IRS Tax Penalties in Detail
Mike Habib, EA Tax Relief & Tax Problem Resolution
The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion.
If you do not file your return and pay your tax by the due date, you may have to pay a penalty. You [...]

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Summary of IRS tax penalty rules
Mike Habib, EA Tax Relief & Tax Problem Resolution
Taxpayers who do not file their tax return and pay their tax by the due date may have to pay a penalty. Here are seven things you should know about failure-to-file and failure-to-pay penalties.

The failure-to-file [...]

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No More Tax Problems in 2009

Mike Habib, EA

Here is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009.

You can solve your tax problems and get tax relief through our tax resolution services. You can finally get a [...]

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Once is enough as far as collection of the trust fund recovery penalty is concerned Chief Counsel Advice 200838027

The IRS has issued a new Chief Counsel Advice (CCA) on the trust fund recovery penalty. The IRS notes that the CCA may not be used or cited as precedent.
IRC §6672, imposes a penalty on [...]

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IRS provides WHFIT penalty relief for 2008 and WHMT reporting relief for 2007 Notice 2008-77, 2008-40 IRB

In a Notice, IRS has informed trustees and middlemen of widely held fixed investment trusts (WHFITs) that it will not assert penalties under Reg. § 1.671-5(m) (dealing with WHFIT reporting rules) for calendar year 2008. In addition, [...]

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Do you have back tax returns that are Unfiled? Are you missing the records and forms necessary to file your tax returns?
The IRS will not allow you to file an offer in compromise or get an installment agreement if you are not current on filing your back tax returns.
If you have a refund coming to you and you file more than 3 years past the due date, the IRS will keep the refund.

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To disclose or not to disclose, that is the question.
Hiding Income Offshore is not the way to go.
Mike Habib, EA
For years, offshore accounts have been a hot topic in popular culture and for the IRS; most recently Liechtenstein has been mentioned, however the IRS is interested in accounts anywhere in the world that generate income [...]

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If It Seems Too Good to Be True, It Probably Is
Tax Return Preparer Fraud
Mike Habib, EA
Dishonest tax return preparers can cause many problems for taxpayers who fall victim to their schemes. These scam artists make their money in a number of ways including skimming a portion of their clients’ refunds, charging a percentage of [...]

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Tax Problem Solver – Why You Need Professional Help
Tax problems come in different forms; IRS tax problems, State tax problems, and Sales tax problems. Tax authorities are constantly increasing their tax enforcement efforts through tax collection and tax audit.
When taxpayers receive the dreaded tax notice that their tax return or their business is going [...]

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Avoiding IRS Tax Penalties and the Tax Gap
Mike Habib, EA
myIRSTaxRelief.com

IRS — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion.
If you do not file your return and pay your tax by the due date, you may have to pay a penalty. You may also [...]

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Final regs detail donee’s filing requirements for qualified intellectual property contributions
T.D. 9392, 04/04/2008; Reg. § 1.6050L-2
Mike Habib, EA
MyIRSTaxRelief.com
IRS has issued final regs explaining the information return requirements for donees receiving net income from qualified intellectual property contributions made after June 3, 2004.
Background. A taxpayer’s deduction for the donation of “qualified intellectual property” – patents, [...]

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“Makeup” required minimum distributions salvage lifetime payouts to nonspouse IRA beneficiaryMike Habib, EAmyIRSTaxRelief.comA private letter ruling allows the nonspouse beneficiary of an IRA to salvage lifetime payouts even though she failed an essential rule requiring distributions to begin by the end of the year following the year of the IRA owner’s death. She made up [...]

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If you owe the IRS, you’re better off resolving your tax debt now. As you know, tax problems do not go away by themselves! Stop IRS wage garnishment today, stop IRS bank levy today, and release IRS tax lien today.
As you can see from the statement below by Mr. Douglas H. Shulman, [...]

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Recurring item deduction exception allowed for payroll taxes on bonuses and vacation pay
Mike Habib, EA
myIRSTaxRelief.com
In a Revenue Procedure, IRS has provided a safe harbor accounting method for accrual method taxpayers that incur Federal Insurance Contributions Act (FICA) tax and Federal Unemployment Tax Act (FUTA) tax (i.e., payroll tax) liabilities bonuses and vacation pay, as [...]

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IRS tax problem, IRS penalty, IRS Tax court ruling in favor of taxpayer
Tax Court found that it could hear challenge to frivolous return penalty before rejecting summary judgment in favor of IRS
Callahan (2008), 130 TC No. 3
After determining that the taxpayers could challenge a frivolous return penalty before it, the Tax Court went on to [...]

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IRS targets tool reimbursement plans that recharacterize wagesEmployee Tool & Equipment Alert
on IRS’s website http://www.irs.gov/businesses/article/0,,id=178028,00.html
IRS has established a cross divisional team to address significant concerns with employee tool and equipment plans that purport to be valid accountable plans. Taxpayers that are considering implementing these plans, which are widely marketed to various industries, including the [...]

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Employment tax penalty abatement, Payroll tax problem, Abate tax penaltyCourt says bank error (not employee error) may be reasonable cause to abate employment tax assessment
Mike Habib, EA
Don Johnson Motors, Inc. v. U.S., DC TX, 101 AFTR 2d 2008-370, Civil Action No. B-06-047, 12/21/07
Employment tax problem? Get representation today!
A Texas U.S. district court has ruled that [...]

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S corporations tax challenges by the IRS and other taxing authorities
Tax Advocate’s Report highlights S corporation issues
Despite the fact that Subchapter S corporations are the most common corporate entity (over three million S corporations filing returns in fiscal year 2006), the National Taxpayer Advocate’s 2007 Annual Report notes that IRS is still struggling to develop [...]

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Payroll Taxes forms 940, 941, and 944 update
Don’t get into an IRS payroll tax problem…
IRS has revised its instructions for Forms 940, 941, and 944 and will be sending out notices in February to employers that are eligible to file Form 944 for the 2008 tax year.
Form 940. The 2007 Form 940, Employer’s Annual Federal [...]

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IRS Tax Penalties, type of IRS tax penalties, options to address your IRS tax penalty and more…

The IRS has over 148 different types of penalties. And boy do they love to hand them out. The worst part is that the IRS also charges interest and additional penalties on the original penalty.

So you must try [...]

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IRS tax audit, IRS tax examination, IRS audit reconsideration, IRS appeal
Are you asking yourself … If I have tax problems who should I contact?
Fiscal Year 2007 Enforcement and Service ResultsAs reported in a statement issued by IRS, it has continued to make strong progress in a number of key enforcement areas. IRS enforcement efforts increased [...]

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Mortgage Tax Debt Relief, AMT Relief – why you need professional tax advice

AMT relief. In general terms, to find out if you owe alternative minimum tax (AMT), you start with regular taxable income, modify it with various adjustments and preferences (such as add-backs for property and income tax deductions and dependency exemptions), and then subtract [...]

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You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please DO open it. It might even [...]

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Facing an ever more aggressive Internal Revenue Service, Americans with tax debts should start 2008 with a fresh start and finally get rid of their looming tax problem(s).
Are you asking yourself … If i have tax problems who should I contact?
In case you hadn’t noticed, the taxman is after you.
2005 proved to be a year [...]

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