What is an IRS Tax Settlement? An IRS tax settlement is an agreement between you and the IRS regarding what you owe them. It is a negotiation where you pay an amount that is less than you originally owed. The IRS is often willing to take a deal rather than…
What is an IRS Tax Audit and Examination? An IRS tax audit and examination isn’t fun because they will be evaluating all aspects of what you have reported on your tax returns. They have the right to do this for individuals as well as for businesses. Sometimes, there is something…
What is a Bank Levy? A bank levy is a very serious incident and one that can cause great distress for you financially. This involves the IRS freezing your bank account. They can take everything that is in it. They don’t care if you have $5, $500, or $5,000. They…
Employment Taxes If you have your own business, there is plenty going on all the time. In addition to taking care of your customers, you have to take care of your employees. Payroll can be very difficult with the many scenarios, and that can lead to an employment tax problem.…
Want to reduce your unpaid IRS debt with an Offer in Compromise? Many taxpayers with back taxes contact us on a daily basis to see if qualifying for an offer in compromise settlement can save them thousands of dollars in taxes, penalties and interest. The widely known offer in compromise…
2011 year-end tax planning strategies for individual and business taxpayers. Mike Habib, EA Introduces Tax Planning & Tax Coaching Service Whittier, CA, November 04, 2011 –(PR.com)– Mike Habib, EA is pleased to announce he has added tax planning and tax coaching to his firm’s services. The new service gives individual…
IRS Audit Overview Pre-audit Analysis An in-depth pre-audit analysis is essential to conducting a quality examination. IRS Examiners, Revenue Agents, should prepare a comparative analysis of the taxpayer’s returns for multiple years to assist in the identification of: • large, unusual and questionable items, • missing schedules, statements and/or elections…
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service (IRS) that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in…
Updated 9/02/11 to reflect expanded federally declared disaster area. The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. The IRS announced today that certain taxpayers in North Carolina, New Jersey, New York, Vermont and Puerto Rico will receive tax relief, and other…
When it comes to filing a tax return, or not filing one, the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to know about the two different penalties you may face if you do…