IRS Issues Guidance on 2009 Required Minimum Distribution Waiver
The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans.
Source: NY Daily News
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IRS to Audit 6,000 Companies to Test Employment Tax Compliance
Source: Bloomberg
By Ryan J. Donmoyer
Thinking of hiring a $5000 tax attorney?
HOLD IT.
If you do not qualify for an IRS Offer in Compromise, an attorney CANNOT help you.
Back taxes shutters Jack in the Box
Source: Mercury-Register
A state tax dispute is behind the sudden Jack in the Box closures Thursday.
California – Corporate Income Tax: FTB Has Begun Contacting Return Nonfilers for 2007
The California Franchise Tax Board (FTB) has begun contacting more than 35,000 companies that did business in California in 2007, but failed to file a California corporation franchise or income tax return for that year. Businesses contacted by the FTB will have 30 days to file their delinquent tax return or show why one is not due. If no such action is taken, the FTB will issue a tax assessment that may include penalties and fees.
The FTB annually reviews more than 5 million income records from government agencies and financial institutions, and matches them against tax records filed to determine whether some businesses have yet to file. Businesses receiving notices from the FTB may obtain more information by calling the FTB at 866-204-7902. Callers should be prepared to provide their 15-digit notice number.
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.
IRS Back Taxes – IRS Tax Tip
If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help:
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.
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