Disaster Losses Including Casualty and Theft IRS Publication 547 – IRS Form 4684

If you take one look at FEMA’s website, it’s clear that we are going to see a significant increase in the number of casualty losses going forward. Should you find yourself a victim of a disaster or a casualty or theft loss it is

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Posted in Casualty Loss, Disaster Loss, Theft Loss

It has been QUITE a tax season! A Review of IRS Activity

According to the newly released 2012 IRS Data Book, the IRS collected almost $2.5 trillion in federal revenue and processed 237 million returns, of which almost 145 million were filed electronically. Out of the 146 million individual income tax returns filed,

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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, Tax Court, Tax Fraud, Tax Guidance & Preparation

What is an Enrolled Agent (EA) and Why is this Designation Superior to Certified Public Accountant (CPA)

The Enrolled Agent (EA) is arguably the longest standing professional tax designation.  Although at times overshadowed by other tax professionals EA’s are the only federally licensed tax practitioners who specialize in taxation. The EA was established in 1884 when Congress

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Posted in Enrolled Agent

IRS Publication 3 – Armed Forces Tax Guide

According to IRS Publication 3, Armed Forces’ Tax Guide, the Armed Forces Tax Council (AFTC) oversees the military tax programs offered worldwide. AFTC partners with the IRS to conduct outreach to military personnel and their families. This includes the Army, Air

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Posted in Earned Income Tax Credit, Military Personnel Tax, Tax Guidance & Preparation, VITA

IRS Form 7004 Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

If your corporation, partnership or estate operates on a calendar year basis the tax return is due March 15th which is coming up! If you need additional time to file tax returns for these entities file IRS Form 7004 which

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Posted in Corporation, Estate Tax, Estimated Taxes, Excise Tax, Extension, Paying Taxes, Penalty, Sub-chapter S, Tax Guidance & Preparation, Tax Relief, Trusts

IRS Notice 2008-1 Health Insurance Costs of 2% Shareholder-Employees

Under IRS Notice 2008-1, if you are an owner of more than 2% of an S corporation and you have a health insurance policy in your name with premiums paid by the corporation basically a plan has been established by the corporation for you the

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Posted in Corporation, Health Insurance, Small Business, Social Security Tax, Sub-chapter S, Tax Guidance & Preparation

Health Insurance Premium Tax Credit

The IRS has issued final regulations, TD 9611, relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. These final regulations provide guidance

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Posted in Health Insurance

How to calculate stock and loan basis in an S Corp for tax purposes

If you are a shareholder of an S corporation you are responsible for keeping track of your own basis (investment value) in the S corporation of which you own shares. Tracking shareholder basis is usually not the S corporation’s responsibility. You can have stock basis and

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Posted in Basis, Corporation, Cost Basis, Depreciation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

IRS Targets – Don’t Be One.

In 2013, the IRS will focus the significant majority of their enforcement budget and subsequent activity in my opinion on three specific areas: 1. Abusive transactions and under reported income on partnership returns (IRS Form 1065). 2. Officer compensation as

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Relief

Trafficking under IRC § 280E

The Internal Revenue Code is a complex beast.  In the lunacy of it all I've been asked to define 'trafficking' as it relates to 26 USC § 280E - Expenditures in connection with the illegal sale of drugs which states as follows: "No

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Posted in Appeals & Audit Resolution, Asset Classification, Business Expense, Cash Transaction, COGS, IRS Mediation, Marijuana, Net Operating Loss, NOL, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests
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