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Taxation & Estate Planning

IRS Problem Solver Blog

IRS Problems and how to solve them
By Darrin T. Mish, Esq.

Post Frequency: 7.9/day

Last Entry: March 30, 2011 at 14:49:38

Identity Theft and Tax Fraud

Posted on February 26, 2011
There are many forms of identity theft that can deprive you of your tax refund, so you need to beware of them. One of the most common methods is where thieves use your Social Security number and other personal information to deceive the Internal Revenue Service into diverting your refund into their own pockets, according to a Scripps Howard News Service investigation...

IRS Goes Easy on Debtors

Posted on February 25, 2011
The IRS has announced several new rules designed to make life easier for tax debtors. IRS Commissioner Doug Shulman said the new rules are in view of the worst recession in a generation. The IRS is also making efforts to put itself in the shoes of the taxpayers...

IRS Indicts Four Credit Suisse Bankers

Posted on February 24, 2011
Four Credit Suisse bankers were indicted on charges of conspiring to help Americans evade taxes amounting to as much as $3 billion. All four, Marco Parenti Adami, Emanuel Agostoni, Michele Bergantino and Roger Schaerer, are believed to be in Switzerland...

Is the IRS Voluntary Disclosure Program for You

Posted on February 23, 2011
For many years, the usual practice among wealthy Americans who wanted to evade taxes was to open a foreign bank account in countries like Switzerland, famed for its tax secrecy laws and low income tax rates. The IRS requires that all who have a foreign bank account fill up a Foreign Bank and Financial Accounts Report (FBAR)...

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Debate over IRS Breastfeeding Supplies Rule

Posted on February 22, 2011
All the while, breastfeeding supplies were never allowed as tax-deductible items. This was because breast milk is considered a nutritional food and not medication. But recently, there was a change in the ruling. Now the IRS made expenses for breastfeeding supplies like breast pumps, bottles etc a tax-deductible expense...

IRS Increases Liens and Levies

Posted on February 21, 2011
Despite the recession and the people?s financial hardship, the IRS continues to bulldoze its way through in collecting outstanding taxes by filing an increasing number of tax liens and levies. In 1999, the number of tax liens filed was 168,000...

What You Should Know about Your Tax Preparer

Posted on February 20, 2011
Starting from this tax season onwards, the IRS has made it a requirement that all paid tax preparers must be registered and obtain a Preparer Tax Identification Number (PTIN). The purpose of this monitoring is to ensure a high standard of professionalism, ethics and competency among tax preparers...

Email Scam Warning from IRS

Posted on February 19, 2011
When tax season comes around you will almost always find email scams. If you have received an email that looks like it is from the IRS, do not believe it. It?s a scam. The IRS will never email you about your taxes, whether it?s for your business tax or personal tax...

Check Your Tax Returns

Posted on February 18, 2011
Most taxpayers engage tax preparers to get their tax returns done for them. If you are such a person, you should ensure that the tax return prepared by your tax preparer is accurate. When you sign your tax return form, you are doing so ?under penalties of perjury?...

IRS Curbs Tax Abuse by Charity Support Groups

Posted on February 16, 2011
In 2004, the IRS began investigating supporting organizations that obscure philanthropies created to support specific charities. Arising from this investigation, the IRS has recently revoked the tax-exempt status of 72 of these groups...

Your Tax Money Stolen by Prisoners

Posted on February 16, 2011
In 2009, prisoners in Florida, Georgia and California stole $19 million in IRS refunds while still in prison through bogus refund claims on phantom jobs. In the entire country, the figure was $39.1 million in 2009, an almost 300% jump from the amount of $13...

Are You Looking For A ?Killer Tax Attorney??

Posted on February 15, 2011
I have this minor competitor, a CPA in another part of the country. He thinks that good marketing is to call himself the ?Killer IRS Tax Problems CPA.? Personally I think it?s juvenile and unprofessional. Why would I call a guy out on one of the most heavily visited websites on the topic of IRS Problems? Because he just won?t leave me alone...

Are Refund Anticipated Loans Good or Bad?

Posted on February 14, 2011
There has always been a debate surrounding Refund Anticipated Loans or RALs. Refund Anticipated Loans are usually taken up by the lower income bracket taxpayers who need or want their tax refunds quickly. Tax preparers, taking advantage of this demand, would arrange for RALs to give immediate cash advances to those who cannot wait for their refunds...

Offshore Tax Evaders Last Chance

Posted on February 13, 2011
The IRS has given American taxpayers with undeclared assets offshore one final chance to come clean and disclose details of their money overseas. They have to do so by August 31 if they wish to escape criminal charges. This is now the second time an amnesty program has been offered...

Tax Breaks for Breast Feeding Supplies

Posted on February 12, 2011
Nursing mothers who breastfeed their infants have cause to be happy. After a hotly disputed contention with pediatricians and breastfeeding advocates, the IRS has finally agreed to grant tax breaks for breastfeeding equipment like breast pumps, pads, bottles and the like...

10 Tax Benefits for Parents according to IRS

Posted on February 11, 2011
If you are a parent, here are 10 tax benefits you should not miss out on. The IRS has publications that explain each of these 10 tax benefits in detail. 1. IRS Publication 501 on Exemptions, Standard Deductions and Filing Information explains the Dependents tax credit...

New Amnesty Program for Tax Cheats

Posted on February 10, 2011
The IRS has unveiled its newest amnesty program designed to give opportunity for American taxpayers who have not been paying their taxes on offshore assets to step forward and disclose their accounts in exchange for amnesty from criminal prosecution...

Social Security Benefits and Income Tax

Posted on February 09, 2011
If you receive Social Security benefits and Insurance policy benefits, you have to pay taxes on them. But there is a caveat to this. If your benefit is above a certain base amount, then the benefit becomes taxable. The base amount includes all forms of income that are received and may be calculated by filling out the IRS' Social Security and Equivalent Railroad Retirement Benefits Form 915...

Charitable Donations that are Tax Deductible

Posted on February 08, 2011
If you want to claim tax deductions for your charitable giving, there are a few things you have to bear in mind. The most important thing to know is that not all giving to charities qualifies for a tax deduction. However, expenses incurred while making your charitable donations are tax-deductible but at a much lower rate than most expect...

Tax Law Changes and You

Posted on February 07, 2011
In December last year, Congress approved the extension of the Bush-era tax cuts through the Tax Relief Act 2010. This act includes a group of retroactive tax changes that affect the 2010 returns. As a result, the IRS had to update its system by making changes to forms and reprogramming its computers...

IRS Saves $10 million not sending Tax Forms

Posted on February 05, 2011
The IRS is not going to mail income tax forms this year. One of the main reasons is to cut costs. It is estimated that the IRS will be saving about $10 million in postage and publication costs by doing away with tax forms. In view of this, you have to download the forms yourself from the IRS website, www...

Turbo Tax E-filers Refund Delay

Posted on February 04, 2011
Taxpayers who filed their tax returns electronically using Turbo Tax by Intuit may experience a delay in getting their refunds due to a ?processing error? by Turbo Tax. The Turbo Tax spokesperson, Julie Miller issued a statement: ?We deeply regret the inconvenience this has caused these customers...

Best to Avoid Tax Refund Anticipated Loans

Posted on February 03, 2011
Many taxpayers who want to get their tax refunds early resort to taking up Refund Anticipated Loans or RALs from tax preparers. These refunds come in the form of checks or gift debit cards. Similar to payday loans, RALs are short-term loans with high interest rates...

Income Tax News

Posted on February 02, 2011
Income Tax News Earned Income Tax Credit If you earn $49,000 or less, you may be eligible for a tax credit to the tune of more than $5,000. This credit is called the Earned Income Tax Credit. If you are living in Connecticut, you may receive help from a newly-formed program called the Volunteer Income Tax Assistance (VITA) program where volunteers in Stamford and other areas help you file for the credit that you are eligible for...

IRS Produces Own App

Posted on February 01, 2011
IRS Produces own App The IRS has produced its own smart phone application to help taxpayers receive information and check their tax refunds. The app is called IRS2Go and is available for iPhone, iTouch and Android smart phone users. You can download the app for free from Apple?s iTunes store and Android?s marketplace...

IRS 'What If' FAQs

Posted on January 31, 2011
If you visit the IRS website at www.irs.gov, you can find a section that would answer your ?What If? questions. It pays to look through this section as it might just save you a lot of money. This is especially so if you have undergone major changes in your life such as being laid off or closing down your small business...

Free Tax Submission Help in South Florida

Posted on January 30, 2011
Tax season is here again. If you have not submitted your tax return, you should do so and not procrastinate. If your taxes are not complicated and your gross adjusted income is not more than $58,000 then you are eligible to use the Free File option in the IRS website...

File your Tax Returns for Free

Posted on January 29, 2011
If you wish to file your tax returns without paying any money to do so, you should check out the IRS? Free File. Free File is an annual program that allows you to submit an electronic return free of charge. Depending on your level of income, you might also be eligible to receive tax prep help at no cost...

Indian-American Man Indicted for Tax Evasion

Posted on January 28, 2011
Vaibhav Dahake, an Indian-American businessman was indicted for conspiring to evade taxes. He allegedly did so by maintaining his assets in offshore banks in the British Virgin Islands and India between 2001 and 2010 without reporting them to the IRS...

IRS Files Lien against Goldman Partnership

Posted on January 27, 2011
The IRS has filed a tax lien against Goldman Sachs Mitsui Marine Derivative Products, a Goldman Sachs Group partnership that specializes in selling derivatives to US municipalities. The amount in the lien is $1.55 million that arises out of unpaid taxes in the year 2009...

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