Tax Relief BlogHere is a New Year resolution you can’t afford to ignore… No more tax problems!! Yes, you can get rid of your tax problems in 2009.
Articles Posted in IRS Tax Help
Trust Fund Recovery Penalty
Once is enough as far as collection of the trust fund recovery penalty is concerned Chief Counsel Advice 200838027
The IRS has issued a new Chief Counsel Advice (CCA) on the trust fund recovery penalty. The IRS notes that the CCA may not be used or cited as precedent.
IRC §6672, imposes a penalty on any person who is required to collect, truthfully account for, and pay over withheld income and Social Security taxes who willfully fails to do so. The amount of the penalty is equal to the amount of the tax that was not collected and paid. The penalty is often referred to as the “trust fund recovery penalty” (TFRP). The penalty is imposed on a “responsible person.” A “responsible person” is anyone within a corporation or partnership who has the duty to collect, account for, or pay over the tax. Depending on the facts of the case, a responsible person could be an officer, a director, an accountant, a comptroller, or even a payroll manager.
IRS Tax Help for IRS Tax Problems
IRS Tax Help
by Mike Habib, EA
UNFILED BACK TAX RETURNS
Do you have back tax returns that are Unfiled? Are you missing the records and forms necessary to file your tax returns? I have the experience and procedures to help you in reconstructing the records necessary to file your back tax returns. The IRS will not allow you to file an offer in compromise or get an installment agreement if you are not current on filing your back tax returns. If you have a refund coming to you and you file more than 3 years past the due date, the IRS will keep the refund. It is important to get your past due returns filed and I can prepare them for you. Get tax help now.
IRS Tax Audit Help
If you have been notified by the IRS that your income tax return has been selected for examination, it is very important that you do not disregard notices. If enough time has passed without cooperation on your part, you will lose any right you have to present your side of the story to explain the income or deductions on your return. We have seen many taxpayers who have ignored IRS requests and ended up paying tax, penalty and interest on overstated income or legitimate deductions.
If you are being audited, we can represent you before IRS and advocate your position to explain and push for every valid deduction possible under audit. If you have received an audit notice, please call us as soon as possible so that we can begin working on your case while it is in the early stage of the audit.
Offer in Compromise – OIC Tax Help
The IRS, the State, and other taxing authorities would allow individual or business taxpayers that cannot fully pay their entire tax liability to settle their tax obligation through the Offer in Compromise Program. This is a great opportunity for the qualified taxpayer to settle their entire tax debt for less than they actually owe. The IRS, the State, and other taxing authorities sets specific rules and guidelines for accepting an Offer in Compromise. When evaluating an Offer in Compromise, the taxpayer’s past, current and future financial situation are analyzed before an Offer in Compromise can be accepted. Contact us today to see if you would qualify for an Offer in Compromise, as each individual or business financial situation is different.
Installment Agreement – IA Tax Help
The IRS, the State, and other taxing authorities would allow individual or business taxpayers that cannot fully pay their entire tax liability to settle their tax obligation through an Installment Agreement which allows taxpayers to pay their taxes owed through monthly installment payments. We can negotiate the payment amount and the time frame for the installment agreement on your behalf. When we establish an Installment Agreement for you, it would be a negotiated amount you can afford to pay and live with based on your financial condition. To effectuate an installment agreement, the taxpayer must be compliant by being current with all tax filing requirements before entering into an installment agreement with the IRS, the State or other taxing authority.
Currently Non Collectible – CNC Tax Help
Currently Non Collectible – CNC is accomplished when the IRS holds off an individual or business taxpayer’s account from active enforcement collection efforts. There are specific rules and requirements that a taxpayer must meet before a CNC status be accomplished. The IRS would not pursue enforcement collection activity against the taxpayer and possibly the statute of limitations on the entire tax liability will run. CNC is a temporary status and if the taxpayer’s financial situation changes, the IRS could start enforcement collection on the delinquent tax account.
Wage Levy / Wage Garnishment / Wage Attachment Tax Help
The IRS, the State and other taxing authorities are actively collecting taxes for the United States Treasury, the State and other localities. If an individual or a business taxpayer can not or refuses to pay their taxes, the IRS, the State and other taxing authority will enforce collection activities through direct contact such as field visits, demand letters, and collection phone calls. The taxpayer should never disregards the demands for delinquent tax payment as the IRS, the State and other taxing authority will be exercising their levy power to collect their delinquent taxes. Wage levy and wage garnishment is enforced to collect the delinquent taxes owed by the taxpayer. Contact us today to negotiate the release of your wage garnishment, and stop your wage levy and save your paycheck.
Bank Levy Release Tax Help
The IRS, the State and other taxing authorities are actively collecting taxes for the United States Treasury, the State and other localities. If an individual or a business taxpayer can not or refuses to pay their taxes, the IRS, the State and other taxing authority will enforce collection activities through direct contact such as field visits, demand letters, and collection phone calls. The taxpayer should never disregards the demands for delinquent tax payment as the IRS, the State and other taxing authority will be exercising their levy power to collect their delinquent taxes. The bank levy is enforced to collect the delinquent taxes owed by the taxpayer. Contact us today to negotiate the release of your bank levy, and save your bank account from being frozen or wiped out.
Payroll Tax Problem Representation Tax Help
We actively represent business taxpayers with payroll tax problems before the IRS and or the State. We help business owners and corporate officers understand and adhere to various payroll tax requirements. Our clients usually never meet or deal with the IRS or the State directly, instead we handle all the payroll tax resolution directly with the IRS and or the State. Delinquent payroll tax is a very serious matter and should be addressed quickly for a favorable resolution as business owners, corporate officers and potentially other employees could be personally liable. Businesses should be current and compliant to reach a final settlement.
Taxpayer Account Review Tax Help
The Taxpayer Account Review service is to help individual and business taxpayers obtain specific balances and information about their tax account with the IRS, the State, or any taxing authority. Most taxpayers receive inaccurate and usually incomplete information from the IRS, the State, or other taxing authority. The Taxpayer Account Review is vital for taxpayers to receive exact and accurate information about their tax account including penalties and interest assessed. We will provide you a detailed account break down for the years in question detailing tax amounts, any credits or payments, and penalties and interest assessed. This is a great tool for root cause analysis to find out what is driving your tax liability
Penalty Abatement Tax Help
For most taxpayers, the accumulated interest and penalties are as much as, or more, than their original tax debt! If this is your situation, we can help by requesting what’s called a Penalty Abatement. A penalty abatement works like this: If we can show reasonable cause, the IRS may agree to reduce or even eliminate your penalties altogether. What’s reasonable cause? Generally, some kind of hardship beyond your control which prevented you from paying your taxes. It can be as simple as explaining to the IRS that your basement flooded, that you received bad tax advice, or that you or one of your family members suffers from a severe health problem. We can tell you whether you are a candidate for a penalty abatement when you call for your free consultation.
Innocent Spouse Relief Tax Help
An Innocent Spouse is spouse “A” who has become liable for income taxes from a joint return filed with spouse “B” when spouse “B” has caused the income taxes to underpaid by mistake or fraud, and spouse “A” signed the return believing the return to be true and correct. For spouse “A” to be entitled to relief under the Innocent Spouse rules, spouse “A” must be able to prove when signing the returns, he or she did not know or have reason to know that at the time filing, the return either understated income or overstated deductions.
Federal Tax Lien Help
Federal tax liens are a public record stating that you owe federal taxes and are filed in the county you live. Because the tax liens are public records they will show up on your credit report. This often makes it difficult or impossible for a taxpayer to obtain financing, even for an automobile or home. The tax liens need to be reviewed to determine if they are valid. If the tax liens are valid, a strategy must be developed to deal with the IRS tax liabilities.
Truck Drivers – Trucking Company Tax Problem Resolution
IRS acquiesces to TLC Leasing – explains meals deduction limit in employee leasing setting Rev Rul 2008-23, 2008-18 IRB
TRUCKER TAX RELIEF & TRUCKER TAX PROBLEM RESOLUTION
Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting
IRS Tax Penalty – How to abate and avoid penalties
Avoiding IRS Tax Penalties and the Tax Gap
Mike Habib, EA
myIRSTaxRelief.com
IRS — The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion.
If you do not file your return and pay your tax by the due date, you may have to pay a penalty. You may also have to pay a penalty if you substantially understate your tax, understate a reportable transaction, file an erroneous claim for refund or credit, or file a frivolous tax submission. If you provide fraudulent information on your return, you may have to pay a civil fraud penalty.
Estate and Gift Tax Problem Resolution
Estate and Gift Tax Relief – Joint Committee Staff examines options for reforming transfer taxes
Mike Habib, EA
MyIRSTaxRelief.com
The Staff of the Joint Committee on Taxation has released JCX-23-08, Taxation Of Wealth Transfers Within A Family: A Discussion Of Selected Areas For Possible Reform. This document, which was prepared in conjunction with an Apr. 3, 2008 hearing conducted by the Senate Finance Committee, explains the estate and gift tax system’s current state of flux and explores ways to reform it. The full-text document can be viewed at http://www.house.gov/jct/x-23-08.pdf.
Observation: Estate planning has become unduly difficult in the face of uncertainty posed by the current regime, which calls for a one-year repeal of estate tax followed by a return to harsher rules. While it is a fairly good bet that estate tax won’t be permanently repealed, it seems certain that some types of changes will be implemented even before 2010. For example, there is a pretty good chance that a fully unified system will be restored with a higher exemption level.
Background. As noted in JCX-23-08, the Federal estate and gift tax rules are in a state of flux. Under the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), the estate tax and the gift tax are partially unified: a single tax rate schedule applies under the estate tax and the gift tax, but after 2003 the exemption amounts differ. The highest rate of estate and gift tax has decreased in steps from 55% in 2001 to 45% in 2007 through 2009. The estate tax exemption amount is increasing in several steps from $1 million in 2002 to $3.5 million in 2009. The gift tax exemption amount has remained at $1 million. The credit against Federal estate tax liability for State estate and inheritance taxes was phased down from 2002 through 2004 and replaced by a deduction starting in 2005.
Estimated tax payments – IRS Problem Resolution
New, changed and expired provisions affect 2008 individual estimated tax
Mike Habib, EA
MyIRSTaxRelief.com
Apr. 15, 2008 is the due date for affected calendar year taxpayers to make their first installment of 2008 estimated tax. There aren’t any drastic changes in the estimated tax rules themselves for 2008. However, there are a number of new, changed and expiring provisions that will affect some individuals’ estimated tax computations for 2008. This article provides a brief overview of the estimated tax rules for individuals and looks at the changes that may impact 2008 estimated taxes.
Who needs to pay estimated tax. Individuals who have income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.) must pay estimated tax or face a penalty. In addition, taxpayers who do not elect voluntary withholding on unemployment compensation and the taxable part of social security payments also may have to pay estimated tax on those items or face a penalty. (Code Sec. 6654)
When and how much to pay. For 2008 estimated tax, in general, a taxpayer must pay 25% of a “required annual payment” by Apr. 15, 2008, June 16, 2008, Sept. 15, 2008 and Jan. 15, 2009 to avoid an underpayment penalty. (Code Sec. 6654(c))
Insurance Agent Tax Resolution
Retired insurance agents’ renewal commissions didn’t qualify for FICA special timing rule
Mike Habib, EA
myIRSTaxRelief.com
Chief Counsel Advice 200813042
Trucker Tax Relief – Trucker Tax Resolution Service
Truckers Tax Relief – Are you a truck driver with tax problems?
Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting
If you’re a truck driver and owe the IRS, you’re better off resolving your tax debt now. As you know, tax problems do not go away by themselves! Stop your IRS wage garnishment today, stop your IRS bank levy today, and release your IRS tax lien today.
Dependent deductions tax problem
Tax breaks for qualifying relatives are limited – what you should know
Internal Legal Memorandum 200812024
Mike Habib, EA
myIRSTaxRelief.com
An Internal Legal Memorandum (ILM) explains that various tax breaks are not allowed for qualifying relatives. Specifically, the ILM concludes that, apart from a dependency exemption, a taxpayer’s qualifying relative may not qualify him for the earned income credit, head of household filing status, or the child tax credit, but in limited circumstances may qualify the taxpayer for the child and dependent care credit.
Background. A taxpayer is entitled to a deduction equal to the exemption amount for each person who qualifies as his “dependent.” (Code Sec. 151(c))
