by mariettacp | Jun 3, 2011 | Money Tips, Tax Tips
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...
by mariettacp | Jun 1, 2011 | Money Tips, Tax Preparation, Tax Tips
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...
by mariettacp | May 30, 2011 | Money Tips, Tax Planning, Tax Tips
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...
by mariettacp | May 27, 2011 | Money Tips, Tax Planning, Tax Tips
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,...
by mariettacp | May 25, 2011 | Accounting News, Money Tips, Tax Planning
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...
