Golf Carts and Qualified Electric Vehicle Tax Credit

Does a Club Car Carryall Villager LSV Crown CR-225, which looks like a fancy golf cart, qualify for the electric vehicle tax credit if it has a windshield and roof? The tax payers use the cart to drive around in

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Posted in Qualified Electric Vehicle, Tax Credit, Tax Guidance & Preparation

Tax Advice for Writers

If you’re like most writers, you’re probably beside yourself wondering what you can deduct against your writing income when it comes to taxes. What does the Internal Revenue Service allow? What deductions send up a red flag? Will you be

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Posted in Entertainers

Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Who Received Student Loan Relief for Working in Underserved Areas

As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward

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Posted in Children, Health Care Tax Credit, Health Insurance, Student Loan

New 10% Tax on Tanning Service

The Internal Revenue Service issued regulations outlining the administration of a 10-percent excise tax on indoor tanning services that goes into effect on July 1, 2010. The regulations were published today in the Federal Register. In general, providers of indoor

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Posted in Excise Tax

More Security needed to protect IRS Automated Collection

The Treasury Inspector General for Tax Administration (TIGTA) issued the following report IMPACT ON TAXPAYERS The Automated Collection System (ACS) is a telephone contact system used by Internal Revenue Service (IRS) employees to perform critical IRS processes such as collecting

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Posted in IRS Collections, Privacy

Tax Considerations of Converting to a ROTH IRA

1. The tax bite is too big. 2. Retirement is too close. 3. Savings are too concentrated in one place. 4. Tax brackets often change in retirement. 5. The income can change your tax bracket now. If an investor is

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Posted in IRA

LIEN DETERMINATIONS WERE UNTIMELY OR NOT MADE APPROPRIATELY FOR OVER $1.4 BILLION IN DELINQUENT TAXES

IMPACT ON TAXPAYERS The Internal Revenue Service (IRS) protects its claims against taxpayers who owe delinquent taxes by filing Federal Tax Liens (liens), which establishes the IRS’ priority among secured creditors for the taxpayers’ equity. However, lien determinations were not

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Posted in Intent To Levy, Intent To Lien, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, IRS Penalties, IRS Penalty and Interest Abatement

Court: Innocent Spouses Still Have Only Two Years

The Seventh Circuit Court of Appeals ruled yesterday that the Internal Revenue Service can still apply a two-year deadline to taxpayers looking to file for "innocent spouse" relief. The court reversed a previous Tax Court ruling, which held that because

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Posted in Innocent Spouse Relief

What information must be disclosed about uncertain tax positions?

The draft proposal would require identification of up to three Internal Revenue Code sections which relate to the position. Some commentators have suggested it might be a good idea to disclose additional code sections in the description of the position

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Posted in Uncertain Tax Position

Are you required to report an uncertain tax position?

As set forth in the draft instructions, the initial disclosure with respect to the 2010 tax year would be required from corporations that have uncertain tax positions own assets exceeding $10 million issue audited financial statements, and are required to

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Posted in Uncertain Tax Position
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