Tax Relief BlogMusic composer tax related capital gain treatment
IRS Temp reg describes how and when to elect capital gain treatment for self-created musical works
T.D. 9379, 02/07/2008, Reg. § 1.1221-3T; Preamble to Prop Reg 02/07/2008, Prop Reg § 1.1221-3
Articles Posted in IRS Problem
Employment / Payroll tax penalty abatement, Payroll tax problem, Abate tax penalty
Employment tax penalty abatement, Payroll tax problem, Abate tax penalty
Court says bank error (not employee error) may be reasonable cause to abate employment tax assessment
Don Johnson Motors, Inc. v. U.S., DC TX, 101 AFTR 2d 2008-370, Civil Action No. B-06-047, 12/21/07
S Corporation Tax Problems, IRS S Corp Tax Issues, IRS S Corp Audit
S corporations tax challenges by the IRS and other taxing authorities
Tax Advocate’s Report highlights S corporation issues
Despite the fact that Subchapter S corporations are the most common corporate entity (over three million S corporations filing returns in fiscal year 2006), the National Taxpayer Advocate’s 2007 Annual Report notes that IRS is still struggling to develop an effective and comprehensive strategy to address noncompliance by S corporations. The Report focuses on some of the challenges in this area, including insufficient data to assess compliance risks and undue taxpayer burden because of the S corporation election process and Schedule K-1 matching errors. In particular, the Report examined the avoidance of employment taxes by means of treating shareholder wages as distributions.
Is the IRS knocking on your door? Don’t let them in!!
How to handle the IRS at your Front Door? Is a Revenue Officer or a Revenue Agent visiting you soon?
If you find yourself face to face with an IRS Agent (Revenue Officer for collection issues, or Revenue Agent for audit and examination issues), at your front door you must remember to avoid these common mistakes:
1. Don’t invite them into your home or business.
2. Don’t answer any question. No matter how innocent they sound.
3. Don’t provide them paperwork or documentation.
Taxpayer Advocate’s Annual Report to Congress highlights compliance problems & suggests improvements
Taxpayer Advocate’s Annual Report to Congress highlights compliance problems & suggests improvements
The National Taxpayer Advocate has released its 2007 Annual Report to Congress. It’s a voluminous study of the most serious problems facing taxpayers and IRS, along with suggested improvements. These problems include late-year Code changes by Congress, nonreporting of income in the cash economy, and lack of clear IRS guidance to taxpayers on the tax consequence of cancellation of debt.
https://www.irs.gov/advocate/article/0,,id=177301,00.html
Don’t get into an IRS payroll tax problem – Payroll Taxes forms 940, 941, and 944
Payroll Taxes forms 940, 941, and 944 update
Don’t get into an IRS payroll tax problem…
IRS has revised its instructions for Forms 940, 941, and 944 and will be sending out notices in February to employers that are eligible to file Form 944 for the 2008 tax year.
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.
IRS Penalty Abatement – Don’t Pay the IRS Penalties!
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 get them reduced or completely abated to zero. CLICK HERE FOR HELP
After you have decided to make a request to the IRS to “Abate Your Penalties” you must consider where and when to make the request. In my experience your chances are better in dealing with IRS Service Centers. The timing of your request depends on the type of penalty assessed against you. It always makes sense to request penalty abatement before you pay the IRS.
IRS tax audit, IRS tax examination, IRS audit reconsideration, IRS appeal
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 Results
As reported in a statement issued by IRS, it has continued to make strong progress in a number of key enforcement areas. IRS enforcement efforts increased in fiscal year 2007: overall, enforcement revenue reached $59.2 billion, up from $48.7 billion in 2006.
The IRS has a check for you!
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 who don’t update the IRS or the U.S. Postal Service when they move or change their mailing address. Checks are mailed to the last known address for taxpayers, and when the address isn’t current, the checks are returned as undeliverable.
