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- South Carolina Abandoned Buildings Revitalization Act Provides New Tax Credit
- South Carolina Supreme Court Rejects Challenge to Sales and Use Tax Exemptions…For Now
- Accounting Firm Members Held Personally Liable For Client’s Unpaid Federal Employment Taxes
- South Carolina Property Owners Can Now Challenge Property Tax Valuations Where They Did Not Own Property In The Prior Year
- IRS Modifies and Temporarily Expands Worker Voluntary Classification Settlement Program
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Posts by Tag: IRS
IRS Announces New Procedures for U.S. Citizens Residing Overseas Who Have Not Filed Tax Returns and Reported Income
The IRS has long been aware of U.S. taxpayers living overseas who have not filed federal income tax returns or Reports of Foreign Bank and Financial Accounts (“FBARs”). Earlier this year, the IRS announced the reopening of its successful Offshore … finish reading IRS Announces New Procedures for U.S. Citizens Residing Overseas Who Have Not Filed Tax Returns and Reported Income
Posted in Income Tax
Tagged FBAR, income tax, IRS, new alternative compliance procedure, OVDP
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First Circuit Ruling May Provide More Flexibility for Conservation Easement Donors in Dealing With Lenders
The Court of Appeals for the First Circuit, in Kaufman v. Shulman, Docket No. 11-2017P-01A (1st Cir., July 19, 2012), reversed a Tax Court decision siding with the IRS which had disallowed a couple’s conservation easement deduction. The Tax Court … finish reading First Circuit Ruling May Provide More Flexibility for Conservation Easement Donors in Dealing With Lenders
Posted in Income Tax
Tagged conservation easement, income tax, IRS, subordination of lender rights
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Fourth Circuit Court of Appeals Rejects IRS Transferee Liability Theory
On May 31, 2012 the Fourth Circuit Court of Appeals issued its opinion in the case of Starnes v. Commissioner, upholding a decision of the United States Tax Court which determined that the former shareholders of a corporation were not … finish reading Fourth Circuit Court of Appeals Rejects IRS Transferee Liability Theory
Posted in Income Tax
Tagged company shareholder, intermediary transaction tax shelter, IRS, liable as a transferee, starnes v. commissioner
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IRS Announces More Flexible Offer-in-Compromise Terms to Help More Struggling Taxpayers Make a Fresh Start
On Monday, May 21, 2012, the Internal Revenue Service announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (“OIC”) program with the goal of assisting more financially distressed taxpayers in resolving … finish reading IRS Announces More Flexible Offer-in-Compromise Terms to Help More Struggling Taxpayers Make a Fresh Start
IRS Revises Streamlined Installment Agreement Program
There are five general methods of resolving an assessed federal tax liability: (1) full payment, (2) payment through installments under a written agreement, (3) placing an account into currently uncollectible status, (4) an offer in compromise, and (5) bankruptcy. Installment … finish reading IRS Revises Streamlined Installment Agreement Program
Posted in Federal Tax, Income Tax
Tagged federal tax liability, income tax, installment agreement, IRS, partial payment
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Reinstatement for Tax-Exempt Organizations whose Exemption Status was Automatically Revoked by the IRS
Many individuals and business entities create charitable organizations to serve the needs of a specific group of persons or a specific community with a need for a type of service. Most charitable organizations undertake the arduous task of applying for … finish reading Reinstatement for Tax-Exempt Organizations whose Exemption Status was Automatically Revoked by the IRS
Posted in Federal Tax, Income Tax
Tagged automatic revocation, IRS, retroactive reinstatement, tax-exempt
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IRS Announces New 2012 IRS Foreign Bank Account Voluntary Disclosure Program
The IRS recently announced the reopening of its successful Offshore Voluntary Disclosure Program (OVDP) effective January 9, 2012. The IRS also announced that its two prior foreign bank account disclosure initiatives, in 2009 and 2011, have brought in more than … finish reading IRS Announces New 2012 IRS Foreign Bank Account Voluntary Disclosure Program
Employer Must Comply with IRS Levy to Garnish Wages and May Not Challenge the Validity of the Levy
The IRS has the authority to attach a tax lien to property of the taxpayer once the IRS assesses a federal tax liability against the taxpayer and issues notice of an intention to levy. If the taxpayer fails to resolve … finish reading Employer Must Comply with IRS Levy to Garnish Wages and May Not Challenge the Validity of the Levy
The Joy of Reporting Income Earned in Foreign Countries to the IRS
U.S. citizens that work or receive income from abroad are subject to U.S. income taxes on foreign income. The tax is applicable regardless of where U.S. citizens reside. U.S. taxpayers receiving foreign income must file an income tax return with … finish reading The Joy of Reporting Income Earned in Foreign Countries to the IRS
The IRS Offer in Compromise: A Way to Resolve Outstanding Federal Tax Liabilities
Generally, there are four methods of resolving an assessed federal tax liability: (1) full payment, (2) payment through installments under a written agreement, (3) an offer in compromise, and (4) bankruptcy. The IRS also has the authority to temporarily suspend … finish reading The IRS Offer in Compromise: A Way to Resolve Outstanding Federal Tax Liabilities
IRS Announces Favorable Rules for Employer Provided Telephones
On September 14, 2011, the Internal Revenue Service (the “IRS”) issued Notice 2011-72, 2011-38 IRB 407 which provides guidelines on the treatment of cellular telephones or other similar telecommunications equipment (hereinafter collectively “cell phones”) that employers provide to their employees … finish reading IRS Announces Favorable Rules for Employer Provided Telephones
IRS Announces Settlement Program for Employers Using Independent Contractors Who Should Be Classified as Employees
The IRS announced an important settlement program on September 21, 2011 where the IRS will now give many employers substantial tax relief for treating employees as “independent contractors”. Details of the settlement program were provided in Announcement 2011-64, which will … finish reading IRS Announces Settlement Program for Employers Using Independent Contractors Who Should Be Classified as Employees
Posted in Employment Tax
Tagged independent contractor, IRS, VCSP, voluntary classification settlement program
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IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations
IR-2011-63, June 8, 2011–– The IRS announced that approximately 275,000 organizations have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years.
