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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

What is an IRS Problem Solver?

Posted on January 26, 2010
When you think of the IRS, what thoughts come to your mind? Money grabber? Iron-fisted revenue collector? Legalized robber? I?m not surprised. But of late, the IRS has taken lots of steps to change its unenviable image. If you are currently trying to scale a mountain of debt, today?s IRS is more than willing to cut you a deal, but you must meet them half-way...

?Right Attitudes when Negotiating with IRS Representatives

Posted on January 25, 2010
Negotiating with an IRS representative can either be a pleasant or absolutely harrowing experience. What happens depends a lot on you and your attitude towards the IRS. While there is no sure fire way to negotiate with IRS representatives, there are a few important things that you will want to remember that will make the entire experience more pleasant than painful...

Solve your IRS Debts for Good

Posted on January 25, 2010
If you owe the IRS unpaid taxes, it is likely that you fall into one of these categories: ? Those who did not file their taxes or filed them incorrectly or ? Those who are audited because of fraud or some other cause or ? Those who cannot afford to pay their taxes...

Offer in Compromise Problems You should Know about

Posted on January 24, 2010
Very often when you make an application for an Offer in Compromise, you will be confronted with various problems. Face it, the IRS does not like to accept less taxes than what they are due. But for you, knowing the potential Offer in Compromise problems will help you to avoid them...

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How to Avoid IRS Paycheck Levies

Posted on January 23, 2010
Every taxpayer should know about IRS paycheck levies. This is more so if you are presently contending with the IRS over your tax debts. According to current laws, the IRS can take up to 75 percent of your salary. The IRS will only allow you the amount of money you need for bare necessities like food and shelter every month...

How the IRS Locates Your Bank Account

Posted on January 21, 2010
Can the IRS locate your bank accounts legally and without your approval? The answer is yes if it is for the purpose of getting back the money you owe in taxes. They can put a levy on your bank accounts until your taxes are paid up. This is just one of the strong arm tactics the IRS may use to get you to pay up...

Discharge Your Taxes through Bankruptcy

Posted on January 20, 2010
Few people know that you can totally eliminate your taxes if you are declared a bankrupt. The fact is that you can discharge your taxes through bankruptcy, provided you adhere to a set of strict rules. Your bankruptcy lawyer can give you further details on these rules and to the credit of the IRS, it isn't a complicated list to remember...

Guess Who thinks the Tax Code is ?Complex?

Posted on January 18, 2010
Guess who thinks the tax code is complex and does not prepare his own tax returns? Doug Shulman, the IRS Commissioner! In a recent interview, Shulman confessed that he engages a professional tax preparer to fill out his tax forms, adding that he has been using one for 10 years...

Dealing with 401(k) Taxes

Posted on January 17, 2010
As a US citizen you are entitled to withdraw your 401(k) savings upon retirement. But did you know that it is subject to tax when you do so? The 401(k) retirement plan allows you to save up pre-tax earnings during your working career to provide for your needs after you retire...

Who Owes the IRS

Posted on January 16, 2010
Waco, Texas will forever be etched in our memory as the town where a deranged leader of the Davidian sect, David Koresh and his followers held themselves up in a house for 51 days before federal agents stormed the place in a daring rescue exercise which resulted in the deaths of Koresh, 54 adults and 21 children...

IRS Puts Tax Preparers Under the Microscope

Posted on January 15, 2010
In a fresh move to instill greater accountability among tax preparers, the IRS is to implement certain measures to ensure greater professionalism and integrity in companies and individuals who provide tax preparation services. Under these new regulations, tax preparers need to be registered with the IRS, pass competency examinations and be regularly tested thereafter in order to be certified to prepare tax returns...

Tax Cheat Avoids Jail

Posted on January 14, 2010
Juergen Homann, used his offshore account with UBS bank of Switzerland to deposit $6.1 million with the purpose of avoiding tax. For his crime, Homann, 67, was fined $60,000 and has to perform 300 hours of community service. The sentence was meted out by US district court judge Stanley Chesler...

What is Wrong with the IRS

Posted on January 13, 2010
According to National Taxpayer Advocate, Nina E. Olsen all is not well with the IRS. Its annual report on the affairs of the IRS has much to say. Firstly, the IRS staff is overworked. With the flurry of stimulus programs taken under the American Recovery and Reinvestment Act (ARRA) 2009 that introduced multiple tax benefits like the making work pay tax credit, first time home buyers incentive tax break, cash for clunkers tax program, opportunity credit for parents and college students and the energy credit for those going green with their home renovations, the IRS has much more to explain to taxpayers...

Prisoner Gets Tax Rebates Illegally

Posted on January 12, 2010
Fancy this �?? an inmate in a federal prison is accused of identity theft of fellow inmates' names and social security numbers to obtain thousands of dollars of tax rebates from behind prison walls. Michael W. Joseph III is presently imprisoned at the Apalachee Correctional Institute, Florida and is known among fellow inmates as 'H&R Block' because of his competence in filing tax returns...

More IRS News

Posted on January 11, 2010
IRS Organizes Free Information Session The IRS has been offering a free information session to enable the taxpaying public to understand their eligibility for the Health Coverage Tax credit. This credit is aimed at making health care affordable for everyone...

Former UBS Banker Cries Foul

Posted on January 10, 2010
In a complaint to the US Attorney General and the Justice Department?s Office of Professional Responsibility, former UBS banker Bradley Birkenfeld claimed prosecutors gave ?inaccurate, misleading and incomplete? statements at his hearing and during an interview over CBS? 60 minutes...

Latest IRS News

Posted on January 09, 2010
IRS Revised Tax Guide Available Under the American Recovery and Reinvestment Act (ARRA) 2009, taxpayers enjoy a host of tax breaks among which are the making work pay credit for workers, first-time home owner's credit for those buying a house for the first time in 3 years, opportunity credit for parents of college students, energy credits for those making energy saving home improvements or renovations, deduction of sales and excise tax for new car buyers and the expanded child tax credit and earned income tax credit for lower wage earners...

IRS Set to Enforce New Regulations

Posted on January 08, 2010
The IRS is planning to regulate the thousands of tax preparing firms that help American taxpayers fill in their income tax returns. Surprisingly, for one of the largest financial transactions that takes place every year, there has been no regulatory system that governs it...

Maximize your Income Tax Breaks

Posted on January 07, 2010
nterested in getting maximum tax breaks from the IRS? Well, the IRS has released some helpful tips to enable you to get as many deductions as possible on your income tax before the end of the year. Some actions need to be taken and some are to be avoided before Dec 31st in order to take advantage of the tax breaks...

IRS Files Suit on Former Congressman

Posted on January 06, 2010
The IRS is suing ex-congressman Craig A. Washington over $610,000 in back taxes, interests and penalties for the years 1988 �?? 1990. The agency claims that Washington cheated on taxes out of 3 properties he kept out of his name in the 1990's. Read more on IRS Files Suit on Former Congressman… IRS Files Suit on Former Congressman is a post from: IRS Tax Problem Solver Blog - IRS Help IRS Files Suit on Former Congressman is a post from: IRS Tax Problem Solver Blog - IRS Help

The Accident Lawyer You Want to Have on Your Side

Posted on January 05, 2010
One of my esteemed colleagues in the legal fraternity is Mr. John Bisnar, who runs the blog, http://www.californiainjuryblog.com. John is a lawyer based in California and has made a career specializing in dealing with accident cases. His firm is Bisnar | Chase Law Firm that specializes in serious personal injuries and wrongful deaths...

IRS Regulations and Guidelines for Giving to Charities

Posted on January 05, 2010
With the Christmas season comes the custom of giving. If you wish to donate to charities at the end of this year, you can have your contributions eligible for tax deductions. However, the IRS has issued certain official guidelines you need to adhere to...

Metro Washington Obtains One Year Extension from the IRS

Posted on January 04, 2010
Washington public transport provider Metro, is set to introduce its new SmarTrip card benefits under their existing SmartBenefits program. Originally the program was due to be implemented January 1st next year but due to its complexity, Metro has applied for a one-year extension from the IRS for its implementation...

The IRS Begins Scrutiny of Colleges

Posted on January 03, 2010
After announcing in 2007 that it would look into the various tax aspects of colleges, the IRS issued a 33-page questionnaire last fall to 400 public and private colleges to gather tax-related information like how much they pay their Chief Executives, endowment spending patterns, any conflicts of interests and how much of their activities are taxable...

IRS to the Rescue of Texas Schools

Posted on January 02, 2010
Since 1983, schools in Texas could borrow out of the state's Permanent School Fund to pay for various costs like repairs and renovations of their facilities and land purchases. This Fund has been financed by voter-approved bonds supported by the property tax...

The IRS Probe on Georgia Governor

Posted on January 01, 2010
Georgia governor Sonny Purdue was the subject of an intense IRS probe into a Florida land deal his family went into. This was revealed by Larry O'Neal, his former lawyer who at the same time was serving as a Georgia state rep. Read more on The IRS Probe on Georgia Governor… The IRS Probe on Georgia Governor is a post from: IRS Tax Problem Solver Blog - IRS Help The IRS Probe on Georgia Governor is a post from: IRS Tax Problem Solver Blog - IRS Help

New IRS Rule Good News for Ailing Companies

Posted on December 31, 2009
Section 382 of the tax code is a long-standing IRS rule that prohibits profitable companies from buying loss-making companies simply to deduct its losses to reduce taxes. But the downturn in the economy has compelled the US government to intervene by buying stakes in ailing companies in exchange for bailout money to save these companies from going under...

Crisis in Georgia

Posted on December 30, 2009
A crisis has erupted in the Republican state government of Georgia. The speaker of the house, Glenn Richardson resigned amidst allegations of an affair with a lobbyist after attempting suicide by swallowing pills. Another lawmaker who could have potentially succeeded the speaker came under public scrutiny after the IRS launched investigations into legislation he crafted to save the governor thousands of dollars...

The Ones that Got Away

Posted on December 29, 2009
The IRS UBS settlement that compels the Swiss bank to divulge details of 4,450 of its American depositors suspected of tax evasion might be seen as a major victory by the IRS, but is it really? The total number of tax dodgers is said to be 52,000. This is the number of American clients the bank says that it has and the total number originally sought by the IRS...

Why Starting Your Own Business Can Save You Taxes

Posted on December 28, 2009
People start their own business to make money and have the freedom to be their own boss. But there is another spin-off in starting your own business, which is saving on your taxes. Many do not realize that when you work as a wage earner in a 9 to 5 job, you are taxed up to 35% on your gross earnings less the standard deductions...

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