Category Archives: IRS – Information

Is Your Hobby a For-Profit Endeavor?

FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]

Stop Bitching – Do Something About It!

IRS Seeks New Issues for the Industry Issue Resolution Program IR-2008-93, August 7, 2008 WASHINGTON — Businesses and associations have until Aug. 31 to submit tax issues to the Internal Revenue Service to be included in the Fall 2008 review in the Industry Issue Resolution (IIR) Program. IIR is an IRS program to resolve business […]

New LLC fee court decision

Courtesy of Spidell Publishing Inc. A California Court of Appeal has ruled that the LLC fee must be apportioned in Ventas Finance I, LLC. The court ruled that, while former R&TC §17942 — as applied to Ventas — violates the Commerce Clause, neither federal due process nor any principle of California law requires the FTB […]

Reporting Auction Income and the Tax Gap

FS-2007-23, Courtesy of IRS Many people don’t realize the income they earn from auctions and consignment sales may be taxable. This fact sheet, the 16th in the Tax Gap series, will help taxpayers better understand what income they are required to report and what deductions they may be entitled to take. The tax gap, or […]

Housing Act gives and takes away tax benefits

On July 26, 2008, the Senate passed the “Housing Assistance Tax Act of 2008” (H.R. 3221). The president is expected to sign the bill. Among its provisions are: A refundable credit of up to $7,500 on the purchase of a principal residence by a “first-time homebuyer.” A first-time homebuyer is a taxpayer who hasn’t owned […]

Useful Resources from IRS

Retirement Plans – 9 videos about retirement plans, including IRAs. Some help retirement plan sponsors choose and operate their plans. Others are to help participants, like you, ensure your retirement benefits are protected. https://www.stayexempt.org/ep/navigating_plans.html IRS Brochure outlines Small Business Federal Responsibility In this one sheet two-fold brochure, you will find and impressive list of IRS […]

National Taxpayer Advocate Releases Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year

Courtesy of the Internal Revenue Service – IR-2008-87, July 8, 2008 WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be improving IRS procedures to […]

Treasure Hunter

Today TaxMama hears from Joanna in New York who tells us. “I have been working as a finder, uniting people with their abandoned funds in NY State – funds lost due to inactivity.https://pinnacle.berea.edu/wp-content/languages/new/how-to-do-a-bibliography.html These monies consist of insurance funds, NYS Income Tax Checks, mutual funds, inactive bank accounts, etc. My question: What happens to Federal […]

SBA introduces new online courses for small business owners

Courtesy of the Internal Revenue Service [See the Resource Box below, for links] The Small Business Administration’s Small Business Training Network has introduced two new free online finance courses to help small business owners with the basic principles of finance and borrowing: Finance Primer: Guide to SBA’s Loan Guaranty Programs How to Prepare a Loan […]

IRS Increases Mileage Rates through Dec. 31, 2008

IR-2008-82, June 23, 2008 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The rate will increase to […]

IRS Lost My Appeal

Today TaxMama hears from Bernie in Georgia who’s upset. “I filed an offer in compromise that was rejected. I prepared an appeal and took it to the IRS office, who stamped it received.https://www.playavistaorthodontics.com/wp-content/languages/new/albuterol.html That office has apparently “lost” my appeal.https://www.playavistaorthodontics.com/wp-content/languages/new/vardenafil.html What do I do next, aside from re-doing the appeal and sending the copied paper […]

IRS Adds Functions to Online Payment Agreement Application

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 […]