Articles Posted in Tax Relief

IRS Appeals mediation program

A new IRS revenue procedure updates Rev Proc 2002-44, 2002-2 CB 10, which formally established a mediation procedure for cases at the IRS Appeals administrative level. The new revenue procedure expands and clarifies the types of cases that may be mediated by Appeals. Generally, the program is available for cases in which a limited number of legal and factual issues remain unresolved following settlement discussions in Appeals.

IRS Code Sec. 7123(b)(1) provides the statutory authority for the Appeals mediation program. On July 1, 2002, Rev Proc 2002-44, formally established the Appeals mediation procedure. It modified and expanded the availability of mediation for cases that are already in the Appeals administrative process. Rev Proc 2009-44 supersedes Rev Proc 2002-44.

What is Self-Employment Tax?

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.

You figure SE tax yourself using Schedule SE (Form 1040). Social security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct half of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct social security and Medicare taxes.

IRS to Receive Unprecedented Amount of Information in UBS Agreement

WASHINGTON — The Internal Revenue Service and the Department of Justice today announced the successful negotiation of an agreement that will result in the IRS receiving an unprecedented amount of information on United States holders of accounts at the Swiss bank UBS.

As a result of this agreement, the IRS will receive substantially all of the accounts that it was interested in when it initiated the John Doe summons against UBS.

Kentucky Severe Storms and Flooding Victims May Qualify for IRS Disaster Relief

Indianapolis — Victims of recent severe storms flooding in Kentucky may qualify for tax relief from the Internal Revenue Service.

Following severe storms, flooding and straight-line winds on Aug. 4, 2009, the President declared Jefferson county a federal disaster area qualifying for individual assistance.

Tax Relief

No one looks forward to the tax filing season. This period is associated with endless paperwork and sorting through receipts and other documents to get your tax accounts in order. And even with the use of tax programs, you are still at risk of encountering errors that can get you in the spot light as far as the IRS is concerned. Your problem grows worse once you have the misfortune of owing the IRS monies or getting your return picked out for audit. You can only pray that you have managed to get every entry properly accounted for.

So what should you do?

In case you do find yourself and your tax return subjected to inquiry by the IRS, you need to get proper representation to help you get tax relief. The concept of using a licensed tax representative has risen in popularity over the years as more and more individuals and businesses are beginning to find it more difficult to justify the entries in their tax returns for some reason or come up with the monies to pay their mounting tax debts.

IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits

WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA).

The recovery law provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and parents and students paying for college. But all of these incentives have expiration dates so taxpayers should take advantage of them while they can.