Category Archives: Taxation and Tax Law

How To Deal with the IRS When You’re Being Audited

By | October 12, 2011

If death and taxes are the only two certainties in life, then perhaps our second-greatest fear is being audited by the IRS. Most of us pay our taxes the way we’re expected to precisely because we’re afraid of getting audited; and yet many of us end up getting audited anyway. There are a number of ways to prevent… Read More »

Service Tax on Providing Information Technology Software – Right to Use – Electronically

By | January 21, 2011

In India the I T Industry has been operating well since long now and has contributed to the national economic growth to a great extent. But with increasing number of transactions of sale of I T Products, the commercial issues, disputes have gone on the rise including the Taxation issues like implication of VAT and Service Tax. In… Read More »

The Future of the Federal Estate Tax

By | October 6, 2010

As of February of 2010, the United States enjoyed more than a month of complete repeal of the federal estate tax.  Before its repeal, the federal estate tax was almost as old as the U.S. income tax which required the 16th Amendment to the U.S. Constitution to adopt. The 2010 repeal of the federal estate tax was originally… Read More »

Everyday Cases Show Tax Cheats Get Caught

By | September 20, 2010

Every day, in cities across the country, people are being prosecuted or convicted of tax crimes. You should view these cases as warnings and act accordingly. Thomas and Brenda Ellis of Richmond, Va., had what many would consider a great business for cheating Uncle Sam. They were the owners of Buzz Thru Car Washes, an automated car wash… Read More »

Roth IRA Conversion Top Considerations

By | September 15, 2010

Effective this year, converting from one’s traditional IRA (or other qualified plans such as 401k, 403b and 457) to a Roth IRA is available to everyone.  There are benefits and burdens of conversion, and the purpose of this article is to provide you with several things you should consider when converting to a Roth IRA. When you convert… Read More »

New Requirements for Tax-Exempt Entities

The Internal Revenue Service has recently announced new requirements for tax-exempt organizations. These new regulations became effective June 8, 1999 and apply to all exempt organizations other than private foundations. Basic Requirements for Tax Exempt Entities Most people have a basic understanding that non-profit entities can obtain exemptions so that the entity does not have to pay any… Read More »

Restructured IRS Helps Businesses

SMALL BUSINESS CAN CELEBRATE IRS RESTRUCTURING. With the recent passage of the IRS Restructuring and Reform Act of 1998, many new taxpayer rights provisions now allow businesses to function more smoothly despite IRS audit or collection efforts. The new law expands, clarifies, and fine-tunes many of the most significant small-business oriented provisions in the Taxpayer Relief Act of… Read More »

Elder Law: Financial Planning Needed For Retirees

By | May 27, 2004

If you are one of the many retirees without having prepared a financial plan, it is not too late to do so. Many of our retired clients with significant retirement assets and other investments are not certain of how long they will be able to live their desired lifestyle. For some it is a matter of procrastination or… Read More »

Dealing with the IRS Collection Division – Negotiating Offers in Compromise

By | December 11, 2002

The last article in this series on dealing with the Collection Division addressed Installment Agreements — arrangements through which tax debts can be resolved by means of monthly payments. Some folks, however, owe so much that an installment agreement is not a practical solution. Interest and penalties can accrue so quickly that the liability actually increases, despite the… Read More »

Dealing with the IRS Collection Division – Negotiating Installment Agreements

By | December 11, 2002

One of the tasks most frequently faced in representing clients before the IRS Collection Division is negotiating an “installment agreement” — an arrangement under which the taxpayer makes monthly payments against the outstanding tax debt, free of the threat of levy and distraint action. Despite the Service’s imposition of a system of miserly national and local expense “standards”… Read More »