With tax reform being a goal of Governor Bobby Jindal in the 2013 Louisiana legislative session, the Louisiana Department of Revenue and Louisiana Economic Development have released a report that outlines the Louisiana tax structure, and offers ideas for possible reform efforts. Stating what should be obvious, the report concluded that the “ideal tax structure…is…one […]
The IRS disallowed Section 162 ordinary and necessary business deductions to a medical marijuana dispensary authorized under California state law. Under section 280E, businesses deductions are disallowed when the taxpayer is engaged in the trafficking of controlled substances. Even if legal under state law, the court disallowed the deductions because the activity is illegal under […]
With the advent of tax software programs, more and more people are choosing to prepare their taxes on their own. Tax software does certainly make filing for the do-it-yourselfer much easier and quicker than in the past, but this doesn’t mean there are not still circumstances under which hiring a professional may not make better […]
US citizens or taxpayers living abroad, and delinquent in there federal income tax and FBAR compliance responsibilities have a new procedure outlined by the IRS with which to get compliant with US tax filing rules. The IRS has announced “streamlined filing compliance procedures” for taxpayers that are considered “low risk” under the program. The program […]
The extreme complexities of the United States tax code make it no surprise that a large number of small businesses make honest mistakes on their tax returns which can end up costing them plenty. And, no matter how unwitting that mistake might have been, count on receiving no mercy from the IRS. There are several […]
According to the IRS a staggering 30 million United States taxpayers have some type of compliance or collection “issue.” Of course this could include something as relatively minor as an unfiled tax return or a more serious pending federal tax lien or non-payment of back taxes. Far and away the most frequent issues targeted by […]
“IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013” In Information Release 2012-70, the IRS granted tax relief to victims of Hurricane Isaac for individuals and businesses located in certain counties and parishes that were affected by Isaac. For tax returns due on or […]
Generally speaking you – or any person – have a 1 in 200 chance of being audited. This risk increases to 1 in a 100 if you make over $100,000 per year. Thankfully for most of us, the IRS has been forced to cut staff which means your odds of being audited just got a […]
Hurricane Isaac Relief For certain Louisiana and Mississippi residents, the IRS has extended the 2011 tax return filing and tax payment deadline as relief from the hurricane Isaac disaster. This filing relief will include most extended corporate and individual tax returns, originally due on September 15 and October 15. “The tax relief postpones various tax […]
If you owe the Internal Revenue Service a great deal of money and are full of despair as to how you will ever get it paid off, you might want to consider a plan where you will make a monthly disbursement or installment agreement in order to gradually get your outstanding balance paid down. The […]