Today is the first day of the rest of your life. If things haven’t been going well lately, get a fresh start with a fresh attitude. The best is yet to come! Michael Josephson, of Character Counts.
Tax debt settlement help – get reliable tax relief
If you find yourself unable to comprehend the complexities of paying [...]

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Tax Attorney - Get the power of attorney for tax representation
A tax attorney may represent taxpayers with a tax deficiency, which is the excess of the correct tax liability over the tax shown on the taxpayer’s return plus amounts previously assessed (or collected without assessment) as a tax deficiency, and minus any credits made to the [...]

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IRD – Income In Respect of a Decedent
All income the decedent would have received had death not occurred that was not properly includible on the final tax return is income in respect of a decedent.
If the decedent is a specified terrorist victim (see Specified Terrorist Victim, earlier), income received after the date of death and [...]

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Entertainment Industry Income tax help
Every working Entertainer in the US is required to file his or her income tax returns on time and this means going through every receipt and transaction made throughout the previous year to make sure that everything is properly and accurately reported.
Unfortunately, filing your income tax return on time is a [...]

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Southern California Tax Relief Services
IRS tax Relief, FTB tax Relief, BOE tax Relief, EDD tax relief
At Mike Habib, EA, a SoCal tax firm, we understand that being notified that your tax return is being challenged by the IRS or the FTB can be scary. When you are faced with an audit, or a collection action, [...]

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Tax Problems – Tax Problem Resolution

When tax problems occur, it can be difficult to hide from the IRS. Being familiar with these tax problems allow you to recognize them as soon as they occur. Whether you are an individual or a business entity, make sure that you are aware of these common problems regarding taxes.
Payroll [...]

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IRS Tax Levy – How to release federal tax liens and levies
Taxpayers have the right to appeal the IRS’ filing of a notice of a tax lien in the public record and petition for release. If filed in error, the IRS must release the lien and state that the lien was erroneous. The request for [...]

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Table 16.  Delinquent Collection Activities, Fiscal Years 2005-2008

[Money amounts are in thousands of dollars.]

Activity

2005

2006

2007

2008

(1)

(2)

(3)

(4)

Returns filed with additional tax due:

Total amount collected [1]

[r] 27,615,348   

[r] 29,172,915   

[r] 31,952,399   

28,465,648   

Taxpayer delinquent accounts (thousands):

Number in beginning inventory

5,981   

6,478   

7,074   

8,240   

Number of new accounts

5,870   

6,100   

7,146   

7,099   

Number of accounts closed

5,373   

5,504   

5,980   

6,107   

Ending inventory:

Number

6,478   

7,074    [...]

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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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Year-end tax planning letter
Mike Habib, EA
As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account that retirees and other nonworking individuals don’t face. To help [...]

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Tax debt help
Mike Habib, EA
1-877-788-2937
You’re going to need tax debt help if you’re one of the many taxpayers trying to contend with back taxes and tax debts amounting to more than $10,000. While there are people who believe that hiring a professional to help you resolve your issues with the IRS is impractical especially if [...]

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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.
 
That’s $5000 down the drain.
Many of the unnamed tax attorneys that advertise are nothing but fast-talking salesmen trying to get your money without really helping you solve your tax problem. They tend [...]

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Back taxes shutters Jack in the Box
Source: Mercury-Register

A state tax dispute is behind the sudden Jack in the Box closures Thursday.
A press release issued this morning indicated that owner Abe Alizadeh, president of Kobra Properties, has temporarily closed the restaurants.
Alizadeh owns 70 Jacks in northern and central California, including ones in Chico, Paradise and [...]

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Hawaii Cash Economy Enforcement Act of 2009

On June 18, 2009, Governor Linda Lingle signed Senate Bill 972 SD2, HD1, CD1 into law as Act 134, the “Cash Economy Enforcement Act of 2009.”

This Act provides the department with additional resources and tools to target high-risk, cash-based transactions to shore up confidence in Hawaii’s tax [...]

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IRS Releases List of Transactions of Interest (Notice 2009-55)
The IRS has provided a list of transactions that have been identified by the Service as “transactions of interest.” The IRS will consider transactions similar to any of the transactions on the list to be transactions of interest for purposes of Code Secs. 6111, 6112, 6662A, 6707, [...]

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Oregon: Tax Amnesty Program Enacted
Gov. Ted Kulongoski has signed legislation that authorizes the Oregon Department of Revenue (DOR) to initiate a tax amnesty program for taxpayers subject to the corporation excise (income) tax, the personal income tax, the inheritance tax, and the mass transit district tax on self-employment. The program will begin on October 1, [...]

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 Top Seven Tips for Taxpayers Starting a New Business
IRS Summertime Tax Tip 2009-02
Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.
 1. First, you must decide what type [...]

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Construction Industry Tax Issues

Accumulated Earnings Tax

Closely held C corporations are more likely to accumulate earnings and profits beyond the reasonable needs of the business in order to avoid income taxes on its shareholders than are large C corporations. Each accumulated earnings case is unique. No pro forma guide for calculating a taxpayer’s reasonable [...]

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IRS to seek more regulation of tax preparers
The IRS reported that it is working on new rules that will require paid tax preparers to be licensed. This will improve tax compliance and reduce tax preparer fraud; IRS Commissioner Doug Shulman announced that on June 4, 2009.
A whopping eighty percent of taxpayers get help with their [...]

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Florida Severe Storm and Flooding Victims May Qualify for IRS Disaster Tax Relief
 

 
Added Leon, Levy and Wakulla counties, 5/12/09
Added Dixie and Gilchrist counties, 5/4/09
Ft. Lauderdale — Victims of recent severe storms and flooding in Florida may qualify for tax relief from the Internal Revenue Service.
Following severe storms, flooding, tornados and straight-line winds on March 26, [...]

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UBS CLIENT PLEADS GUILTY TO FILING FALSE TAX RETURN HID ASSETS WORTH $3 MILLION IN SECRET SWISS BANK ACCOUNT
Ft. Lauderdale Yacht Broker Second UBS Client Charged, First to Plead Guilty
WASHINGTON – Robert Moran, of Lighthouse Point, Fla., pleaded guilty on criminal information charging him with filing a false income tax return, the Justice [...]

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U.S. JUDGE BARS TWO CONNECTICUT RESIDENTS FROM PREPARING FEDERAL TAX RETURNS FOR OTHERS
Father and Daughter Prepared Tax Returns That Falsified and Inflated Deductions for Customers
WASHINGTON – A federal district court in Connecticut has permanently barred Wethersfield residents Deowraj Buddhu and his daughter, Sunita Buddhu, from preparing federal tax returns for others. Mr. Buddhu [...]

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TAX SHELTER PROMOTER PLEADS GUILTY TO CONSPIRING TO IMPEDE AND IMPAIR THE IRS
WASHINGTON – Anthony G. Merlo, a former resident of Fort Worth, Texas, and the U.S. Virgin Islands, pleaded guilty to conspiracy to defraud the United States, the Justice Department and Internal Revenue Service (IRS) announced. Merlo appeared before Magistrate Judge Ellen S. [...]

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IRS is hiring hundreds of Internal Revenue Agents
The IRS is hiring hundreds of Internal Revenue Agents – It’s a great time to join the agency!
The IRS has begun a major hiring effort to fill hundreds of critical jobs nationwide. Most of these jobs are for internal revenue agent positions (look for series number 0512). At [...]

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IRS unveils 2009 list of notorious tax scams—the “Dirty Dozen” IR 2009-41

Mike Habib, EA Tax Relief & Tax Problem Resolution Services

IRS has unveiled its latest list of notorious tax scams, which it calls the “Dirty Dozen,” highlighted by schemes involving phishing, hiding income offshore and false claims for refunds. IRS warns that these tax schemes [...]

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Most Tax Procrastinating City in America

Settle with IRS and resolve your tax problems by contacting the tax firm of Mike Habib, EA at 1-877-78-TAXES or online at myirstaxrelief.com

As reported by Intuit, maker of TurboTax.
 
SAN DIEGO–(BUSINESS WIRE)–April 1, 2009–It’s the 50 yard dash to the April 15 tax deadline and Intuit (NASDAQ: INTU), the maker of [...]

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Adverse conditions may allow certain U.S. citizens to claim foreign earned income and housing cost exclusions [Rev Proc 2009-22]:  
Individuals who were forced to leave certain foreign countries in 2008 because of adverse conditions may still qualify as bona fide residents of that country for purposes of the IRC §911 foreign income tax exclusion.  Under [...]

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Subsidiary’s employment tax liability cannot be collected from the parent corporation [Chief Counsel Advice 200913052]:
The IRS Office of Chief Council has expressed its opinion in a new Chief Council Advice (CCA) that the employment tax liability of a subsidiary corporation in a consolidated group cannot be collected from the parent corporation.
A “subsidiary” [...]

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IRS announces settlement offer for those that voluntarily disclose unreported offshore income

Mike Habib, EA Tax Relief & Tax Resolution Services
IRS Commissioner Doug Shulman has announced what is in effect a settlement offer for those that voluntarily and timely disclose unreported offshore income. Those meeting the terms of the offer will have to pay back-taxes [...]

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IRS wage garnishment levy and IRS bank levy tax relief
Collecting tax revenue in the face of recession has been – and will continue to be – a challenge for the IRS. There is an increase in the number of taxpayers unable to pay their back taxes due to loss of main income and other such [...]

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Solve Your Payroll Tax Problems 940 / 941
It’s fairly common for businesses – no matter what size – to struggle with some sort of payroll tax issue or another. Even companies that use good payroll software to sort out their entire payroll related taxes are still prone to errors. The IRS implements strict guidelines when [...]

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How small businesses can use the new longer NOL carryback to achieve maximum tax savings
Mike Habib, EA Tax Relief & Tax Problem Resolution
The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for businesses. A [...]

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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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IRS giving relief to some Madoff investors
By MARCY GORDON, AP Business Writer
WASHINGTON – The Internal Revenue Service issued guidelines Tuesday that will allow tax relief and refunds for some Bernard Madoff victims who were levied for investment earnings that turned out to be nonexistent.
IRS Commissioner Douglas Shulman told Congress the guidelines are for taxpayers [...]

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What are your chances for being audited? IRS’s 2008 data book provides some clues IR 2009-22
Mike Habib, EA Tax Relief & Tax Problem Resolution

IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2008 activities. As this article explains, the data book provides valuable information about how many [...]

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Pasadena, CA March 13, 2009 – The current recession offers the best opportunity for individuals and businesses to address their tax issues and effectuate a tax settlement with the IRS. The Internal Revenue Service has announced its willingness to resolve and settle delinquent tax accounts; this will help those taxpayers who’ve been struggling for years [...]

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Get your CA FTB withheld tax refund today by contacting Mike Habib, EA at 1-877-78-TAXES (1-877-788-2937)
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 [...]

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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 [...]

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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
On Mar. 4, Treasury release the first details on two programs designed to offer mortgage relief to struggling [...]

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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

In an unpublished per curiam decision, the Court of Appeals for the Fifth Circuit has affirmed a district court’s finding that the chairman of the board [...]

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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

In a Summary Opinion, the Tax Court has held that a licensed real estate agent’s activities counted for purposes of the Code Sec. 469 passive loss exception for qualifying real [...]

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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 [...]

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Widow entitled to equitable spousal relief for some years

Martinez, TC Memo 2008-165
Mike Habib, EA Tax Relief & Tax Problem Resolution

The Tax Court held that a widow was entitled to equitable spousal relief for two of four tax years even though she had knowledge of her and her husband’s tax liabilities, because she took [...]

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The American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial changes for business. Here’s a review of the more widely applicable provisions that could have an impact on you and your enterprise.
Mike Habib, EA Tax [...]

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President’s FY 2010 budget will propose many major tax changes for businesses and individuals

“A New Era of Responsibility: Renewing America’s Promise,” the Administration’s preview of its FY 2010 budget, is available at http://www.omb.gov
Mike Habib, EA Tax Relief & Tax Problem Resolution

On Feb. 26, 2009, the Obama Administration released a document titled “A New Era of [...]

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Tax changes affecting individuals and families in the American Recovery and Reinvestment Act of 2009
Mike Habib, EA Tax Relief & Tax Problem Resolution
The recently enacted “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and [...]

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IRS not obligated to accept offer in compromise

Bennett, TC Memo 2008-251
Mike Habib, EA

The Tax Court held that the IRS did not abuse its discretion when it refused to accept the taxpayer’s settlement offer, which was higher than the amount it had calculated the taxpayer could pay. Instead the Service could place part [...]

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IRS Speeds Lien Relief for Homeowners Trying to Refinance, or Sell their house

Contact Mike Habib, EA to release your IRS Federal Tax lien

The Internal Revenue Service announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of [...]

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As you can see from the article below, the IRS tax code is getting more complicated than ever. Further, the IRS’s reach of audits has no limits.
If you have a tax problem, can not pay your tax bill or is facing an IRS tax audit contact us now.
Tax problem complicates Geithner’s confirmation process
As reported by the [...]

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