Lowrance Law, LLC

The annual “More Tax Than You Want To Know” is now available via the IRS website.  Publication 17 explains everything you need to know about your taxes, returns and filing.  See Publication 17

From IRS News:

“The IRS has placed its comprehensive tax guide for individuals on  IRS.gov, updating it for tax year 2008. The updated on-line version of IRS Publication 17, “Your Federal Income Tax,” contains more than 900 interactive links.

Publication 17 has been updated with important changes for 2008, including information on the new recovery rebate credit, new first-time-homebuyer credit, and an additional standard deduction for real estate taxes.  It has been published annually by the IRS for more than 65 years and has been available on the IRS Web site since 1996.

As in prior years, the publication provides information on how to file an individual tax return, what to include as income, how to calculate capital gains and losses, how IRAs and other expenses can affect how much income to report, whether to take the standard deduction or itemize, and how to figure taxes and credits.”

Printed copies of Publicaiton 17 will be available in January 2009.

All the good year to you.

Bill Lowrance
Lowrance Law LLC

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Selling your property is almost impossible if the IRS has filed a tax lien.  If you are trying to sell or refinance your home and there is a tax lien, you can file certificate of subordination of federal tax lien.  There is no special form, but you or your representative can send in a letter requesting subordination of the lien.  You must include certain information in the letter.  Follow the instructions in IRS Publication 784

 The Internal Revenue Service today announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.

If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options. Taxpayers or their representatives, such as their lenders, may request that the IRS make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan. Taxpayers or their representatives may request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien under certain circumstances.  The process to request a discharge is in Publication 783.  See  Today’s IRS Announcement Here

As always if you need help, call me.

Bill Lowrance
Lowrance Law LLC
McLean, VA

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IRS Increasing Workforce-More Enforcement

December 15, 2008

The IRS announced that it is hiring senior level Economists and Internal Revenue Agents (International Examiner, Financial Products & Transactions Examiner, and Team Member/Domestic Agents for entry on duty in March and April 2009. This is another indicator that the IRS will be stepping up enforcement efforts in 2009 and subsequent years. Special emphasis will […]

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US Tax Investigations–Foreign Bank Accounts and Tax Havens

December 4, 2008

Thanks to Tax Prof Blog for A NYT Story on the expanded US Justice Department and IRS investigation of foreign banks, Credit-Suisse and HSBC and their private banking services.  The new investigation relates to the present investigation into UBS Bank in Switzerland See See Prior Post.  The IRS and US Department of Justice (DOJ) are really looking for […]

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