Protective Tax Refund Claim

Protective refund claims are filed to preserve a taxpayer’s right to claim a refund when the taxpayer’s right to the refund is contingent on future events like future litigation, and may not be determinable until after the statute of limitations expires. Without a protective refund claim, taxpayers will

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Posted in Employment Tax, FICA

Heavy Highway Vehicle Use Tax Return (IRS Form 2290) Deadline Extended Until 11/3011

The Internal Revenue Service advised truckers and other owners of heavy highway vehicles that their next federal highway use tax return, usually due Aug. 31, will instead be due on Nov. 30, 2011. In general, the highway use tax applies

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Posted in Highway Tax, Tax Guidance & Preparation, Use Tax

Time Limit to File IRS Innocent Spouse Claim

The Internal Revenue Service announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests under IRC 6015(f). The IRS launched a thorough review of the equitable relief

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Posted in Innocent Spouse Relief

Domestic Partners: Income Reporting

The IRS issued three rulings in 2010 to address how the income of registered domestic partners in California should be reported and taxed for both state and federal income tax purposes. In Chief Counsel Advice 201021050, the IRS determined that for tax years beginning after December

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Posted in Family, Foreign Income, Marriage, Offer In Compromise, Paying Taxes, Private Letter Ruling, Tax Guidance & Preparation, Uncertain Tax Position

The Use of Quick Books by IRS Auditors

In January 2011 IRS agents began to audit Quickbooks data files and will require a copy of your QuickBooks data, if used, to help them with the audit. YIKES! These are some of my suggestions to prepare for a tax audit involving

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Audit Technique Guide, IRS Audit, IRS Enforcement, IRS Examination, IRS Mediation, Tax Guidance & Preparation, Tax Problems & Requests

“NOL Carry Back Allowed to Reduce Outstanding Tax Liability”

Check out what I read in a recent edition of the NATP's TaxPro Weekly publication about Net Operating Loss Carry backs (NOL).... "Chief Counsel Advice (CCA) 201049035 cleared the air regarding whether there is any limitation period applicable to reducing a

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Posted in Net Operating Loss, NOL

Characterizing Partner Distributions

Generally if payments are in exchange for partnership property, the amount received in excess of the partner’s outside basis in his/her partnership interest is taxed as capital gain. However if the payments represent a distributive share of partnership income or are deemed to be guaranteed payments, the payments

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Posted in Cost Basis, Distributions, Investment Income, Retirement, Small Business, Tax Guidance & Preparation, Taxable Income

32,000 Taxpayers Adversely Affected: Did Not Receive Proper IRS Tax Lien Notification

I had to read this report twice today. Check it out the IRS is not always following it's own procedures or governing statutes when it comes to properly issuing tax liens. What? Really? How can this be? Before anyone gets

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Posted in Appeals & Audit Resolution, IRS Lien

Charitable Contribution: Donated Real Estate

I have a new case involving donated rental real estate and in preparation for appeal I stumbled across the US Tax Court case of Theodore R. Rolfs, et ux. v. Commissioner 135 TC No. 24 in which the taxpayer donated a

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Posted in Charitable Contribution, Rental Real Estate

Tax Scams by Tax Practitioners Including CPA’s and ‘Tax’ Attorneys Have Been on the Rise

Most paid tax return preparers provide honest and professional service, but there are some who engage in fraud and other illegal activities.   Regardless of professional designation unscrupulous promoters, even those with CPA's and Law degrees, deceive people into paying

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Posted in Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Whistle Blower
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