Tax Relief Tip: When shopping around for professional IRS tax relief, taxpayers must look beyond the fees quoted for tax resolution and also consider a company’s track record for achieving exceptional results for clients.
With the IRS knocking at the door for payment of back taxes, financially strapped taxpayers in desperate need of tax relief must be careful to avoid an increasing number of scams and schemers who may promise a quick solution but fail to deliver any real tax help.
Since 1998, the dedicated team of tax attorneys and Certified Tax Resolution Specialists at Tax Resolution Services (TRS) has built our reputation and we’ve achieved a 99.7% client satisfaction rate in over 9,000 tax relief cases – we pride in our ethical and transparent approach when serving our clients.
While we are definitely not the ‘cheapest’ firm out there, we are the most credible firm with incredible results. And we think this is pretty important! Unfortunately, there are some less-than-honest tax relief firms out there who have been making headlines for misleading taxpayers with questionably low fees that are later increased during the IRS negotiation process.
At TRS, we quote an upfront fixed fee for tax relief services based on a thorough client interview that allows our expert team of tax attorneys, CPAs and Certified Tax Resolution Specialists to evaluate a client’s potential to qualify for tax relief.
But don’t take our word for it. Here is what one of our clients, Brian S. from Burbank, CA had to say about us:
“After struggling for some time to get a complex situation resolved, I sought help from another provider with a lower rate, even though I knew how professional the TRS staff was. This was a big mistake, and before long I recognized that the other provider was completely missing several major points in my tax situation. At this point, I went to TRS and the situation got immediately back on track. Now I can sleep at night.”
There are many other firms that are rated ‘F’ by the Better Business Bureau who will be happy to take your money. However, the result you will receive, if you receive any result at all, will be far less than what we can achieve. When it comes to achieving your tax resolution, you get what you pay for.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 866-IRS-PROBLEMS.
At Tax Resolution Services, Co., we encourage taxpayers facing IRS action to take prompt action and get expert tax relief to delay or halt intrusive IRS collection tactics, including levies on wages, assets, savings and checking accounts.
In this struggling economy, the IRS has made no secret that it intends to aggressively pursue payment of back taxes. Taxpayers who have recently received a tax collection notice; been threatened by the IRS with a tax lien, levy, or seizure; or had an installment agreement denied or terminated, need not panic. However, they need to respond and get expert IRS tax relief quickly.
While the IRS states that “many of these letters can be dealt with simply and painlessly,” the IRS can also levy a taxpayer’s wages, assets, savings and checking accounts unless the taxpayer takes prompt action.
Having tax problems is a big issue, but there is a solution to every problem. At Tax Resolution Services, Co. (TRS), the only national certified tax resolution firm in the country, our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists are well versed in the legal tools that can delay or halt intrusive IRS collection tactics, and are skilled at working out payment installment agreements, proving hardship or inability to pay, establishing a ‘currently not collectible’ status for an account, or negotiating a reduced-amount Offer in Compromise tax settlement.
If there already is an IRS levy or lien on your accounts or assets, we can file an appeal, temporarily forestalling further IRS action and setting the stage for resolution. The sooner taxpayers make the move to get professional and expert tax relief, the closer they will be to getting back their lives—and peace of mind.
“My Offer in Compromise was accepted, from $136,000 to $1,500. Yes, re-read those numbers,” said Monica M,. one of our tax relief clients from Whittier, CA. “I can now begin my life over and… move forward without this heavy weight on my shoulders.”
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 866-IRS-PROBLEMS.
Businesses and employers must be very cautious when it comes to classifying workers as employees or independent contractors – misclassification can get you in deep IRS trouble. Employers must be aware of these IRS audits and employee classification assessments because if the IRS finds a misclassification that has deprived employees of their tax benefits (such as classifying employees an independent contractors) they can demand the employer provide for these missed benefits.
TheStreet.com reports the IRS estimates U.S. companies underpay employer taxes by over $14 billion a year. Whether companies deliberately mis-classify their workers hoping to avoid providing health insurance and 401K plans for their employees or are just confused and unsure how to correctly classify their employees – it is important to get it right to ensure you are staying clear of IRS audits and tax problems.
Take for example the case of a residential foundation repair corporation. In recent tax news, the corporation did not pick up on errors in IRS employment tax assessments – let’s be honest, not many small corporations would, unless they had a team of tax experts backing them up. The corporation filed its necessary 1099 forms (showing payments to its workers) once the IRS assessed the taxes. However, as the IRS assessment was wrong and the corporation filed the necessary forms after the assessment, and not before, the corporation was disallowed in raising section 530 safe harbor as a defense before a federal district court. This failure to file the correct tax forms on time, in effect constitutes the IRS assessment as correct when made.
The CCH (http://intelliconnect.cch.com) reports:
The IRS’s failure to comply with the section 530(e)(1) notice procedures did not warrant a reversal of the burden of proof. The corporation was informed at the conclusion of the audit that the IRS had determined that the section 530 safe harbor did not apply. The corporation had sufficient opportunity to seek administrative relief with respect to that determination. The district court also properly found that the corporation’s workers were its employees, not independent contractors, for federal employment tax purposes. The corporation retained a significant level of control over its workers’ schedules and ability to perform foundation repair jobs, the workers had no risk of loss, did not invest in facilities and were not in business for themselves.
There is no clear line when it comes to classifying employees and while this makes it more confusing for business owners, it is all the more reason for employers to be well read on the issue. If you are a business owner and are unsure about classifying your employees on your payroll, make sure you read up on employee classification tax help. There are several precautionary steps you can take now, such as early tax planning and making use of electronic payment methods to avoid IRS problems.
Do not become the next example of a corporation failing to file timely and accurate employee classification forms. Find out more about how employers can prevent IRS tax problems.
If you are an employer and are finding yourself in IRS trouble for misclassifying your employees and need business tax relief, you are entitled to getting professional tax help from a tax attorney, CPA, or Certified Tax Resolution Specialist. Call the Tax Resolution Services office today at 1-866-477-7762 for a free tax resolution consultation or visit www.taxresolution.com
With the debacle that is the oil spill and all the confusion surrounding it, it comes as no surprise that the most aggressive collection agency on the planet, the IRS, wants to play its part in the ongoing clean up process. This takes form in intricate taxes applicable to oil spill victims who receive BP payments for lost wages.
MSN.com reports, “Under current law, BP payments for lost wages are taxable — just like the wages would have been. Payments for physical injuries or property loss, however, are generally tax free. Payments for emotional distress? Taxable, though medical expenses related to the emotional distress are deductible.”
Confused? The IRS seems to be a little, too. They’ve issued guidance in an attempt to help oil spill victims through the complexities surrounding the law. Tax information for oil spill victims is available online on the IRS’s website and further information is planned through seven forums in various cities on the Gulf taking place on July 17th.
Just when taxpayers feel taxes are complicated enough already, the IRS decides to tax disasters – or at least the hardships that follow. It’s no secret that the government is growing increasingly desperate for revenue. In addition to more tax hikes in 2010, taxpayers can expect heightened IRS collection efforts in response to our government’s staggering deficit.
So taxpayers beware: No one is safe from the IRS. In addition to dealing another blow to oil spill victims, they are also more aggressively going after back taxes. Make no mistake, if you have unpaid tax debt, the IRS will find you.
If you need tax relief, an expert tax attorney or Certified Tax Resolution Specialist is your safest choice in taking care of your tax troubles or questions. A tax attorney will examine the circumstances of your specific situation, fight on your behalf against the IRS and ensure your tax debt is settled as efficiently as possible, avoiding IRS penalties that may accrue.
If you have IRS problems, you can consult tax help from a tax attorney, CPA, or Certified Tax Resolution Specialist. Tax Resolution Services is a dedicated team of tax experts who are here to help you. Call our office today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a free tax relief consultation.
In recent tax court news, the IRS re-affirmed the need for proper, paper-trail evidence when claiming deductions on your tax returns. A couple based in Alaska filed their tax return with medical expense and home deductions, however they failed to supply any evidence of the costs associated with these deductions. Furthermore, their return was filed late. Without providing sufficient evidence, your claims are in effect meaningless. The combined effects of these tax blunders result in late filing penalties and unacceptable deductions.
CCH (http://intelliconnect.cch.com) reports:
The IRS’s disallowance of a couple’s claimed deductions for medical expenses and home mortgage interest was sustained, and the failure to file penalty was imposed, based on the evidence the couple provided. Since the couple failed to provide any proper substantiation to support their claimed deduction for medical and dental expenses, no estimate of the amounts could be made. Also, the couple was not entitled to deduct home mortgage interest with respect to a loan because the debt was not acquisition or home equity indebtedness for which interest could be deducted. Finally, the couple failed to offer any evidence of reasonable cause and lack of willful neglect for their failure to timely file their return.—CCH.
When filing your tax returns, individuals are allowed to make various deductions, including expenses the taxpayer paid for medical care and treatment for himself, spouse or dependents. However, this deduction is valid if the expenses exceed 7.5% of the adjusted gross income of the taxpayer and are not compensated for by insurance. Taxpayers can also make deduction claims for home mortgage or “qualified residence interest” – interest paid while acquiring a residence. This amount too is limited based on the market value of the residence in question and cannot exceed $100,000.
In this IRS case, the taxpayers in question failed to provide evidence of medical and home mortgage expenses. For example, providing invoices, name and addresses for payments made, amount and dates of payment, etc. When such evidence is not supplied with the tax return, the IRS can deny the deductions requested/claimed. This is quite simple, really. If you cannot support your claim with written documented proof, your claim does not exist in the eyes of the IRS. This not only results in possible court trials and disputes, but will incur additional fees for interest, lawyers and other fees associated with the delayed processing of your tax return.
In this weak economy, it is understandable that many taxpayers feel the need to reduce the amount of taxes paid throughout the year and seek various deductions on their tax returns. While you are allowed to claim for deductions, ensure you are doing it correctly by supplying the necessary documentation. Remember, you need to show the IRS that your deduction in legitimate – what you deducted, when, why and how much.
It is important to realize that deliberate evasion of income taxes through false deduction claims will only lead to more IRS penalties and fines down the road. If you have any tax problems such as back taxes or filing late tax returns, it is recommended that you resolve them immediately to avoid further penalties.
If you have IRS problems, you can consult tax help from a tax attorney, CPA, or Certified Tax Resolution Specialist. Tax Resolution Services is a dedicated team of tax experts who are here to help you. Call our office today at 1-866-IRS-PROBLEMS or visit www.taxresolution.com for a free tax relief consultation.
At Tax Resolution Services we recently helped a taxpayer from Colorado reduce his back taxes by over 90% by qualifying for an Offer in Compromise tax settlement.
Taxpayers who owe back taxes to the IRS can take advantage of the Offer in Compromise program created by the government to offer tax relief to those who owe a significant amount of money for a variety of reasons (including failed business, medical expenses, legal judgments, personal misfortune, etc.), but are unable to pay this debt even over time.
One of our clients, Steven S., from Grand Junction, CO., owed the IRS over $35,000 in back taxes when he contacted us. We negotiated a settlement with the IRS on his behalf – our expert team of Certified Tax Resolution Specialists, IRS tax attorneys, and CPAs helped Steven qualify for an Offer in Compromise settlement of only $2,958 – a savings of over 90%!
An Offer in Compromise tax settlement can often amount to a substantial discount for qualifying taxpayers. At Tax Resolution Services, Co. we have helped thousands of clients save over $52 million in back taxes and penalties since 1998.
A few kind words from Steven: “TRS was fair and honest from the start. They took a great deal of the worry out from a tough situation. They were specific in what they requested and it made it less overwhelming.” Thanks Steven!
Because the eligibility laws governing this program can be complicated, hiring a Certified Tax Resolution Specialist (CTRS) or expert tax attorney for expert tax help can significantly increase chances of qualifying for a tax settlement for the lowest amount allowed by law.
Thousands of Offer in Compromise applications are submitted to the IRS each year, but usually only about 12% of those qualify. We evaluate each tax issue on a case by case basis and if you don’t qualify for an Offer in Compromise, we can recommend other viable tax relief services to permanently settle your back taxes, granting you a fresh start.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call 866-IRS-PROBLEMS.
Brian Compton, Tax Resolution Services President, Bill Handel, KFI Radio Host and Michael Rozbruch, Tax Resolution Services CEO
On Saturday, June 5, Tax Resolution Services sponsored the KFI Law Day, a free event for the public to receive expert tax help and tons of free legal advice from over 100 lawyers specializing in all areas of the law. Bill Handel, host of “Handel on the Law” recorded a LIVE broadcast of his show and offered legal advice.
Michael Rozbruch, Tax Resolution Services CEO and Bill Handel, KFI Radio Host at Whittier Law School
KFI radio host, Bill Handel joined Tax Resolution Services CEO and tax expert Michael Rozbruch at Whittier Law School for Law Day 2010. The free event included IRS tax relief tips and advice, tax debt relief strategies like Offer in Compromise settlements and IRS payment plans.
IRS tax relief information for attendees at Law Day 2010 from Tax Resolution Services
Attendees had the opportunity to speak with hundreds of attorneys. Free advice and answers to all tax questions was offered by tax experts and tax attorneys. If you weren’t able to attend, visit Tax Resolution Services, Co. for a free income tax relief consultation or call us at 866-IRS-PROBLEMS.
Brian Compton, Tax Resolution Services President talks tax relief and offers advice at Law Day 2010 at Whittier Law School
The Internal Revenue Service will be mailing tax collection notices this month to collect back taxes. If you get one of these IRS tax collection notices, you will need to take action quickly with the help of a tax attorney or Certified Tax Resolution Specialist in order to protect yourself, your loved ones, your assets and your job.
If you get one of those terrifying IRS tax collection notices to collect back taxes, this tax collection notice is the last warning shot the IRS will fire before they empty your bank accounts or garnish 30-75% of your future paychecks. This will leave you with pennies on the dollar to live on until the IRS’s estimation of what you owe them in back taxes is fulfilled. You need IRS tax help…fast!
IRS Tax Collection Notice to Collect Back Taxes Tip #1: Don’t Panic, Get the Right Help!
IRS tax help is available if you receive an IRS tax collection notice to collect back taxes, but you need to know whom to ask. Once an IRS tax collection notice to collect back taxes arrives, many people try to work with the IRS themselves to resolve back tax problems, and get themselves into deeper trouble by unintentionally incriminating themselves.
You wouldn’t defend yourself against murder charges without legal counsel. And this IRS tax collection notice to collect back taxes is no different. You’ll need IRS tax help from a tax attorney or Certified Tax Resolution Specialist at your side to ensure that this IRS notice to collect back taxes is dealt with effectively.
The IRS is the most brutal collection agency on the planet. Do not go into battle with them over an IRS tax collection notice to collect back taxes without expert IRS tax help in your corner. Unlike that seemingly friendly IRS agent, your tax attorney or Certified Tax Resolution Specialist is there to help you and you alone.
IRS Tax Collection Notice to Collect Back Taxes Tip #2: Delay Collections
Tax liens and IRS levies are the result of poor or no communication between taxpayers and the IRS. Your tax attorney or Certified Tax Resolution Specialist will fix that. He or she is an expert at the ins and outs of the IRS and will handle all communications with them on your behalf.
Once you’ve gotten an IRS tax collection notice to collect back taxes, pick up your phone immediately and call a tax attorney or Certified Tax Resolution Specialist for IRS tax relief before your career, bank accounts and credit rating all disappear. With the tax collection notice to collect back taxes in hand, they can call a temporary halt to the proceedings and allow you to get ready for the battle ahead.
IRS Tax Collection Notice to Collect Back Taxes Tip #3: File and Appeal
If you’ve ignored the IRS tax collection notice to collect back taxes, there may already be an IRS levy already filed on your bank accounts or your assets. Your tax attorney or Certified Tax Resolution Specialist can give you IRS tax relief by helping you file an IRS collection appeal to remove your back tax lien.
The goal of the IRS Appeal Division is to settle back tax disputes between the IRS and taxpayers. Do you know how to do this? Your tax attorney or Certified Tax Resolution will provide IRS tax help and create an appeal and deliver it to an IRS Appeals Officer who is required to make a decision on your back taxes within five days.
IRS Tax Collection Notice to Collect Back Taxes Tip #4: Be Placed in “Currently Not Collectible”
Even the IRS recognizes their limitations in collecting back taxes from some individuals. If you are indigent, chronically or terminally ill or suffering from other extreme circumstances, you may be placed in the IRS’s Currently Not Collectible file. Your tax attorney or Certified Tax Resolution Specialist can help you determine if you fit the criteria, and arrange for you to receive this designation.
IRS Tax Collection Notice to Collect Back Taxes Tip #5: Negotiate Payment Plan
One of the most common responses to an IRS tax collection notice to collect back taxes is an IRS payment plan.
Once you or your accountant has determined how much money in back taxes you actually owe, which may differ radically from what the IRS thinks you owe, your tax attorney or Certified Tax Resolution Specialist can negotiate a payment plan and bring you some IRS tax relief. It is not an ideal situation because interest and penalties will keep accruing until the debt is discharged in its entirety, but at least you’ll be free from the threats of IRS levies and wage garnishments.
IRS Tax Collection Notice to Collect Back Taxes Tip #6: Offer in Compromise Tax Settlements
Another way to deal with an IRS tax collection notice is with an Offer in Compromise tax settlement where the might accept a discounted lump sum payment and consider the debt cleared.
But it’s not easy. This is where your tax attorney or Certified Tax Resolution Specialist really earns their fee providing IRS tax help. The IRS won’t accept just any Offer in Compromise. They need to be convinced that your Offer in Compromise is their best and only hope of getting the maximum amount of money out of you that they can.
Your tax attorney or Certified Tax Resolution Specialist has done this many times before and is familiar with what Offer in Compromise tax settlements the IRS in general have accepted recently, offering a clue as to what they’ll accept from you.
This is not a negotiation. You only get one shot at it, so listen closely to your tax attorney or Certified Tax Resolution Specialist and take his or her advice to get IRS tax relief.
A tax attorney or Certified Tax Resolution Specialist is your best, and really only, hope of having your federal back tax issue resolved once and for all. Their IRS tax help will allow you to get back to enjoying life without worrying about when the next tax collection notice to collect back taxes may be coming in the mail.
For more information on achieving a tax resolution for your IRS problems, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.
The former law director of Knox County, Tenn., has pleaded guilty in federal court to a tax charge.
William “Bill” Lockett Jr., 55, admitted that for the tax years 2006 and 2007 he failed to file federal income tax returns in order to avoid payment of taxes. Those years, Lockett’s income was substantial — $122,733 in 2006 and $107,365 in 2007.
The investigation of Lockett was conducted by IRS Criminal Investigations. He resigned as Knox County’s law director on April 8, when he pleaded guilty in another case to stealing almost $63,000 from Kennerly, Montgomery & Finley, his former law firm.
The former public official in Knoxville faces up to one year in prison and a fine of up to $100,000.
It may be shocking to hear that 1 in 6 Americans has a tax problem, but as I’ve come to learn over the years, it’s the sad truth. But the good news is that there’s a solution to every problem!
That’s one of the reasons we’ve been connecting with Americans on Facebook. So if you or someone you know has a tax problem, please check out our tax relief tips on Facebook. We all know and love Facebook because it keeps us touch with relatives and friends, but some of you may be unaware that it can also provide you with significant tax tips that may save you time and money.
Social media has been a great way for us to expand our reach and help even more people with their tax troubles than ever before. I’ve really enjoyed connecting and sharing with people I wouldn’t otherwise know. Plus it’s just another way to provide IRS help and educate users on some lesser known facts about the IRS and resolving tax debt.
With IRS enforcement on the rise, it is more important than ever for taxpayers to know about important financial strategies to save money, stay out of tax trouble and obtain tax debt relief when necessary. As a taxpayer, it’s also important that you seek out qualified and reliable IRS tax help. Whether it’s from a professional tax attorney or Certified Tax Resolution Specialist, this education will only make your relationship with Uncle Sam easier.
We also use Twitter and YouTube to help more individuals and small businesses solve their IRS problems and further educate the public on tax planning and other strategies for managing their personal and business finances.
Joseph K. Muller, 50, of Webster, N.Y., was charged with evading the payment of taxes for eight businesses he represented between 2004 and 2008.
According to the indictment, from July 2004 to September 2008, Muller did not file the required IRS Form 941 (Employer’s Quarterly Federal Tax Return) for the employees of HOW Pumps Inc., Artisan Plumbing, The Fitzpatrick Agency, Waltpeterich Restaurant Inc. (Foley’s), Jim Demaio Insurance, Stringer Homes LLC, Talarico & Associates and Regal Carriage Luxury Car and Limousine. He also did not pay to the IRS withholding taxes due and owing for the employees of the businesses.
If convicted, he faces up to five years in prison and a fine of up to $100,000.
This week the Swiss parliament accepted a treaty with the United States, agreeing the terms which would have UBS, Switzerland’s largest bank, disclose the names of 4,450 American account holders suspected of tax evasion to the IRS. This decision comes after a three year battle between U.S. tax authorities, the IRS and the Swiss bank over the bank’s involvement in allowing American clients to cheat the tax system by hiding millions of dollars in offshore accounts.
The current tax laws require taxpayers to report all income from domestic and foreign sources – failing to do so whether intentionally or unintentionally is a form of tax evasion and could be financially crippling.
If you have funds overseas, particularly with UBS and have not yet disclosed them to the IRS, now is the time to do so. I cannot emphasize enough how important it is for you to be completely honest with the IRS and go to them before they get to you. And they are certainly coming after UBS’s clients!
Yesterday, as Switzerland agreed to disclose the names of 4,450 UBS clients suspected of tax evasion, U.S. citizens holding accounts with UBS found themselves racing against the clock to voluntarily disclose their secret account holdings to the IRS. The IRS and tax firms are finding their phone lines busy with frantic taxpayers fearing IRS prosecution.
The panic comes with the announcement that account details could be disclosed to the IRS as early as this week. IRS Commissioner Douglas Shulman stated once the Swiss authorities transmit the information, “We will immediately follow up on the information we receive from the Swiss and we will vigorously enforce the laws against those who have attempted to evade their tax responsibilities by hiding their assets offshore.”
The IRS are not joking about going after tax cheats. Last year, they offered a temporary reduction of penalties in exchange for voluntary disclosures. The taxpayers that did not take up this offer are now scrambling to seek advice on how to avoid sanctions, such as criminal prosecution, seizure of their Swiss accounts, further penalties and prison sentences.
Swiss authorities have already disclosed the names of 400 UBS clients who took up the IRS’s voluntary disclosure program.
Where You Stand
16 UBS clients have already been charged with tax crimes. About 150 other Americans are under criminal investigation as reported by the Justice Department, last year. Clearly the IRS is set on pursuing American taxpayers that have so far cheated the system by failing to disclose these foreign accounts. The time to avoid disclosure has run out, as this week’s decision has shown. However, there is still the opportunity to avoid prison if you ACT NOW.
This is a complicated matter and you need expert tax help from professionals with specific expertise and experience with offshore tax evasion defense. Seeking tax attorney representation will ensure all communications with the IRS is done on your behalf by a Certified Tax Resolution Specialist, who will fight on your behalf and make all required disclosures, file FBAR reports and mitigate your risk of prison sentencing.
We have a special division for FBAR reporting and compliance, led by the nation’s top offshore tax evasion defense expert Brian Compton, who is ready to help you with your IRS tax problems.
Contact out special division for overseas tax evasion defense TODAY! If you are in IRS trouble for undisclosed foreign funds, call our office at 1-866-IRS-PROBLEMS for a free, no-risk tax resolution consultation or visit www.taxresolution.com.
The Swiss Parliament just ratified an agreement to surrender the names of 4,450 bank clients over to the IRS, as reported today in Americans May Have ‘Mere Hours’ to Disclose UBS Accounts to IRS. And the IRS has pledged to move swiftly to vigorously pursue UBS account holders who have attempted to evade their tax responsibilities. If you think your offshore bank account may be a potential IRS target, it’s important to act now to reduce severe penalties and criminal implications. Once the Swiss government releases your name to the IRS, you will have a tougher case to fight and will most likely pay more severe IRS penalties and interest.
FBAR tax penalties can amount to as much as 200-300% of the asset value of the offshore account. Currently, taxpayers are required to report all income from domestic and foreign sources – and failing to do so whether intentionally or unintentionally could be financially crippling. The best thing you can do is immediately get help from professionals with specific experience and expertise with offshore tax evasion defense to take over all communications with the IRS, make the required disclosures, file FBAR reports and mitigate your risk of spending 5 to 10 years in prison for FBAR violations.
At Tax Resolution Services, Co., we have a special division for FBAR reporting and compliance, led by nation’s top offshore tax evasion defense expert Brian Compton. We’re ready to help you with your IRS tax problems. You can also learn more at our Offshore Account Tax Settlements and find out more about the benefits of getting professional tax help from an expert tax attorney, CPA, or Certified Tax Resolution Specialist.
Contact out special division for overseas tax evasion defense TODAY! If you are in IRS trouble for undisclosed foreign funds, call our office at 1-866-IRS-PROBLEMS for a free, no-risk tax resolution consultation or visit www.taxresolution.com.
If you’ve been dipping your feet in the homebuyers’ market this year and are in the process of purchasing your new home, but have not finalized your transaction yet, you may still be able to receive the homebuyers tax credit for your tax return. The first-time homebuyer tax credit is a tax break of up to $8,000 for qualified taxpayers who are in the process of buying their home – this means having signed a sales contract by the end of April and a complete transaction by end of June.
The good news is that if you have signed your sales contract, but have so far been unable to complete the purchase transaction due to delays and paperwork jams with lenders, you may get an extension on qualifying for the tax credit – all dependent on Congress passing an amendment for a tax extension bill, which would push the date from June 30 to September 30.
Not everyone qualifies for this tax credit and I’ve previously blogged about common misconceptions about the first-time homebuyer tax credit. If you are planning on taking advantage of this tax credit, knowing these rules and filing an accurate tax return is important if you want to avoid tax audits and stay out of IRS trouble!
It is worth to note that the possibility of extra time to close your transaction is for home buyers who are looking for just that – closing their transaction. This means you already have a sales contract. This tax credit extension is not meant for new buyers who are just starting to peruse the home buying market.
Reason for possible extension: With lower prices and cheap mortgage rates seen during the shaky economy, there has been an increase in buyer demand, which has resulted in an overwhelmed real estate industry that is unable to process all transactions within the regular time frame. Therefore, due to this back-log of transactions, thousands of first-time homebuyers will be unable to finalize their purchase by June 30.
At present this extension is only a possibility that could become a reality if passed by Congress. For the time being, keep an eye out until June 30th! For further details, read the full article, “Homebuyer Tax Credit Closing Deadline May Be Extended” on USNews.com.
News, commentary, insight, tips and humor from tax expert Michael Rozbruch
Michael Rozbruch is a Certified Tax Resolution Specialist, a member of the American Society of IRS Problem Solvers and a Maryland CPA.
IRS PROBLEMS?
If you find yourself in trouble with the IRS and need professional tax attorney and tax resolution services, call (888) 699-7630. Effective tax negotiation and representation means that your tax attorney, Certified Tax Resolution Specialist or CPA will take over all communications with the IRS, filing any delinquent tax returns to bring you to full IRS compliance while vigorously defending your rights as a taxpayer to permanently resolve your back taxes and IRS problems.
