On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of discretion and granted summary judgment in favor of the IRS. Why? The petitioner submitted form 12153 timely requesting Collection Due…
charitable contribution and social security benefits taxable
Disallowing Deductions.
If your ITIN has expired and you will be filing a federal tax return, you merely need to renew it. The CP565 ITIN Assignment notification contains the ITIN assignment date. If you’ve lost your CP565, call 1-800-829-1040 or 1-267-941-1000, meet the requirements for an ITIN and submit a complete application.
The husband ran a successful medical practice earning over $650,000 in gross income. He employed his wife as a sales representative and paid her a little over $30,000/year. The couple had four small children. The wife didn’t participate in her husband’s meeting over finances and management.
The IRS found that the medical practice underreported its income by over $100,000. Over $40,000 tax liability notice of deficiency was mailed to the couple. The couple also faced a significant penalty for the underreporting/ underpayment.
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the proposed collection action should proceed”. (per T.C. Memo. 2021-142 UNITED STATES TAX COURT Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent…
The IRS paid out more than $7.6 million in fraudulent tax refunds. This case is being investigated by the IRS Criminal Investigation Division. Tax Refunds Fraud. Stealing tax money.
Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has severe or unlimited risks. Day trading option has very big leverage and serious potential to profit (or to lose money). One of my favorite…
IRS tax forms change all the time. The most beneficial way to find the latest forms is: IRS.gov/latestforms IRS.gov/allforms IRS.gov/draftforms IRS.gov/formchanges IRS.gov/formsupdates Sometimes forms are not updated by the April 15th. You can view a draft of the form to see approximate expectations of what might be new and changed. For example, in 2018 form…
You can be audited by: mail, you visiting an IRS office, the IRS visits your office. What are your options: you can agree with the audit opinion respond with a written protest (file an Appeal) https://www.irs.gov/appeals/preparing-a-request-for-appeals? ? More information about the appeal request You may submit a Small Case Request if the entire amount of…
As not that many people know, a lot of people and companies work in the business of bringing whistleblower case to the IRS and get paid well doing it.
I didn’t file FBAR and now owe $10,000 in penalties! If you are a US citizen, a Green card holder, a US organization have an interest in a foreign account, foreign entity, have several accounts, have signature authority, foreign stock or securities held in a foreign bank, indirect interest in foreign assets through an entity,…
What help can I get from an Enrolled Agent? Communication with the IRS for a taxpayer regarding the taxpayer’s rights, privileges, or liabilities Representing a taxpayer at hearings and/or meetings with the IRS. Responding to the IRS letters and notices. Providing with a Written Tax Advice Are Enrolled Agents Lawyers? No, Enrolled Agents are not…
