November 2, 2009 3:41 pm / Leave a comment
[Stacie says: Knowing what to expect from your IRS audit can help to relieve anxiety. Learn more about how audits are conducted by watching this Tax Wise presentation.]
To help IRS agents conduct examinations of returns more efficiently and require less of the taxpayer’s time, the IRS produces Audit Technique Guides, which focus on developing highly trained examiners for a particular market segment. These publicly available guides contain examination techniques, common and unique industry issues, business practices, industry terminology and other information to assist examiners in performing examinations. Learn about IRS Audit Technique Guides and navigating IRS.gov
These presentations are available on TaxWise TV.
October 30, 2009 2:19 pm / Leave a comment
Notice 2009-85 provides guidance under section 877A, which was enacted by section 301 of the Heroes Earnings Assistance and Relief Tax Act of 2008 (the “Act”) and applies to individuals who expatriate on or after June 17, 2008. Section 877A generally provides that all property of a “covered expatriate” is treated as sold on the day before the individual’s expatriation date. Gain and loss from the deemed sale must be taken into account at that time (subject to a $600,000 exclusion amount, which will be indexed for inflation – Exclusion amount for 2009 is $626,000) unless the individual elects to defer payment of the tax by providing security and waiving treaty rights that would prevent assessment or collection of the deferred tax. There are special rules for deferred compensation items, specified tax deferred accounts, and interests in nongrantor trusts.
Notice 2009-85 will be in IRB 2009-45, dated November 9, 2009.
