Posts Tagged ‘income tax relief’

General Motors Pending Bankruptcy - Tax Help Available for GM and Chrysler Employees with IRS Debt

Thursday, May 28th, 2009

The General Motors bankruptcy may become an unthinkable reality as the company faces a Monday deadline to prove its financial viability to the federal government. The looming bankruptcy could financially cripple the community of Flint, Michigan, where GM is based.
If the company files Chapter 11, the region will be have to weather plant closings and massive layoffs. The consequences of the company’s pending bankruptcy are very complex,  and will affect
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Tax Resolution Services Founder Michael Rozbruch Featured in List of Top 40 Tax Advisors to Know During a Recession

Thursday, May 21st, 2009

I was just featured in CPA Magazine as one of the top 40 CPAs in the nation!
I’m really honored as I take my job very personally and it’s really great to be recognized for my work as a Certified Tax Resolution Specialist. Since 1998, I’ve helped clients with IRS problems save in excess of $40 million.
Check out the April/May 2009 issue of CPA Magazine to read about the Top
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Tax Compromise Improvement Act Helps Struggling Taxpayers Enter into Offer in Compromise Agreements with IRS

Monday, May 18th, 2009

Great news for troubled taxpayers! New legislation has been introduced to end Offer in Compromise down payments and make it easier for recession burdened taxpayers to enter into a tax settlement with the IRS.
Qualifying for the Offer in Compromise program can save taxpayers thousands of dollars in taxes, penalties and interest. Negotiating a compromise on your back tax deb is the closest thing to “amnesty” that the federal government offers
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“Green Book” Explains Plans for Income Tax Relief and Proposed Tax Provisions That Are Expected to Yield $900 Billion to Treasury Over 10 Years

Monday, May 18th, 2009

The Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals,” including greater detail on the Obama administration’s proposed tax provisions, plans for tax relief,  and efforts to boost IRS enforcement budgets. The “Green Book” also explains tax rate increases, measures to close loopeholes in the tax code, and broad international tax changes,  that would collectively bring in over $900 billion of tax revenue over
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Voluntary Disclosure Offers Income Tax Relief and Chance to Avoid Criminal Prosecution to Off Shore Account Holders

Thursday, May 14th, 2009

The IRS has announced a six-month Voluntary Disclosure program that offers lower penalties to those who come forward and pay taxes due on the secret holdings in offshore accounts. Until now, the IRS could impose penalties of at least 50% for all years in which an account wasn’t disclosed. In some cases, that could exceed the value of the offshore holdings.
The announcement comes amid a U.S. legal battle to
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Obama Proposes Doubling Tax Law Enforcement Budget and Seeks $400 Million Funding Boost for IRS Enforcement Activities

Friday, May 8th, 2009

Obama proposed nearly doubling funds to enforce tax compliance and has asked Congress for a $400 million boost for IRS enforcement activities in fiscal year 2010, to support its goal of cracking down on offshore tax dodgers.
The additional $400 million is an increase of about 8% that would bring the total IRS enforcement budget to around $5.5 billion for FY 2010. By doubling the tax law enforcement budget, the White
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Income Tax Relief Advice for the 35 Million Taxpayers Currently in Trouble with the IRS

Thursday, May 7th, 2009

There are currently 35 million taxpayers in trouble with the IRS. When I appeared on LA Talk Radio with T.J. McCormack earlier this week we talked about income tax relief advice for the 15% of the population of tax paying adults that are in trouble with the IRS.
We’re past the April 15th tax deadline, but this is when people start thinking about the tax returns they haven’t filed. If you’re
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IRS Issues 119 Million Economic Stimulus Payments to Taxpayers in 2008

Monday, May 4th, 2009

CCH (http://tax.cchgroup.com/) reports:
The Treasury Inspector General for Tax Administration (TIGTA) released a new report praising the IRS’s performance with respect to the issuance of 119 million economic stimulus payments in 2008. The report, entitled, “Evaluation of Efforts to Ensure Eligible Individuals Received Their Economic Stimulus Payment” (Reference Number: 2009-40-069), concluded that the IRS made significant efforts to ensure eligible individuals received their economic stimulus payment and also initiated actions to
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Ask the Tax Resolution Expert: When Does the IRS 10 Year Collection Statute Expiration Date Begin?

Thursday, April 30th, 2009

Question: Does the 10 year collection statute begin when the civil penalties are due?  Or, when the installment agreement has begun?  Or, as in my case, when the installment agreement was reinstated?
Answer: The 10 year Collection Statute Expiration Date (CSED) begins on the ASSESSMENT date, not when the taxes are due and not when you begin an Installment Payment Plan.
There are exceptions to this rule, including if the taxpayer agrees
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Tax Resolution Services Expands Online Offerings to Educate the Public and Enhance Customer Service

Thursday, April 30th, 2009

I was recently interviewed by Thom Senzee for the San Fernando Valley Business Journal.  We talked about companies that utilize online technologies like webinars and online video to reach customers and educated the public.
In addition to this blog, I Twitter (@taxresolution), author tax help articles, and use YouTube to share helpful income tax relief videos. We use these online channels to educate users on some lesser known facts about tax
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IRS Strategic Plan Addresses the Tax Gap and Focuses on Service and Enforcement over the Next Five Years

Tuesday, April 28th, 2009

The IRS just released its strategic plan for fiscal years 2009-2013. The plan outlines how the agency will improve service to taxpayers and enforcement of the law over the next five years.
According to IRS Commissioner Douglas H. Shulman, the agency’s first goal is to make voluntary compliance easier in an effort to maintain the fairest and most effective system of voluntary compliance in the world.
In other words, their goal is
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More from My BigBiz Show Interview: Don’t Ignore the IRS Unless You Want Them to Levy Your Bank Account

Thursday, April 23rd, 2009

When I was on the BigBiz Show with Russ and Sully ealier this month, we talked about what taxpayers should know about working with the IRS to solve their tax problems.  We also talked about the tough economic times that we’re experiencing and how it’s not so much a Great Depression - but a Great Correction.
And as Sully pointed out, for many Americans, April 15th is not tax filing deadline,
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5 Reasons to File Delinquent Tax Returns: There’s Still Hope if You Haven’t Paid Your Taxes This Year

Monday, April 20th, 2009

Did you pay your taxes this year? You can run, but you can’t hide from the IRS! However, there is hope for struggling taxpayers to resolve back taxes and avoid IRS penalties!
For the millions of Americans who failed to file legally required tax returns, there’s still hope for receiving income tax relief! Even taxpayers who received an extension for filing are not granted more time for the payment of taxes
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There’s Still Hope if You Didn’t File Your Taxes: You Can Still Get Income Tax Relief and Avoid IRS Penalties

Thursday, April 16th, 2009

It’s the morning after April 15… Did you file your taxes?
Every year, millions of taxpayers fail to file legally required tax returns by the April 15 deadline, which can lead to more significant financial problems in the long run including huge penalties and jail time. But it’s not too late for delinquent taxpayers to resolve tax debt and avoid IRS penalties.
The longer you put off dealing with overdue taxes, the
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California Taxpayers with the Largest Delinquent Income Tax Bills Owe $143 Million in Back Taxes

Friday, April 10th, 2009

The Los Angeles Times released a list of California taxpayers with the largest delinquent income tax bills who together owe $143 million in back taxes.
While O.J. Simpson and his $1.5 million bill have been taken off the list (after being sentence to 9 years in prison), Dionne Warwick (who owes $2.18 million) and Burt Reynolds (who owes $225,000) are among the notable names on the list of 250 people with
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