Tax Relief Blog
Tax anxiety, TAX-IETY, comes in different forms of tax problems such as:
What is an IRS audit tax-iety?
An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. If the IRS finds errors or discrepancies in the tax return during the audit process, it may result in an adjustment to the tax liability and possibly additional taxes owed, penalties and interest. The IRS may conduct audits through various methods, including correspondence audits, in which the taxpayer is asked to provide additional documentation by mail, or field audits, in which an IRS agent visits the taxpayer’s place of business or home to review the tax return and related records in person. If you are selected for an IRS audit, it is important to cooperate with the process and provide the necessary documentation to support the information reported on your tax return.
Our Whittier, Los Angeles, CA tax representation firm represents audited taxpayers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
How to resolve employment 941 payroll tax-iety problems?
Form 941, also known as the Employer’s Quarterly Federal Tax Return, is a form used by employers to report their federal tax liabilities, including federal income tax, social security tax, and Medicare tax withheld from employee paychecks. If you are an employer who owes taxes but cannot pay the full amount owed by the due date, you may be able to work out a payment plan with the IRS to pay off your debt over time. Here are a few options you may consider:
Installment agreement: You can set up a payment plan with the IRS to pay off your 941 payroll debt in monthly installments.
Offer in compromise: If you cannot pay your debt in full and do not have the ability to pay it through a payment plan, you may be able to settle your 941 payroll debt for less than the full amount owed through an offer in compromise.
Partial payment installment agreement: If you cannot pay your debt in full through a regular installment agreement, you may be able to set up a partial payment installment agreement, which allows you to pay a portion of your 941 payroll debt and have the remainder forgiven.
Currently not collectible: If you are unable to pay your 941 payroll debt due to financial hardship, you may be able to request that the IRS place your account in currently not collectible status, which means that the IRS will suspend collection action until your financial situation improves.
It is important to keep in mind that the IRS has the authority to take enforcement action, such as levying your bank account or other sources such as accounts receivables, etc., if you do not pay your tax debt. If you are having trouble paying your 941 payroll tax debt, it is advisable to contact the IRS as soon as possible to discuss your options.
Our Whittier, Los Angeles, CA tax representation firm represents employers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
What is an OIC offer in compromise tax-iety?
An offer in compromise (OIC) is a way to settle your tax debt for less than the full amount owed. The IRS may accept an OIC if it determines that the amount you are offering is the most it can expect to collect within a reasonable period of time. Here are a few tips for increasing your chances of having your OIC accepted by the IRS:
Submit a complete and accurate offer: Be sure to include all required forms and documentation, and be as thorough and accurate as possible when completing the offer paperwork.
Propose an acceptable offer amount: Determine the maximum amount you are able to pay and consider the IRS’s ability to collect the remaining balance.
Stay current with your tax filing and payments: The IRS is more likely to consider your OIC if you are current with your tax filing and payments.
Cooperate with the IRS: Respond to any requests for additional information or documentation in a timely manner and be cooperative throughout the process.
It is important to note that the IRS has strict guidelines for determining the acceptance of an OIC, and the process can be complex. If you are considering submitting an OIC, it may be helpful to work with a tax professional who has experience in this matter.
Our Whittier, Los Angeles, CA tax representation firm represents taxpayer’s OIC’s before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
Can I abate IRS tax penalties? Tax-iety of additional fees?
Penalty abatement is a request to have a tax penalty reduced or waived. The IRS may grant penalty abatement in certain circumstances, such as if you can demonstrate that you have reasonable cause for not being able to pay your taxes or comply with the tax laws, or if you can show that you are in financial hardship and unable to pay the penalty.
To request penalty abatement, you will need to provide a written explanation of the circumstances that led to the penalty and why you believe the penalty should be abated. You may also need to provide documentation to support your request.
It is important to note that the IRS does not have to grant penalty abatement and the decision to do so is at the discretion of the IRS. If your request for penalty abatement is denied, you may be able to appeal the decision by requesting an appeal with the IRS Office of Appeals.
Our Whittier, Los Angeles, CA tax representation firm represents taxpayer’s seeking penalty abatement before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
What is tax representation? Solution to tax-iety!
Tax representation refers to the process of representing a taxpayer in their dealings with a tax authority, such as the Internal Revenue Service (IRS) in the United States. Tax representation may be necessary in a variety of situations, such as when a taxpayer is facing an audit, contesting a tax assessment, or seeking to resolve a tax debt.
There are several types of tax professionals who can provide tax representation, including attorneys, Certified Public Accountants (CPAs), and enrolled agents. These professionals can assist taxpayers in understanding their tax obligations and in navigating the tax system. They can also help taxpayers to negotiate with tax authorities and to resolve tax disputes.
If you are considering seeking tax representation, it is important to choose a professional who is knowledgeable and experienced in the area of tax law that pertains to your situation. You should also consider factors such as the professional’s fees and their reputation in the industry.
Our Whittier, Los Angeles, CA tax representation firm, led by Mike Habib, represents individual and business taxpayers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
What is an EA – Enrolled Agent? Represent anxious taxpayers plagued with tax-iety!
Enrolled agents (EAs) are tax professionals who are licensed by the federal government to represent taxpayers before the Internal Revenue Service (IRS). Some of the benefits of using an enrolled agent for tax representation include:
Expertise: EAs are experts in tax law and are required to pass a comprehensive examination in order to become licensed. This means that they are well-equipped to handle a wide range of tax issues and to provide accurate and reliable advice to taxpayers.
Flexibility: EAs are not bound to any specific employer and are able to represent taxpayers in any state. This allows them to offer flexible and personalized services to their clients.
Independence: EAs are not affiliated with any particular accounting firm or other organization, which means that they are able to offer unbiased advice and representation to their clients.
Professionalism: EAs are held to high ethical standards and are required to complete continuing education in order to maintain their license. This ensures that they are up-to-date on the latest tax laws and best practices.
Overall, using an enrolled agent for tax representation can provide taxpayers with the peace of mind that comes from knowing that their tax affairs are being handled by a competent and professional advisor.
Our Whittier, Los Angeles, CA tax representation firm, led by Mike Habib, Enrolled Agent, represents individual and business taxpayers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
What’s the difference between CPAs, EAs, Attorneys? Get professional tax-iety help!
There are several differences between Certified Public Accountants (CPAs), enrolled agents (EAs), and tax lawyers:
Education and licensing: In order to become a CPA, individuals must meet education and experience requirements and pass a certification exam. EAs must also pass a comprehensive exam in order to become licensed. Tax lawyers must complete a law degree and pass a bar exam in order to practice law.
Scope of practice: CPAs are trained in a wide range of accounting and financial topics and may provide a variety of services, including auditing, tax preparation, and financial planning. EAs are specifically licensed to represent taxpayers before the Internal Revenue Service (IRS) and to advise on tax matters. Tax lawyers are trained in the legal aspects of tax law and may provide legal representation and advice on tax-related issues.
Specialization: While CPAs and EAs may specialize in particular areas of accounting or taxation, tax lawyers typically focus specifically on legal issues related to taxes.
Overall, the type of professional that is best suited to address a particular tax issue will depend on the specific needs and circumstances of the taxpayer.
Our Whittier, Los Angeles, CA tax representation firm, led by Mike Habib, Enrolled Agent, represents individual and business taxpayers before the IRS & Appeals, contact us today at 1-877-78-TAXES [1-877-788-2937].
