Tax Help

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 Audits on the Rise

May 24, 2009 | Mike Habib, EA

IRS is hiring hundreds of Internal Revenue Agents

The IRS is hiring hundreds of Internal Revenue Agents – It’s a great time to join the agency!

The IRS has begun a major hiring effort to fill hundreds of critical jobs nationwide. Most of these jobs are for internal revenue agent positions (look for series number 0512). At least 30 hours of college-level accounting coursework is required for revenue agent jobs.

IRS Dirty Dozen

April 15, 2009 | Mike Habib, EA

IRS unveils 2009 list of notorious tax scams–the “Dirty Dozen” IR 2009-41

Mike Habib, EA Tax Relief & Tax Problem Resolution Services

IRS has unveiled its latest list of notorious tax scams, which it calls the “Dirty Dozen,” highlighted by schemes involving phishing, hiding income offshore and false claims for refunds. IRS warns that these tax schemes are illegal and can lead to problems for both scam artists and taxpayers who risk significant penalties, interest and possible criminal prosecution.

Settle with IRS

April 2, 2009 | Mike Habib, EA

Most Tax Procrastinating City in America

Settle with IRS and resolve your tax problems by contacting the tax firm of Mike Habib, EA at 877-788-2937 or online at myirstaxrelief.com

As reported by Intuit, maker of TurboTax.

1031 Tax Problem

April 1, 2009 | Mike Habib, EA

Like-kind-exchange related party rule triggered gain recognition despite use of qualified intermediary

Ocmulgee Fields, Inc. (2009) 132 TC No. 6

Mike Habib, EA Tax Relief Services

IRS Tax Help for Expats

April 1, 2009 | Mike Habib, EA

Adverse conditions may allow certain U.S. citizens to claim foreign earned income and housing cost exclusions [Rev Proc 2009-22]:

Individuals who were forced to leave certain foreign countries in 2008 because of adverse conditions may still qualify as bona fide residents of that country for purposes of the IRC §911 foreign income tax exclusion. Under IRC §911(a), qualified individuals may exclude foreign earned income and housing expenses from their gross income for tax purposes.

To qualify for the exclusion, an individual must prove that he has lived in a foreign country for at least 330 full days during any period of 12 consecutive months. However, if instances of war, civil unrest, or other adverse conditions force an individual to leave a country before the 330-day requirement is met, that individual can still qualify for the exclusion if he can prove that he would have otherwise stayed in the country.