Income Tax Archives - Page 14 of 23 - FREE Yourself from IRS Problems

Shamsey Oloko July 11, 2016 Audit, Income Tax, Internal Revenue Code, Tax Evasion, Taxable Income 0

The Mitigation Provisions Of I.R.C. §§1311-1314

While the IRS uses the mitigation provisions of I.R.C. §§ 1311-1314 to reopen a taxpayer’s closed tax year and assesses tax deficiencies, it hardly facilitates taxpayers in using these provisions in similar fashion when seeking a refund from a closed…

Shamsey Oloko July 8, 2016 Corporate Tax, Corporate Tax, Income Tax, News, Tax Court, Taxable Income 0

Makric Enterprises, Inc. v. Commissioner: When Tax Mistakes Are Costly

Not knowing the details of a business transaction sounds preposterous on its face, especially when the ignorant taxpayer is the party which formulated the transaction. In the case of Makric Enterprises, Inc. v. Commissioner, TC Memo 2016-44, a failure to make…

Shamsey Oloko July 6, 2016 Foreign Tax Credit, Income Tax, Tax Credit 0

Foreign Tax Credit For Individuals

Federal tax law provides the foreign tax credit to relieve taxpayers of the double tax burden imposed when their foreign income is taxed by both the United States and the foreign country where their income originated. Usually, if the foreign…