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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

Have You Missed these 5 Tax Credits? Part 2

Posted on January 26, 2011
In our previous article, we have covered 3 out of 5 lesser-known tax credits you should not miss in your tax returns. They are the Home Energy Tax Credit, the Hybrid Vehicles Tax Credit and the Mortgage Interest Credit. Today, we conclude this two-part series with the final 2 tax credits you should know of...

Have You Missed these 5 Tax Credits? Part 1

Posted on January 25, 2011
Have You Missed these 5 Tax Credits? Part 1 We are all aware of the well-known tax breaks like child allowance and donations to charity. But did you know that there are other lesser-known tax breaks that you can claim? Among them are tax credits for making your home more energy efficient, buying a hybrid car and so on...

8 Tips for Choosing a Tax Preparer

Posted on January 24, 2011
Tax season has come and it?s time to start gathering your receipts, evaluate your income and expenses and filling up forms whether on hard or digital copies. It?s also the time to contemplate using the services of a tax preparer. Tax preparers are tax professionals who help prepare your tax return...

Oprah's Dislike of Writing IRS Checks

Posted on January 23, 2011
If there?s one thing that Oprah Winfrey dislikes, it is writing checks to the IRS. In fact her accountants bring some tequila for her each time she signs them. That was the talk show hostess? admission to Piers Morgan on the CNN talk show that he took over from Larry King...

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Lawmakers Call for Repeal of IRS Rule

Posted on January 22, 2011
Last Thursday, three Democrats in the Senate wrote a letter to House Speaker John Boehner urging him to call for a House vote on the 1099 provision set by the IRS. The now infamous 1099 provision is a new rule that makes it compulsory for all businesses to submit a 1099 Form to the IRS for all transactions worth $600 or more in one tax year starting from 2012...

Preventing Tax Fraud in Prisons

Posted on January 21, 2011
Every year during tax season, there are numerous cases of tax fraud. Some of these cases of fraud are even committed in prison by the inmates. Over the last five years about $123 million in tax refunds have been fraudulently received by prison inmates through phony applications made from behind prison bars...

6 Things about Gulf Oil Spill Payments and Taxes

Posted on January 20, 2011
If you are a recipient of compensation for income lost resulting from the Gulf of Mexico oil spill, then take note of these 6 important points made by the IRS: 1. If you received payments from any of these 3 parties as a result of the BP oils spill: ? The Gulf Coast Claim Fund (GCCF) ? British Petroleum Co...

Wikileaks Expose Interests IRS

Posted on January 19, 2011
Rudolf Elmer, a former employee of Julius Baer Bank in the Cayman Islands said he handed over to Julius Assange, the founder of Wikileaks documents containing the names and details of 2,000 people and companies who may have been holding their undeclared assets and income in offshore bank accounts...

Making Your Tax Return through Mobile Phone

Posted on January 18, 2011
Making your Tax Return through Mobile Phone Nowadays, more and more tasks are being done through your handy mobile phone. Shopping, browsing websites, emailing, online chatting, playing games, watching movies, downloading music and banking are just some of the everyday tasks we can now do through our mobile phones...

IRS Proposal for Bank Disclosure of Foreign Accounts

Posted on January 17, 2011
This month the IRS proposed that governments should share information with other governments on details of their citizen?s accounts held in US banks. This proposal is to get around bank secrecy laws after the long-running dispute between the IRS and UBS Bank of Switzerland that ended with the bank disclosing details of thousands of American account holders suspected of using these accounts to hide their assets...

Top Ten Tax Tips from IRS

Posted on January 16, 2011
Tax season has started and it?ll be time to submit your tax returns before you know it. Last year we saw a significant number of laws passed that gives you the opportunity to get tax breaks and benefits. So you should claim your tax breaks or benefits wherever they apply to you...

Medical Students are Obligated to Pay Taxes

Posted on January 15, 2011
The US Supreme Court has finally settled a long-standing dispute in tax law ? are medical students who are being trained and receive allowances while pursuing their studies in university hospitals students who work or workers who study? The answer to that question would determine whether it is mandatory by law for them to pay FICA taxes...

IRS Does Business with Delinquent Taxpayers

Posted on January 14, 2011
In a report by the Treasury Inspector General for Tax Administration (TIGTA), it was discovered that the IRS has been engaging 20 companies over the years that have cumulative unpaid taxes of about $5.2 million. These 20 companies are IRS contractors engaged to carry out various contracts...

IRS Targets More Offshore Tax Cheats

Posted on January 13, 2011
Arising from the IRS? successful effort to collect taxes from overseas bank accounts, in particular those held in Swiss bank UBS AG, the agency is now mulling replicating the steps taken with other overseas banks and financial centers...

Marijuana Dispensary faces Tax Audit

Posted on January 12, 2011
Medical marijuana dispensing has long been a dicey issue skirting between a legitimate health practice and illegal drug pushing. Medical marijuana dispensaries portray themselves as nonprofit health centers and they offer value-added services like yoga and health-related literature...

Bush-era Tax Cuts Extended Delaying Filing Process

Posted on January 11, 2011
There have been a huge number of new laws passed by the Obama administration last year and one of the latest to be passed by congress was the Tax Relief, Unemployment Insurance Authorization and Job Creation Act 2010 which came into effect December 17...

3 Year Probe into Tax Exempt Ministries Ends

Posted on January 10, 2011
After a 3-year probe into the financial improprieties of 6 Christian tax-exempt ministries, Sen. Charles E. Grassley an Iowa Republican and ranking member of the Senate Finance Committee has reported that ?self-regulation? by churches and religious groups is to be favored over legislation...

Tax News for You

Posted on January 08, 2011
3-day Extension to Tax Deadline You will have 3 extra days to file you tax returns this year due to a holiday in the District of Columbia. In its recent announcement, the IRS has declared that the new tax return filing deadline will be Monday, April 18 this year to submit your tax returns for 2010...

Do IRS Tactics Harm Taxpayers?

Posted on January 08, 2011
According to National Taxpayer Advocate Nina E. Olsen?s annual report to Congress, when the IRS files liens against taxpayers, it results in damage to the credit standing of these taxpayers thereby jeopardizing their application for jobs, credit, insurance and rental housing...

Top 20 Celebrity Tax Debtors part 2

Posted on January 07, 2011
Continuing with the list of top 20 celebrity tax debtors: 10. Xzibit Another rapper who owes the IRS is Xzibit, whose outstanding tax bill comes up to $1 million. Most of Xzibit?s tax problems arise from the cancellation of Pimp My Ride by MTV in 2007...

Top 20 Celebrity Tax Debtors part 1

Posted on January 06, 2011
A look back at 2010 reveals 20 celebrities who hogged the limelight for all the wrong reasons ? their tax debts to the IRS. Here are 10 of them in ascending order of how much money they owe. 20. Naomi Campbell Campbell, the well-known British celebrity is a model that has graced the covers of many fashion magazines and appeared in various TV shows...

IRS Issues 9 Guidelines when giving Gifts

Posted on January 05, 2011
Making charitable donations of gifts or cash has always been a part of American culture. Having your charitable gifts tax deductible makes giving an even more rewarding affair. However when you want to claim tax deductions for your gifts to charity, there are a few IRS guidelines you must adhere to: 1...

Tax Refund Anticipation Loans Harder to come by this Year

Posted on January 04, 2011
A new tax filing season has begun with the start of this new year. Typically, each tax year sees many taxpayers apply for Refund Anticipation Loans (RALs) or also known as Rapid Refunds. RALs are typically short-term loans given out by tax preparers in collaboration with financial institutions to taxpayers based on how much tax refunds they are due to receive...

Child Abduction and the IRS

Posted on January 03, 2011
About 200,000 children are abducted by one or both of their parents in the US every year. These are cases where the parent who has not been granted custody of the child illegally takes the child away from the custodial parent or guardian...

IRS to Address Problem of Fraudulent Tax Refunds to Nonresident Aliens

Posted on January 02, 2011
In a report the Treasury Inspector General for Tax Administration (TIGTA) called on the IRS to improve its controls over the issuance of tax refunds to nonresident aliens so as to prevent making refunds in error. Once the erroneous refunds are repatriated out of the United States by nonresident aliens residing overseas, the chances of retrieving them are virtually nil...

Can You Get Your Tax Refund any Faster?

Posted on January 01, 2011
Many tax preparers make claims that they can get you your tax refund in double quick time, some even boasting a 24 hour refund. But how far-fetched are such claims? And are tax preparers really able to get around the IRS refund procedures to obtain your refund in a shorter time? Or maybe the IRS has a fast-track program that can get you your refund in 24 hours? As a taxpayer, you should be on your guard against any over-the-top claims of super fast tax refunds...

Your Tax Refund May be Delayed

Posted on December 31, 2010
Believe it or not millions of taxpayers who filed their tax returns early might not receive their refunds early. This is due to a tax law passed recently that extends tax breaks that were due to expire. The IRS is now frantically trying to accommodate this by reprogramming its computers...

Owing the IRS

Posted on December 30, 2010
Ohio Municipality Owes the IRS According to the IRS, the Grove City municipality in Ohio owes more than $670,000 in unpaid payroll taxes. This amount represents withholding taxes from March 2007 to June 2010. According to the city officials, they have paid tax withholding for the fourth quarter of 2010 but they are not aware of how the outstanding amount came about...

The IRS Offshore Amnesty Program and You

Posted on December 29, 2010
If you have an offshore bank account, you should know that it is subject to tax. If you are one of the many American taxpayers who have not declared your offshore assets in your tax returns, you might be able to do so in an amnesty program that the IRS is likely to have soon...

IRS Wins Some Loses Some

Posted on December 28, 2010
Deutsche Bank Fined $554 Million by IRS In a case that is strikingly similar to that of UBS Bank of Switzerland, Deutsche Bank has admitted to criminal wrongdoing in helping wealthy American account holders avoid taxes. As a result, it has agreed to pay the IRS a $554 million fine, the amount the IRS has not collected in taxes and fines between 1996 and 2002...

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