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Tax Articles

IRS Penalties – facts

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face if you do not pay or file on time. If…


Request IRS to Release Its Right to Redeem Property Secured by a Federal Tax Lien

There is no standard form available for an application for Requesting the United States to Release Its Right to Redeem Property Secured by a Federal Tax Lien. Prepare your request in the form of a typed letter and submit it with all accompanying documents to: IRS, Attn: Technical Services Advisory Group Manager (Address Application to…


How to Classify Worker – Independent Contractor or Employee

The IRS uses the common-law factors listed below to determine whether a worker is an independent contractor or an employee. All the factors below must be taken into consideration in determining worker classification Instructions. An employer should not tell an independent contractor how to do a job. Training. An employer should not provide substantial training…


Mark to market securities transactions IRS Revenue Proceedure 99-17

This revenue procedure provides the exclusive procedure for dealers in commodities and traders in securities or commodities to make an election to use the mark-to-market method of accounting under § 475(e) or (f) of the Internal Revenue Code. BACKGROUND Section 475(e) allows a dealer in commodities to elect mark-to-market accounting for commodities. Mark-to-market accounting under…


IRS outlines steps to assist unemployed taxpayers

Video Owe Taxes But Can’t Pay? English Unemployment Compensation: English Spanish Job Search Expenses: English Spanish ASL For these and other videos: YouTube/IRSVideos WASHINGTON — The Internal Revenue Service today announced several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial…


Taxpayer beware – mail your own tax check in

TAX PREPARER PLEADS GUILTY TO FRAUD AND TAX EVASION NEWS RELEASE SUMMARY – March 8, 2010 United States Attorney Karen Hewitt announced that today tax return preparer David Canales pled guilty before United States District Court Judge Thomas J. Whelan to one count of mail fraud, in violation of Title 18, United States Code, Section…


Child Tax Credit Facts

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount – With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for…