Tax Relief BlogHealth Reform Law to Spawn More Tax Men?
IRS Says It Needs More ‘Resources’ to Implement Tax Provisions of New Law
SOURCE: ABC
Articles Posted in Tax Relief
Tax changes affecting individuals in the 2010 health reform legislation
Tax changes affecting individuals in the 2010 health reform legislation
I’m writing to give you a brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation. Please call our offices for details of how the new changes may affect your specific situation.
2010 list of tax scams
IRS unveils 2010 list of tax scams — the Dirty Dozen
IRS has unveiled its latest list of notorious tax scams, which it calls the “Dirty Dozen”. The IRS highlighted tax schemes involving phishing, hiding income offshore and false claims of 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.
Tax Debt Settlement Help
Today is the first day of the rest of your life. If things haven’t been going well lately, get a fresh start with a fresh attitude. The best is yet to come! Michael Josephson, of Character Counts.
Tax debt settlement help – get reliable tax relief
If you find yourself unable to comprehend the complexities of paying off your tax debts, then you need to get tax debt settlement help from a tax expert. Tax debt relief settlement help entails finding an experienced enrolled agent who is a tax relief expert to help you come up with the best solution for your tax problem. There are many tax negotiation companies these days offering tax debt settlement help that many people are inclined to believe that these firms are tax relief scams. Truth be told, it only takes the right choice of tax debt settlement company, enrolled agent or tax advisor to help you with your tax problem.
Tax Attorney: IRS Tax Lawyer in Los Angeles California: New York NY Tax Attorney Services
Tax Attorney – Get the power of attorney for tax representation
A tax relief attorney may represent taxpayers with a tax deficiency, which is the excess of the correct tax liability over the tax shown on the taxpayer’s return plus amounts previously assessed (or collected without assessment) as a tax deficiency, and minus any credits made to the taxpayer.
The IRS is mainly authorized to assess taxes to individual and business taxpayers. The tax attorney would usually get involved as the collection process begins when a notice of deficiency is sent to the taxpayer’s last known address by registered or certified mail. In each deficiency notice, the IRS must provide a description of the basis for the assessment, an identification of the amount of tax, interest and penalties assessed and the date determined to be the last day on which the taxpayer may file a petition with the Tax Court. However, the failure by the IRS to specify the last day on which to file a petition will not invalidate an otherwise valid deficiency notice if the taxpayer was not prejudiced by the omission.
Trust Taxation Rules
Basic Trust Taxation Rules It is estimated that $4.8 trillion in wealth will be inherited or transferred from one generation to the next by 2015, with much of it transferred through a variety of trusts. Filings of trust returns (Form 1041) are now the third most frequently filed income tax return behind individual and corporate returns. Although the vast majority of these transfers are legal, there is widespread potential for fraud.In the last few years, the Internal Revenue Service has detected a proliferation of abusive trust tax evasion schemes. These promotions are targeted towards wealthy individuals, small business owners, and professionals such as doctors and lawyers.Abusive trust arrangements typically are promoted by the promise of such benefits as:
- Reduction or elimination of income subject to tax.
- Deductions for personal expenses paid by the trust.
Tax Reform Bill
Senate Finance Committee members Ron Wyden, D-Ore., and Judd Gregg, R-N.H., on February 23 unveiled a broad tax reform proposal that they say would create a simpler and fairer system by lowering tax rates and eliminating narrow tax breaks that benefit special interests. The plan would also simplify tax returns into a one-page Form 1040.
The most significant individual provisions of the Bipartisan Tax Fairness and Simplification Bill of 2010 would reduce the number of income tax brackets from six to three –15 percent, 25 percent and 35 percent –increase the amounts of the standard deduction, eliminate the alternative minimum tax and allow an exclusion for capital gains. On the business side, the proposal would establish a single corporate income tax rate of 24 percent and allow a simplified cash flow accounting for businesses with gross receipts of less than $1 million per year.
IRD – Income In Respect of a Decedent
IRD – Income In Respect of a Decedent
All income the decedent would have received had death not occurred that was not properly includible on the final tax return is income in respect of a decedent.
If the decedent is a specified terrorist victim (see Specified Terrorist Victim, earlier), income received after the date of death and before the end of the decedent’s tax year (determined without regard to death) is excluded from the recipient’s gross income. This exclusion does not apply to certain income. For more information, see Publication 3920.
A. Joseph Stack crashes into IRS building
Plane was crashed into Austin building by man angry at IRS, authorities say
A software engineer is presumed dead after flying his small plane into an office building. At least 13 people on the ground are injured and one is unaccounted for.
Source: LA Times
Entertainment Industry Income tax help
Entertainment Industry Income tax help
Every working Entertainer in the US is required to file his or her income tax returns on time and this means going through every receipt and transaction made throughout the previous year to make sure that everything is properly and accurately reported.
Unfortunately, filing your income tax return on time is a necessary hassle if you don’t want to be hounded by the IRS for neglecting your duties. Entertainers should obtain income tax help from a tax expert as an enrolled agent to make this much easier for you.
