Tax Relief Blog

Tax Withheld on Sale of Real Estate in California

March 10, 2009 | Mike Habib, EA

Get your CA FTB withheld tax refund today by contacting Mike Habib, EA at 877-788-2937

CA Tax Rates

According to the California State Franchise Tax Board (FTB), partnerships that are not based in California should file withholding tax on the sale of real estate in the state. The CA tax rate is at 3 1/3 percent of the proceeds from the sale or 9.3 percent of the gain. The board also increased the alternative withholding rates for real estate sales by S corporations. These groups are now subjected to a 10.8% rate for the sale of real property. On the other hand, financial S corporations are subjected to withholding rates of 12.8%.

For installment sales

IRS Levy

March 10, 2009 | Mike Habib, EA

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 – IRS Tax Debt Relief

March 9, 2009 | Mike Habib, EA

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.

Tax Relief, Tax Help

March 6, 2009 | Mike Habib, EA

Homeowners whose debt is forgiven under Treasury’s “Making Home Affordable” initiative may be entitled to tax relief

Relief for Responsible Homeowners: Treasury Announces Requirements for the Making Home Affordable

Mike Habib, EA Tax Relief & Tax Problem Resolution

Payroll tax problem resolution

March 5, 2009 | Mike Habib, EA

Fifth Circuit finds tax-exempt hospital’s chairman liable for trust fund penalty

Verret v. U.S., (CA 5 2/26/2009) 103 AFTR 2d ¶2009-576

Mike Habib, EA Tax Relief & Tax Problem Resolution

Real Estate Agent Passive Activity Losses

March 5, 2009 | Mike Habib, EA

Licensed real estate agent’s activities count for PAL qualifying real estate professionals’ exception

Agarwal, TC Summary Opinion 2009-29

Mike Habib, EA Tax Relief & Tax Problem Resolution

IRS has a check for you

March 3, 2009 | Mike Habib, EA

IRS has a check for you

Mike Habib, EA Tax Relief & Tax Problem Resolution

IR-2009-16, March 3, 2009

Maximum advantage of NOL carryback

March 3, 2009 | Mike Habib, EA

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.

1099 tax problems

March 3, 2009 | Mike Habib, EA

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.

More funding to the IRS

March 3, 2009 | Mike Habib, EA

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.