IRS tax audit and IRS tax problems facing transportation or construction businesses, and other similar industries IRS SBSE-04-0108-003, 1/14/08 The IRS has reissued interim guidance that provides audit guidelines to its examiners reviewing excess per diem payments. The original guidance expired in November 2007. The original guidance (IRS SBSE-04-1106-049) affected…
alties, options to address your IRS tax penalty and more… The IRS has over 148 different types of penalties. And boy do they love to hand them out. The worst part is that the IRS also charges interest and additional penalties on the original penalty. So you must try to…
IRS tax audit, IRS tax examination, IRS audit reconsideration, IRS appeal Are you asking yourself … If I have tax problems who should I contact? Fiscal Year 2007 Enforcement and Service ResultsAs reported in a statement issued by IRS, it has continued to make strong progress in a number of…
What’s New: IRS has $110 million in undeliverable refunds Are you still waiting for your tax refund? If so, you may be one of the 115,478 taxpayers to whom the IRS has been unable to deliver a refund check. The refunds total about $110 million. Every year there are taxpayers…
Mortgage Tax Debt Relief, AMT Relief – why you need professional tax advice AMT relief. In general terms, to find out if you owe alternative minimum tax (AMT), you start with regular taxable income, modify it with various adjustments and preferences (such as add-backs for property and income tax deductions…
I thought you might find this list of tax provisions expiring 12/31/07 helpful as you do year-end tax planning. TAX PROVISIONS EXPIRING 12/31/07 * Deduction of up to $2,000 or $4,000 (depending on income) for college tuition. * Option to deduct state and local sales tax instead of state income…
As you prepare for the upcoming tax year, I thought you might find this brief rundown of 2008 tax changes useful. * ADOPTION TAX CREDIT increases to $11,650 for adoption of an eligible child. * SECTION 179 maximum deduction increases to $128,000. Phase-out threshold increases to $510,000. * STANDARD MILEAGE…
On December 26, 2007, President Bush signed the “Tax Increase Prevention Act of 2007,” providing a one-year “patch” to the alternative minimum tax (AMT). Without this legislation, an estimated 25 million taxpayers would have had to pay an average of $2,000 in additional taxes for 2007. The new law increases…
Nothing strikes terror in the heart of American taxpayers quite like finding a letter in the mailbox from the IRS! In an effort to help you avoid that unpleasant scenario, provided below are examples of some common pitfalls to avoid if you don’t want the IRS lining up to be…
You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please DO open it. It…