Certificate of Discharge of Property From Federal Tax Lien

There is no standard form available for an application for a Certificate of Discharge of Property from a Federal tax lien. This makes the application a type written letter. Submit your request and all accompanying documents in duplicate to the

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Posted in Audit Reconsideration, IRS Enforcement, IRS Lien, IRS Penalties, Tax Guidance & Preparation, Tax Problems & Requests

Reliance on TurboTax Does Not Excuse Taxpayer From Penalty for Errors on Tax Return: Tax Court Rules

The Tax Court yesterday rejected the taxpayer's use of the "Geithner defense" and held that blaming TurboTax for errors on her return did not excuse her from penalties. Lam v. Commissioner, T.C. Memo. 2010-82 (Apr. 19, 2010): Petitioners' 2004 and

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Posted in Tax Court

Cash Audit Technique Guide

The purpose of this audit techniques guide (ATG) is to provide guidance for the examination of income in a cash intensive business. This guide can be used during all phases of the examination but is not all-inclusive The accurate reporting

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Posted in Audit Technique Guide, Cash Transaction

IRS Payment options

Filing and Paying on Time Saves MoneyIf you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. If you cannot complete your return and file it by April 15, you may

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Posted in Appeals & Audit Resolution, Back Taxes Owed, Debt, Intent To Levy, Intent To Lien, International Tax, IRS Appeal, IRS Enforcement, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Statutory Notice of Deficiency, Tax Guidance & Preparation

What to Do If You Receive an IRS Notice

Don’t panic. Many of these letters can be dealt with simply and painlessly. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account,

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Posted in Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Amended Returns – facts

If you need to amend your tax return, use Form 1040X, Amended U.S. Individual Income Tax Return. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed

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Posted in Amended Tax Return

Tax hikes are upon us – planning information

With the enactment of an enhanced federal role in medical care comes the need for revenue enhancement. The age of new tax hikes is upon us. Some planning information. 3.8% "Medicare" tax on investment income and an additional 0.9% Medicare

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Uncertain Tax Position

CORRESPONDENCE AUDITS OF SOLE PROPRIETORS

Estimates by the Internal Revenue Service (IRS) show that $68 billion of the $345 billion tax gap in 2001 was due to sole proprietors who underreported their income. Treasury Inspector General for Tax Administration (TIGTA) evaluated closed correspondence audits of

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Posted in Appeals & Audit Resolution, Correspondence Audit, Small Business, Sole Proprietor, Sub-chapter S

Common tax filing mistakes to avoid

Here are some ways to avoid common tax return errors. File electronically. If you e-file or Free File, tax software will do the calculations, flag common errors and prompt you for missing information. Remember Making Work Pay. The Making Work

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Top 10 First-Time Homebuyer Credit Tax Tips

There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim

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Posted in Paying Taxes, Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief
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