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...
When you cannot pay your taxes in full you may be allowed to pay over a prescribed period of time. If full payment cannot be achieved by the Collection Statute Expiration Date (CSED)- USUALLY 10 YEARS, and you have some ability to pay, the IRS...
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...
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 purpose of the Offshore Voluntary Disclosure Initiative (OVDI) as I understand it today is to provide reasonable assurance to a taxpayer who comes forward, before an investigation is started, that if they truthfully disclose all facts and circumstances about their unreported offshore account and...
Okay this is fun, writing about employee stock options that is. The biggest thing that kicked me in the jimmy as it were was the Alternative Minimum Tax (AMT) obligation associated with Incentive Stock Options that were exercised (converted to stock) but the underlining stock...
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...