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…
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…