G-20 includes accounting reform in proposed overhaul of market regulation
Mike Habib, EA Tax Relief & Tax Problem Resolution
Summary: The heads of the leading 20 world economies called on accounting standard-setters to revise fair value guidance and adopt a single, global set of global accounting rules. The leaders also agreed to regulate hedge funds, increase oversight of credit rating agencies, set up systemic risk regulators, and tighten the limits on executive pay.
Roundup of recent employment tax related cases of interest
Mike Habib, EA Tax Relief & Tax Problem Resolution
Federal courts have recently issued rulings on: (1) whether medical residents may qualify for the student FICA exception, (2) whether an employee’s embezzlement was reasonable cause for failing to remit withholding taxes, and (3) whether the sole owner of a limited liability company (LLC) may be held liable for the LLC’s unpaid employment taxes.
Fifth Circuit finds tax-exempt hospital’s chairman liable for trust fund penalty
Verret v. U.S., (CA 5 2/26/2009) 103 AFTR 2d ¶2009-576
Widow entitled to equitable spousal relief for some years
Martinez, TC Memo 2008-165
IRS not obligated to accept offer in compromise
Bennett, TC Memo 2008-251
Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009.
Taxpayer’s failure to timely file breached offer-in-compromise justified renewed collection action Trout, (2008) 131 TC No. 16
The Tax Court has concluded that IRS didn’t abuse its discretion in finding that a taxpayer had breached his offer-in-compromise (OIC) and deciding to proceed with its collection efforts where the OIC made timely filing and payment of tax an express condition of the agreement.
Capital contributions did not restore or increase shareholders’ tax bases in loans to S corporations Nathel, (2008) 131 TC No. 17
The Tax Court has held that taxpayers’ capital contributions to S corporations did not constitute income to the S corporations and that the contributions did not restore or increase their tax bases in their loans to the S corporations.
A roadmap to disaster area tax relief in 2008 legislation
The 2008 calendar year has seen more than the usual share of natural disasters in the U.S., and legislation designed to provide tax relief to the victims. By and large, legislative relief has been granted on an ad-hoc basis, with an attempt made in the last go-around (tax provisions included with the Emergency Economic Stabilization Act of 2008, referred to here as the Bailout Act, P.L. 110-343) to provide “national” disaster relief. Inevitably, there are some overlapping tax relief provisions and as-yet unanswered questions on the scope of the relief and the interplay between national relief provisions and other relief provisions. This Practice Alert, to be issued in several parts, provides practitioners with a roadmap to disaster-related provisions that may provide significant tax relief to their business and individual clients.
Appeals Court reverses ruling that denied taxpayer Section 530 Relief
Trucker tax relief, trucking tax relief, trucking tax problem resolution.
Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting
Tax Relief Blog