Owe unpaid back taxes, penalties and interest? Wondering what type of help is available?
If you cannot pay your entire tax debt, then a negotiated tax settlement, OIC – offer in compromise would be a great option for you. This allows you to resolve your tax matter and pay less than the entire amount owed. OIC gives you a fresh start, it’s a viable alternative when you are unable to pay your complete tax liability because of your financial hardship.
The IRS just published this important piece to caution taxpayers on how to select the right professional for IRS help.
Do not fall for scams, a lot of advertisers on the radio, TV and the internet make tax settlement claims that are not correct or accurate. Be cautious and hire a licensed IRS professional, Enrolled Agent.
Dear Client:
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to act on a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be retroactively reinstated and extended, as they were last year, but Congress may not decide the fate of these tax breaks until the very end of 2015 (or later). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line-deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70- 1/2 or older; and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first-year depreciation for most new machinery, equipment and software; the $500,000 annual expensing limitation; the research tax credit; and the 15-year writeoff for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
New York, NY Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS
For NYC individuals looking for proper representation or businesses trying to properly structure their business startups, the tax attorney is the answer. The tax attorney New York residents and business owners trust works to resolve the many different issues that come with federal, state, and local taxes. From IRS help, employment tax problem resolution, 941 payroll tax problem help, penalty abatement, and more, the tax lawyer serving NYC provides the proper professional tax representation needed to solve tax problems. Did you receive an IRS or state tax lien notice, letter, postcard or phone call?
Don’t let tax issues ruin your life! Be proactive and call us today at 877-788-2937. Every taxpayer is entitled to reliable tax representation.
San Francisco, CA Taxpayer Rights Power of Attorney – Representing individuals and businesses before the IRS
For those in the San Francisco, CA bay area who are facing an IRS audit, unfiled tax returns, employment tax problem resolution, tax debt settlement, and more, you will need the proper representation in order to have your issues handled properly. This is where the tax attorney San Francisco residents and business owners turn to deal with their tax issues. Did you receive an IRS or state tax lien notice, letter, postcard or phone call?
For more on IRS, FTB, BOE, EDD tax help in the Bay Area San Jose – San Francisco – Oakland, please contact 877-788-2937 for more information today.
STEVEN V. MELNIK, J.D., LL.M. (Tax), CPA, is an associate professor of tax law and the academic director of the graduate and undergraduate tax areas at Baruch College, CUNY in New York City. He is licensed to practice law in New York and New Jersey, and has more than 15 years experience helping individuals and businesses with tax, asset protection, and estate planning matters. This article is an adapted version of a chapter from his best-selling book, Tax Relief and Resolution: The Ultimate Guide to Paying Less to the IRS Starting Now (Flamenco Press, 2014).
A business is responsible for ensuring that taxes withheld from its W-2 employees’ payroll checks are paid. As an employer, a business is also liable for Social Security and Medicare payments and taxes and its employees’ contribution to these taxes. Staying current with payroll taxes should be a top priority for all businesses.
Dear Client,
On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns. This letter provides an overview of these provisions, which may have an impact on you, your family, or your business.
IRS has issued final regs on the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner’s interest varies during a partnership tax year. The final regs also modify the existing regs on the required tax year of a partnership.
When a taxpayer decides to resolve and pay back the owed amount using any one of the IRS payment programs/filings/settlements, it is called a tax settlement. Internal Revenue Service or IRS offers a tax settlement if the concerned taxpayer is struggling to pay back the tax debts or if there is a valid reason to nullify the penalties. In fact, the IRS offers more than one way for taxpayers to settle their tax debts. While the debate about whether you will get a settlement or not depends upon your financial situation, the type of settlement you will be allowed to opt for is dependent on the severity of your monetary and financial situation / troubles. Even though the IRS prefers that every individual or business pays his/her taxes completely, they can make some exceptions if the situation arises.
If you received a letter that reads ‘IRS Letter 1058/LT11’, know that it is a final notice from the IRS (Internal Revenue Service) reminding you about the balance you still owe. Moreover, if you do not resolve your delinquent matter, they will make an attempt to levy your bank accounts, garnish wages and other assets within the next thirty days. In most cases, a CP 504 (a final notice of your due balance) is sent before the IRS Letter 1058. Ideally, IRS Letter 1058/LT11 is more formal than other notices that you may have received by now. It will tell you that they will also be looking for other assets you own that can be levied. By then, you should have received prior notices that should have been addressed.
Tax Relief Blog