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Applying My Refund

by TaxMama on March 15, 2010

Today TaxMama hears from Michael in California with a sensible question. “I have a federal tax liability from past years. For 2009 I own the feds $1,000. I have a refund due from the state of California of $1,700. The state will apply my return to the past liability. Is there any way that I can get CA to apply my refund to the current tax year liability, instead of the past debt?”

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Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

March 20, 2009

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile [...]

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New IRS Collection Financial Standards

March 13, 2009

The Internal Revenue Service just released the 2009 update to the Allowable Living Expense Standards on March 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard [...]

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IRS Seeks New Issues for the Industry Issue Resolution Program

March 6, 2009

IR-2009-18, March 5, 2009
WASHINGTON — The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers.
Though submissions can be made at anytime for consideration in the IIR program, [...]

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IRS Conducts Extensive Review, Decides Not to Renew Private Debt Collection Contracts

March 6, 2009

IRS Employees More Flexible, More Cost Effective
IR-2009-19, March 5, 2009
WASHINGTON — After conducting an extensive review of the private debt collection program, including the cost effectiveness of the effort, the Internal Revenue Service will not renew its contracts with two private debt collection agencies, the agency announced today.
The IRS determined that the work is best [...]

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Online Payment Agreement (OPA) Application

February 20, 2009

Paying your taxes in full and on time avoids unnecessary penalties and interest. However, if you cannot pay your taxes in full, you may request a payment agreement.
Individuals who owe $25,000 or less in combined tax, penalties, and interest can use the OPA application to request a payment agreement. This application will allow you or [...]

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TIGTA releases audit of Automated Collection System Large Dollar Cases

February 13, 2009

[TaxMama note: This report should be of particular interest to you because when you owe IRS money, your first point of contact is generally the ACS.]
TIGTA has publicly released its audit titled “Some Automated Case (ACS) Selection System Large-Dollar Cases Were Not Worked Effectively.”
IMPACT ON TAXPAYERS
An Automated Collection System (ACS) large-dollar case is one [...]

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Passive Loss Limitation

November 10, 2008

Today TaxMama hears from Clyde in Florida, with this oopsie! “My wife and I have rental properties and we reported losses for 2006 and 2007. We recently found out about Form 8582 and the Passive Activity Loss Limitations rule. Our income without the rental losses exceeded $150,000. What should we do?”

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IRS Adds Functions to Online Payment Agreement Application

June 13, 2008

IR-2008-77, June 6, 2008
WASHINGTON — The Internal Revenue Service today introduced several new features to the interactive Online Payment Agreement application , which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements.
The system will now permit:
LI>Individuals to revise their payment due dates and/or amounts on existing agreements. [...]

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Payment Options Available for Those Who Can’t Pay in Full

April 11, 2008

Courtesy of IRS – IR-2008-56
WASHINGTON — The Internal Revenue Service reminds taxpayers who owe but can’t pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline.
Taxpayers should file their return on time, pay as much as they can with their return [...]

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