Corporate and Partnership Automatic Extension Request: IRS Form 7004

The Business and Partnership Tax deadline is coming up fast. Don't sweat it. File IRS Form 7004 and apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled feel welcome to check out

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Posted in Extension

Top 8 Free US Tax Research Sites

The best free US tax research sites in my opinion are: 1. For actually referencing the US Tax Code - Cornell University Law School as they seem to do the best job with updates and maintenance and at the end

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Uncategorized, Uncertain Tax Position, United States Treasury

Understanding Your Odds with IRS Audit Technique Guides

Many taxpayers fear that aggressive deductions wave flags in front of IRS auditors and quite often I am asked what the chances are of being audited as if my opinion is some sort of a benchmark. The fact of the matter

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Posted in Abusive Tax Shelter, Appeals & Audit Resolution, Audit Reconsideration, Audit Technique Guide, Business Expense, Business Income, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalty and Interest Abatement, IRS Transcript

Tax Implications of Installment Sales

More and more taxpayers it seems are finding themselves compelled to engage in a structured installment sale of closely held business assets or rental real estate and I couldn't help but notice that there are some common misconceptions about the

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Posted in 1031 Exchange, 1231 Exchange, Installment Agreement, Tax Deductible Expenses, Tax Guidance & Preparation

Allowable Nontaxable IRA Rollovers Contributions Interpreted To Mean One Per Taxpayer Per Tax Year in US Tax Court Case – Bobrow v. Commissioner

In Bobrow v. Comm'r, T.C. Memo. 2014-21, the Tax Court relied on IRC 408(d)(3)(B) regarding the limits and frequency of nontaxable rollover contributions elected by the taxpayer noting that the one-year limitation addressed in this section of the US Tax Code applies

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Posted in Distributions, Investment Income, IRA, IRS Enforcement, IRS Examination, Retirement, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

What is a ‘Qualifying Relative’ for US Tax Purposes: IRC 152

Wading through the convolution required to identify specifically who qualifies as a relative for income tax reporting purposes oftentimes can be difficult, not because the actual tax code is difficult to understand in these regards or even subject to much

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Posted in Adoption, Child Tax, Children, Earned Income Tax Credit, IRS Enforcement, Tax Credit, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests

Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs). As a result I developed a new profound distaste for investment

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Posted in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation

IRS Released “Get Transcript” Application for Real Time Downloading of Information on Your Tax Account

Any individual taxpayer can view, print or download their own transcripts on-line in Real-Time using a computer or Smart Phone. You simply go to www.IRS.gov and enter  GET TRANSCRIPT in the site search bar, OR ... Click here --> http://www.irs.gov/Individuals/Get-Transcript#! This

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN

IRS Stakeholder Liaison Meeting – Denver

The following is a summary of the IRS' most recent Stakeholder Liaison Meeting in Denver Colorado as prepared by Ann Burton, IRS Senior Stakeholder Liaison.  It is jam packed with procedural information and status updates from line managers and group

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN

2014 Tax Fears & Advice

With my family snugly content midst a long holiday season I felt compelled to pen some thoughts regarding the ubiquitous US Tax Code and all its myriad of seemingly scary changes looming around the proverbial corner. This post lists 10

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Posted in Capital Gain, Capital Loss, Child Tax, Children, Depreciation, Education Expense, Health Care Tax Credit, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, Marriage, Paying Taxes, Social Security, Social Security Tax, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, Uncertain Tax Position
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