Beware Emails From IRS Imposters
It seems everyone communicates by email these days, even many government agencies. Many people do not give it a second thought when they receive an email from the IRS stating that the agency wants some more information. But those people would be wrong to trust that email, because the IRS does not communicate with taxpayers […]
10 Useful Tips for Taxpayers Who Owe the IRS
While many taxpayers get a refund from the Internal Revenue Service each year, there are those who owe. Furthermore, some taxpayers are unable to pay the tax all at once. Therefore, the IRS has announced a campaign to an effort to help struggling taxpayers get a fresh start with their tax liabilities. Below is […]
Are there any disadvantages of receiving the Home Buyers Tax Credit?
Government Arrests Mortgage Lenders
As part of Operation Stolen Dreams, the government’s push against mortgage fraud, federal authorities investigated 1,215 criminal defendants allegedly responsible for more than $2.3 billion in losses and made 485 arrests. Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused on federal criminal cases as well as civil enforcement, recovering money for victims and increasing […]
Claiming the First-Time Homebuyer Tax Credit
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation requirements: Settlement Statement: Purchasers of conventional homes must attach a copy of the Form HUD-1 or other properly executed Settlement Statement; Properly Executed Settlement Statement: Generally, a […]
First-Time Homebuyer Credit
If you purchased a home in 2009, or the first four months of 2010 and are a first-time homebuyer or a long-time resident purchasing a new home, you may be eligible to claim the First-Time Homebuyer Credit. Here are five key factors to consider when claiming the tax credit: You must enter into a binding […]
Columbus Accountant and Realtor Plead Guilty to Mortgage Fraud & Obstruction of Justice Conspiracies
Dennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, pleaded guilty on January 21, 2010, to conspiring to commit mortgage fraud, money laundering and obstruction of justice. In a press release, the Justice Department and Internal Revenue Service (IRS) announced that Sartain, the accountant for co-defendant Thomas Parenteau, pleaded guilty to one […]
What To Do With Your EIN When Hiring New Employees
Recently we were asked if a single-member limited liability company (LLC) has to get a new EIN after it hired an employee. Again we provide the typical lawyer’s answer, which is “it depends.” The Internal Revenue Service (IRS) rules regarding this situation are as follows: Single Member LLCs with Employees. For wages paid on or […]
Changing Your EIN When Your Business Name Changes
A client recently changed the name of their business and asked whether they must obtain a new Employer Identification Number (EIN) from the Internal Revenue Service (IRS). First, check whether your type of entity needs a new EIN if it changes its name. If a new EIN is not necessary, then the business must change […]
IRS Prosecutes First-Time Homebuyer Credit Cheats
The Internal Revenue Service announced on July 29, 2009, its first successful prosecution related to fraud involving the first-time homebuyer credit (FTHC). On its website, the IRS warned taxpayers to beware of this type of scheme. On Thursday, July 23, 2009, tax preparer James Otto Price III, from Jacksonville, Florida, pled guilty to falsely claiming […]