As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles from February 2009
Bernie Madoff NOL Rules Proposed by House
Paul Caron reports that there are two pending bills in the House of Representatives that would extend the carryback period for investors who were bilked by Bernie Madoff. The bills would extend the carryback periods from the current 3 years to 10 or 13 years. Caron’s Links: Congressman Gary Ackerman’s press release Fox Business News Investment…
Read Full Article Categorized in: Individual Taxation, Legislative WatchFix Your IRS Problems and Improve Your Health
For over 20 years we have represented hundreds of clients who have lived for a very long time in abject fear of the IRS. Most of these clients, after we got them back in good standing with the IRS and on an installment plan to pay their back taxes, have told us that they felt like the weight of…
Read Full Article Categorized in: Back Taxes, Tax CollectionsTax Court Update – February 2009 – IRS Abuse of Discretion and the Internal Revenue Manual
Gregory H. Haubrich v. Commissioner of Internal Revenue – The taxpayer, Haubrich, filed a form 12153 Request for a Collection Hearing, requesting, among other things, that the IRS enter into an Installment Agreement with him for the payment of back taxes in lieu of pursuing enforced collection. The IRS appeals officer assigned to handle the…
Read Full Article Categorized in: IRS appeals, IRS Installment Agreements, Taxpayer RightsThe Best Way to Avoid a Tax Lien
If you owe the IRS money and you don’t pay it in full, there is a high likelihood it will file a Notice of Federal Tax Lien against you. An IRS lien destroys your credit. Once the lien is filed it is extremely difficult to get the IRS to release it. The best way to…
Read Full Article Categorized in: Tax ProblemsThe Best Way to Survive a Tax Audit
An IRS audit is painful. Even if your return is 100% accurate and the IRS compliments you on your diligence and honesty, it will require a lot of your time and cause you a lot of stress. But there are things you can do to minimize the pain and the stress. Here are our top…
Read Full Article Categorized in: IRS Audits, Tax TipsThe Best Way to Organize Your Tax Records
Every self-employed person or small business owner should keep their books using a reputable accounting software package such as Quickbooks or Quickbooks Pro. But even if you keep your records electronically, you still must have a system for retaining and organizing your underlying accounting records. Here is how we recommend our clients keep their records.…
Read Full Article Categorized in: Accounting, Books & RecordsIRS Agents Regularly Tell Taxpayers Not to Hire an Attorney
“O, it is excellent to have a giant’s strength, but it is tyrannous to use it like a giant.” - Shakespeare, Measure for Measure, Act II, Scene ii - In a recent post titled Grading the IRS on the Declaration of Taxpayer Rights I gave the IRS a “D” on it’s respect for and enforcement of a taxpayer’s right…
Read Full Article Categorized in: Taxpayer RightsThe IRS Appeals Process (Or What to do if You Disagree with an IRS Auditor)
If you disagree with an IRS action or determination, you generally have the right to have it reviewed by an IRS appeals officer. The IRS is quite good at granting taxpayers their appeals rights. The classic appeals case is when a taxpayer does not agree with an IRS auditor’s proposed adjustments to his tax return.…
Read Full Article Categorized in: IRS appeals, IRS AuditsIRS Collection Agents and the Collection Process
Once an assessment is made against you, your case gets sent to the IRS Collection Division. There are two types of collection agents taxpayers encounter in the IRS collection process: Automated Collection Distributors; and Local Revenue Agents. The Automated Collection System The Automated Collection System was developed in the early 1980′s to allow the IRS…
Read Full Article Categorized in: Back Taxes, Tax Collections, Taxpayer RightsHow to Deal with IRS Collection Agents
Once an assessment is made against you, your case gets sent to the IRS Collection Division. There are two types of collection agents taxpayers encounter in the IRS collection process: Automated Collection Distributors; and Local Revenue Agents. The Automated Collection System The Automated Collection System was developed in the early 1980′s to allow the IRS…
Read Full Article Categorized in: Tax TutorialsIRS Penalties: How to Make them Go Away
The IRS assesses penalties against taxpayers for, among other things, the following: late filing of a tax return; late payment of tax; the negligent preparation of a tax return; the substantial underpayment of tax; and civil fraud. Penalties range from 5 percent per month in the case of late filing of a return to…
Read Full Article Categorized in: IRS Penalties, Tax TipsUnited States Sues UBS to Force Disclosure of American Taxpayer Names
Yahoo News reports that the U.S. has just filed a lawsuit in Federal court to force UBS AG to disclose the names of over 50,000 American taxpayer-investors. The company said it will fight in court to keep the names private, arguing Swiss bank secrecy laws shield those customers. The lawsuit comes a day after the…
Read Full Article Categorized in: Tax CrimesThe Best Way to Prepare Schedule “C” of Form 1040
We generally recommend that our self-employed clients incorporate their businesses and hire themselves as employees. We do this for two reasons: Putting owner/operators on the payroll significantly reduces the chances of future tax problems; and The IRS Audits form Schedule “C” much more frequently than it Audits corporate returns. But even if you are not…
Read Full Article Categorized in: Tax TipsBad News for UBS Investors: UBS to Disclose Investor Names to IRS
Reuters reports that Swiss Bank UBS AG will give the U.S. Department of Justice the names and account information of it’s customers: In an unprecedented move, UBS, based on an order by the Swiss Financial Markets Supervisory Authority (FINMA), agreed to immediately provide the U.S. government with the identities of, and account information for, certain…
Read Full Article Categorized in: Tax CrimesTaxpayer Appeal Rights: When and How to Appeal IRS Actions
You have the right to appeal any IRS action, determination, decision or ruling. The method and manner of the appeal varies depending on the nature of the dispute. IRS Appeals Rights Chart The following chart shows the various IRS appeals processes and how and when to apply for them. IRS ACTION WHEN TO APPEAL HOW…
Read Full Article Categorized in: IRS Audits, Tax Collections, Taxpayer Rights