Tax Relief BlogIRS Regs clarify Code Sec. 501(c)(3) exempt status and impact of excise taxes
Articles Posted in IRS Audits
PPA Pension Protection Act Tax Issues
IRS issues proposed regs reflecting PPA changes and guidance for notice of retroactively effective plan amendments
IRS Tax Problems? Get Resolution today – here’s why
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. Douglas H. Shulman, the new IRS Commissioner, he will first concentrate on Enforcement, then secondly its Service! Are you saying where is the kinder and gentler IRS?
Contact us today to resolve your tax problems.
Statement of Commissioner Douglas H. Shulman
I want to extend my thanks to the members of the Senate and the Senate Finance Committee, especially Chairman Baucus and Senator Grassley. I also want to thank President Bush for nominating me and Treasury Secretary Paulson for his support.
The Internal Revenue Service touches virtually every adult, every business and every non-profit organization in America. It is an honor to assume the leadership of this critical agency. I recognize the great responsibility I have been given and will work to ensure that the IRS is fair, impartial and respects the rights of all taxpayers.
As Commissioner, I will concentrate on both enforcement and service. For the majority of Americans who pay their taxes willingly and on time, there must be clear guidance, accessible education and outstanding service. Our aim should be to make it as easy as possible for citizens to pay the correct amount of taxes in the most efficient and least burdensome manner possible.
Are you being audited? IRS audits you need to know
What are your chances for being audited? IRS’s 2007 data book provides some clues
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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 returns IRS examines (audits), and what categories of returns IRS is focusing its resources on, as well as data on other enforcement activities, such as collections.
What are the chances of being examined? A total of 1,384,563 individual income tax returns were audited during FY 2007 (Oct. 1, 2006 through Sept. 30, 2007) out of a total of 134.5 million individual returns that were filed in the previous year This works out to 1.0% of all individual returns filed (slightly higher than the 0.97% audit rate for the preceding year).
Sub-prime loans tax problem – Investors tax resolution options
Investors suffered theft loss in connection with company that issued sub-prime loans
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 theft occurred for any particular investor, and what losses resulted from the theft, was a question of fact since the company had been engaged in legitimate business for many years before the theft occurred.
IRS 2008 list of notorious tax scams
IRS unveils 2008 list of notorious tax scams – the “Dirty Dozen”
Tax Negotiation Buyer Beware Report
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 you they can get all the penalties and interest wiped out. They’ll lie to you and tell you they’ll settle with the IRS for “pennies on the dollar” when they know damn well you don’t possibly qualify for the Offer in Compromise program.
How do they get away with this? Easy, most of the people you talk to at these unscrupulous firms are sales representatives. They have NO license to protect. You don’t actually speak to the EA (Enrolled Agent), the CPA (Certified Public Accountant) or the attorney that these firms claim to have. Nope, you speak to some slimy unlicensed salesman. Some of these firms make up titles like Tax Resolution Specialist, or Tax Consultant. What a scam! In fact, many of these unscrupulous firms aren’t tax firms or law firms at all, they’re just sales organizations!
Tax audit of Exempt Organizations Non Profit Organizations
Examination and Compliance Check Processes For Exempt Organizations
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Distressed asset trust DAT tax problem
Distressed asset trust transactions identified as listed transactions
In a Notice, the IRS has identified a distressed asset trust (DAT) transaction as a listed transaction under Reg. § 1.6011-4(b)(2), Code Sec. 6111 and Code Sec. 6112. In such a transaction, a tax-indifferent party contributes one or more distressed assets with a high basis and low fair market value to a trust or series of trusts and sub-trusts, and a U.S. taxpayer acquires an interest in the trust for the purpose of shifting a built-in loss from the tax-indifferent party to the U.S. taxpayer that has not incurred the economic loss.
How to reconstruct tax records after a disaster
Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. Records that you need to prove your loss may have been damaged or destroyed in a casualty. While it may not be easy, reconstructing your records may be essential for:
