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Articles Posted in IRS Notice

The IRS or Internal Revenue Service has a singular purpose as part of the Federal Government, it is designed to collect and account for all of the tax dollars owed to the government. The IRS derives all of its power from the United States Tax Code and all actions that they take are done so using many different notices and forms. One of those forms is the CP 504 notice and it has to do with IRS Tax Levy.

Get tax help today, free case evaluation at 877-788-2937.

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When a tax return’s information doesn’t match data reported (such as W2’s, 1099’s, 1098’s) to the IRS by employers, banks, investment broker and other third parties, the IRS will send a letter / notice to the taxpayer. The letter is called an IRS Notice CP 2000, and it gives detailed breakdown information about issues the IRS identified and provides steps taxpayers should take to resolve those issues.

The taxpayer must address these issues timely, failure to do so will result in an assessment of additional taxes, interest and penalties. It’s almost like a “grey-area” correspondence audit.

Get professional help with CP 2000 issues at 877-788-2937.

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Today we’re going to be looking at a few amended tax return tips and looking at what you should know about the process. Okay, so let’s say you were very well-prepared this year, and that you filed your tax return well in advance. The pressure was off, and now you could sit back, relax, and wait to do the same thing again next year. But wait. In your haste to get it filed on time, you failed to declare some additional income from freelance work you forgot about. Now is the time to start searching for amended tax return services. Filing an amended tax return may sound simple enough, but there are a number of pitfalls to watch out for, which could hurt you financially. That’s the last thing we want to happen to you, which is why for today’s article, we’re going to share a few useful tips with you to help you amend your tax return and look at what you need to know.

Get a brief evaluation today at 877-788-2937.

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IRS tax lien

Are you receiving calls, postcards and letters regarding your IRS tax lien? Are telemarketers bombarding you with telephone calls to settle your back tax debt?

BEWARE!! IRS Lien letter recipients!

Many of these  solicitors you are not actually licensed to represent you before the IRS, they are not tax attorneys, nor CPAs, nor EAs.  

 

See our popular “beware report” HERE.

Learn about the IRS fresh start initiative program below.

The IRS is actively and aggressively pursuing individual and business taxpayers with aggressive collection actions. IRS enforcement could be in the form of a tax lien, where the IRS files a lien at your county recorder’s office as a public record so the taxpayer cannot sell assets or property without paying their taxes, penalties and interest.

The IRS also enforces collection actions through tax levy and tax garnishment actions against the taxpayer paycheck and bank accounts. Taxpayers should avoid these enforcement actions by resolving their back tax matter with the IRS.

IRS Lien letter recipients: Get tax help today! IRS Fresh Start program helpline 877-788-2937. All 50 states.

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The IRS has just published a special edition titled “who can represent you before the IRS”.

This is very critical, for many years, a lot of companies had taken advantage of individual and business taxpayers by advertising heavily on the radio, TV and the internet, making false promises on tax settlements and possible outcomes.

We have always cautioned our prospects to read our BEWARE REPORT to assist you with selecting the right firm.

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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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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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The United States Court of Appeals for the DC Circuit, today rejected the IRS appeal in the case of Loving v. IRS in which three independent tax return preparers argued that the IRS had overstepped its authority when implementing the Registered Tax Return Preparer (RTRP) program.
The RTRP program was created to regulate paid tax preparers other than those already under Circular 230’s regulatory structure such as Enrolled Agents, certified public accountants and attorneys. The program required other paid preparers to register with the IRS, pass a competency test and complete specified continuing education annually.

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If you are contacted by the IRS, they usually send you a notice to call, or pay an unpaid tax amount. Most taxpayers are confused as to what the notice is for, or what does it really mean.

This article will clarify the most common notices received by taxpayers needing back tax help.

Some of the Individual CP notices the IRS sends are:
• CP09, Earned Income Credit You May Be Entitled To From IRS: Informs the recipient that, based on information reported on the tax return, he or she may qualify to take the Earned Income Credit.
• CP10, Changes to Tax Return, Reduced Amount Applied to Next Year’s Estimated Tax:Informs the recipient of one or more changes made to his or her individual income tax return. The changes resulted in a reduced amount being applied to the following year’s estimated tax.

Call us today at 877-788-2937 for a brief consultation.

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