Tax Law Blog | IRS Tax Attorneys
TAX LAW NEWS - TAX LITIGATION
From the monthly archives:
Every year, the Internal Revenue Service adjusts the standard mileage rate for automobile use for business purposes or charitable activities, or for moving or medical expenses.
For 2007, the standard mileage rates are:
48.5 cents a mile for business use.
20 cents a mile for medical or moving expenses
14 cents a mile for driving in charitable activities.
For 2008, [...]
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For assessment of additional taxes, the statute of limitation runs generally three years from the date you file your return. If you’re looking for an additional refund, the limitations period is generally the later of three years from the date you filed the original return or two years from the date you paid the tax. [...]
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Steve Bennett, president and CEO of Intuit, the maker of the TurboTax software program, reports this one:
A client gave away his house to a local fire department to burn up in a training exercise. So far, so good. It appears to be a legitimate, allowable charitable contribution that was made to an appropriate organization.
But here’s [...]
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Currently, the US Tax Court has ruled that it has jurisdiction to review cases where the IRS’s failure to abate employment taxes that were/are excessive in amount, assessed after the expiration of the statute of limitations on assessment, erroneously or illegally assessed.
Enough Said.
If you have Tax Legal Matters worry no more. Arrange for a free [...]
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Many people discover that too much tax has been paid when they complete the required information or tax return. For example, when you complete your personal income tax return – after taking into account the available exclusions, exemptions, deductions and credits – you may discover that more tax has been paid than what was due [...]
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Under current law, age no longer matters. If the property sold was your principal residence for at least two out of the last five years, then you can exclude from tax as much as $250,000 in gain (and $500,000 on a joint return).
Your age is irrelevant, and you can take the gain exclusion every two [...]
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If you’re married, you can always file “Married Filing Separately.” That normally results in your paying more in taxes. But in some situations, it can be to your advantage.
For example, if one spouse has substantial medical or miscellaneous deductions, those deductions are subject to the 7.5% and 2% floors respectively. That is, only medical expenses [...]
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If you negotiate an installment plan that is not backed by the proper legal documentation, the IRS can continue to levy and lien your property and assets.
It is important that any agreement you enter into with the IRS is signed both by the company and by an IRS official.
You need the assistance of an IRS [...]
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The IRS will file a lien against a business when they continue to be ignored.
A business has 30 days to protest the action. If you disagree with the placement of the lien, you can protest the action with the Manager of the Revenue Officer placing the lien. This must be done within the requisite time [...]
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Do you need help preparing your tax return, or should you try to do it yourself? The following quiz can help give you an idea of how well you understand tax concepts and current tax laws. There are 25 questions, and each question is worth four points.
When you finish, you’ll see your score and the [...]
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