by Tom Regan | Sep 25, 2012 | Collections
Yes. An in-business corporation can compromise its outstanding employment tax obligations with the IRS. In past years, the IRS required that an Offer in Compromise (OIC) from an in-business corporation include not only its ability to pay, but also, the amount the IRS...
by Tom Regan | Sep 4, 2012 | Audit
Many individuals and businesses fail to file their income tax returns for multiple years for a variety of reasons, usually stemming from life and business pressures that made it almost impossible for them to file their returns. When they finally have the time and...
by Tom Regan | Jan 7, 2012 | Innocent Spouse
On January 5, 2012, in Notice 2012-8, the IRS significantly modified the rules for spouses seeking Innocent Spouse Relief under Internal Revenue Code Section 6015(f), which is also known as “Equitable Relief.” Notice 2012-8 is effective immediately and supersedes the...
by Tom Regan | Dec 22, 2011 | Audit
In Scharf v. Comm’r 32 T.C. Memo 1247 (1973) acq, in result, 1974 WL 36031, the United States Tax Court decided, and the IRS had acquiesced to the decision, that a charitable contribution deduction was available for the donation of a building (albeit partially...
by Tom Regan | Dec 15, 2011 | Audit
In the early 1980s, there was an almost endless supply of tax shelters promising deductions and credits that produced benefits far in excess of the investor’s contribution. These shelters were not just for wealthy, promoters pushed them on the average income...
