Articles Posted in TAX ATTORNEY NEWS

Los Angeles Tax Attorney:

The Internal Revenue Service IRS TAX has released for public comment draft revisions to Form 1065, U.S. Return of Partnership Income, Form 1120, U.S. Corporation Income Tax Return, and certain related schedules. Included in the release are new Schedule B for Form 1120 and Schedule C for Form 1065. These forms will be for use for tax years ending on or after Dec. 31, 2008.

“The draft revisions and new forms will increase transparency about the ownership and relationships between entities that make up complex enterprise business structures,” said Frank Y. Ng, Commissioner of the Large and Mid-Size Business Division of IRS. “This will enable IRS to better assess compliance risk.”

Los Angeles, California – IRS will be improving IRS tax procedures to protect victims of tax-related identity theft and expanding outreach and education to individuals who have lost their homes to foreclosure concerning the “cancellation of debt” tax consequences they face.

IRS Taxpayer Advocate’s office stated that IRS tax procedures concerning the following areas will be reviewed and updated:

1. IRS Collection Practices. IRS collection practices including tax levies, allowable living expense standards, tax installment agreements, IRS offers in compromise, and early intervention techniques have been the recent focus of various tax attorneys who have been concerned with IRS tax collection procedures. There have been many cases in which IRS has resorted to tax levies and seizures before all viable collection alternatives have been exhausted, under-utilization of partial-pay installment agreements, and excessive delays in collection that increase IRS taxpayer delinquency tax problems because of the increase tax interest and tax penalties.

Los Angeles Tax Attorney – Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the Internal Revenue Service announced today.

This relief is designed to help taxpayers who may have been unaware that by choosing direct deposit for their entire regular tax refund, they were also choosing to have their stimulus payment directly deposited as well. If a taxpayer elected a split refund, however, their stimulus payment will be paid by a paper check.

This relief is available for amounts withdrawn from these tax-favored accounts that are less than or equal to a taxpayer’s directly deposited stimulus payment.

Los Angeles Tax Attorney – The Internal Revenue Service is requesting membership nominations from Los Angeles, San Francisco, San Diego, San Jose and Oakland area tax attorneys and tax advisors for the Information Reporting Program Advisory Committee. The deadline for submitting applications to the IRS is May 30, 2008.

Established in 1991, IRS’ Adivsory Committee provides recommendations to IRS leadership on a wide range of information reporting and administration issues. The committee presents a report to the IRS commissioner each year at a public meeting in the fall.

In order to effectively advise the IRS commissioner and executives, members are drawn from substantially diverse backgrounds. Members include representatives of the taxpaying public, the tax professional community, small and large businesses, colleges and universities, state tax administrations, banks, insurance, foreign financial institutions and the payroll community.

Los Angeles Tax Attorney – Senator Barack Obama has released his Internal Revenue Service (IRS) 1040 Tax Return for taxyears 2000-2006. You can view 2006 IRS Tax Return filed by Obama here.

He filed his IRS tax return jointly with his wife Michelle Obama. Based on cursory review of his IRS tax returns for 2000-2004, Senator Obama’s tax returns looks super clean and would survive any scrutiny from IRS tax audit. There are few items on 2005 and 2006 which could have been treated differently but would have had a negligible tax impact.

It would be interesting to review Clinton’s tax returns.