Massacusetts Leading Tax Educator PLAYS A PART IN PAOO

My seek out other contributors have paid off big time. Among my companions remarked that a company cannot compete on quality once, price and service. It can provide the highest quality and great service but must charge a higher price. It could give good quality at a very low price, but you bring your own bags better.

I think its a good point but to every rule there are exceptions as well as the Boston Tax Institute is exceptional. Its workshops are of high technical quality, while generally addressing problems that regular tax professionals encounter. They are held at convenient locations at convenient times. The sign up process is easy. And the costs are excellent.

Lu Gauthier, the creator transmits an e-mail publication to his students and he has given me authorization to reproduce its contents. I’m hoping that this will be a regular feature of your blog. Our thanks to Frank Constance, CPA, MST for the following email regarding identity theft, this time around with a MA twist!

In early April, one of my client’s received notices from both the IRS and the MA DOR. The IRS notice stated that the IRS received my client’s tax return plus they were along the way of conducting an intensive review of come back information. The MA DOR noticed indicated that the DOR experienced uncovered a discrepancy in the client’s account. Specifically, the quantity of payments received according to the DOR records surpass the quantity of payments stated on the taxpayer’s 2010 MA Income Tax Return. My customer had to file his MA return yet.

He would need an expansion because of lacking K-1s. By the way, the estimated taxes payments on both the Federal and MA returns were seven statistics. I obtained a POA from the client and contacted the MA and IRS DOR. The IRS said to file the Identity Theft Affidavit Form 14039 with the proper execution 4868. We were told to document the forms with the IRS in Andover.

The Form 1040 would have to be filed in paper version when the taxpayer was ready to file. They recommended that the taxpayer to contact the FTC also, the SSA, and a significant credit bureau. The MA DOR recommended that the taxpayer call the MA DOR Criminal Investigation Bureau. They stated that the client could e-file his extension and return still.

In addition to the above-mentioned case, I also got two cases were duplicated earnings were submitted for deceased taxpayers. We attempted to e-file earnings in each full case, but they bounced because returns were on document already. WHILE I spoke with Lu recently he indicated that identity theft is now a huge issue with taxation statements.

I haven’t found much about them in the alphabet soup of internal IRS material which I try to match. It may be that some of the measures these are taking are exempt from disclosure under the Freedom of Information Act. The IRS has released proposed rules providing assistance in applying the Code §108 bankruptcy and insolvency exclusions for cancellation of debt (COD) income to grantor trusts and disregarded entities.

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Specifically, the proposed regulations clarify this is of the term “taxpayer,” as used in Code §108, in regards to a grantor trust or a disregarded entity. The regulations connect with COD income taking place on or following the date the regulations are published as final regulations. Some taxpayers have taken the position that the Code §108(a)(1)(A) personal bankruptcy exception is available if a grantor trust or disregarded entity is under the jurisdiction of a bankruptcy court, if its owner is not even. Similarly, some taxpayers have contended that the Code §108(a)(1)(B) insolvency exception is open to the extent a grantor trust or disregarded entity is insolvent, even if its owner is not.

The IRS doesn’t believe this can be an appropriate software of the Code §108 personal bankruptcy and insolvency provisions. In addition, the proposed regulations provide that regarding a collaboration, the owner guidelines would apply at the partner level to the partners of the partnership to whom the discharge of indebtedness income is allocable.