Posts Tagged ‘income tax relief’

Tax Resolution Services-Weekly News Round-Up

Friday, February 15th, 2013

This week’s tax topics ranged from tax evasion cases to getting tax relief with the IRS Offer in Compromise Program. Here are highlights from the ones covered on the Tax Resolution University Blog:
Tax Evasion

Nancy Armienti, 59, of Elmer, New Jersey, admitted to evading federal income taxes in 2008 on nearly $700,000 in income she took from her former employee of Atlantic County Concrete and Material Company. Armienti created false
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Offer in Compromise Saves Tax Resolution Services Client $117,000

Monday, February 11th, 2013

As previously mentioned, I will continue posting client success stories and testimonials to inspire taxpayers with IRS tax problems to take the first steps to get the income tax relief they need. Waiting only makes matters worse.
Good people can have bad circumstances happened to them, often through no fault of their own. When those troubles involve tax debt, their biggest obstacle becomes financial: they have no money to pay their enormous
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Chart Shows Fiscal Cliff Tax Increase for Americans

Monday, January 7th, 2013

Now that the “fiscal cliff” crisis has been averted and the dust is settling, we see that taxes for most Americans are going up. The wealthy 2% will see their tax rates increase and the other 98% will see their taxes rise because the payroll tax cut just ended.
A CNN Money article titled: “How Much More Will You Pay” provides a useful chart from the Tax Policy Center showing how
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Preparing a Plan for Alternative Minimum Tax Relief

Tuesday, December 18th, 2012

A Barron’s article titled Tax Refund Delays Could Trigger Recession reports on how the tax issue surrounding the delayed refunds could actually send our already weak economy into recession in 2013.
As I stated in a previous post, without a “patch” by Congress to the Alternative Minimum Tax (AMT), 33 million or 1 in 5 taxpayers will see their tax liabilities increase. The re-calculation of these tax liabilities means that the
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The Importance of IRS Audit Procedures

Tuesday, September 25th, 2012

If you have ever received a letter from the IRS, you know the initial reaction all too well; panic and confusion of what to do next. But even after receiving an IRS audit letter doesn’t mean you should to roll over or be pushed around especially if you don’t agree with it. Robert W. Wood’s recent article in Forbes provocatively titled “Everything You Ever Wanted to Know About Fighting the
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New Offer in Compromise Policies Bring Tax Relief

Wednesday, May 30th, 2012

The May 21st IRS announcement offering flexibility to the Offer in Compromise Program (OIC) is BIG NEWS as it could provide tax relief to many financially distressed taxpayers like never before. The erecent Forbes articles Are Tax Collectors the New Men in Black? and New IRS Offer in Compromise Policies discuss the IRS changes of two criteria: the financial analysis used to determine who qualifies for an Offer in Compromise
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Tax Resolution After Receiving IRS Audit

Tuesday, May 29th, 2012

For over fourteen years, my firm, Tax Resolution Services, Inc., has provided tax relief services to great people who were badly in need of tax help.
In the latest Tax Man episode, I sit down with a Tax Resolution Services client, Dan R to ask him how he reacted after receiving his first IRS audit notification in the mail.

Dan was overwhelmed because he didn’t know what to do and were to
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New Changes to Offer in Compromise – More Flexibility

Thursday, May 24th, 2012

The IRS announced this week it changed some of the rules that govern the Offer in Compromise (OIC) program – more flexibility meaning more folks can qualify.  An article in Reuters entitled IRS Widens Taxpayer Debt Forgiveness Program and in Accounting Today entitled IRS Makes Offer in Compromise Program More Flexible outline these changes aimed at giving more American taxpayers flexibility to repay their tax debt as part of the
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Back Tax Help-How Long to Keep IRS Records

Wednesday, April 25th, 2012

Like clockwork, about a week or two after the April 17 tax deadline, I begin fielding taxpayer questions regarding what tax documents to keep and for how long.  A recent article in Forbes by Tax Girl Kelly Phillips Erb entitled How Long Should You Keep Records after Tax Day? provided good guidelines on the subject.
Here are seven basic recommendations for keeping tax documents both individuals and small businesses can follow:
In
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Tax Issues Facing E-Commerce and Virtual Businesses

Tuesday, April 24th, 2012

The Internet has enriched our lives and made some things easier, but it didn’t make life simpler especially for those with virtual businesses. I recently wrote an article regarding e-commerce tax issues entitled “The E-Commerce Conundrum: Taxing Virtual Businesses and Their Investors and the Law” explaining that e-commerce businesses not only face IRS tax problems but also pressure from state legislatures to collect and pay state taxes.
Advances in technology including
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Tax Help for Taxpayers who Missed April Deadline

Friday, April 20th, 2012

Happy Friday!
I am relieved that tax day is now just memory for most taxpayers. Those who did not file or request a filing extension here are some tough facts to consider – consumers are legally obligated to file their tax returns; not filing means facing significant IRS tax issues. Failure to file is considered a misdemeanor that can be punishable up to $10,000 per year and one year in
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Tax Resolution Services Offers Returning Veterans Free Tax Advice

Wednesday, April 18th, 2012

As a member of the American Society of Tax Problem Solvers (ASTPS) Returning Combat Veterans Program, Tax Resolution Services is honored to offer free tax services for to military personnel returning from combat duty facing IRS problems and in need expert tax relief.
According to a USA Today article released yesterday entitled Troops owe IRS $390 million, some military men and women are finding themselves exiting a war zone to come
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Proposed Law Could Revoke Passport for Tax Debt

Wednesday, April 18th, 2012

If another tax day has passed you by without resolving your IRS tax issues, take note. There is current legislation making its way through the Senate that aims to revoke your passport privileges if you have significant tax debt. I wrote a previous blog post on the bills introduction but a recent article in msn.com entitled “In the hole to Uncle Sam? Bill aims to strip your passport” reports on
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Tax Expert Gives Tax Filing Info on Fox News

Tuesday, April 17th, 2012

As tax day April 17 is coming to a close, some may be wondering if they should file or even if they need to. During my recent interview on Midday Sunday Fox 11 with host Tony Valdez program, Tony inquired about how people don’t file their taxes and become tax delinquent. I explained that at Tax Resolution Services, Co., we work with a lot of non-filers with the average client
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Tax Expert Discusses Tax Debt Payment Options

Tuesday, April 17th, 2012

Countdown to tax day: 0 – Today is Tax Day!
If you owe money to the IRS, and are short on cash, you have options. Yesterday, Fox Business cited a creditcards.com article Pros and Cons of Paying Taxes with a Credit Card in which I made a contribution regarding tax debt financing. In a previous blog post about this topic, I compared the costs of using a credit card versus the
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