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Angeles Tax Attorney – Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the Internal Revenue Service announced today.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This relief is available for amounts withdrawn from these tax-favored accounts that are less than or equal to a taxpayer’s directly deposited stimulus payment.

IRS Selects Tax Attorney From Los Angeles California

Los Angeles Tax Attorney – Internal Revenue Service Tax Attorney Donald L. Korb has selected David Hasen as the 2008-2009 Professor in Residence.

The IRS professor in residence reports directly to the IRS chief counsel and provides tax advice and assistance on a wide array of tax related legal issues within the scope of his or her legal expertise.

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.

Orange County Tax Attorney – National Taxpayer Advocate Nina E. Olson announced today that the IRS will accept applications for a part-year Low Income Taxpayer Clinic (LITC) matching grant from qualified organizations that will provide IRS tax services to qualified taxpayers in the following areas: Los Angeles, California; Central Oregon; Boise, Idaho; Minneapolis, Minnesota; Reno and Las Vegas, Nevada; St. Louis, Missouri; Brownsville and Laredo, Texas; Southwest Florida; New Mexico; Colorado; Mississippi; and Northeast Pennsylvania.

The supplemental application period for this grant will run from March 24, 2008, until April 24, 2008. The grant will cover the balance of the 2008 grant cycle (the 2008 grant cycle runs January 1, 2008, through December 31, 2008), and successful applicants may be eligible for a regular full-year grant for the 2009 grant cycle.

LITCs are qualifying organizations that provide representation for free or for a nominal charge to low income taxpayers involved in tax disputes with the IRS. They also provide education on taxpayer rights and responsibilities to taxpayers for whom English is a second language.

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.

Tax Attorney Analysis of Potential IRS Tax Court Ruling-Tax Audit or Tax Problem From Plastic Surgery Expense Deductions.

Los Angeles – San Franciso Tax Attorney – The rate of plastic surgery in California especially in Los Angeles, Beverly Hills, Malibu, Pacific Palisades, Manhattan Beach, Palos Verdes, Newport Beach, Orange County, San Jose, San Franciso have seen dramatic increases over the last decade.

As tax attorneys, we are often asked by our clients in the entertainment industry whether certain surgical enhancements may be claimed as a deduction or expense.

Los Angeles Tax Attorney – The Internal Revenue Service announced today that Hawaii and California taxpayers in Los Angeles, Long Beach, Honolulu, El Monte, Torrance, Pasadena, Santa Monica, Redondo Beach, Irvine, Santa Ana who normally do not file a tax return but must do so this year in order to receive their 2008 IRS tax economic stimulus payment.

IRS Taxpayers who haven’t filed tax returns in the past must have at least $3,000 of income from any combination of earned income, Social Security retirement or disability benefits, certain Railroad retirement benefits, or disability compensation, disability pension, or survivor benefits paid by the Veterans Affairs. The minimum economic stimulus payment is $300 for individuals and $600 for married couples. Contact your IRS tax attorney to verify your tax status.

To obtain a payment, all people who are eligible for payments of up to $600 for individuals ($1,200 for married couples) must file a tax return in order for the IRS to know their name, address and eligibility. Parents also may qualify for a $300 payment for each eligible child younger than 17. Valid Social Security numbers are required.
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