Search Results
Tuesday, October 14th, 2008
With the volatility of the current market, I have been asked for a lot of advice on how to offset losses. When I was on Financial Lifeline Radio, I told hosts Dave Harbison and John March that your individual situation is really what will dictate how you handle your investments. Some people will indeed just ride it out.
But overall, I think it is advisable to be prudent and reasonable with your finances and try to save for a rainy day. And the big thing to do to ensure you pay less taxes this year will be to accelerate deductions in 2008 and defer income into 2009.
I also talked to Dave and John about the government’s plan to deal with the current financial crisis. I pointed out that even though the IRS has increased their enforcement over the years, still, of the nation’s 135 million tax payers , a high percentage of them either pay no tax, are earning income credits, or are getting refunds. This is on top of the $345 billion tax gap – and $197 billion of that is from individuals.
It’s amazing to think that if IRS did their job, we could pay for the government’s proposed bailout plan by closing that $345 billion tax gap. Instead, people like you and I are paying for it because we don’t cheat on out taxes, unlike the 7 million Americans who are currently evading the IRS!
Listen to more of my expert tax advice on Financial Lifeline Radio.
Tags: accelerate deductions, defer income, tax advice, tax expert, tax gap, tax help
Posted in Tax news and tips | No Comments »
Sunday, October 12th, 2008
It’s been another busy month with lots of people asking the tax expert for advice with the October 15 tax extension deadline coming up. I’ve also been asked to share my opinions on the growing tax gap and the proposed bailout plan.
Check back often for updates and media excerpts! Also check out my previous media appearances and interviews.
October 1 WVOX 1460 (New Rochelle, NY), Good Morning Westchester with host Bob Marrone
October 1 WMBS 590 AM (Uniontown, PA) w with host Jack Evans
October 2 KCAA (Loma Linda, CA) Baxter in the Morning w/Dennis Baxter
October 2 KFIV 1360 (Modesto, CA) LIVE with Dave
October 2 KKLA 99.5FM (Los Angeles, CA) The Frank Pastore Show
October 7 KFYI 550 AM (Pheoniz, AZ) On NewsTalk with Melody Birkett
October 8 KZOZ 93.3 FM (San Luis Obispo, CA) Jeff & Jeremy in the Morning.
October 8 Online! Business Matters – Where Your Small Business Matters, Blog Talk Radio, with host Regina McRae
October 10 Online! Mind Your Buziness w/ Danielle Hampson
October 13 Online! Financial Lifeline Radio w/Dave Harbison and John March
October 15 KVEC 920 Newstalk (San Luis Obispo, CA)w/King Harris, 5-6 min LIVE interview
October 15 KIRO (Seattle, WA)Newstalk w/Dan Restione
October 15 LIVE National Show, The BigBiz Show w/Sully and Russ, Business Talk Radio
October 16 LIVE WGN News/Talk 720 (Chicago, IL) The Noon Show with Bob Sirott
October 16 KIT AM 1280 (Yakima, WA) Dave Ettl and Lance Torney
Tags: government bailout, IRS tax extension, IRS tax problems, tax expert, tax gap, tax help, tax resolution
Posted in Tax Relief News | No Comments »
Friday, October 10th, 2008
Closing the $345 billion tax gap could help us cope with the proposed $700 billion bailout without costing Americans another dime. The last time the IRS estimated the tax gap was in 2001, and most tax experts agree that today’s figure is much greater, despite the agency’s push to increase tax compliance. Even though the IRS has spent several years aggressively taking action against tax cheats and tax promoters, what we are seeing today is a growing tax gap and even more Americans than ever facing audits and intrusive, and sometimes illegal, collection tactics by the IRS.
It’s clear that IRS officials have been given their marching orders to be more aggressive with tax payers. Due to the budget deficit caused by the present administration and the war in Iraq, it is only inevitable that more taxpayers will be audited.
However, if you are looking to resolve your IRS tax problems, you should know that there are ways to work with the IRS. But it is critical that you know your rights are and how to negotiate your settlement. Because dealing with the IRS can be so complicated and frustrated, I strongly recommend that you hire a professional to be your advocate who will fight for you and represent your best interests.
**If you owe back taxes or are in trouble with the IRS, our specialized staff of tax attorneys, CPAs, EAs and tax professionals can help. Visit the Tax Resolution Services web site for a free tax relief consultation or call us at 866-477-7762.
Tags: Back Taxes, delinquent taxes, government bailout, IRS help, IRS problem solver, IRS tax problems, Michael Rozbruch, tax attorney, tax cheats, tax evasion, tax expert, tax gap, tax help, tax promoters, tax relief, tax resolution, tax resolution expert, tax resolution services, unfiled tax returns
Posted in Tax news and tips | 5 Comments »
Tuesday, September 23rd, 2008
I’m heading off to Las Vegas with 10 of my TRS folks to attend the ASTPS Advanced Tax Resolution Seminar. Hosted by the American Society of Tax Problem Solvers, this Boot Camp for IRS Problem Solvers features informative and invaluable workshops geared towards tax attorneys, CPAs and EAs.
We attended a great ASTPS tax problem solvers event in August, and I am looking forward to this 3-day seminar, which will highlights more complex issues facing the practitioner in these brutal IRS collection times.
Even though I have been running TRS for more than a decade, I am always excited to discover ways that we can better serve our clients. And I know this special tax relief seminar will be packed with great tax resolution tips and techniques. The lineup features great presenters and features important topics like tax gap initiatives, CP2000 reconciliation, defending the hobby loss challenge, represending the non-filer, and worker misclassification.
Tags: CP2000 reconciliation, hobby loss challenge, IRS problem solver, representing the non-filer, tax expert, tax help, tax relief, tax resolution
Posted in Tax news and tips, Working with the IRS | 1 Comment »
Thursday, December 27th, 2007
Due to Congressional concerns over the growing gap between taxes that should have been collected and taxes that were actually collected, the IRS is moving to reallocate its budget resources. Ultimately, this will be evidenced by a significant increase in IRS personnel and potentially third party collection agencies dedicated to support tax compliance and collection efforts. Recent IRS collection initiatives are yielding increases in both levies and tax revenues collected.
On the other side of the coin, new taxpayer protections continue to be adopted as part of the 1998 IRS Restructuring and Reform Act. These protections are helping to create a more level playing field for taxpayer. They include the creation of a more robust and independent Taxpayer Advocate, an operating division within the IRS with broader powers to more effectively resolve taxpayer disputes.
While the Secretary of the Treasury is responsible for oversight and administration of the Internal Revenue Code, much of that authority has been delegated by the Secretary of the Treasury to the Commissioner of the IRS. The Commissioner, appointed by the President and confirmed by the Senate for a five-year term, manages the administration of the tax laws. There is also significant Congressional oversight spearheaded by the Chairman of the Finance Committee of the U.S. Senate.
The Mission Statement of the IRS has been amplified to refocus the organizations efforts on service to the taxpayer.
Tags: internal revenue service, IRS mission statement, IRS restructuring and reform act, Taxpayer Advocate
Posted in IRS Operating Divisions, IRS Overview, Mission Statement of the IRS, Taxpayer Advocate | No Comments »
Sunday, December 9th, 2007
A Missouri man was charged with failing to pay employment taxes after he had collected them from his employees.
Paul Scott King Jr. was an officer of two corporations, Nurses Now LLC and Ichor Health Services. According to the indictment, King deducted and collected from the total taxable wages of the corporations’ employees income taxes and did not pay them to the IRS. The amounts owing, according to the indictment, is $127,302 for Nurses Now LLC and $5,017 for Ichor Health Services, Inc.
“A substantial portion of the total tax gap, the difference between what is owed and what is paid, is believed to involve employee withholdings,” stated James D. Vickery, Special Agent in Charge of IRS Criminal Investigation. “Criminal Investigation continues to support IRS efforts to enhance employment tax compliance.”
If convicted, King faces up to five years in prison for each count.
Tags: irs problems, payroll tax fraud, Payroll Taxes
Posted in IRS Tax Cases, IRS Times and Inquirer | No Comments »
