examines options for reforming transfer taxes Mike Habib, EA MyIRSTaxRelief.com The Staff of the Joint Committee on Taxation has released JCX-23-08, Taxation Of Wealth Transfers Within A Family: A Discussion Of Selected Areas For Possible Reform. This document, which was prepared…
District court holds that stipends paid to medical residents were exempt from FICA Regents of the University of Minnesota v. U.S. (DC MN 4/1/2008) 101 AFTR 2d ¶ 2008-647 Mike Habib, EA myIRSTaxRelief.com A district court has held that stipends paid by the Regents of the University of Minnesota to…
New, changed and expired provisions affect 2008 individual estimated tax Mike Habib, EA MyIRSTaxRelief.com Apr. 15, 2008 is the due date for affected calendar year taxpayers to make their first installment of 2008 estimated tax. There aren’t any drastic changes in the estimated tax rules themselves for 2008. However, there…
Retired insurance agents’ renewal commissions didn’t qualify for FICA special timing rule Mike Habib, EA myIRSTaxRelief.com Chief Counsel Advice 200813042 In a Chief Counsel Advice (CCA), IRS has ruled that because renewal commissions paid to its retired employees were subject to a substantial risk of forfeiture as of the insurance…
Truckers Tax Relief – Are you a truck driver with tax problems? Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting If you’re a truck driver and owe the IRS, you’re better off resolving your tax debt now.…
Homes sold by estate beneficiary remained subject to federal estate tax liens First American Title Insurance Co., et al. v. U.S. (CA9 3/27/2008) 101 AFTR 2d ¶ 2008-622 Mike Habib, EA MyIRSTaxRelief.com The Court of Appeals for the Ninth Circuit, affirming a district court, has held that title companies couldn’t…