IRS website provides guidance on S corporation election problems Filing Requirements for Filing Status Change, on IRS website Mike Habib, EAmyIRSTaxRelief.com In a recent posting on its website, IRS explains the steps to be taken and forms to be filed by taxpayers requesting to change their filing status from a…
House passes Pension Protection Technical Corrections Act – final action delayed till after recess Mike Habib, EA myIRSTaxRelief.com The House passed the “Pension Protection Technical Corrections Act of 2007” (H.R. 3361) by voice vote on Mar. 12, 2008. The bill would make technical corrections to the Pension Protection Act of…
IRS eases rules for partial annuity exchanges Mike Habib, EAmyIRSTaxRelief.com In 2003, IRS issued a revenue ruling formally sanctioning partial annuity exchanges as qualifying for tax-free treatment under Code Sec. 1035. At the same time, it issued a notice warning that it would go after taxpayers who use partial exchanges…
How to compare tax relief and resolution service companies? Customer…Beware! How To Keep From Getting Ripped Off? Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not. They’ll lie to you and tell…
Final regs clarify treatment of loss from abandoned securities Mike Habib, EAmyIRSTaxRelief.com IRS has issued final regs that provide guidance on the availability and character of a loss deduction from abandoned securities under Code Sec. 165. The regs, which adopt proposed regs issued in 2007, apply to securities abandoned after…
Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay Mike Habib, EA myIRSTaxRelief.com In a Revenue Procedure, IRS has provided a safe harbor accounting method for accrual method taxpayers that incur Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax (i.e., payroll…
New proposed regs address complex issue – capitalization of tangible assets – Part III Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject…
New proposed regs address complex issue–capitalization of tangible assets–Part II Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject in 2006 and that…
New guidance for S corporations undergoing F reorganizations Mike Habib, EAmyIRSTaxRelief.com A new revenue ruling provides guidance for S corporations that undergo a type F reorganization where the operating S corporation becomes a qualified Subchapter S subsidiary (QSub) of a new holding corporation. It also explains which employer identification number…
New proposed regs address complex issue–capitalization of tangible assets Mike Habib, EAmyIRSTaxRelief.com IRS has issued new comprehensive proposed regs on when amounts are treated as paid to acquire, produce, or improve tangible property. They replace controversial proposed regs that were issued on the same subject in 2006 and that IRS…