TIGTA audits effectiveness of the Federal Payment Levy Program [Audit Report No. 2009-40-031]:

Mike Habib, EA Tax Relief & Tax Problem Resolution

An IRS program to collect delinquent taxes through the use of levies needs some changes in order to reduce taxpayer burden, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent audit.

Tax Relief Services

Filing tax returns is a necessary hassle, and everyone – even prudent individuals – are prone to errors. Tax delinquency is becoming a common problem as the harsh economy renders more people incapable of paying their taxes for various reasons.

Luckily, resolving delinquent tax liabilities need not be traumatic. If you’re one of the many individuals faced with circumstances that hinder the prompt payment of your taxes, don’t worry – all is not lost.

How small businesses can take maximum advantage of the new longer 2008 NOL carryback

Mike Habib, EA Tax Relief & Tax Problem Resolution

The American Recovery and Reinvestment Act of 2009, signed into law on Feb. 17, 2009 ( P.L. 111-5 , the “Recovery Act”) allows qualifying small business to choose a three- four- or five-year net operating loss (NOL) carryback period for certain losses instead of the usual two-year period. This article explains the details of this new provision and the planning that should be undertaken to ensure that a qualifying business chooses the carryback period that will yield maximum tax benefits for the business, taking into account the carryback itself and its tax picture for this year and previous years.

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.

President’s budget proposal includes funds to improve IRS:

Mike Habib, EA Tax Relief & Tax Problem Resolution

President Obama’s fiscal year 2010 budget proposal, totaling $3.6 trillion, includes funding “for a robust portfolio of IRS international tax compliance initiatives,” according to budget documents released on Feb. 26.

How individuals are affected by tax changes in the American Recovery and Reinvestment Act of 2009

Mike Habib, EA Tax Relief & Tax Problem Resolution

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 tax changes for individuals. However, most of them are temporary in nature, that is, unless extended by future legislation, they apply for 2009 only or in some cases for 2009 and 2010. Here’s a review of the more widely applicable provisions that could have an impact on you and your family.