Call 800-913-9358 to reach the Centralized Insolvency Operation. Hours are 7 a.m. to 10 p.m. eastern time. If the IRS is a creditor in a bankruptcy case, and you determine that IRS was not originally listed as a creditor, notification of the filing should be sent...
Yesterday I had the pleasure of attending a tax conference sponsored by the Public Accountant Society of Colorado. This particular topic presented by Dr. Pat Seaton of the University of Northern Colorado caught my attention. The following is a compilation of my notes from this...
From a tax perspective the fundamental issue is whether a legitimate business purpose exists for the formation of a distinct entity to do a sale leaseback. If one exists and this is pursued all elements of the transaction should meet an arms length standard and...
Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes. You choose when to sell—now, at your...
You can merge both a profitable entity with an entity that has a Net Operating Loss assuming that both entities have common ownership or sufficient overlap and a limited history of owner shifts. The Net Operating Loss of the dissolved entity can be utilized for...
The IRS has revised Form 656, Offer in Compromise. When submitting an offer use the March 2011 revision of Form 656. Beginning July 5, the IRS will not accept outdated forms. If an offer is submitted on an outdated form, the IRS will return it. Here's the...
Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American opportunity credit, to pay for college expenses. The American opportunity credit is not available on the 2008 returns taxpayers are filing...
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...
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...
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...