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Tax Credits

2014: IRS Warns Taxpayers Voluntarily Coming Into Offshore Compliance To Be Truthful

2014:  IRS Warns Taxpayers Voluntarily Coming Into Offshore Compliance To Be Truthful

Editor’s Note:  This is a re-blog for January 2014:  IRS warns taxpayers voluntarily coming into offshore compliance to be truthful [ABA Tax Section meeting San Diego 2/18/2012]: The IRS is aggressively using intelligence gathered from the agency’s Offshore Voluntary Compliance Program to study the movement of undisclosed funds abroad and to deter tax avoidance, an […]

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Washington state lawmakers pass tax breaks, aiming to win Boeing work

Washington state lawmakers pass tax breaks, aiming to win Boeing work

As reported in Reuters, Washington state lawmakers pass tax breaks, aiming to win Boeing work, OLYMPIA, Washington (Reuters) – The Washington state legislature passed a measure to extend nearly $9 billion in tax breaks for Boeing through 2040 in an embattled effort to entice the company to locate production of its newest jet, the 777X, […]

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IRS Tax Tip 2013-33: Five Tax Credits that Can Reduce Your Taxes

IRS Tax Tip 2013-33: Five Tax Credits that Can Reduce Your Taxes

A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. Here are five credits the IRS wants you to consider before filing your 2012 federal income tax return: 1. The Earned Income Tax Credit is […]

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IRS Tax Tip 2013-23: First-Time Homebuyer Credit Look-up Tool Helps Taxpayers Who Must Repay the Credit

IRS Tax Tip 2013-23: First-Time Homebuyer Credit Look-up Tool  Helps Taxpayers Who Must Repay the Credit

The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool: 1. Who needs to repay the credit? If you bought […]

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IRS Tax Tip 2013-38 – Tax Rules for Children Who Have Investment Income

IRS Tax Tip 2013-38 – Tax Rules for Children Who Have Investment Income

Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. There are special tax rules that affect how parents […]

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Doing a 180 — IRS Revokes Acceptance Into OVDP!

Doing a 180 — IRS Revokes Acceptance Into OVDP!

As reported in the blog Angloinfo.com, there appears to be a growing concern that the IRS is revoking acceptance into the Offshore Voluntary Disclosure Program, aka Offshore Voluntary Disclosure Initiative, for a variety of reasons.  Here is the blog article. Should I Enter the Offshore Voluntary Disclosure Program? Making the decision to enter the Offshore […]

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Tax Refunds May Be Applied to Offset Certain Debts

Tax Refunds May Be Applied to Offset Certain Debts

Tax Refunds May Be Applied to Offset Certain Debts Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts the IRS wants […]

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IRS Tax Tip: Free Tax Help for Military Personnel and Their Families

IRS Tax Tip:  Free Tax Help for Military Personnel and Their Families

Free Tax Help for Military Personnel and Their Families Free tax return preparation assistance is available for eligible military members and their spouses. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program, which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their […]

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Tax Tip: New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit

Tax Tip:  New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit

New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online […]

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IRS Tax Tips: Six Tips on a Tax Credit for Retirement Savings

IRS Tax Tips:  Six Tips on a Tax Credit for Retirement Savings

Six Tips on a Tax Credit for Retirement Savings If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income. Here are six things the IRS wants you to know about the Savers Credit: 1.  Income […]

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IRS Alert!: Seven Tips to Help Taxpayers Avoid Phony Refund Schemes Abusing Popular College Tax Credit

IRS Alert!:  Seven Tips to Help Taxpayers Avoid Phony Refund Schemes Abusing Popular College Tax Credit

Seven Tips to Help Taxpayers Avoid Phony Refund Schemes Abusing Popular College Tax Credit The Internal Revenue Service offers the following seven tips to help taxpayers avoid an emerging scheme tempting senior citizens and other taxpayers to file tax returns claiming fraudulent refunds. These schemes promise refunds to people who have little or no income […]

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IRS Tax Tips: Education Tax Credits Help Pay Higher Education Costs

IRS Tax Tips:  Education Tax Credits Help Pay Higher Education Costs

Education Tax Credits Help Pay Higher Education Costs Two federal tax credits may help you offset the costs of higher education for yourself or your dependents.  These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your […]

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IRS Tax Tips: What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

IRS Tax Tips:  What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

What Employers Need to Know About Claiming the Small Business Health Care Tax Credit If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney