The FTB is implementing an automated dialer to make outbound collection calls to individual income-tax taxpayers in an effort to prevent collection actions such as tax liens, bank levies, and wage garnishments. The state FTB tax agency will implement a similar system for business entities in September 2012.
The CA FTB is contacting more than 100,000 California business entities that have not filed their 2010 state income tax returns. (FTB News Release (June 14, 2012)) When a business is contacted, they will have 30 days to either file or show why no return is due. Otherwise, the FTB will assess tax based on the information reported to them from other agencies.
The CA FTB state tax agency has begun using information obtained through the Financial Institution Record Match (FIRM) program from banks and other financial institutions to find assets and collect on unpaid delinquent tax debts from California taxpayers. If you have outstanding FTB tax liabilities, your bank accounts may be levied by the FTB, and your wages could be garnished and levied.
The Internal Revenue Service today announced another expansion of its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past.
"This phase of Fresh Start will assist some taxpayers who have faced the most financial hardship in recent years," said IRS Commissioner Doug Shulman. "It is part of our multiyear effort to help taxpayers who are struggling to make ends meet."
A Vermont insurance company received payments from an Oklahoma taxpayer for intellectual property consisting of trademarks and operating practices did not create sufficient nexus to subject it to the Oregon corporation excise (income) tax, the Oklahoma Supreme Court has held. The insurance company was established under the laws of Vermont by an international restaurant corporation, to insure various risks of the corporation and its affiliates.
Are constant mail and collection efforts from the IRS bogging you down? Have you run out of possible options to pay your IRS tax debt and its running into tens of thousands? Trust me; it's not the end of the world and you are not alone. 'How to resolve my IRS tax debt problem?' is a constant question hovering over many people's minds.
Millions of Americans suffer from a very common malady known as tax problems. Although it can be treated, many choose to ignore it, resulting in disastrous consequences. Blaming the IRS does little to change the situation. However, most tax problems can be resolved in a systematic manner should an individual or business taxpayer choose to do so. If you are one of those who are in trouble due to your taxes, seek for an IRS tax problem resolution immediately. Call us at 1-877-78-TAXES [1-877-788-2937].
Tax Masters, best known for their 'innovative' TV advertisements, promising tax relief to customers has filed for BK bankruptcy in Texas. For clients and or former clients of the company, no doubt, this is a tough time. But it is best to look at this development positively because now you will no longer be taken for a ride by the company's CEO or their smooth talking sales people.
It is also the best time to hire the services of a reliable, licensed and professional tax representation firm that can provide real IRS tax relief for you such as Mike Habib, EA at www.myirstaxrelief.com
Penalty abatement is a form of tax debt relief you can avail to significantly reduce the total tax you owe to the IRS.
What is Penalty Abatement?
If you have a tax debt, the IRS will calculate penalties and interest on the amount owed. The penalties include a 'failure to file' penalty if you have failed to file your returns on time (including extensions), a 'failure to pay' penalty if the tax amount has not been paid in full and which is calculated on the basis of the amount you owe. These two penalties are charged on a monthly basis for the entire period until resolution. Further the IRS charges a daily interest on the tax amount you owe. All in all, the each penalty may contribute up to 25% of your total tax bill.
If your failure to pay taxes has been due to financial difficulties, such difficulties are further compounded by the penalties, which continuously keep adding to the total tax debt. So penalty abatement is an option you should definitely consider to achieve some degree of tax debt relief. As professional enrolled agent, Mike Habib can guide you in this matter if you do not feel confident enough to handle it on your own.
Amongst several factors that strike fear deep in the hearts of grown American men and women is receiving the IRS audit summons. Even if you have submitted your returns honestly and accurately, it is possible that your accounts may be subjected to an IRS audit. Though you are entitled to know why you are being audited, once you have received the audit communications from the IRS, they just can't be wished away. You just have to buck up and handle the IRS audit to the satisfaction of the IRS and get yourself off the hook.
Running a business, managing a company is not a child's play. Apart from being a good CEO or the Head of the Company, there are certain important things you have to figure out and reign in early when you first start your own business or running a company as you need to take care of your employees as well as their salaries thereof. Payroll taxes are the most important of them all. You have to know how to calculate and pay 941 payroll taxes before you set out to hire employees.
Seeking help with tax debt should be your priority if you find yourself unable to discharge your tax obligations to IRS. Tax debt is a serious problem that can affect you emotionally, financially and socially. The emotional aspect refers to the constant anxiety and waiting for the inevitable IRS notices. Of course, if the IRS resorts to some of its extreme collection techniques like placing a lien on your property or levy wage garnishment, the social and financial implications become severe.