Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS

For individuals looking for proper representation or businesses trying to properly structure their business startups, the tax attorney is the answer. The tax attorney New York residents and business owners trust works to resolve the many different issues that come with federal, state, and local taxes. From IRS help, employment tax problem resolution, 941 payroll tax problem help, penalty abatement, and more, the tax lawyer provides the proper professional tax representation needed to solve tax problems.

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Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS

For those who are facing an IRS audit, unfiled tax returns, employment tax problem resolution, tax debt settlement, and more, you will need the proper representation in order to have your issues handled properly. This is where the tax attorney San Francisco residents and business owners turn to deal with their tax issues.

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WHY KEEPING CURRENT ON PAYROLL TAXES SHOULD BE A TOP BUSINESS PRIORITY

BY STEVEN V. MELNIK

STEVEN V. MELNIK, J.D., LL.M. (Tax), CPA, is an associate professor of tax law and the academic director of the graduate and undergraduate tax areas at Baruch College, CUNY in New York City. He is licensed to practice law in New York and New Jersey, and has more than 15 years experience helping individuals and businesses with tax, asset protection, and estate planning matters. This article is an adapted version of a chapter from his best-selling book, Tax Relief and Resolution: The Ultimate Guide to Paying Less to the IRS Starting Now (Flamenco Press, 2014).

A business is responsible for ensuring that taxes withheld from its W-2 employees’ payroll checks are paid. As an employer, a business is also liable for Social Security and Medicare payments and taxes and its employees’ contribution to these taxes. Staying current with payroll taxes should be a top priority for all businesses.

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Dear Client,

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns. This letter provides an overview of these provisions, which may have an impact on you, your family, or your business.

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FINAL REGS ISSUED ON PARTNERSHIP VARYING INTERESTS RULE

T.D. 9728, 07/31/2015, Reg. § 1.706-1, Reg. § 1.706-4, Reg. § 1.706-5

IRS has issued final regs on the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner’s interest varies during a partnership tax year. The final regs also modify the existing regs on the required tax year of a partnership.

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When a taxpayer decides to resolve and pay back the owed amount using any one of the IRS payment programs/filings/settlements, it is called a tax settlement. Internal Revenue Service or IRS offers a tax settlement if the concerned taxpayer is struggling to pay back the tax debts or if there is a valid reason to nullify the penalties. In fact, the IRS offers more than one way for taxpayers to settle their tax debts. While the debate about whether you will get a settlement or not depends upon your financial situation, the type of settlement you will be allowed to opt for is dependent on the severity of your monetary and financial situation / troubles. Even though the IRS prefers that every individual or business pays his/her taxes completely, they can make some exceptions if the situation arises.

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If you received a letter that reads ‘IRS Letter 1058/LT11’, know that it is a final notice from the IRS (Internal Revenue Service) reminding you about the balance you still owe. Moreover, if you do not resolve your delinquent matter, they will make an attempt to levy your bank accounts, garnish wages and other assets within the next thirty days. In most cases, a CP 504 (a final notice of your due balance) is sent before the IRS Letter 1058. Ideally, IRS Letter 1058/LT11 is more formal than other notices that you may have received by now. It will tell you that they will also be looking for other assets you own that can be levied. By then, you should have received prior notices that should have been addressed.

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Recordkeeping Tips

  • Keep and organize all banking records, including deposit slips and receipts for unusual nontaxable items such as inheritances, gifts, loans, and insurance payouts. Make notations on large deposits and account transfers so you will be able to recall the source of the monies to avoid being classified by the IRS as income.

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Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS

Tax representation by a tax lawyer

Did the IRS claim that you did not report all your income? Did they disallow some of your expenses or deductions? Have you been audited, and the bank deposits were more than what you reported in sales and revenue? The IRS would generally recompute your taxes, and add stiff penalties and interest as well.

If you were being represented by a power of attorney, tax lawyer, CPA or an EA enrolled agent, your representative would have been able to explain to the IRS that not every deposit is income. Many taxpayers transfer funds from credit lines to meet urgent expenses, others obtain loans to pay accounts payable. So, to sum, not every deposit should be income to be taxed on.

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Many companies advertise “heavily” on the radio, TV and the internet promising that they can resolve and settle any and all tax problems for pennies on the dollar or get you an 80-90% reduction.

BEWARE! I highly caution you to NOT call these advertisers.

Here is why you should not be ripped off by these unscrupulous companies, http://www.myirstaxrelief.com/files/tax_negotiation.pdf

What you need is an actual tax firm or law firm that specializes in tax representation. If any attorney states that ONLY lawyers could represent you before the IRS, beware and avoid this lawyer. You can be represented by Enrolled Agents (Tax experts, federally licensed and regulated by IRS directly), CPAs licensed by their respective states, or lawyers as licensed by their respective states.

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