Tax Relief BlogIRS unveils 2008 list of notorious tax scams – the “Dirty Dozen”
Articles Posted in IRS Audits
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
myIRSTaxRelief.com
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:
1099 Tax Reporting Requirements Corporations, LLCs, DBAs
Most common questions by corporations and other business entities on 1099 reporting requirements. Below is a direct IRS response to frequently asked question on 1099 issues.
IRS provides further guidance on Form 1099 reporting
Tax Controversy Services
As you probably know by now, I specialize in representing individuals and businesses before the IRS and any taxing authority.
IRS strengthened enforcement policies, along with their new and complex tax regulations, makes it essential to properly plan for and manage IRS examinations or collections efforts in a proactive manner. Applying new dispute resolution procedures and best practices is critical to managing IRS examinations or collections, resolving disputes at the earliest point, and containing administrative and tax costs. The Tax Controversy services we offer are:
IRS Tax Audit due to Tax Return Preparer Fraud
Tax Return Preparer Fraud
Since I recently represented an innocent couple who were victims of Tax Return Preparer Fraud, and successfully helped them in their audit, I thought you might be interested in the info below.
Per the IRS:
IRS gets tougher on VPFC variable prepaid forward contracts with share lending arrangements
IRS gets tougher on variable prepaid forward contracts with share lending arrangements Variable Prepaid Forward Contracts Incorporating Share Lending Arrangements
An IRS coordinated issue paper for all industries concludes that variable prepaid forward contract (VPFC) transactions that incorporate a share lending or similar agreement permitting the counterparty to borrow or dispose of the pledged shares results in a current taxable sale of the underlying stock.
Observation: VPFCs are sophisticated tools used by wealthy individuals with large stock gains who want to cash out some of their shares but defer the tax until a later year.
Tax Court found that it could hear challenge to frivolous return penalty before rejecting summary judgment in favor of IRS
IRS tax problem, IRS penalty, IRS Tax court ruling in favor of taxpayer
Tax Court found that it could hear challenge to frivolous return penalty before rejecting summary judgment in favor of IRS
Callahan (2008), 130 TC No. 3
