Tax Help

Tax Relief second quarter 2011 developments

July 19, 2011 | Mike Habib, EA

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please contact us for more information about any of these tax relief developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

Standard mileage rates increase for last half of 2011. The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is increased 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to better reflect the real cost of operating an auto in this period of rapidly rising gas prices. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense also increases 4.5¢ for the last half of 2011 from 19¢ to 23.5¢ per mile.

Orange County, CA IRS tax help, IRS audit, Tax resolution

June 15, 2011 | Mike Habib, EA

We provide IRS tax help, IRS audit representation, back tax help, employment 941 payroll controversies, and tax problem resolution in Orange County, CA serving cities such as Anaheim, Costa Mesa, Garden Grove, Fullerton, Huntington Beach, Irvine, Laguna Niguel, Mission Viejo, Newport Beach, Orange, and Santa Ana, CA.

If you have a tax problem such as unpaid back taxes, you should know that you have a number of options to resolve your tax matters and get your life back in order. If you cannot pay your tax debt, he IRS accepts alternatives such as installment agreements, tax settlements through OIC offer in compromise, partial pay installment agreements, penalty abatement and reduction for reasonable cause.

Tax treatment of charitable giving

June 1, 2011 | Mike Habib, EA

Charitable contribution has always been a hot IRS tax audit item.

Recently, the Congressional Budget Office (CBO) published a report entitled “Options for Changing the Tax Treatment of Charitable Giving.” While the deduction of charitable donations has historically been a feature of the U.S. individual income tax system, the cost, equity and efficiency of the deduction are now the focus of increased scrutiny.

Tax Controversy: Understanding IRS Guidance – Tax Help

May 20, 2011 | Mike Habib, EA

For anyone not familiar with the inner workings of tax administration, the array of IRS guidance may seem, well, a little puzzling at first glance. To take a little of the mystery away, here’s a brief look at seven of the most common forms of guidance.

In its role in administering the tax laws enacted by the Congress, the IRS must take the specifics of these laws and translate them into detailed regulations, rules and procedures. The Office of Chief Counsel fills this crucial role by producing several different kinds of documents and publications that provide guidance to taxpayers, firms and charitable groups.

Seeking an independent tax opinion letter?

Tax controversy matter? Get expert tax help at 877-788-2937.

IRS Tax Relief Services: 2011 Q1 IRS tax developments

April 18, 2011 | Mike Habib, EA

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please contact us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

IRS has issued detailed guidance on the 2010 Tax Relief Act’s 100% bonus depreciation rules for qualifying new property generally acquired and placed in service after Sept. 8, 2010 and before Jan. 1, 2012. Overall, the rules are quite generous. For example, they permit 100% bonus depreciation for components where work on a larger self-constructed property began before Sept. 9, 2010, allow a taxpayer to elect to “step down” from 100% to 50% bonus depreciation for property placed in service in a tax year that includes Sept. 9, 2010, permit 100% bonus depreciation for qualified restaurant property or qualified retail improvement property that also meets the definition of qualified leasehold improvement property, and provide an escape hatch for some business car owners who would otherwise be subject to a draconian depreciation result.

Under the 2010 Tax Relief Act, a taxpayer that buys and places in service a new heavy SUV after Sept. 8, 2010 and before Jan. 1, 2012, and uses it 100% for business, may write off its entire cost in the placed-in-service year. A heavy SUV is one with a GVW rating of more than 6,000 pounds.

Tax resolution services by Mike Habib, EA 877-788-2937

March 16, 2011 | Mike Habib, EA

You recently asked what will happen and what you should do in the event that you cannot pay your taxes on time. First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. It is also important to remember that an extension of time to file your tax return doesn’t also extend the time to pay your tax bill. Get tax resolution services at 877-788-2937.

Even if you can’t make full payment of your liabilities, timely filing your return and making the largest partial payment you can will save you substantial amounts in interest and penalties. Additionally, there are procedures for requesting payment extensions and installment payment arrangements which will keep the IRS from instituting its collection process (liens, property seizures, etc.) against you. Get tax resolution services at 877-788-2937.

Overview of the most common penalties. The “failure to file” penalty accrues at the rate of 5% per month or part of a month (to a maximum of 25%, reached after five months) on the amount of tax your return should show you owe. The “failure to pay” penalty is gentler, accruing at the rate of only 0.5% per month or part of a month (to a maximum of 25% reached after fifty months) on the amount actually shown as due on the return. If both apply, the failure to file penalty drops to 4.5% per month, so the total combined penalty remains at 5%–thus, the maximum combined penalty for the first five months is 25%. Thereafter, the failure to pay penalty can continue at 0.5% per month for 45 more months, yielding an additional 22.5%. In total, these combined penalties can reach 47.5% of your unpaid liability in less than five years.

Tax Help Online

March 14, 2011 | Mike Habib, EA

Internet has literally made life serene. Now, you can do almost anything, from sending/receiving emails to getting treatment for various diseases, while sitting at home. Taxpayers, encountering IRS tax issues, can also benefit from this prodigious utility by rummaging for tax help online. These days, nobody has the time to personally go out in the market and find tax help. Let us see how you can find reliable tax help online.

How to find reliable tax help online

Just like you search anything else, you can also find hundreds of tax help online companies on the internet through various search engines. To find website of such companies, you can enter main keywords regarding your tax problem or simply enter tax help online or tax debt help. You will find more an endless list of tax resolution companies who handle all kinds of IRS tax problems.

Tax Help: Tax Debt Relief Help

March 7, 2011 | Mike Habib, EA

Plastic money with all its benefits has put the American economy under fire. Even top lending institutions are facing drastic fiscal conditions. Likewise, individual taxpayers are also facing problems paying their taxes on time. To maintain the equilibrium in the struggling economy, the Obama administration has introduced several tax debt relief help options for individuals as well as organizations. If you owe delinquent taxes to the IRS, you may qualify for certain tax help and tax relief programs.

However, either when we talk about government tax debt relief help or IRS tax debt relief help, it does not necessarily mean that they are affectionate enough to waive your 100% outstanding dues. But the relief will be sufficient to help you pay your back taxes without putting much burden on your bank account.

This is a great opportunity for those seeking reliable tax help and a resolution for their tax problem. The IRS is accepting more requests for Offer in Compromise and Installment agreement. Offer in Compromise is the best solution to eliminate you IRS tax debt. If you convince the IRS that due to poor financial conditions you cannot pay them, they will clear your debt for a fairly reduced percentage of the actual amount.

Nationwide tax relief services for Americans in need of tax relief help

March 1, 2011 | Mike Habib, EA

Do you owe back Taxes? Did you receive an audit letter from the IRS?

First, do not to panic. The IRS uses various letters to communicate with taxpayers about IRS back taxes and IRS tax audits. As with most IRS communications, there are strict deadlines associated with these letters that you have to meet. You should seriously review the items that are being challenged and prepare your factual response in a clear way to the IRS. As taxpayer, you can represent yourself, or hire a professional tax representative as a power of attorney to resolve your tax matters. Selecting a tax return for audit does not always suggest that the taxpayer has either made an error or been dishonest. In fact, some audits result in a refund to the taxpayer or acceptance of the return without change.

We represent clients before the IRS to resolve their tax controversies. The tax law is complicated and a professional will be better able to guide you through the audit experience, or to effectively resolve your back tax matter.

Tax Relief Specialists: How to Find a Reliable Tax Professional

February 27, 2011 | Mike Habib, EA

Tax relief experts have a job pretty similar in nature to specialists of any other field. For example, if you are traveling on the road and suddenly your car breaks down due to a mechanical fault, you cannot fix it without the service of an expert mechanic, unless you possess such proficiencies. Likewise, when your IRS taxes get out of control due to financial problems, carelessness or any other reason, you need the help of a tax relief expert to carry on with your smoother journey of life. But there are many so-called experts you need to beware of, who are there only to take your money. Let us try to expose these scammers!

The American economic system relies heavily on the taxation system and this is why the IRS handles the individuals vehemently who try to evade taxes. However, in current cloudy financial circumstances paying taxes is not an easy job. If you have become a tax defaulter, need not worry because there are several legal ways out.

If you try to solve your IRS tax problems without the technical know-how expertise, it is just like trying to fix your broken car without the help of a mechanic and you will end up nowhere. If you do not want to waste your time and money, contact a reliable tax relief expert, as soon as you realize the tax problem. Procrastination will result in nothing but penalties and higher interest and you will be paying much more than the actual back taxes owed.