Gift Tax – Revised IRS Form 709 – Is THAT Gift taxable?

The IRS released revised instructions to Form 709 Gift Tax Return. The revised instructions change the rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000

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IRS Examination Program Still Burdensome to the Taxpayer Requiring Effective Representation

The Correspondence and Discretionary Examination Program (the Program) conducts examinations otherwise known as AUDITS exclusively by mail to reduce Internal Revenue Service (IRS) operational costs and minimize the burden on taxpayers. I along with other taxpayer advocates have expressed concerns

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Medical Expenses Paid for a Parent Are Deductible

Report the deduction on the Schedule 'A' - even if the parent did not meet the gross income requirements for the dependency exemption, the parent will still meet the definition of a dependent for purposes of medical expenses paid according to

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Posted in Medical Expenses

IRS Penalties

When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to

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Paying Estimated Taxes IRS Form 1040ES IRS

IRS Form 1040ES, Estimated Tax for Individuals, provides all you’ll need to pay estimated taxes. This includes instructions, worksheets, schedules and payment vouchers. Another good source for information is IRS Publication 505, Tax Withholding and Estimated Tax You may need to pay estimated

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Reporting Large Cash Transactions – IRS Form 8300

Businesses that receive more than $10,000 in cash in one transaction (or several related transactions) must file IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. According to Program Manager Technical Advice (PMTA) 2010-012. Reg. §1.6050I-1(c)(1) and

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Posted in Cash Transaction, IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

Tax Refund Withholdings and Offsets

If you owe money because of certain delinquent debts, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your federal tax refund or withhold the entire amount to satisfy

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Posted in Intent To Levy, Intent To Lien, IRS Audit, IRS Collections, IRS Examination

What are the Tax Implications of an Involuntary Conversion?

Usually when when economists define a business transaction in a free market society it involves a willing buyer and a willing seller coming together on terms. More often than not however it seems to me that in a wide variety

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Posted in IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

100 Percent Exclusion of Capital Gains From Certain §1202 Stock Transactions

A substantial benefit for those individuals who have formed small to mid-sized C corporations before the end of 2010. IRC §1202 has been previously used by taxpayers to exclude one half of the capital gain they realize when they sell qualifying §1202 stock at a gain. To

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100% Bonus Depreciation – Revenue Procedure 2011-26

For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100

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