IRS Office of Appeals Handling Of Collection Due Process Cases – STILL INADEQUATE!

If you have ever been a victim of IRS lien or levy action you know first hand that it can be unilaterally devastating on many levels and take literally years if not decades to financially overcome. To add insult to

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, TIGTA, United States Treasury

Tax Audit Musings

If you chose to represent yourself in an IRS Examination realize the IRS Revenue Agent (RA) or Tax Compliance Officer (TCO) assigned your file is trained very thoroughly to advocate on behalf of the US Government. One method used quite often

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Uncategorized

IRS Regulations on Deduction and Capitalization of Tangible Assets

The IRS has issued final regulations affecting all taxpayers that acquire, produce, or improve tangible property. The final regulations define materials, supplies, de minimus, safe harbor and related repairs as well as the election to capitalize certain materials and supplies among

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Posted in Asset Classification, Cost Basis, Deductible Expense, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

Individuals Exempt from the Affordable Care Act (Obama Care) Mandate

US citizens are required to carry minimum essential health insurance coverage beginning January 1st 2014. This is also commonly referred to as the 'individual mandate' and some people are exempt from this individual mandate including: Members of recognized religious sects

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Posted in Affordable Care Act, IRS Enforcement, Medical Expenses, ObamaCare, Tax Guidance & Preparation

Investor or Trader

I have another new client who is a day trader and wow is he good at it! Even though he has another job he makes so much more money as a trader that this ultimately is his primary vocation. The

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Posted in 1031 Exchange, 1231 Exchange, Business Expense, Business Income, Capital Gain, Capital Loss, Income, Investment Income, Mark to Market, Self Employ, Small Business, Tax Deductible Expenses

Affordable Care Act Final Regulations Regarding Minimum Essential Coverage Maintenance

The IRS released final regulations regarding minimum essential coverage maintenance required under the Affordable Care Act for individual taxpayers under IRC 5000A governing the shared responsibility payment. The document is 75 pages long and I'll be reviewing it over the next

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Posted in Affordable Care Act, Excise Tax, Health Care Tax Credit, Health Insurance, Paying Taxes, Penalty, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Small Businesses Receive IRS Letter 5036 – Under Reporting of Income

The IRS has over the last week or so started sending Letter 5036 to small businesses questioning the possible under reporting of income. The letter looks intimidating as it's header states "Notification of Possible Income Under reporting" and starts with "Your gross

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Posted in Income, IRS Collections, IRS Enforcement, IRS Examination, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

Sophy v. Commissioner – Reviewing Mortgage Interest Deduction Limitations

Taxpayers living in Vail Colorado contacted me most recently to represent them in an IRS audited covering tax years 2009, 2010 and 2011 relevant to several small items but specifically to the mortgage interest deduction claimed on Schedule A of

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Posted in Debt, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Examination, Marriage, Mortgage, Paying Taxes, Tax Filing Status, Tax Guidance & Preparation
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