Tax Negotiation Buyer Beware Report

March 13, 2008 | Mike Habib, EA

How to compare tax relief and resolution service companies?

Customer…Beware!

How To Keep From Getting Ripped Off?

Many “Tax Negotiation” companies out there will absolutely rip you off. These unscrupulous firms will take your money regardless of whether they can help you or not. They’ll lie to you and tell you they can get all the penalties and interest wiped out. They’ll lie to you and tell you they’ll settle with the IRS for “pennies on the dollar” when they know damn well you don’t possibly qualify for the Offer in Compromise program.

How do they get away with this? Easy, most of the people you talk to at these unscrupulous firms are sales representatives. They have NO license to protect. You don’t actually speak to the EA (Enrolled Agent), the CPA (Certified Public Accountant) or the attorney that these firms claim to have. Nope, you speak to some slimy unlicensed salesman. Some of these firms make up titles like Tax Resolution Specialist, or Tax Consultant. What a scam! In fact, many of these unscrupulous firms aren’t tax firms or law firms at all, they’re just sales organizations!

Payroll tax levy Employment tax levies Payroll Tax Problem

February 29, 2008 | Mike Habib, EA

IRS provides guidance on new rules for employment tax levies

Mike Habib, EA

The IRS has issued interim guidance to its directors and collection area offices that explains when it is permissible to issue a levy to collect employment taxes without first giving the taxpayer a pre-levy collection due process (CDP) notice.

Is an IRS Offer In Compromise right for you? Know your options!

February 27, 2008 | Mike Habib, EA

Direct from the IRS

Mike Habib, EA

Is an Offer in Compromise Right for You?

What is an Offer In Compromise OIC – Why you need professional representation

February 27, 2008 | Mike Habib, EA

As per the IRS Offer in Compromise

Mike Habib, EA

If taxpayers are unable to pay a tax debt in full and an installment agreement is not an option, they may be able to take advantage of an offer in compromise (OIC). Generally, an OIC should be viewed as a last resort after taxpayers have explored all other available payment options. The IRS resolves less than one percent of all balance due accounts through the OIC program.

Wage Garnishment? Bank Levy? Save your paycheck and bank account

February 15, 2008 | Mike Habib, EA

Want to stop a wage levy or a bank levy? Read on….

Mike Habib, EA

If you have not noticed, the IRS is getting more aggressive in their collection, and audit activities. Enforcement actions is at its highest level for years now!

Capital gain tax on disputed sale in shareholder’s forced buyout

February 14, 2008 | Mike Habib, EA

Tax problem with capital gain taxes, S Corp capital gain tax problem

Ninth Circuit holds that gain was recognized on disputed sale in shareholder’s forced buyout

Glenn Hightower v. Comm., (CA9 2/12/2008)

S Corporation Tax Problems, IRS S Corp Tax Issues, IRS S Corp Audit

February 4, 2008 | Mike Habib, EA

S corporations tax challenges by the IRS and other taxing authorities

Tax Advocate’s Report highlights S corporation issues

Despite the fact that Subchapter S corporations are the most common corporate entity (over three million S corporations filing returns in fiscal year 2006), the National Taxpayer Advocate’s 2007 Annual Report notes that IRS is still struggling to develop an effective and comprehensive strategy to address noncompliance by S corporations. The Report focuses on some of the challenges in this area, including insufficient data to assess compliance risks and undue taxpayer burden because of the S corporation election process and Schedule K-1 matching errors. In particular, the Report examined the avoidance of employment taxes by means of treating shareholder wages as distributions.

Is the IRS knocking on your door? Don’t let them in!!

February 1, 2008 | Mike Habib, EA

How to handle the IRS at your Front Door? Is a Revenue Officer or a Revenue Agent visiting you soon?

If you find yourself face to face with an IRS Agent (Revenue Officer for collection issues, or Revenue Agent for audit and examination issues), at your front door you must remember to avoid these common mistakes:

1. Don’t invite them into your home or business.
2. Don’t answer any question. No matter how innocent they sound.
3. Don’t provide them paperwork or documentation.

Don’t get into an IRS payroll tax problem – Payroll Taxes forms 940, 941, and 944

January 30, 2008 | Mike Habib, EA

Payroll Taxes forms 940, 941, and 944 update

Don’t get into an IRS payroll tax problem…

IRS has revised its instructions for Forms 940, 941, and 944 and will be sending out notices in February to employers that are eligible to file Form 944 for the 2008 tax year.

IRS Penalty Abatement – Don’t Pay the IRS Penalties!

January 21, 2008 | Mike Habib, EA

alties, options to address your IRS tax penalty and more…

The IRS has over 148 different types of penalties. And boy do they love to hand them out. The worst part is that the IRS also charges interest and additional penalties on the original penalty.

So you must try to get them reduced or completely abated to zero. CLICK HERE FOR HELP

After you have decided to make a request to the IRS to “Abate Your Penalties” you must consider where and when to make the request. In my experience your chances are better in dealing with IRS Service Centers. The timing of your request depends on the type of penalty assessed against you. It always makes sense to request penalty abatement before you pay the IRS.