Are you being audited? IRS audits you need to know

March 19, 2008 | Mike Habib, EA

What are your chances for being audited? IRS’s 2007 data book provides some clues

Mike Habib, EA

myIRSTaxRelief.com

IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2007 activities. As this article explains, the data book provides valuable information about how many tax returns IRS examines (audits), and what categories of returns IRS is focusing its resources on, as well as data on other enforcement activities, such as collections.

What are the chances of being examined? A total of 1,384,563 individual income tax returns were audited during FY 2007 (Oct. 1, 2006 through Sept. 30, 2007) out of a total of 134.5 million individual returns that were filed in the previous year This works out to 1.0% of all individual returns filed (slightly higher than the 0.97% audit rate for the preceding year).

IRS 2008 list of notorious tax scams

March 17, 2008 | Mike Habib, EA

IRS unveils 2008 list of notorious tax scams – the “Dirty Dozen”

Mike Habib, EA

myIRSTaxRelief.com

Tax Negotiation Buyer Beware Report

March 13, 2008 | Mike Habib, EA

How to compare tax relief and resolution service companies?

Customer…Beware!

How To Keep From Getting Ripped Off?

Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not. They’ll lie to you and tell you they can get all the penalties and interest wiped out. They’ll lie to you and tell you they’ll settle with the IRS for “pennies on the dollar” when they know damn well you don’t possibly qualify for the Offer in Compromise program.

How do they get away with this? Easy, most of the people you talk to at these unscrupulous firms are sales representatives. They have NO license to protect. You don’t actually speak to the EA (Enrolled Agent), the CPA (Certified Public Accountant) or the attorney that these firms claim to have. Nope, you speak to some slimy unlicensed salesman. Some of these firms make up titles like Tax Resolution Specialist, or Tax Consultant. What a scam! In fact, many of these unscrupulous firms aren’t tax firms or law firms at all, they’re just sales organizations!

Payroll taxes on bonuses and vacation pay

March 12, 2008 | Mike Habib, EA

Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay

Mike Habib, EA

myIRSTaxRelief.com

Tax audit of Exempt Organizations Non Profit Organizations

March 8, 2008 | Mike Habib, EA

Examination and Compliance Check Processes For Exempt Organizations

Mike Habib, EA

myIRSTaxRelief.com

Past due tax return what to do

March 8, 2008 | Mike Habib, EA

Help Yourself by Filing Past-Due Tax Returns

Mike Habib, EA
myIRSTaxRelief.com

Most citizens voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law.

Is an IRS Offer In Compromise right for you? Know your options!

February 27, 2008 | Mike Habib, EA

Direct from the IRS

Mike Habib, EA

Is an Offer in Compromise Right for You?

What is an Offer In Compromise OIC – Why you need professional representation

February 27, 2008 | Mike Habib, EA

As per the IRS Offer in Compromise

Mike Habib, EA

If taxpayers are unable to pay a tax debt in full and an installment agreement is not an option, they may be able to take advantage of an offer in compromise (OIC). Generally, an OIC should be viewed as a last resort after taxpayers have explored all other available payment options. The IRS resolves less than one percent of all balance due accounts through the OIC program.

1099 Tax Reporting Requirements Corporations, LLCs, DBAs

February 27, 2008 | Mike Habib, EA

Most common questions by corporations and other business entities on 1099 reporting requirements. Below is a direct IRS response to frequently asked question on 1099 issues.

Mike Habib, EA

IRS provides further guidance on Form 1099 reporting

IRS targets offshore bank accounts Tax Haven Abuse

February 27, 2008 | Mike Habib, EA

IRS and treaty partners target Liechtenstein accounts

Mike Habib, EA

An IRS news release reports that IRS is initiating enforcement action involving more than 100 U.S. taxpayers to ensure proper income reporting and tax payment in connection with accounts in Liechtenstein.