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
Posts Tagged ‘IRS penalty abatement’
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
Year-End Tax Help: Ways to Make Significant Savings Now to Your “Bottom Line” With Capital Asset PurchasesWednesday, December 23rd, 2009
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
Don’t Let Back Taxes Cripple Your Financial Future-Get Expert Tax Help to Protect Yourself and Your Small Business From IRS PenaltiesMonday, December 21st, 2009
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
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
Get Tax Help to Save Your Home From Unannounced IRS Seizures: Be Proactive About Resolving Your IRS ProblemsMonday, November 30th, 2009
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
If you are being accused of failure to file taxes by the IRS but you have reasonable cause to fight the charges, you will need to provide concrete evidence to substantiate your claim. With IRS audits on the rise due to stricter enforcement, it is wise to keep important records that may later help you prove your innocence to the IRS.
Without strong evidence, it is highly unlikely that you will
Just wanted to share a great note I received from a recent tax relief client who received a successful resolution for his case!
Brett first heard about TRS on the Bill Handel show a couple of years ago, and then he drove down to Orange County from his home in Palmdale, CA to meet with me and learn about the tax help services that we offer to find out how