What Affects OIC
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…
Category: Tax Problems?
Taxability of Social Security Benefits/ Charitable Contribution Deductions
Taxability of Social Security Benefits. By Tatiana Loughman, EA (888) 786-9829 Docket No. 13970-19 December 6, 2021 US Tax Court petitioner resided in Colorado and filed her petition with the court in order to issue…
Disallowing Deductions.
Disallowing Deductions. According to the United States Tax Court (Docket No. 329-19S) the IRS disallowed all deductions in the following circumstances. Facts of the case: The petitioner was stationed at Fort Sam Houston in San…
Renewing ITIN
Source: https://www.irs.gov/individuals/itin-expiration-faqs You can renew your ITIN if it has expired when you file your tax return. You must send a completed Form W-7, Application for IRS Individual Taxpayer Identification Number, along with your U.S.…
When a husband says, “We are partners,” what does he REALLY mean?
When a husband says, “We are partners,” what does he REALLY mean? According to the United States Tax Court opinion (Docket No. 10417-18), on December 9th, 2021, a married (later divorced) couple got in trouble…
IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.
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…
The IRS paid out more than $7.6 million in fraudulent tax refunds.
According to www.justice.gov, a Florida man has pleaded guilty to promoting a nationwide tax fraud scheme and $14.6 million in fraudulent tax refund claims with the IRS. He conspired to defraud the US government and…
Investment Strategy
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…
What is new in tax filings for 2020 tax period?
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…
What To Do If You Are Being Audited
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)…
