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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

Knives against the IRS

Posted on December 27, 2009
This is for sure a case of the end not justifying the means. Marcellus Arellano, 68 claims that the IRS owes him $12,000. He obviously wants the money back. But the means he chose to make his ?claim? is wrong, and that?s putting it mildly. Read more on Knives against the IRS… Knives against the IRS is a post from: IRS Tax Problem Solver Blog - IRS Help Knives against the IRS is a post from: IRS Tax Problem Solver Blog - IRS Help

Abuses of the First Time Homebuyer Tax Credit

Posted on December 26, 2009
What was a much lauded move by the government to stimulate the economy has become a farce because of tax cheats. In 2008, the government gave a tax incentive to boost home sales which was significantly expanded this year. Under this incentive, those who buy a house for the first time between January and November this year are entitled to a tax refund of up to 10% of the purchase price of the property or $8,000 whichever was lower...

How to Pay Less Taxes than What You Owe

Posted on December 25, 2009
Marlene Hamann, a former operator of a temporary staffing company in Amherst owed the IRS more than $1 million in taxes but the IRS agreed to a payment of only $27, 444 as full settlement. Impossible? Not if you know of a certain provision in tax law that gives you the eligibility to pay less than what you actually owe the IRS...

Proposed Tax for Foreign Banks

Posted on December 24, 2009
There is a new law being proposed that would impose a tax on foreign banks if they do not reveal the details of Americans having offshore accounts with them. Under this law, the US government would impose a 30% withholding tax on the income foreign banks earn from US depositors...

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Let the Rich (Cheats) Beware

Posted on December 23, 2009
It is a fact that generally the rich have more means at their disposal to hide their wealth. The recent standoff between the IRS and UBS bank of Switzerland is a case in point. Many rich Americans held accounts in UBS and other offshore banks with the intention of avoiding taxes on their deposits...

Injured 11-year old Boy Takes on Camping Equipment Manufacturer

Posted on December 22, 2009
Trevor Dennis was once a normal, happy 8-year old boy. But a horrific incident almost 4 years ago turned his world upside down. While on a camping holiday with his parents at the Octillo Wells Desert Recreation area on December 30th, 2005, young Trevor retired into their camper that was being heated by a Model 5053 ProCat�?� PerfecTemp�?� Coleman propane heater manufactured by the Coleman Company...

The Long Wait for Tax Credit

Posted on December 21, 2009
Since last April, the First time Home Owner's Tax Credit has boosted home sales this year. The tax credit incentive is due to expire by end of November but Congress is contemplating extending it. However scores of taxpayers who have applied for this credit have yet to receive their credit checks from the IRS...

IRS Sues Tax Protester

Posted on December 20, 2009
You may not be aware of it, but there is a nationwide movement of people who believe that the federal government has a secret fund that should be accessed by taxpayers using dubious means. These people feel they have a right to redeem this money according to a concept espoused by its adherents that defies paying taxes...

Save Energy, Save Tax

Posted on December 19, 2009
If you want to find a way to save on your taxes and the cost of energy, the government has made it possible. In a move that kills these two birds with one stone, legislators have enacted a law that allows you to make improvements to your home that will save you money in energy costs and slash your tax bill at the same time...

Tax News

Posted on December 18, 2009
Actress Zsa Zsa Gabor Owes the IRS $118,000 The IRS recently confirmed that Zsa Zsa Gabor and her husband Frederic Von Anhalt are working out a payment plan for taxes owed amounting to $118,321. According to Gabor's lawyer Chris Fields, this amount is primarily due to investments made by third party investors on behalf of the actress into the fraudulent Ponzi scheme run by Bernard Madoff...

Tax Break for Cargill Salt

Posted on December 17, 2009
In a hotly disputed case stretching back to 2003, Cargill Salt, a giant Minneapolis agribusiness company was recently awarded a $100 million tax break by the IRS. Back in 2003, the company sold 16,500 acres of industrial salt ponds in the South Bay to two government agencies for wetlands restoration purposes...

More Tax News

Posted on December 16, 2009
The IRS is Looking for You for the Right Reasons There are significant numbers of people the IRS is looking for, but not for the usual reasons. This time, the IRS wants to pay them instead. Literally thousands of refund checks have been returned to the IRS offices due to mailing address errors...

Homebuyer Credit Legislation Developments

Posted on December 15, 2009
Under the American Recovery and Reinvestment Act 2009, taxpayers can claim up to $8,000 in tax credits for buying a house for the first time under certain conditions. If you have not owned a home within 3 years prior to your purchase now, you are entitled to claim 10% of the purchase price of your home up to $8,000...

What of the Whistleblower?

Posted on December 07, 2009
In what is seen as a controversial decision, US District Judge Willian Zloch sentenced Bradley Birkenfeld, the man who gave the IRS information on how UBS bank of Switzerland was helping American clients evade taxes, to 40 months' jail for his role in the affair...

Getting Through to the IRS

Posted on December 06, 2009
No, this is not about how to get your phone calls answered by the IRS. It's about how to communicate with the IRS when there is a need to. The general rule of thumb is you do not communicate with the IRS unless they contact you first. Suppose you get an email from the IRS...

What's New in the World of the IRS

Posted on December 05, 2009
The Saga of Offshore Tax Evasion Continues Beyond UBS, the Swiss bank accused of helping thousands of wealthy Americans hide their money in their accounts to evade paying federal taxes, the IRS has been going after other banks and individuals involved in doing the same thing...

When You Sell your Home

Posted on December 04, 2009
The issue of Capital Gains Tax is not one that everyone is familiar with. And even those who think they know all there is to know about the tax may have another think coming. Read more on When You Sell your Home… When You Sell your Home is a post from: IRS Tax Problem Solver Blog - IRS Help When You Sell your Home is a post from: IRS Tax Problem Solver Blog - IRS Help

What of Offshore Banking?

Posted on December 03, 2009
The recent IRS UBS settlement has created a ripple effect that has far-reaching repercussions on many parties. So which are the parties involved and how does it affect them? The most obvious repercussion is the adverse image this has given to legitimate offshore banking as a whole...

Hazards of the IRS Audit by Mail

Posted on December 02, 2009
The IRS' Audit by Mail program has come under fire recently. This is due to complaints about tax returns documents mishandled or not received by the correct personnel in the IRS resulting in extra taxes levied where there should not be. Read more on Hazards of the IRS Audit by Mail… Hazards of the IRS Audit by Mail is a post from: IRS Tax Problem Solver Blog - IRS Help Hazards of the IRS Audit by Mail is a post from: IRS Tax Problem Solver Blog - IRS Help

Tax Privacy Going, Going, Gone

Posted on December 01, 2009
The Obama Administration's proposal to revise the healthcare system for Americans has met with a cool response. In a poll conducted by CBS News, 47% of respondents expressed disapproval to the healthcare reform proposal known as H.R. 3200, the Affordable Health Choices Act or 'Obamacare' by those who oppose it...

New Business Tax Considerations

Posted on November 30, 2009
If you intend to start a new business, there are tax implications you should be aware of. The type of tax you need to pay depends on the type of business you have. There are 4 basic types of businesses, namely sole proprietorship, partnership, corporation and S corporation...

The Taxman Cometh after 9/23

Posted on November 29, 2009
The amnesty period set by the IRS for you to declare any taxes you owe, especially unpaid taxes on offshore assets is fast coming to an end. On September 23rd, the Voluntary Disclosure program of the IRS draws to a close and there will be no extensions to the deadline...

Guilty in Error Guilty on Purpose

Posted on November 28, 2009
Guilty in Error Wood County in Wisconsin was fined $49,450 by the IRS for submitting 2007 payroll forms late. On Monday, the county leaders received a notice from the IRS dated August 17th informing them of the fine and imposing a 45 day period for them to appeal, failing which to pay up...

Blessing in Disguise for UBS

Posted on November 27, 2009
The recently concluded settlement between the IRS and UBS that capped the much publicized spat between the two sides over about 52,000 alleged tax dodgers holding UBS bank accounts has turned out to be a blessing in disguise of sorts for the bank. Read more on Blessing in Disguise for UBS… Blessing in Disguise for UBS is a post from: IRS Tax Problem Solver Blog - IRS Help Blessing in Disguise for UBS is a post from: IRS Tax Problem Solver Blog - IRS Help

Switzerland's Oldest Bank Rejects the US

Posted on November 26, 2009
The IRS UBS settlement may be good for the government coffers but it may be damaging to the US investment fraternity in the long run. Some even call the action of the IRS to demand details of thousands of UBS bank account holders suspected of evading taxes an act of 'financial apartheid'...

Closer Look at First Time Home Buyers' Credit

Posted on November 26, 2009
Under the recent 2009 American Recovery and Reinvestment Act (ARRA), all taxpayers who buy a house for the first time before December 1st are eligible for up to $8,000 in tax credits that they can claim when they file their 2008 tax returns. But as with any legislation, you have to read the fine print...

Paid Tax Preparers and the Law

Posted on November 25, 2009
It appears very few people prepare their own tax returns these days. As many as 90% of American taxpayers engage some sort of paid service to prepare and file their tax returns each year. There are those who rely on small storefront shops while others prefer to engage big time tax service companies...

Reform or Reveal

Posted on November 10, 2009
The government's proposed healthcare reform bill contains a lot of issues that you should be very concerned about. For one thing, your tax details will no longer be private if the bill is passed. If you are clueless as to what tax details have to do with healthcare, listen up...

Pay Your Taxes Online with Credit Card

Posted on November 08, 2009
Next year, you can now pay your taxes online like the way you make purchases from an online catalogue. The IRS will be implementing some value added services to make it easier for you to pay your taxes. Using your credit or debit card, you can actually pay your tax thanks to RBS WorldPay Inc...

What can Swiss Banks Give the World now?

Posted on November 08, 2009
Take away the bastion of secrecy from Swiss banks and what do they have left? With the damage to Swiss secrecy laws by the recent IRS UBS bank agreement, it is surprising that bank chief Oswald Grubel still sees a bright future for Swiss banking...

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