Unemployed Tax Ramifications

The loss of a job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or

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Posted in Unemployment

IRS Voluntary Disclosure Practice

IRS Voluntary Disclosure Practice TAX CRIMES - GENERALIRM 9.5.11.9 Voluntary Disclosure Practice (1) It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the investigation in determining whether criminal

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

Deducting Theft Losses From "Ponzi" Schemes

The IRS released Rev. Rul. 2009-9 addressing the tax treatment of "Ponzi" scheme losses, and Rev. Proc. 2009-20 which provides safe harbor options for deducting these losses. The guidance is welcome relief to the thousands of investors who have lost

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Posted in Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Theft Loss

Tax Preparer Standard of Conduct – realistic possibility vs. more likely than not

The Small Business and Work Opportunity Tax Act of 2007 heightened the standards of conduct that must be met by tax preparers from 'nonfrivolous' to 'reasonable' basis for disclosed positions and from 'realistic possibility of success on the merits (33%chance

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Posted in Tax Guidance & Preparation, Tax Preparer

Pitfalls of itemizing deductions

These days, pretty much the only taxpayers who can itemize are those who have mortgages with high balances, those whose incomes are in the high six figures or above, with a heavy state tax burden, or the very ill, with

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Posted in Deductible Expense

Paying taxes and fearing deportation

File form W7 with a cerifying acceptance agent and obtain a Individual Taxpayer Identification Number (ITIN). An ITIN is a number issued by the IRS that allows non citizens residing in the US to file income tax returns. This number

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Posted in Undocumented Alien

IRS Statute of Limitations

Do Taxes Ever Expire? Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on

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Posted in IRS Collections

Tax incentives for organ donations

Lisa Milot (Georgia) has published Find 45 Willamette L. Rev. 67' target=_blank>The Case Against Tax Incentives for Organ Transfers, 45 Willamette L. Rev. 67 (2008). Here is the Conclusion: Upon initial consideration, providing tax incentives for organ donations might seem

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Posted in Tax Court, Tax Credit

Tips for recently married or divorced taxpayers

If you were married or divorced recently, there are a couple of things you'll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. If a taxpayer takes their spouse's

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Posted in Tax Guidance & Preparation, Uncategorized

Tips for tax payers making a move – IRS Form 8822

If you changed your home or business address, you'll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. You can change your address on file with the IRS in several ways: Correct

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Posted in Tax Guidance & Preparation, Tax Problems & Requests
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