A recent report from DetNews reveals that the IRS is expected to be unable to serve 30% of in-bound callers to its toll-free helpline.
According to the IRS, its service helpline has seen an increase of calls in the past two years from taxpayers who need tax help while filing their income tax returns. Many of these taxpayers have inquiries about the temporary tax breaks passed by Congress or general questions
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Taxpayers, get ready for the fast-approaching 2010 tax season!
Yes it’s still January, but it’s not too early to start getting all your ducks in a row for the upcoming tax filing season. With the IRS tax collection efforts strengthening, it would be wise to adhere to IRS guidelines and tax filing tips when filling out your tax returns in order to avoid IRS tax problems down the line.
The IRS has
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Some taxpayers can expect to get a visit or a courtesy letter from the IRS this tax season–but not necessarily because they are being audited. This time around, the IRS wants to reach out to taxpayers in order to give them tax help advice on how to avoid tax problems.
These letters and IRS personal visits are targeted to educate taxpayers on the tax filing rules and also potential IRS penalties.
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A tough year calls for tough measures. The IRS knows this better than anyone and is not afraid to show its aggression with the increasing audit rate.
Nearly 1.4 million Americans were audited in 2009, which equates to 1% of all tax returns filed. Even if you can’t pay your back taxes, you can settle your debt by negotiating a reasonable monthly IRS payment plan or an offer in compromise settlement
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In fiscal-year 2009, the IRS collected $48.9 billion through collection, examination and document-matching efforts. Nearly 1.4 million Americans were audited, which equates to just over 1% of all tax returns filed.
What’s astounding to note is that the audit rate today is 100% higher than in 2000. But just because a taxing authority has decided to audit you, does not mean you have to roll over and die or be pushed
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I always say that the best negotiation advice is: Every one walks away a little “hurt.” Even if you can’t pay your back taxes, a Certified Tax Resolution Specialist who is a tax attorney or CPA, can give you the help you need to settle your debt including negotiating a reasonable monthly payment plan or an offer in compromise settlement that pays a fraction of what is owed.
When fighting
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I recently appeared on the Big Biz Show with Russ and Sully to talk about the new top 500 list that the Swiss Government released to the IRS. The first 500 people who made it on the “Swiss Cheese List” are now under IRS scrutiny for tax evasion charges–many facing IRS penalties up to $2.3 million or ten years in prison for FBAR violations ($2.1 million for failure to report
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With 2009 drawing to a close, many business owners may be looking at their bottom line and pondering additional ways to save money for the upcoming 2010 year. While skimping on paying payroll taxes may get you in deep IRS trouble, educating yourself on acceptable ways to save financial resources will help your business survive and thrive.
The most effective way to go about this is to understand the tax incentives
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Small businesses owners need to be extra cautious when forming limited liability companies in order to prevent future IRS tax problems that could be financially crippling.
In a recent case, the sole member of a limited liability company was held directly liable for its company’s back taxes because the sole member failed to elect the LLC to be treated as a corporation for federal income tax purposes.
It is always a good
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2009 is a tough year for many Americans struggling to pay their taxes so it’s more important than ever to take advantage of deduction opportunities that can help make the most of a bad year. In this troubled economy, financial planning will be crucial to minimizing your tax liability.
However, the most important advice for taxpayers in this economic slump is to avoid IRS problems at all cost. If you can’t
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Taxpayers with undisclosed money overseas need to get tax help now in order to defend against potential IRS offshore tax evasion charges.
Ever since the UBS deal in the summer of 2009, the IRS has been cracking down on overseas tax evaders–wealthy business owners, CEOs and CFOs of large multi-national corporations, and regular taxpayers who just happened to have funds overseas.
The IRS recently announced that it has already hired hundreds of
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Recently, more than 14,700 Americans with secret offshore accounts took the IRS up on their offer of tax amnesty for voluntary disclosure before the October 15th deadline, generating “billions of dollars” in new revenue for the IRS. Based on this success, the IRS has hired 800 personnel in the United States and bulked up their offices overseas to smoke out more tax revenue from offshore hiding places.
Taxpayers need to be
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If you have undeclared funds in foreign bank accounts, you need to act now. If you missed the October 15th tax amnesty deadline for voluntary disclosure, there is a heightened need to get expert tax help as soon as possible from an FBAR tax attorney or FBAR tax resolution specialist who can help you seek IRS penalty abatement to reduce the impact of back taxes and severe criminal implications.
I have
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Homeowners need to know that under certain circumstances, the IRS can legally seize your house without seeking prior judicial approval. In a recent case, the IRS legitimately seized the physical property of a taxpayer while he was serving out his sentence in jail without having obtained any judicial approval beforehand.
CCH (http://intelliconnect.cch.com) reports:
Two-Out-of-Five Years Test Inapplicable to Primary Residence Determination For Residential Seizures
The Office of Chief Counsel clarified that a revenue
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We’ve been hearing a lot of stories about how the IRS is dealing with the abundant influx of voluntary disclosures from Americans who had hid their money overseas in Swiss banks such as UBS. The LA Times recently reported that the IRS is settling with over 14,700 overseas foreign account cases.
According to the LA Times, “To put it simply, this is a historic milestone for the nation’s hardworking taxpayers.”
While many
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