Archive for December, 2008
Wednesday, December 17th, 2008
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
Tags: IRS, Publication 17, Tax
Posted in Attorney, IRS, Tax Attorney, Tax Crime, Tax Liens, Tax Litigation, Tax Problems, Tax Research | No Comments »
Tuesday, December 16th, 2008
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
Tags: discharge tax lien, federal tax lien, IRS, mortgage, refinance, subordination tax lien, Tax Liens
Posted in Controversy, IRS, Tax Attorney, Tax Liens, Tax Problems | No Comments »
Monday, December 15th, 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 be on international transaction including offshore bank accounts, offshore trusts, offshore income and other cross border transactions.
IRS Announcement: See Whole Article Here
“Do you have a specialty in tax administration? Do you have family, friends, or neighbors with this expertise who might be interested in joining the Internal Revenue Service? If so, look no further—the Large and Mid-Size Business (LMSB) Division of the Internal Revenue Service has challenging positions available now!
LMSB is seeking to fill 100 technical GS-11, GS-12, and GS-13 positions nationwide, including Economists and Internal Revenue Agents (International Examiner, Financial Products & Transactions Examiner, and Team Member/Domestic Agent) with entry on-duty dates planned for March and April 2009. To view more details and apply for these vacancies, visit the Office of Personnel Management Web site for IRS jobs at: http://jobsearch.usajobs.opm.gov/a9trirs.asp . Select “Economist” or “Internal Revenue Agent” under Occupational Series and click on Search for Jobs.”
Bill Lowrance
Lowrance Law LLC
McLean, VA
Tags: international tax, IRS, Offshore, revenue agents, Tax, tax enforcement, tax havens
Posted in IRS, IRS Audits, Offshore Accounts, Tax Attorney, Tax Crime, Tax Litigation, Tax Problems, Tax Research | No Comments »
Thursday, December 4th, 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 US citizens who are stashing money and assets in foreign accounts without reporting such accounts in filings with the IRS. This investigation will come to fruition in the next several months to a year or more. In this type of investigation, the government moves forward slowly and methodically. The IRS and DOJ have to conduct the investigaitons using various international information gathering treaties and agreements.
Don’t worry, however, the wheels of justice grind slowly. The IRS and DOJ will eventually get some information about US citizens putting money in foreign bank accounts. The information will be used to identify the people, find their tax filings, updated contact information and reported financial holdings. The resulting case will go through either the civil or criminal process. If you have a foreign account you have reported to the IRS, carefully plan your future.
Bill Lowrance
Your Virginia Tax Attorney
Lowrance Law LLC
Tags: criminal tax, Department of Justice, foreign bank accounts, investigations, IRS, tax havens
Posted in Attorney, Controversy, IRS, Offshore Accounts, Tax Crime, Tax Litigation, Tax Problems, Uncategorized | No Comments »
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