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

Tagged with:
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

Tagged with:
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

Tagged with: ,
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

Tagged with: ,
Posted in Tax Guidance & Preparation, Tax Problems & Requests

Taxable Incove Vs. Financial Accounting Income

Daniel N. Shaviro (NYU) has published The Optimal Relationship between Taxable Income and Financial Accounting Income: Analysis and a Proposal, 97 Geo. L.J. 423 (2009). Here is the abstract: The persistence of the book-tax gap, or excess of companies’ reported

Tagged with:
Posted in Income

Temporarily suspend income recognition from the purchase of below par business debt

The economy is contracting rapidly. At the heart of this contraction are the twin problems of plummeting demand and a “liquidity crisis” in which banks, having suffered immense losses and waiting for the next shoes to drop, are strapped for

Tagged with:
Posted in Accounting Method, Business Income

Identity Theft + the IRS what you need to know

1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice.

Tagged with:
Posted in Theft Loss

Tax return transcripts are free – actual copies of the return cost $$

There are two easy and convenient options for obtaining free copies of your federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail. A tax return transcript shows most line items from

Tagged with: ,
Posted in Tax Guidance & Preparation, Tax Problems & Requests

Financially Distressed Taxpayer Help

With many people facing additional financial difficulties, the IRS is taking several additional steps to help people who owe back taxes. They claim to ensure that they balance their responsibility to enforce the law with the economic real ities facing

Tagged with: ,
Posted in Tax Guidance & Preparation, Tax Problems & Requests
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification

Xero Certified Adviser