IRS Tax Help

Tax Relief for Truckers – Truck Drivers

June 16, 2009 | Mike Habib, EA

Tax Relief for Truckers – Truck Drivers

Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting

In face of tighter enforcement measures that the IRS is expected to use to strengthen its tax collection and monitoring policies, tax problems have become, if possibly, more stressful to deal with. Among truck drivers, in particular, the need to immediately address tax problems such as back taxes, unfiled delinquent tax returns, is more pressing than it has been in previous years. However, given the present economic climate, dealing with tax problems can prove hard for truckers, truck drivers. This is where tax relief for truck drivers plays an integral role. The IRS provides tax relief for truckers, provided that they certain law mandated qualifications and criteria.

Tax Relief for Realtors

June 15, 2009 | Mike Habib, EA

Tax Relief for Realtors

It is very important for real estate professionals to act on tax problems like excessive tax debt, unfiled returns, back taxes, and self employment tax before these aggravate into expensive and potentially damaging problems. Tax problems the likes of those enumerated above can seriously hurt an individual or a company’s reputation and record, especially with the Internal Revenue Service or IRS. So before these tax problems turn to costly taxing nightmares, it is essential that you seek tax relief allotted for realtors, real estate professionals, mortgage brokers, and loan officers.

The real estate industry and the IRS

Get your IRS Tax Problems solved and relax

June 10, 2009 | Mike Habib, EA

Get your IRS Tax Problems solved and relax

Do not lose sleep over your mounting tax debt – Internal Revenue Service () has designed a program to enable willing taxpayers to get some relief from the amount of tax owed by accepting less than their tax debt liabilities or allowing them installment payments or a holiday period from tax. This is known as the tax relief program and is implemented by offer in compromise / tax settlement with the individual who owes large sum of tax and is willing to pay.

If you qualify to pay less than the mounting tax debt you owe, you can settle your outstanding tax debt dues, the best way out for you is to hire a qualified and licensed tax professional who have experience in effectuating tax relief, IRS tax audit representation and or State tax audit representation. With the help of highly specialized and trained tax relief expert who will represent your case, you have a very good chance to get IRS tax relief and or State Tax relief.

Getting to Grips with Wage Garnishment

June 8, 2009 | Mike Habib, EA

Getting to Grips with Wage Garnishment

Have you ever heard of a wage garnishment? If you haven’t, and you are responsible for paying the IRS what you owe them, then you should read on! If you’re in a position where you owe the IRS money already, then you shouldn’t just read on, but take note because wage garnishment is something that could very easily be in your future!

Every taxpayer knows that Uncle Sam needs his pound of flesh (or at least roll of dollars), regardless how many mouths you have to feed, and how high your mortgage payments are now that the financial world is in crisis, or how your income has changed. Uncle Sam doesn’t care if you’ve lost your job, or had to take unpaid leave because of health reasons. If you owe Uncle Sam money, he wants it; and in the form of wage garnishments, he’s going to make sure that he gets it.

There are strict procedural guidelines that the IRS must adhere to before they can attach a wage garnishment to your salary, and the first of these is to warn you that it’s about to happen. If you haven’t defaulted on your tax payments, then you need to immediately contact them because they need you in default in order to proceed! If you’re not in default, then they can’t put a wage garnishment onto your salary. You should get about 30 days warning of the wage garnishment going into effect so check the date that it is due to begin and use your time wisely.

IRS seeks more regulation

June 5, 2009 | Mike Habib, EA

IRS to seek more regulation of tax preparers

The IRS reported that it is working on new rules that will require paid tax preparers to be licensed. This will improve tax compliance and reduce tax preparer fraud; IRS Commissioner Doug Shulman announced that on June 4, 2009.

A whopping eighty percent of taxpayers get help with their returns, either from paid tax preparers or tax software programs, Shulman told a congressional subcommittee. Surprisingly, tax preparers currently don’t have to be licensed, unless they represent clients in proceedings before the Internal Revenue Service.

Florida Tax Relief

May 24, 2009 | Mike Habib, EA

IRS Disaster Tax Relief

Added Leon, Levy and Wakulla counties, 5/12/09

Added Dixie and Gilchrist counties, 5/4/09

UBS Client Charged – First to Plead Guilty

May 24, 2009 | Mike Habib, EA

UBS CLIENT PLEADS GUILTY TO FILING FALSE TAX RETURN HID ASSETS WORTH $3 MILLION IN SECRET SWISS BANK ACCOUNT

Ft. Lauderdale Yacht Broker Second UBS Client Charged, First to Plead Guilty

WASHINGTON – Robert Moran, of Lighthouse Point, Fla., pleaded guilty on criminal information charging him with filing a false income tax return, the Justice Department and Internal Revenue Service (IRS) announced. Moran appeared today before Judge James I. Cohn in Ft. Lauderdale and accepted responsibility for concealing more than $3 million in assets in a secret bank account at UBS in Switzerland.

Tax Preparer Fraud – Beware!

May 24, 2009 | Mike Habib, EA

U.S. JUDGE BARS TWO CONNECTICUT RESIDENTS FROM PREPARING FEDERAL TAX RETURNS FOR OTHERS

Father and Daughter Prepared Tax Returns That Falsified and Inflated Deductions for Customers

WASHINGTON – A federal district court in Connecticut has permanently barred Wethersfield residents Deowraj Buddhu and his daughter, Sunita Buddhu, from preparing federal tax returns for others. Mr. Buddhu and/or Ms. Buddhu have operated businesses that provide tax return preparation services under the names Paradise Consulting, Phoenix Consulting and Lotus Consulting, in Hartford, and Wethersfield, Connecticut.

Tax Evasion? Resolve!

May 24, 2009 | Mike Habib, EA

TAX SHELTER PROMOTER PLEADS GUILTY TO CONSPIRING TO IMPEDE AND IMPAIR THE IRS

WASHINGTON – Anthony G. Merlo, a former resident of Fort Worth, Texas, and the U.S. Virgin Islands, pleaded guilty to conspiracy to defraud the United States, the Justice Department and Internal Revenue Service (IRS) announced. Merlo appeared before Magistrate Judge Ellen S. Carmody in Grand Rapids, Mich.

In March 2008, Merlo and five others were indicted by a grand jury in Grand Rapids and charged with conspiring to defraud the United States by promoting, marketing, selling and administering fraudulent tax shelters called loss-of-income insurance policies. These policies were issued through Security Trust Insurance Co., a now-defunct company formerly known as Caduceus Life Insurance Co., that was located in the U.S. Virgin Islands.

IRS TAX HELP – Q1 2009 Tax Update

May 24, 2009 | Mike Habib, EA

IRS TAX HELP – First Quarter 2009 Tax Update

While the new law tax changes in the American Recovery and Reinvestment Act of 2009 were the most significant developments in the first quarter of 2009, many other tax developments may affect you, your family, and your livelihood. These other key developments in the first quarter of 2009 are summarized below. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

Retirement plan account participants, IRA owners, and their beneficiaries do not have to take required minimum distributions (RMDs) for 2009. The IRS has issued guidance clarifying that:

If you would have been required to make RMDs for 2009 and you do make withdrawals in 2009 (that are not RMDs for 2008): (a) you might be able to roll over the withdrawn amounts into other eligible retirement plans; but (b) you must still include any previously untaxed portion of the withdrawal that you do not roll over in your gross income.
No 2008 RMDs are waived, even for eligible individuals who chose to delay taking their 2008 RMD until Apr. 1, 2009 (e.g., retired employees and IRA owners who turned 70 1/2 in 2008).
The 2009 RMD waiver applies to individuals who may be eligible to postpone taking their 2009 RMD until Apr. 1, 2010 (generally, retired employees and IRA owners who attain age 70 1/2 in 2009). However, the law does not waive any RMDs for 2010.
If a beneficiary is receiving distributions over a 5-year period, he or she can waive the distribution for 2009, effectively permitting the beneficiary to take distributions over a 6-year period.

Getting maximum advantage from the homebuyer credit. In two separate pieces of guidance, the IRS has explained how to take maximum advantage of the credit for first-time homebuyers. The credit is the lesser of 10% of the purchase price or $8,000 for a qualifying 2009 purchase ($7,500 for a qualifying 2008 purchase). The credit is refundable, meaning you get it even if you don’t owe taxes. The credit has to be paid back for a home purchased in 2008 but generally not for one purchased in 2009. A credit for a 2009 purchase can be claimed on the 2008 return. In a news release, the IRS has explained the several different ways that individuals who recently purchased a home or are considering buying one in the next few months can claim the up-to-$8,000 credit for 2009 home purchases including getting an extension, filing now and amending later, amending a previously filed 2008 return or claiming the credit on a 2009 return where higher income in 2008 would reduce the credit under so-called phaseout rules. In separate guidance, the IRS explained how unmarried co-owners can get the maximum credit amount.