Quite amusing is the hubbub over the expanded Form 1099 reporting requirements included is the Patient Protection and Affordable Care Act and break-neck efforts over its seemingly inevitable repeal. The House voted...
Category: TAX
INJURED SPOUSE AND INNOCENT SPOUSE NOT THE SAME
March 12, 2011
Taxpayers often confuse an Innocent Spouse with an Injured Spouse. They are not the same. Innocent Spouse is term loosely used to describe one who is seeking relief from joint and several liability on a jointly filed...
FAILURE TO PAY DEBT IN FULL NOT ALWAYS TAXABLE DISCHARGE
March 5, 2011
Not every unpaid debt results in cancellation of debt income to the borrower under the IRC Section 61(a)(12). Often medical debts and credit card debts are genuinely disputed. Hospital bills contain many errors and patients...
There is a split among the federal Circuit Courts of Appeal whether there is a reasonable cause exception available to avoid the trust fund 100% penalty assessed against responsible persons. The 5th, 6th and 10th Circuits...
MORE REASONS TO CONSIDER SECOND IRS OFFSHORE VOLUNTARY DISCLOSURE INITIATIVE (2011 OVDI)
February 25, 2011
1. The Wall Street Journal reports that Switzerland intends to make it easier for foreign governments to track down tax cheats hiding funds. The Swiss Finance Ministry will now provide information if the requesting tax...