Tax Relief Blog
Retired insurance agents’ renewal commissions didn’t qualify for FICA special timing rule
Mike Habib, EA
myIRSTaxRelief.com
Chief Counsel Advice 200813042
Insurance Agent Tax Resolution
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Trucker Tax Relief – Trucker Tax Resolution Service
Truckers Tax Relief – Are you a truck driver with tax problems?
Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting
If you’re a truck driver and owe the IRS, you’re better off resolving your tax debt now. As you know, tax problems do not go away by themselves! Stop your IRS wage garnishment today, stop your IRS bank levy today, and release your IRS tax lien today.
Federal tax liens – failure to pay the estate taxes
Homes sold by estate beneficiary remained subject to federal estate tax liens
First American Title Insurance Co., et al. v. U.S. (CA9 3/27/2008) 101 AFTR 2d ¶ 2008-622
Dependent deductions tax problem
Tax breaks for qualifying relatives are limited – what you should know
Internal Legal Memorandum 200812024
Mike Habib, EA
myIRSTaxRelief.com
An Internal Legal Memorandum (ILM) explains that various tax breaks are not allowed for qualifying relatives. Specifically, the ILM concludes that, apart from a dependency exemption, a taxpayer’s qualifying relative may not qualify him for the earned income credit, head of household filing status, or the child tax credit, but in limited circumstances may qualify the taxpayer for the child and dependent care credit.
Background. A taxpayer is entitled to a deduction equal to the exemption amount for each person who qualifies as his “dependent.” (Code Sec. 151(c))
Trust fund penalty responsible person for the Code Sec. 6672(a)
Tax-exempt hospital’s chairman of the board was liable for trust fund penalty – have a tax professional on your side
PPA Pension Protection Act Tax Issues
IRS issues proposed regs reflecting PPA changes and guidance for notice of retroactively effective plan amendments
Lower interest rate could result in higher taxes
How falling interest rates and the declining stock market affect tax and estate planning
Credit card debt triggers tax problems – know your options
Did you know that forgiven credit card debt triggered taxable income
Mike Habib, EA
myIRSTaxRelief.com
A new Tax Court case illustrates how a taxpayer generally has taxable income when a credit card company agrees to accept a reduced payment in settlement of his or her account.
