Tax Relief BlogTax preparation can be a very difficult task, especially when you are not good with numbers. Many people try their hands in doing their own taxes but end up in even more confusion and frustration. Seeking professional help is a better idea when it comes to tax preparation. Mike Habib EA, a tax professional, can help save you money and time, all the while relieving you from stress.
Articles Posted in Tax Help
Got net operating losses – NOL? Carry back or forward? Los Angeles, CA Tax Service
Did your business incur and report a loss for tax year 2013? By now, you’ve probably made the decision of whether to carry the loss forward to future tax years or back to a prior tax year. Here’s a quick overview of carrybacks and carryforwards.
Los Angeles, California CPA Certified Public Accountant, EA Enrolled Agent, Orange County, San Bernardino, Riverside, Whittier, CA
I want to discuss the difference between a CPA and an EA. Most people refer to any accountant, tax preparer, bookkeeper, etc as a CPA. However there are differences between a CPA, an EA and a tax attorney. All 3 are regulated by the IRS’ circular 230.
The distinction between the two designations is very important, since my specialty is federal taxation and tax accounting. I have chosen to earn the Enrolled Agent license from the US Department of the Treasury because it does not limit the geographic area in which I may practice. In other words, I can work with clients in any of the 50 United States (or its territories), unlike a CPA (certified public accountant), or a tax attorney, who has a license that is state specific.
Did you receive an IRS or state tax lien notice, letter, postcard or phone call?
Get professional tax help today, call us at 877-788-2937.
Focus on the Affordable Care Act
In March 2010, President Obama signed the Patient Protection and Affordable Care Act (the “Affordable Care Act”) into law. While some provisions of the ACA have already gone into effect, a number of new provisions are scheduled to take effect January 1, 2014.
Although we do not intend this newsletter to be the answer-all to the ACA, we thought this would be a good time to look at some of the provisions that might affect you.
What is the TFRP trust fund recovery penalty?
The trust fund recovery penalty (TFRP) is a 100% penalty on an employer’s failure to pay its trust fund taxes. The TFRP can be assessed against any person in the employer’s business who is (1) responsible for collecting, accounting for, and paying withheld employment taxes, and (2) who willfully fails to collect or pay these taxes.
A director, officer, shareholder or employee of a corporation, a member or employee of a partnership, or any other person with the authority and control over these taxes can be held liable as a responsible person under the TFRP.
Get professional IRS representation. Our firm represents taxpayers before all administrative levels of the IRS.
Please call us at 877-788-2937 or email us to schedule an appointment.
Professional Tax Services EA CPA Long Beach, CA, Lakewood, Los Alamitos, Seal Beach, California IRS – FTB – CDTFA – BOE – EDD Tax Help
Tax Return Preparation
For your tax returns, you want a professional tax firm EA or CPA firm you know you can rely on their tax expertise. Our tax professionals will make sure your federal and state income tax returns, business tax returns and trust and estate tax returns are prepared right from the get go. Our specialized boutique tax firm is trusted by dentists, doctors, lawyers, investors, executives and other professionals and high net-worth individuals. Individuals and businesses from all walks of life have been relying on our firm for quality tax preparation, representation and planning for many years.
Serving Long Beach, Lakewood, Los Alamitos, Seal Beach, California
IRS – FTB – CDTFA – BOE – EDD Tax Help
We are A+ accredited member of the Better Business Bureau.
How long does the IRS have to collect income tax?
Generally, the statute of limitation for collection expires 10 years after the date the tax was assessed (for tax assessed after November 5, 1990). For tax assessed before November 5, 1990, the statute of limitation for collection is six years. This period may be extended by an agreement between the taxpayer and IRS. In addition, there are numerous circumstances which suspend the running of the statute of limitation for some period of time. For example, the statute of limitation is suspended during the 90-day period after the issuance of a Notice of Deficiency and for an additional 60 days thereafter.
Note: The IRS does not necessarily have to collect the tax during this period, but does have to take collection action (e.g., levy or begin court proceedings) before this time has expired.
What can the taxpayer do if the time to respond to an IRS collection notice has passed?
Do you owe the IRS unpaid back taxes? Have they sent you many letters but you did not respond?
There are still options.
CDP – Collection due process.
If the time to respond to an IRS collection notice has passed, you, the taxpayer, or your power of attorney / representative, may file a request for an equivalent hearing if you failed to make a timely request for a Collection Due Process (CDP) hearing (after receiving a Notice and Opportunity for Hearing upon Filing of Notice of a Federal Tax Lien or a Notice and Opportunity for Hearing Prior to Levy). The equivalent hearing will be held by the Appeals Office and will follow the procedures that are used for CDP hearings.
Get professional IRS representation. Our firm represents taxpayers before all administrative levels of the IRS.
Please call us at 562-204-6700 or email us to schedule an appointment.
Payroll tax penalty problem? How a taxpayer show reasonable cause to excuse the penalty for failure to file or pay payroll taxes?
Are you a business owner or an officer facing a 941 payroll or employment tax problem?
Unpaid payroll or employment tax is a serious tax matter, and the IRS holds the business owner, officers and other personnel as responsible person(s) and actively enforce aggressive collection measures to collect on the unpaid back taxes, penalties and interest.
For the IRS to excuse the penalty for failing to file, the taxpayer must show that such failure was due to reasonable cause. A taxpayer can show reasonable cause by proving that he or she “exercised ordinary business care and prudence and was nevertheless unable to file the return within the prescribed time” (see Reg. §301.6651-1(c)(1)). This standard is objective and will be determined by analyzing all the facts and circumstances.
Proven Ways to Resolve Your IRS Tax Debt Problems
Are constant calls and mail from the IRS bogging you down? Have you run out of possible options to pay your IRS tax debt running out of control in the tens or hundreds of thousands? Trust us; 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.
