IRS Hikes Fees for Installment Agreements, Offers in Compromise

The Internal Revenue Service released final rules (T.D. 9647) that increase user fees charged for processing installment agreements and offers in compromise. Under the final regulations, released Nov. 29, the fee for entering into an installment agreement will increase from $105 to $120 and the fee for restructuring or reinstating an installment agreement will increase […]

IRS Explains 2011 Reporting for 2010 Conversions to Roth Accounts

The IRS has provided guidance to taxpayers who transferred amounts to a Roth account in 2010 in a taxable transaction. Generally, these taxpayers must report half of the income in 2011 and half in 2012, unless the taxpayer elected to report the income in 2010. Overview 2010 was the first year that taxpayers could transfer […]

IRS Tax Amnesty

What is tax amnesty? Tax amnesty is an opportunity for taxpayers to file or amend tax returns in exchange for a waiver of penalty and partial interest. The Oregon tax amnesty program does not apply to taxpayers who already owe a tax debt, whether or not you’re making payments. When is tax amnesty? Applications must […]

IRS Decreases Business Mileage

IRS Decreases Business Mileage Rate to 55 Cents for 2009 Overview RS advises the public that the Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed […]

Preparation for IRS Audits

The new view of the IRS is: “Service + Enforcement = Compliance”. Overview The IRS has over 100,000 employees who are divided into Operating Divisions which are based upon the type of taxpayers that are handled. Operating Divisions Wage & Investment (W & I) A. Wage & Investment income. Over 120 Million Taxpayers Pay Taxes […]