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.
Not many people want to know or meet an IRS Tax Debt Lawyer or Enrolled Agent if given a choice. However, in times of need, a tax lawyer or an enrolled agent may be the only ones who can bail you out of serious tax trouble.
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
Taxpayers in Brooklyn, New York and Kings county can get IRS tax help, tax relief, tax problem resolution, 941 employment payroll tax help, and IRS tax audit help by calling 1-877-78-TAXES [1-877-788-2937].
IRS office serving Brooklyn, NY is located at 625 Fulton St., Brooklyn, NY 11201
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.