Gambling revenue recognition

A retired widow who enjoys playing the slot machines became a regular patron of a casino, and traveled there with friends every other week or so during 2004. Normally the widow would spend at least eight hours at the casino

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Posted in Gamble

Currently Not Collectible

Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Statutory Notice of Deficiency, Sub-chapter S, Tax Fraud, Tax Guidance & Preparation, Tax Relief

Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service

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Posted in Health Insurance, Medical Expenses, Tax Deductible Expenses, Tax Guidance & Preparation

Beware of ‘friend’ who offers to prepare your taxes.

One good reason to use a professional tax preparer to do your taxes may be the cautionary tale that appeared the other day in a Washington State newspaper. The Kitsap Sun reported that a Bremerton woman told police there that

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Posted in Tax Guidance & Preparation

HIRE Act of 2010 – Hiring Incentives to Restore Employment

The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18th, 2010 provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. It also includes new measures that heighten

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Posted in Employee Business Expense, Employment Tax, FICA, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business

Certificate of Discharge of Property From Federal Tax Lien

There is no standard form available for an application for a Certificate of Discharge of Property from a Federal tax lien. This makes the application a type written letter. Submit your request and all accompanying documents in duplicate to the

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Posted in Audit Reconsideration, IRS Enforcement, IRS Lien, IRS Penalties, Tax Guidance & Preparation, Tax Problems & Requests

Reliance on TurboTax Does Not Excuse Taxpayer From Penalty for Errors on Tax Return: Tax Court Rules

The Tax Court yesterday rejected the taxpayer's use of the "Geithner defense" and held that blaming TurboTax for errors on her return did not excuse her from penalties. Lam v. Commissioner, T.C. Memo. 2010-82 (Apr. 19, 2010): Petitioners' 2004 and

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Posted in Tax Court

Cash Audit Technique Guide

The purpose of this audit techniques guide (ATG) is to provide guidance for the examination of income in a cash intensive business. This guide can be used during all phases of the examination but is not all-inclusive The accurate reporting

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Posted in Audit Technique Guide, Cash Transaction

IRS Payment options

Filing and Paying on Time Saves MoneyIf you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. If you cannot complete your return and file it by April 15, you may

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Posted in Appeals & Audit Resolution, Back Taxes Owed, Debt, Intent To Levy, Intent To Lien, International Tax, IRS Appeal, IRS Enforcement, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Statutory Notice of Deficiency, Tax Guidance & Preparation

What to Do If You Receive an IRS Notice

Don’t panic. Many of these letters can be dealt with simply and painlessly. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account,

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Posted in Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief
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