Tax Law Blog | IRS Tax Attorneys

If you haven’t yet filed a tax return to get your stimulus payment, you still have time to do so. But you must file by Oct. 15 to get your payment this year. And if you’ve already filed to get your payment but have a question or issue, it might be addressed here.
Find the Answer

Still looking for your rebate even though you’ve already filed a tax return? Or wonder why it’s smaller than you were expecting? You may find the answer to your question in our:

Top five questions people are asking

Frequently asked questions about eligibility, payment amounts, payment delivery and more

If You’ve Already Filed a Tax Return

You may have already filed but still have outstanding issues. Find out more if you:

• Haven’t gotten your economic stimulus payment,
• Received one for a different amount than you were expecting,
• Amended your tax return,
• Changed your address, or
• Are in the military, have a spouse or children with ITINs instead of valid SSNs and received a reduced or no stimulus payment

If you still have questions, try:

Our online tool that tells you if your payment has been scheduled for delivery the upcoming week, Where’s My Stimulus Payment?

The Rebate Hotline at 1-866-234-2942

Jason Quinn (J.D. 2009, George Mason) has published Comment, Being Punished for Obeying the Rules: Corporate Tax Planning and the Overly Broad Economic Substance Doctrine, 15 Geo. Mason L. Rev. 1041 (2008).  Here is the Conclusion:

As the use of prepackaged corporate tax planning has wound its way through the judicial system, the appellate bias against such tax packages has become increasingly apparent. Circuit courts have shown little restraint in expanding traditional judicial doctrines to disallow the use of a tax package, even if the only apparent reason to do so is that a different taxpayer has previously used the same package illegitimately. There is an alternative to this expansion of existing judicial doctrines. Circuit courts have two important guides when examining tax packages: the I.R.C. framework and the fact-finding of the trial courts. The I.R.C. provides objective rules for taxpayer behavior and the results of those rules, whether intentional or unintentional, are only the result of carefully considered legislative action. Where substantial tax benefits are not the result of clear taxpayer disingenuousness (i.e., where there was a possibility of economic benefit from the transaction and the taxpayer recognized that fact) those benefits should not be disallowed. To aid in the search for clearly disingenuous behavior, trial courts in tax package cases frequently develop comprehensive factual findings. These are of paramount importance, as they often serve to differentiate sincere behavior in one case from quasi-fraudulent behavior in another. In deference to the legislative framework and trial court fact-finding, appellate courts in tax package cases should strive to clarify the existing judicial doctrines, so that taxpayers may conclude with some certainty where the lines have been drawn separating acceptable tax benefits from unacceptable tax benefits.

Contact Kenneth Sheppard Today.

Ruth Mason (UConn) has posted Efficient Management of the Wealth of Nations, 120 Tax Notes ___ (2008), on SSRN.  Here is the abstract:

This comment considers arguments for and against stricter regulation of sovereign wealth funds (SWFs), either by tightening securities laws or increasing the tax burden on SWFs. Concerns about SWFs fall into two broad categories: fears that

(1) investments will be politically, rather than financially, motivated, and that

(2) to the extent that SWFs are politically motivated in their investment choices, they are inefficient investors that distort capital markets.

While acknowledging these legitimate concerns, this comment explains how foreign equity investment by such funds may paradoxically promote global capital market efficiency because sovereign investors may behave more like private investors when they invest in abroad than when they invest at home.
Source

If your tax bric-a-brac tastes are more low-brow than yesterday’s Form 1040 Puzzle, you can bid on your very own roll of Form 1040 toilet paper:

Does it pain you to fill out a tax form each year? Does knowing that the IRS takes a large chunk of your salary give you the runs? This product isn’t deductible, but it’ll sure make you feel better. A collage of the 1040 IRS Form is printed throughout the whole roll!

The toilet paper is also available here and here.

There are various options for payment of an outstanding federal income tax liability. Since your balance is subject to interest and monthly late payment penalty, it is in your best interest to pay in full as soon as you can to minimize the additional charges. Penalties are also assessed for failure to file a tax return so you must file even if you cannot pay your balance immediately.

You should consider financing the full payment of your tax liability through loans, such as a home equity loan from a financial institute or credit card. The interest rate a bank charges is usually lower than the combination of interest and penalties imposed by the Internal Revenue Code. If you cannot pay in full immediately, the IRS offers short-term administrative extensions of time to pay in full from 10 to 120 days.

Contact Sheppard Law Offices for help fighting the IRS.

You may not have filed your federal income tax return for this year or previous years. Regardless of your reason for not filing, file your tax return as soon as possible.

If your return was not filed by the due date (including extensions), you may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file. If you did not pay your tax in full by the due date for the return (not including extensions of time to file), you also may be subject to the failure to pay penalty, unless you have reasonable cause for your failure to pay. Additionally, interest is charged on taxes not paid by the due date, even if yo have an extension of time to file. Interest is also charged on penalties.

Contact Sheppard Tax for help fighting IRS penalties.

How can I correct the spelling of my name with IRS?

The name on the refund check is spelled the way it appears on your tax return. If the address label you receive is spelled wrong, do not use the label. Instead, print the information on the tax return. You can also call (800) 829-1040 and we can change the spelling of your name over the phone.

Do I need to change my maiden name to my married name on my social security card for us to file jointly?

You can still file Married Filing Jointly without changing your name with the Social Security Administration. However, you do need to show your maiden name on the tax return instead of your married name.

Contact Sheppard Tax for help with any IRS problem you need help fighting.

How can someone steal your identity? Identity theft occurs when someone uses your personal information such as your name, Social Security number, or other identifying information, without your permission, to commit fraud or other crimes.

Identity theft is a serious crime. People whose identities have been stolen can spend months or years - and their hard-earned money - cleaning up the mess thieves have made of their good name and credit record. In the meantime, victims may lose job opportunities, be refused loans, education, housing or cars, or even get arrested for crimes they didn’t commit.

Go to this page to find out how you can avoid this.

Gambling winnings are fully taxable and must be reported on your tax return. You must file  Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.

A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

The IRS has an appeals system for people who do not agree with the results of an examination of their tax returns or with other adjustments to their tax liability.

The IRS will send you a report and/or letter that explains the proposed adjustments. The letter also tells you of your right to request a conference with an Appeals officer, as well as how to make your request for a conference. In addition to examinations, many other things can be appealed such as penalties, interest, trust fund recovery penalties, offers in compromise, liens, and levies. If you request an Appeals conference be prepared with records and documentation to support your position.

Appeals conferences are informal meetings. You may represent yourself or have an attorney, accountant, or an individual enrolled to practice before the IRS, represent you. If you do not reach agreement with the Appeals or Settlement Officer, or you do not wish to appeal within the IRS, you may appeal certain actions through the courts.

For further information on the appeals process and information on how to stop interest from accruing on any anticipated liability, refer to Publication 5 (PDF), Your Appeal Rights and How To Prepare A Protest If You Don’t Agree, and Publication 556, Examination of Returns, Appeal Rights and Claims for Refund. Also, Publication 1660 (PDF), Collection Appeal Rights, discusses how you can appeal collection actions.