Paying taxes and fearing deportation

File form W7 with a cerifying acceptance agent and obtain a Individual Taxpayer Identification Number (ITIN). An ITIN is a number issued by the IRS that allows non citizens residing in the US to file income tax returns. This number

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Posted in Undocumented Alien

IRS Statute of Limitations

Do Taxes Ever Expire? Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on

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Posted in IRS Collections

Tax incentives for organ donations

Lisa Milot (Georgia) has published Find 45 Willamette L. Rev. 67' target=_blank>The Case Against Tax Incentives for Organ Transfers, 45 Willamette L. Rev. 67 (2008). Here is the Conclusion: Upon initial consideration, providing tax incentives for organ donations might seem

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Posted in Tax Court, Tax Credit

Tips for recently married or divorced taxpayers

If you were married or divorced recently, there are a couple of things you'll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. If a taxpayer takes their spouse's

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Posted in Tax Guidance & Preparation, Uncategorized

Tips for tax payers making a move – IRS Form 8822

If you changed your home or business address, you'll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. You can change your address on file with the IRS in several ways: Correct

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Posted in Tax Guidance & Preparation, Tax Problems & Requests

Taxable Incove Vs. Financial Accounting Income

Daniel N. Shaviro (NYU) has published The Optimal Relationship between Taxable Income and Financial Accounting Income: Analysis and a Proposal, 97 Geo. L.J. 423 (2009). Here is the abstract: The persistence of the book-tax gap, or excess of companies’ reported

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Posted in Income

Temporarily suspend income recognition from the purchase of below par business debt

The economy is contracting rapidly. At the heart of this contraction are the twin problems of plummeting demand and a “liquidity crisis” in which banks, having suffered immense losses and waiting for the next shoes to drop, are strapped for

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Posted in Accounting Method, Business Income

Identity Theft + the IRS what you need to know

1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice.

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Posted in Theft Loss

Tax return transcripts are free – actual copies of the return cost $$

There are two easy and convenient options for obtaining free copies of your federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail. A tax return transcript shows most line items from

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Posted in Tax Guidance & Preparation, Tax Problems & Requests
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