Are you looking for tax problem help? As we all know, the American economy is still stagnant and depressed, 2011 has been the toughest year for most individual and business taxpayers seeking tax problem help. Unemployment is still high, family incomes are lower, business income is slashed and retirement savings have significantly declined and the reality is many taxpayers are struggling to make ends meet. The American government has provided a variety of tax resolution programs to help you resolve your tax problem, and I urged you to take advantage of these tax relief options as well as other strategies to resolve your tax problem and get peace of mind.
When you need tax relief help you may have to hire a tax professional to get the job done right. Even though there are several types of tax professionals such as CPAs, tax attorneys, tax lawyers, Enrolled Agents can do a lot for you on many levels. Mike Habib, EA is an Enrolled Agent who provides tax relief services in Whittier, La Habra, Hacienda Heights, Rowland Heights, La Mirada, City of Industry, La Habra Heights, Montebello, El Monte, Downey, Pico Rivera, Cerritos, Long Beach, Fullerton, Placentia, Brea, Buena Park, and other southern California cities.
For a free confidential tax consultation call 1-877-788-2937.
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The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please contact us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.
IRS has issued detailed guidance on the 2010 Tax Relief Act’s 100% bonus depreciation rules for qualifying new property generally acquired and placed in service after Sept. 8, 2010 and before Jan. 1, 2012. Overall, the rules are quite generous. For example, they permit 100% bonus depreciation for components where work on a larger self-constructed property began before Sept. 9, 2010, allow a taxpayer to elect to “step down” from 100% to 50% bonus depreciation for property placed in service in a tax year that includes Sept. 9, 2010, permit 100% bonus depreciation for qualified restaurant property or qualified retail improvement property that also meets the definition of qualified leasehold improvement property, and provide an escape hatch for some business car owners who would otherwise be subject to a draconian depreciation result.
Under the 2010 Tax Relief Act, a taxpayer that buys and places in service a new heavy SUV after Sept. 8, 2010 and before Jan. 1, 2012, and uses it 100% for business, may write off its entire cost in the placed-in-service year. A heavy SUV is one with a GVW rating of more than 6,000 pounds.
Help with IRS Payroll Tax Problems
If you own or manage a business (sole proprietor, partnership, or corporation) and pay employees, you will have to deal with 941 and 940 payroll taxes (employment taxes). Social Security, Medicare and income tax withholding from employee paychecks is just part of normal business operations. If you fail to file and pay your 941 payroll taxes then you are guaranteed to get in trouble with the IRS and the other state agencies such as EDD. This usually leads to additional stiff IRS penalties and larger tax debt, and may also be considered by the IRS a federal crime.
The IRS may compromise the taxpayer’s back tax liability in most civil or criminal cases before referral to the Department of Justice for prosecution or defense. The Attorney General or a delegate may compromise any tax case after the referral. However, the IRS may not compromise certain criminal liabilities arising under internal revenue laws relating to narcotics, opium, or marijuana. Interest and penalties, as well as tax, may be compromised (Code Sec. 7122; Reg. §301.7122-1). IRS Offers-in-compromise are submitted on Form 656 accompanied by a financial statement on Form 433-A for an individual taxpayer or Form 433-B for a business taxpayer (if based on inability to pay) (Reg. §601.203(b)). A taxpayer who faces severe or unusual economic hardship may also apply for an offer-in-compromise by submitting Form 656. If the IRS accepts an offer-in-compromise, the payment is allocated among tax, penalties, and interest as stated in the collateral agreement with the IRS. If no allocation is specified in the agreement and the amounts paid exceed the total tax and penalties owed, the payments will be applied to tax, penalties, and interest, in that order, beginning with the earliest year. If the IRS agrees to an amount that does not exceed the combined tax and penalties, and there is no agreement regarding allocation of the payment, no amount will be allocated to interest.
The IRS could file a federal tax lien to protect the US government from the back taxes owed by the taxpayer. Although the federal IRS tax lien attaches to all the taxpayer’s property, some property is exempt from the IRS levy. The following items could be exempt from levy to some extent:
(1) wearing apparel and school books,
You recently asked what will happen and what you should do in the event that you cannot pay your taxes on time. First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. It is also important to remember that an extension of time to file your tax return doesn’t also extend the time to pay your tax bill. Get tax resolution services at 1-877-788-2937.
Even if you can’t make full payment of your liabilities, timely filing your return and making the largest partial payment you can will save you substantial amounts in interest and penalties. Additionally, there are procedures for requesting payment extensions and installment payment arrangements which will keep the IRS from instituting its collection process (liens, property seizures, etc.) against you. Get tax resolution services at 1-877-788-2937.
Overview of the most common penalties. The “failure to file” penalty accrues at the rate of 5% per month or part of a month (to a maximum of 25%, reached after five months) on the amount of tax your return should show you owe. The “failure to pay” penalty is gentler, accruing at the rate of only 0.5% per month or part of a month (to a maximum of 25% reached after fifty months) on the amount actually shown as due on the return. If both apply, the failure to file penalty drops to 4.5% per month, so the total combined penalty remains at 5%–thus, the maximum combined penalty for the first five months is 25%. Thereafter, the failure to pay penalty can continue at 0.5% per month for 45 more months, yielding an additional 22.5%. In total, these combined penalties can reach 47.5% of your unpaid liability in less than five years.
Internet has literally made life serene. Now, you can do almost anything, from sending/receiving emails to getting treatment for various diseases, while sitting at home. Taxpayers, encountering IRS tax issues, can also benefit from this prodigious utility by rummaging for tax help online. These days, nobody has the time to personally go out in the market and find tax help. Let us see how you can find reliable tax help online.
How to find reliable tax help online
Just like you search anything else, you can also find hundreds of tax help online companies on the internet through various search engines. To find website of such companies, you can enter main keywords regarding your tax problem or simply enter tax help online or tax debt help. You will find more an endless list of tax resolution companies who handle all kinds of IRS tax problems.
Plastic money with all its benefits has put the American economy under fire. Even top lending institutions are facing drastic fiscal conditions. Likewise, individual taxpayers are also facing problems paying their taxes on time. To maintain the equilibrium in the struggling economy, the Obama administration has introduced several tax debt relief help options for individuals as well as organizations. If you owe delinquent taxes to the IRS, you may qualify for certain tax help and tax relief programs.
However, either when we talk about government tax debt relief help or IRS tax debt relief help, it does not necessarily mean that they are affectionate enough to waive your 100% outstanding dues. But the relief will be sufficient to help you pay your back taxes without putting much burden on your bank account.
This is a great opportunity for those seeking reliable tax help and a resolution for their tax problem. The IRS is accepting more requests for Offer in Compromise and Installment agreement. Offer in Compromise is the best solution to eliminate you IRS tax debt. If you convince the IRS that due to poor financial conditions you cannot pay them, they will clear your debt for a fairly reduced percentage of the actual amount.