by Leif Jensen | Oct 3, 2011 | General |
The costs are in for the unenrolled return preparers. They will have to stick their hands in their pockets for two new user fees to the IRS; $33 for fingerprinting and $27 to take the competency exam. These levies cover only the Service’s costs and don’t include what...
by Leif Jensen | Oct 3, 2011 | General |
It seems it’s never over until it’s over with the IRS. You must ask IRS in writing to withdraw a tax lien once the tax liability is fully paid. A withdrawal of a federal tax lien is more beneficial than a release because a withdrawal expunges the lien immediately from...
by Leif Jensen | Oct 3, 2011 | General |
The IRS has broad discretion to allocate partial payments of back taxes. They will do so to its own advantage unless you state how to apply the payment. Shocking that they look at their best intrests and not yours. This court case, a firm owed income and payroll...
by Leif Jensen | Oct 3, 2011 | General |
According to the Tax Court, an asset must be ready for business use by year-end to qualify for expensing. In the court case the owner of an S corporation put the cart before the horse, buying a plane for her cargo delivery business without having anyone who could fly...
by Leif Jensen | Sep 26, 2011 | General |
As we all are aware of the people in Chicago typically pay the most for gas than everyone else in the country. Now these may not be the most recent numbers (they are probably higher today), but they are from March 2011. Besides the base price of gasoline, this now...
by Leif Jensen | Sep 24, 2011 | General |
The IRS has made a pronouncement to clarify the tax treatment of employer-provided cell phones. Cell phones have been officially removed from the definition of listed property, a category under tax law that normally requires additional recordkeeping by taxpayers. We...
