A very successful California entrepreneur was denied an $18.5 million tax deduction for his charitable donations because he failed to follow the IRS substantiation rules when filing his self-prepared … [Read more...] about Hazards of Not Following IRS Rules & Regulations
IRS Tax Planning Ideas, Tips & News
IRS Announces Major Changes to its OIC Program
The IRS announced on May 22 (IR-2012-53) major revisions to its Offer-in-Compromise (OIC) program which may allow many more taxpayers to resolve their IRS tax problems. What is an OIC? It is an … [Read more...] about IRS Announces Major Changes to its OIC Program
PRO BONO TAX SERVICES FOR MILITARY PERSONNEL
Military personnel who were deployed to combat zones and who are experiencing IRS problems can receive pro bono services … [Read more...] about PRO BONO TAX SERVICES FOR MILITARY PERSONNEL
Pay Zero Taxes on Capital Gains?
A client recently posed the question: “Is it true that there is a zero tax rate on capital gains?” Yes, a zero tax rate exists. It is … [Read more...] about Pay Zero Taxes on Capital Gains?
2012 Tax Planning: Alternative Minimum Tax (AMT) for Individuals
“Why was my 2011 tax liability so high this year?” was a question asked by many taxpayers when their CPAs presented them with their 2011 tax returns. CNBC reported that the “AMT will trap more … [Read more...] about 2012 Tax Planning: Alternative Minimum Tax (AMT) for Individuals
IRS Offer in Compromise (OIC) Procedures
The IRS announced on February 7, 2012 (SBSE-05-0212-020) that it is changing its procedures regarding its initial review of OIC. … [Read more...] about IRS Offer in Compromise (OIC) Procedures
