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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

Over the Counter Drugs Cannot be Purchased by Pre-tax Money

Posted on November 15, 2010
According to the new healthcare rules, starting in January you will not be allowed to purchase over-the-counter drugs and medicines using your Flexible Savings Account (FSA) anymore unless you have a doctor?s prescription. More on Over the Counter Drugs Cannot be Purchased by Pre-tax Money Over the Counter Drugs Cannot be Purchased by Pre-tax Money is a post from: IRS Tax Problem Solver Blog - IRS Help Over the Counter Drugs Cannot be Purchased by Pre-tax Money is a post from: IRS Tax Problem Solver Blog - IRS Help

IRS Denies Requests for Missing Children Information

Posted on November 14, 2010
At times, crucial information that could lead to the whereabouts of missing children may be in the hands of the IRS. For example, in a case where a couple is estranged from one another, one parent may take a child away the other parent, who in turn files a missing child report...

IRS Crackdown on Clubs in 2008 Produces Desired Effects

Posted on November 13, 2010
Since 2008, the IRS has tried to crackdown on taxing the amount of tips club employees receive. Recently, it obtained its first conviction of a club employee, a host at the Pure nightclub at Caesars Palace named Richard Chu. Chu pleaded guilty of not declaring at least $112,000 in income, mostly tips in 2006...

Is Tax Preparer Regulation the Answer?

Posted on November 12, 2010
In the recent proposed regulations published in the Federal Register, all tax preparers have to pass a compulsory examination to be qualified as registered tax preparers. Only such tax preparers will be eligible to prepare and submit tax returns on behalf of paying clients...

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Judges Appear Reluctant on Medical Residents Tax Issue

Posted on November 11, 2010
Several Supreme Court judges appeared reluctant to reverse the IRS decision to have medical residents pay Social Security tax. The issue stems from the dilemma of whether medical residents who are undergoing their training in teaching hospitals are considered employees of the hospital or students in their medical courses...

Running Foul of the IRS

Posted on November 10, 2010
A man from Crownsville was convicted of defrauding the IRS and other tax crimes in connection with a multi-million dollar tax evasion scheme. Irvin Hannis Catlett Jr., 63 and his co-conspirators, Walter Cullum of Columbia and James Unterreiner of Bowie pleaded guilty to their roles in the scheme...

IRS Regulations for Tax Preparers

Posted on November 09, 2010
The IRS has sent out about 1 million reminders to tax return preparers about renewing their Preparer Tax Personal Identification Numbers (PTIN) before January 1, 2011 under the new regulations. All tax preparers who are paid for their services of preparing tax returns or assisting in the preparations of all or substantially all of a tax return must register or renew their existing PTINs before filing any return after December 31, 2010...

Defendants in Tax Evasion Case Acquitted

Posted on November 08, 2010
Defendants in Tax Evasion Case Acquitted Two defendants indicted in on a tax evasion charge were acquitted by a jury in Beckley, West Virginia after a 7-year IRS investigation. Dr. Randy M. Brodnik and Mr. Anthony I. Kritt were charged with 14 counts of an indictment for alleged tax evasion, conspiracy to commit tax evasion and obstruction of justice...

Widow Wins Lawsuit against IRS

Posted on November 07, 2010
A 70 year old widow, Theresa Beat sued the IRS and won in a lawsuit that will gain her about $3 million in tax refunds after a federal court jury returned their verdict in her favor last week in Wichita, Kansas. The trial lasted 6 days in which Beat contended that she was the common law wife of her deceased husband who is owed tax relief from his estate...

IRS Contends with Wells Fargo in Tax Deductions

Posted on November 06, 2010
The IRS is in a legal battle with Wells Fargo & Co over alleged illegal tax dodges. These alleged tax dodges involve transactions where a tax-free organization transfers to a taxable one (like Wells Fargo) tax benefits for a fee...

IRS News

Posted on November 05, 2010
Alico Receives Extension form IRS Alico Inc. a grower and land manager was issued a letter of demand by the IRS to pay $22.5 million in tax and penalties ($14.5 million in tax and another $8 million in penalties). The company was given 30 days to file a response...

IRS Grants for Qualifying Therapeutic Discovery Projects

Posted on November 04, 2010
The IRS? Section 48D for Qualifying Therapeutic Discovery Projects provides for grants to deserving organizations in their work in various fields of research and development. Two of such organizations that have received grants of late are Peregrine Pharmaceuticals Inc...

What Non-profits should know about Tax Form 990

Posted on November 03, 2010
Form 990 or Return of Organization Exempt from Income Tax form is due to be submitted to the IRS by non-profits November 15. Ever since 2008, this Form has been substantially revised to include several reporting requirements by the IRS...

Tax News

Posted on November 02, 2010
Nephew of Chicago Mayor Failed to Pay Taxes, say IRS The nephew of the Mayor of Chicago, Robert Vanecko and his wife failed to pay income and property tax to the government, according to IRS investigations. According to the IRS, Vanecko, nephew of Mayor Richard Daley, had over $157,000 in unpaid taxes in 2008...

College Tax Credit may be Extended

Posted on November 01, 2010
President Obama wants the college tax credit to be extended to cover all 4 years of college. If this move is approved by Congress, it would mean savings of up to $10,000 in fees for some families. Under the American Opportunity Tax Credit this year, families can claim for any of the first four years of college education...

Tax-related News

Posted on October 31, 2010
Millions Lost in Erroneous Tax Breaks This year, the IRS processed over 90 million tax returns and paid nearly $81 billion in tax claims under the stimulus packages given by the government. But the IRS has given out millions of dollars in tax breaks that should not have been given, according to a Treasury Department report...

Rapper Young Buck's IRS Auction Cancelled

Posted on October 30, 2010
Rapper Young Buck?s IRS Auction Cancelled The auction of the possessions of rapper Young Buck (real name David Darnell Brown) that was scheduled for Thursday was cancelled by the IRS because he is now back under the protection of the bankruptcy court...

Watchdog Group Urges IRS to Investigate Christian Project

Posted on October 29, 2010
The watchdog group Citizen?s for Responsibility and Ethics in Washington (CREW) has urged the IRS to investigate if voter guides/legislative scorecards distributed by the Pray in Jesus Name Project has violated federal tax laws. The Project is affiliated with Persuade the World Ministries and has distributed voter guides that rate politicians as either ?faith friendly? or ?Anti Jesus? in all 50 states...

IRS News Bulletin

Posted on October 28, 2010
Ohio Town Board Trustee Negligent in Remitting IRS Payments The Ohio Township Board discovered that trustee Lorraine Wittenbraker did not make payments to the IRS and Public Employees? Retirement Fund (PERF) this year. This resulted in nearly $30,000 in late fees...

IRS Reviews Build America Bonds

Posted on October 27, 2010
Build America Bonds (BABs) that were issued last year along with the stimulus program is being reviewed by the IRS to ensure they comply with tax laws. According to a notice on the IRS website, the agency is also seeking to understand this new type of bonds...

Fire Dept No Longer under IRS Investigation

Posted on October 26, 2010
The IRS has completed its investigations on the Volunteer Fire Co. of Halfway, Maryland, according to its president, James Kimble. The investigations were on alleged missing gaming money. Kimble said the investigation that started last year has been detrimental to fund raising efforts by the Fire Co...

H&R Block Sues HSBC over Tax Loans

Posted on October 25, 2010
The nation?s largest tax preparing service, H&R Block has taken up a lawsuit against HSBC bank USA over the latter?s alleged backing out of funding tax refund loans given out by H&R. The loans, known as Refund Anticipated Loans (RAL), are due to expire next year...

Bittermans Convicted of Tax Evasion

Posted on October 24, 2010
Chester Bitterman Jr. and three of his sons, Craig Bitterman, C. Grant Bitterman and Curtis Bitterman of Lancaster County, were found guilty of tax evasion by a federal jury. In addition, Craig Bitterman was also convicted of obstruction of justice...

IRS Raises Ceiling for Tax Deductions on Luxury Home Loans

Posted on October 23, 2010
The limit for the deduction of interest on a home mortgage which used to be $1 million has been raised to $1.1 million. This means if you have a home loan of $1.1 million your interest can be deducted as a tax break. Naturally, this would be welcomed by home owners of luxury homes such as the ?Signature Collection? homes built by the Toll Brothers...

IRS Steps up Efforts to Collect Tax Dues to Save bankrupt Nation

Posted on October 22, 2010
The International Monetary Fund (IMF) has branded the United States ?bankrupt?. Are they right? They very well could be seeing that the country?s fiscal shortfall is $202 trillion or about 14% of the Gross National Product (GNP). What does that mean in layman?s terms? Basically that it will take a 14% increase in revenue or a 14% decrease in expenditure to bring the country back to financial stability...

Group Lodges Complaint Against Pastor for Flouting Tax Law

Posted on October 21, 2010
Watchdog group Americans United for Separation of Church and State has lodged an official complaint against Pastor Brad Brandon of the Berean Bible Baptist Church in Hastings, Minn. for allegedly transgressing federal law that prohibits church leaders from openly endorsing or opposing any person running for public office...

Who is in Trouble with the IRS

Posted on October 20, 2010
Man in NJ Cashes $158,000 Check Not Meant for Him Eric Friedman of Rockaway Township admitted to charges of theft arising from his action of cashing a check for $158,174 from the IRS that was meant for his former employer. The check was mistakenly mailed to him...

Cases of Non-payment of Taxes by the Rich

Posted on October 19, 2010
Omarion Owes IRS $110,000 Singer Omarion, whose real name is Omari Ismael Grandberry has unpaid taxes amounting to $110,585, according to the IRS. These tax debts stretch back to 2003. The singer has not paid his taxes in 2003, 2005 and 2006...

Tax Debt Companies Disallowed from Collecting Fees in Advance

Posted on October 18, 2010
Starting Oct 27, one of the main practices of the tax resolution industry will be banned ? the payment of fees in advance. This rule will be enforced by the Federal Trade Commission (FTC) with the introduction of the Telemarketing Sales Rule (TSR)...

Tax Problems in Joint Home Ownership for Divorced Couples

Posted on October 17, 2010
In what is referred to as the ?hidden area of the law?, Vanderbilt law professor, Kelly Lise Murray has been conducting free seminars to educate couples on the inherent dangers of divorce while the home is under joint names. Situations like these have led to lawsuits all over the country mainly due to bad advice from divorce lawyers, real estate agents and even divorce court judges...

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