The loss of a job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to...
IRS Voluntary Disclosure Practice TAX CRIMES - GENERALIRM 9.5.11.9 Voluntary Disclosure Practice (1) It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the investigation in determining whether criminal prosecution will be recommended. This voluntary disclosure practice...
Deducting Theft Losses From Ponzi Schemes, a topic near and dear to my heart. The IRS released Rev. Rul. 2009-9 addressing the tax treatment of "Ponzi" scheme losses, and Rev. Proc. 2009-20 which provides safe harbor options for deducting these losses. The guidance is welcome relief...
The Small Business and Work Opportunity Tax Act of 2007 heightened the standards of conduct that must be met by tax preparers from 'nonfrivolous' to 'reasonable' basis for disclosed positions and from 'realistic possibility of success on the merits (33%chance that a position would be...
These days, pretty much the only taxpayers who can itemize are those who have mortgages with high balances, those whose incomes are in the high six figures or above, with a heavy state tax burden, or the very ill, with no medical insurance. After all, if...
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 and the accompanying return are...
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 to reflect a sound legislative...
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 last name or if both spouses...
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 the address legibly on the mailing label...
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 financial accounting income over their taxable...