Certificate of Lien WITHDRAWAL

A certificate of lien withdrawal will remove the tax lien from the taxpayer’s credit report. The IRS has discretionary authority to withdraw a lien if one of the four criteria is met according to the 1996 Taxpayer Bill Of Rights The lien

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

Field Audit Tests for Sole Proprietor CASH Income Require More Teeth

This audit was initiated by the Treasury Inspector General for Tax Administration (TIGTA) to determine whether minimum probes for unreported income during sole proprietor audits are conducted in accordance with IRS policies and procedures.  This audit was conducted as part of

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Posted in Appeals & Audit Resolution, Audit Technique Guide, IRS Audit, IRS Examination, Sole Proprietor

3.8% Medicare Tax Post 2012 is not limited exclusively to real estate transactions

A recent Congressional Research Service (CRS) Report sheds some light on the misconception that the 3.8% Medicare contributions tax on unearned income, which was added by the Health Care and Education Reconciliation Act of 2010, and effective for tax years

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Posted in Medicare, Rental Real Estate

2011 Retirement Plan IRS Limitations

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small.

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Posted in IRA, Retirement

IRS now accepting taxpayer records in electronic format from Intuit and Peachtree

The Internal Revenue Service has started accepting taxpayer records in electronic format from small businesses using Intuit’s QuickBooks and Sage’s Peachtree accounting software for audits and examinations. Electronic files should be provided on a CD, DVD, or flash/jump drive to

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Posted in Appeals & Audit Resolution, Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

The Patient Protection and Affordable Care Act created a new 3.8% Medicare tax

The Patient Protection and Affordable Care Act created a new §1411, which is effective for tax years beginning after December 31, 2012. This section will impose on high-income households a 3.8% Medicare tax on the lesser of “net investment income” or

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Posted in Medicare

Limitations on tax credit or refund claim

TITLE 26 > Subtitle F > CHAPTER 66 > Subchapter B > § 6511 - Feb 01, 2010 (a) Period of limitation on filing claim Claim for credit or refund of an overpayment of any tax imposed by this title in

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Posted in Amended Tax Return, Appeals & Audit Resolution, Refundable Tax Credit, Tax Credit, Tax Refund, Tax Relief

Number of Decedents Subject to Estate Tax Continues to Drop

Citizens for Tax Justice has released State-by-State Estate Tax Figures: Number of Deaths Resulting in Estate Tax Liability Continues to Drop: New data from the IRS show that only 0.6 percent of deaths in the U.S. in 2008 resulted in

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Posted in Estate Tax

Specific lines provided on Colorado income tax forms for subtractions from income

Taxpayers and tax professionals should note that the Colorado individual income tax form (104) and the Colorado corporation income tax form (112) have specific lines on them for Subtractions from Federal Taxable Income, such as United States government interest and

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Posted in Colorado Department of Revenue

Homeowners Can Deduct Interest on Mortgage Loans Up To $1.1m

The IRS today ruled that indebtedness in excess of $1 million incurred to acquire, construct, or substantially improve a qualified residence may constitute home equity indebtedness within the meaning of § 163(h)(3)(C). Rev. Rul. 2010-25, 2010-44 I.R.B. ___ (Nov. 1, 2010). In

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Posted in Mortgage, Tax Guidance & Preparation, Tax Problems & Requests, Tax Refund, Tax Relief, Taxable Income
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