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Tax Liens to Be Removed from Credit Reports

According to the Wall Street Journal, America’s three main credit-reporting firms plan to delete tax liens from American credit reports. Additionally, no new tax lien information will be added to existing reports starting this month. (The credit firms in question…

May 18, 2018

irs-blows-assessment-statute-limitation-irs-prohibited-assessing-tax

IRS Blows Assessment Statute of Limitation, IRS Prohibited from Assessing Tax

The Tax Court has made a ruling that brings some clarity to the statute of limitation in certain filing situations. In the recent case Hulett vs.Commissioner of Internal Revenue, the court held that the IRS did not act within the…

April 02, 2018

trumps-2019-budget-cuts-irs-funding

Trump’s 2019 Budget Further Cuts IRS Funding Despite Being Tasked with Implementing New Tax Reform Law

President Donald Trump recently released his fiscal year 2019 IRS budget request to Congress for a total of $15 billion in funding. As you are aware, the tax code was recently overhauled with the enactment of the new tax law….

March 05, 2018

taxpayer-wins-failure-pay-tax-penalty-loses-failure-file-tax-return-penalty

Taxpayer Wins on the Failure to Pay Tax Penalty, Loses on the Failure to File a Tax Return Penalty

In a recent case in the United States Tax Court, the taxpayer lost his argument that the IRS should not assess a failure to timely file a federal tax return penalty against him failed. However, due to a technicality, he…

March 03, 2018

failure-timely-make-claim-refund-will-bar-refund

Failure to Timely Make a Claim for Refund Will Bar that Refund

In order to timely make a claim for refund from the IRS, one must make the claim for refund within three years from the due date of the tax return or two years from the date that the tax was…

March 01, 2018

party-can-cry-want-illinois-sales-tax

Illinois Taxing Separately for Party Food and Drinks

At one time or another, we have all been dragged to a Chuck-E-Cheese or a skating rink for a child’s birthday party. In addition to the bad pizza, the birthday party also includes something else that is packaged with it,…

February 27, 2018

irs-waives-60-day-ira-rollover-requirement

IRS Waives 60-day IRA Rollover Requirement

On October 20, 2014, a taxpayer cashed in an annuity contract held in an IRA and intended to roll the proceeds over into an IRA account. However, funds from the annuity were mistakenly deposited into a non-IRA account by her…

February 27, 2018

trumps-2019-budget-cuts-irs-funding-despite-tasked-implementing-new-tax-reform-law

Trump’s 2019 Budget Further Cuts IRS Funding

President Donald Trump recently released his fiscal year 2019 IRS budget request to Congress for a total of $15 billion in funding. As you are aware, the tax code was recently overhauled with the enactment of the new tax law. …

February 27, 2018

tax-attorney-to-lead-irs

Trump Nominates Tax Attorney to Lead IRS

President Donald Trump’s administration recently announced the nomination of Charles Rettig to be the next IRS Commissioner. Rettig’s nomination is significant because he would be the first IRS Commissioner in 22 years with a background in tax practice. Rettig is…

February 21, 2018

statute-of-limitations-for-2013-tax-returns

Question Arises Over Statute of Limitations for 2013 Tax Returns

The IRS Trouble Solvers™ recently received the following question via our website regarding one of our past blogs about the Statute of Limitations on 2013 tax returns: “I filed an extension in April 2015 for my 2014 tax return. I…

February 21, 2018

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