Steve Bennett, president and CEO of Intuit, the maker of the TurboTax software program, reports this one:
A client gave away his house to a local fire department to burn up in a training exercise. So far, so good. It appears to be a legitimate, allowable charitable contribution that was made to an appropriate organization.
But here’s [...]
Discount online travel agencies Expedia.com, Priceline.com and others lost big in New York State Supreme Court last week when a judge dismissed their lawsuit against the city’s hotel tax. The ruling will pay off in greater transparency for online travel customers and preserve millions for city coffers.
The lawsuit targeted a city law, enacted in September [...]
A case to be argued Wednesday before the U.S. Supreme Court could settle once and for all the legal bounds of Arizona’s private-school tuition tax-credit program.
More than setting a school-choice precedent, however, the case could also shape the rights of taxpayers to sue the government over policies they dislike that involve separation of church and [...]
Prof. Joanna Grossman of Hofstra Law School recent wrote an interesting article on the Defense of Marriage Act for Findlaw, here. It is about Gill v. Office of Personnel Management and Commonwealth v. U.S. Department of Health and Human Services…
In mid-October the IRS filed a summary judgment motion seeking FBAR (Foreign Bank Account Report, Form TDF 90-22.1) penalties of over $225,000 for a civil failure to file an FBAR. This is only the second civil FBAR case that I…
For assessment of additional taxes, the statute of limitation runs generally three years from the date you file your return. If you’re looking for an additional refund, the limitations period is generally the later of three years from the date you filed the original return or two years from the date you paid the tax. [...]
Every year, the Internal Revenue Service adjusts the standard mileage rate for automobile use for business purposes or charitable activities, or for moving or medical expenses.
For 2007, the standard mileage rates are: 48.5 cents a mile for business use.
20 cents a mile for medical or moving expenses
14 cents a mile for driving in charitable activities. For 2008, [...]
No, there is not a space missing between Fair and Tax. FairTax is how Rep. John Linder (R-Georgia, 7th), sponsor of the Fair Tax Act of 2003 has chosen to market his innovative tax reform legislation.
“Momentum behind the FairTax continues to build,” said Linder. “Not only do my colleagues recognize the harm done to the [...]
Employers must beware of the federal and state crackdowns on the use of independent contractors to avoid payroll tax problems and employment tax audits. But how do you distinguish between independent contractors and employees? More importantly, how does the IRS determine who owes unpaid employment taxes and who doesnât? Consider these tips to make correct determinations of worker classifications and avoid the wrath of IRS audits for unpaid employment back taxes and Related posts:
(1) IRS assessments can be fixed by filing a tax return. Sometimes the IRS will take an educated guess about what your tax liability might be. The IRS will then send you a notice of proposed assessment, or even file a return on your behalf. You can reduce or eliminate the IRS proposed assessments by [...]
Venture capital and other securities investment funds organized as domestic partnerships (“Domestic Funds”) often have foreign persons as limited partners. In addition, domestic fund managers often establish investment partnerships outside the United States (“Offshore Funds”). In recent months, there has been substantial controversy surrounding: (i) the potential application of a 35 percent excise tax (the [...]
Here’s how the game is played (most commonly with an insurance trust). The trust provides that any time the trustee receives a gift to the trust, a notice is to be sent to the beneficiaries designated in the trust instrument. Those beneficiaries then have a limited time period from the date of the notice (frequently [...]
Faced with a historic deficit, the federal government has taken an aggressive stance on tax collection. And according to a recent report, the National Taxpayer Advocate Service (NTAS), the government office created to help protect the rights of U.S. taxpayers and advocate on their behalf, has been unable to keep up with rising case numbers due to ramped up IRS collection efforts. Related posts:
In 1998, as part of the Taxpayer Bill of Rights, Congress
You don’t get IRS tax relief by dodging taxes! The best way to get tax relief is settling back taxes. If you owe back taxes, let Tax Resolution Services help you settle your tax debt.  Afraid that you owe more than you can pay? There are options. The IRS has an Offer in Compromise program – where we may be able to negotiate a settlement amount that won’t break your bank.  If you don’t qualify for that, you Related posts:
Let’s be real. There are tons of firms out there offering tax assistance and a guaranteed 100% tax relief. There are also a lot of tax debt relief scams out there. Related posts:
Tax Resolution Services (the Nation’s Leading Tax Negotiation and Mediation firm),  is the most credible tax resolution firm, providing incredible results. Our dedicated team of tax attorneys and Certified Tax Resolution Specialists provide expert and affordable tax relief for people with
Federal prosecutors have brought tax evasion charges against two men who held Swiss bank accounts with the Swiss bank UBS. The government alleges that the men held the accounts to hide money from the IRS. The two men are Peter…
According to data released by the U.S. government on October 15, 2010, those individuals who pay a tax on inheritances has declined over the last decade. The Internal Revenue Service says that about 17,000 estates in 2008 paid taxes when…
Occasionally, it is necessary to protect a party by filing a lawsuit under seal. Both federal and NYS courts have specific procedures governing such matters. An excellent July 19, 2010 New York Law Journal article describing this process under state…
The cost of college is becoming prohibitively expensive. Even public colleges are not cheap. The average cost at a state school is $7,605, but that is without room and board. With room and board, that figure rises to $16,140. At…
Tax law Professor and blogger Linda Beale today wrote exuberantly about the IRS’s crackdown on tax preparer abuse in Tax preparer — old abuses, new procedures.
Here’s an excerpt:
The days of just anyone becoming a tax return preparer and playing havoc with the rules, as some have, seem to be winding down.
The courts, for one, are now taking [...]