Articles
IRS Code Section 179 Election – Dollar Limit
The dollar limit doesn't mean the IRS Code Section 179 election can't be made for property costing more than that amount. For example, if you buy a machine for $600,000 and place it in service in a business in a tax year beginning in 2011, you can elect to immediately...
IRS Code Section 179 Election – Qualifying Property
To qualify for the IRS Code Section 179 election, the property must be tangible personal property. This means that real estate (buildings and their structural components) does not qualify, nor do intangibles such as patent rights. However, the following types of...
IRS Code Section 179 Election
Generally, the cost of property placed in service in a trade or business can't be deducted in the year it's placed in service if the property will be useful beyond the year. Instead, the cost is capitalized and depreciation deductions are allowed for most property...
Appealing a Levy – Advantages and Disadvantages of Each Method
There are many differences to be considered in determining which of administrative appeal to use. One of the most important differences concerns the right of review. A determination in a CDP hearing may be appealed to the Tax Court, but there is no right to judicial...
Appealing a Levy – The Office of the Taxpayer Advocate
Filing an application with the office of the Taxpayer Advocate is a third method of administrative appeal of a proposed levy. The Taxpayer Advocate or his designee can issue a Taxpayer Assistance Order (TAO) based on a determination that the taxpayer is suffering or...
Appealing a Levy – The Collection Due Process (CDP) program
A second method of administrative appeal is by use of the Collection Due Process (CDP) program. A CDP hearing before levy is available in levy cases where the taxpayer has received a notice of intent to levy. A notice of intent to levy is accompanied by a notification...
Appealing a Levy – The Collection Appeals Program (CAP)
Finding out that the IRS has placed a levy on your account can be scary. Thankfully, there are several ways to appeal it. In the next few blog posts we'll discuss your options, and then give you the advantages and disadvantages of using each one. One way to appeal a...
2011 Tax Changes: Business Expenses of Professional Gamblers Not Limited
Gambling losses may be deducted only to the extent of gambling winnings, even in the case of an individual engaged in the trade or business of gambling. Previously, the Tax Court had held that losses for purposes of the limitation included both the cost of wagers and...
2011 Tax Changes: Disclosing Unreported Offshore Income
The IRS has announced a second voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. It will be available through Aug. 31,...
Appeals Court upholds IRS’s Time Limit on Spousal Relief Requests
Married joint return filers are jointly and severally liable for the tax arising from their returns. Innocent spouses may request relief from this liability in certain circumstances. An IRS regulation states that a request for equitable innocent spouse relief must be...
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