IRS has filed $79,000 lien against Gov. Schwarzenegger, records show
SOURCE: Los Angeles Times
A spokesman for the governor says the matter is related to a paperwork discrepancy and has nothing to do with the payment of taxes.
By Michael Rothfeld
Reporting from Sacramento
The Internal Revenue Service has filed a federal tax lien against Gov. Arnold Schwarzenegger for nearly [...]

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IRS Issues Final Regulations Governing Installment Agreements
The IRS has issued final regulations relating to the payment of tax liabilities through installment agreements. The regulations reflect changes to the law made by the Taxpayer Bill of Rights II (P.L. 104-168), the Internal Revenue Service Restructuring and Reform Act of 1998 (P.L. 105-206) and the American Jobs [...]

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Treasury / SBA Highlight Role of Tax Cuts During Small Business Financing Forum
US Treasury Secretary Timothy F. Geithner presided over the Small Business Financing Forum presented by the Treasury Department and the Small Business Administration (SBA) on November 18 in Washington, D.C. While the program was aimed at exploring financing issues, recent tax cuts were [...]

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President Signs Military Spouses Residency Relief Act
Source: Journal of Accountancy
President Barack Obama signed into law the Military Spouses Residency Relief Act (PL 111-97), which will ensure that the spouses of military personnel who move because their spouse is posted for military duty will be treated as not having changed residency for tax purposes.
Under the act, [...]

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Effective Date of Regulations Under § 411(b)(5)(B)(i); Relief Under § 411(d)(6); and Notice to Pension Plan Participants
Announcement 2009-82
The Treasury Department and the Internal Revenue Service are announcing relief for sponsors of statutory hybrid plans that must amend the interest crediting rate in those plans. Plan sponsors may rely on this announcement pending publication of the [...]

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Essential year end tax planning
Year-end tax planning could be especially productive this year because timely action can nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them. These include, for individuals: the option to deduct state and local sales and use taxes instead of state income [...]

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Roth IRA Rollovers
Mike Habib, EA
I am writing to tell you of an interesting new rollover opportunity that’s coming up in a few months. After 2009, you will be able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs, regardless of [...]

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Extended and liberalized homebuyer tax credit rules
Mike Habib, EA
On November 6, the President signed into law H.R. 3548, the ”Worker, Homeownership, and Business Assistance Act of 2009.” The new law extends and generally liberalizes the tax credit for first-time homebuyers, making it a much more flexible tax-saving tool. It also includes some crackdowns designed to [...]

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IRS Back Taxes
Mike Habib, EA
You incur IRS back taxes when you haven’t been filing your income tax returns religiously every year. Tax season can be a stressful time and there are a lot of people who tend to overlook the deadlines so they find themselves having to rush to make it in time. For those [...]

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Tax Debt Relief
Mike Habib, EA
1-877-788-2937
If you failed to file your returns and the IRS is already calling your attention so you can pay for back taxes, you need to seek tax debt relief. These back taxes are derived from the SFR (Substitute For Return) filings that the IRS files if you cannot do it yourself. [...]

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