Tax Article Archives

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Tax Articles

Tax Strategy Patents + Patent Applications

I am opposed to all tax strategy patents.  They are bad public policy and harmful to taxpayers and their advisers.  No one should have a monopoly on part of the tax code and no taxpayer should be subject to paying royalties or lawsuits for using a legal way to comply with the tax code. The…


How to Properly Close Down Your Business

Closing down your business is hard and heart breaking and if you are at the point that you are actually reading this post then people have probably been nagging you for money and you are at the end of your rope.  You worked hard to create opportunity for yourself as an entrepreneur but if the…


How to become a Certifying IRS ITIN Acceptance Agent

An Acceptance Agent is a person or an entity (business or organization) who, pursuant to a written agreement with the IRS, is authorized to assist individuals and other foreign persons who do not qualify for a Social Security Number but who still need a Taxpayer Identification Number (TIN) to process a Form 1040 and other…


What is an Abusive Tax Shelter?

An abusive tax shelter generally offers inflated tax savings which are disproportionately greater than your actual investment placed at risk. Usually you invest money to generate income or capital appreciation but an abusive tax shelter generates little or no income or capital appreciation, and/or the tax shelter exists primarily to reduce taxes unreasonably for tax…


Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010.  The Act makes a credit available to small employers who pay at least 50% of the cost of qualifying health care coverage for their employees.…


How to Respond to the ’90 Day’ IRS Letter aka Statutory Notice of Deficiency – IRS Publication 3598

IF you find yourself ‘running out of time’ on the 90 day period, filing a tax court petition and paying court fees and representing yourself pro-se or hiring a tax court lawyer are last choice decisions. They are costly and tax court I hate to say it usually favors the government. The best solution is to…


Restaurants and Bars: IRS Audit Technique Guide an Introduction

Regardless of the type of restaurant one fact that is consistent when it comes to IRS audits is that all restaurants have numerous sales transactions with small(er) dollar amounts, taking place in a short time frame, such as during lunch or dinner. Many restaurants, especially smaller or closely held ones, are cash intensive and employees…


Partial Payment Installment Agreements with the IRS – some requirements

According to the Internal Revenue Manual Chapter a full Collection Information Statement is required for all Partial Payment Installment Agreements (PPIA’s). IRS Forms 433A or 433B must be completed to determine the taxpayer’s ability to pay Conditional expenses are not allowed for PPIAs. Only necessary expenses are permitted. For in-business trust fund accounts (employment…