TAX COURT CASE ON PROCEEDS FORMULA

Tax Court case on proceeds formula. The Eleventh Circuit found the IRS‘s interpretation of the judicial extinguishment proceeds formula for conservation easements to be procedurally invalid under the Administrative Procedure Act. In 2012, David Hewitt made a conservation easement contribution to the Pelican Coast Conservancy Inc. The recorded deed of conservation easement reserved Hewitt’s and […]

IRS CREATES CASE MANAGEMENT OFFICE

IRS creates case management office. The Internal Revenue Service has created the new Enterprise Digitalization and case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment. The office’s efforts will support overall IRS modernization and implementation of long term changes stemming from […]

COVID TAX RELIEF UPDATES

Covid tax relief updates. After a brief shutdown of the EIDL portal on the SBA website due to the sheer number of applications received, the SBA resumed accepting applications for their loan program. The EIDL grant monies, which issued advanced loans not subject to repayment, was discontinued on July 11, 2020 as the funds allocated […]

VIRUS EMPLOYER TAX CREDITS FORM

Virus employer tax credits form. The IRS issued a new form and instructions,  irs.gov/pub/irs-pdf/i7200.pdf  for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200. Advance Payment of Employer Credits Due to Covid 19, to obtain advances […]

CONFIDENTIALITY OF TAX RETURN INFORMATION

Confidentiality of tax return information. We are often asked by clients about the information that they provide us, and whether it is confidential. Let us provide you with some of the IRS guidelines for Tax Professionals that discuss the measures needed to safeguard a person’s tax return and other tax related information. Internal Revenue Code […]

IRS INCREASES VISITS TO HIGH EARNERS

IRS increases visits to high earners. Over the last 32 years we have seen the pendulum of the IRS Collection Division swing from being aggressive to being passive, depending upon what the broader economy was doing. When times are tough the IRS usually backs off of collection, when times are good, they put the foot […]

IRS WAIVES MAJOR 2018 PENALTY

IRS waives major 2018 penalty. The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated IRS tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at […]

TAXATION PUTS SOCIAL SECURITY IN A MESS

Taxation puts social security in a mess, There’s little argument that Social Security is a financial pillar for most seniors. Each month, more than 43 million retired workers receive a benefit check, with more than 60% of these retirees leaning on the program to account for at least half of their income. There’s also little […]