Tax Relief BlogHomeowners whose debt is forgiven under Treasury’s “Making Home Affordable” initiative may be entitled to tax relief
Relief for Responsible Homeowners: Treasury Announces Requirements for the Making Home Affordable
Articles Posted in Tax Help
Payroll tax problem resolution
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
1099 tax problems
GAO report says noncompliance with 1099-Misc reporting requirements contributes to the tax gap [GAO-09-238]:
Mike Habib, EA Tax Relief & Tax Problem Resolution
A “significant problem” may exist regarding the extent to which third party payers fail to submit required Form 1099-MISC information returns, the Government Accountability Office (GAO) said in a report released on Feb. 27.
Innocent Spouse Tax Relief
Widow entitled to equitable spousal relief for some years
Martinez, TC Memo 2008-165
Obama Business Tax Impact
The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for business. Here’s a review of the more widely applicable provisions that could have an impact on you and your enterprise.
Mike Habib, EA Tax Relief & Tax Problem Resolution
Liberal expensing limits continued for another year. The Recovery Act gave a one-year lease on life to enhanced expensing rules, which allow qualifying businesses the option to currently deduct the cost of business machinery and equipment, instead of recovering its cost via depreciation over a number of years. For tax years beginning in 2009, the maximum amount that a business may expense is $250,000, and the expensing election begins to phase out when a business buys more than $800,000 of expensing-eligible assets. These dollar limits are the same as those that were in effect for 2008. Had the Recovery Act not been passed and signed into law, the dollar limits would have dropped this year to $133,000 and $530,000 respectively.
Major Tax Changes
President’s FY 2010 budget will propose many major tax changes for businesses and individuals
“A New Era of Responsibility: Renewing America‘s Promise,” the Administration’s preview of its FY 2010 budget, is available at http://www.omb.gov
Tax changes affecting individuals and families
Tax changes affecting individuals and families in the American Recovery and Reinvestment Act of 2009
Mike Habib, EA Tax Relief & Tax Problem Resolution
The recently enacted “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. I’m writing to give you an overview of the more widely applicable tax changes affecting individuals and families in the new law. Please call our offices for details of how the new changes may affect you and your family.
Offer in compromise tax relief
IRS not obligated to accept offer in compromise
Bennett, TC Memo 2008-251
Release your federal tax lien
IRS Speeds Lien Relief for Homeowners Trying to Refinance, or Sell their house
Contact Mike Habib, EA to release your IRS Federal Tax lien
The Internal Revenue Service announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.
