Tax 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.
Once you come to know that your tax return is to be audited by the IRS, panicking will be your first instinct. There will be no need for panicking if you seek professional help. Mike Habib is a tax professional and will help you in preparing for the IRS tax audit and ensure that you achieve the best possible outcome. Generally, it is a proven fact that individuals must not handle the proceedings of audits themselves. The reason for this is that individuals aren’t aware about the IRS and their proceedings; they may even give out certain information that can open up an even more thorough investigation.
Taxation is the area in which there can’t be any error, especially if it’s a business. There are so many mistakes an individual can possibly make like penalties, interest and additional taxes. Poor record keeping can result in an audit which is quite an expensive and time consuming procedure. An audit can lead to penalties which can further cause you to lose money. This is the reason why hiring a tax professional is better as compared to doing your taxes yourself.
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.
Every year we add new clients to our Whittier, Los Angeles, CA firm, usually the client is looking for a change because their taxman, tax preparer, bookkeeper, CPA (Certified Public Accountant) or EA (Enrolled Agent), has retired, or passed away, or sold their practice / business or just need a more attention and better one-on-one tax advice.
If your taxman, tax preparer, bookkeeper, CPA or EA, is no longer meeting your needs, we provide a complimentary 15 minutes to get to know our tax firm. Our clients enjoy working with our boutique tax firm for these main reasons:
The United States Court of Appeals for the DC Circuit, today rejected the IRS appeal in the case of Loving v. IRS in which three independent tax return preparers argued that the IRS had overstepped its authority when implementing the Registered Tax Return Preparer (RTRP) program.
The RTRP program was created to regulate paid tax preparers other than those already under Circular 230’s regulatory structure such as Enrolled Agents, certified public accountants and attorneys. The program required other paid preparers to register with the IRS, pass a competency test and complete specified continuing education annually.
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.
The trust fund recovery penalty (TFRP) can be applied to any responsible person who willfully fails to collect or pay trust fund taxes. The penalty amount is equal to the total amount of the tax that was not paid, up to the full amount. This is why it is sometimes known as the 100% penalty. The penalty is separate from the tax and the employer’s liability for such taxes.
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.
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.
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.
Tax Relief Blog