If you owe the IRS back taxes, there is hope that you may not have to pay all of it back if you wait long enough.
Many taxpayers are unaware of the 10-Year Statue of Limitations the IRS must abide by. From the date of your assessment to the ten year mark is the only time the IRS can hold you accountable for payment of your back taxes or unpaid income
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Good news are on the horizon for taxpayers that are tired of confusing IRS notice letters.
In an act of self-assessment, the IRS is planning to change the confusing and consequently inefficient notice letters it sends out to thousands of taxpayers every year. As the IRS gears up its team of aggressive tax collectors to go after unpaid back taxes and income taxes, it is also making efforts to help taxpayers
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Recently I was featured in CPA Magazine along with an elite selection of other top CPAs and tax experts to offer tax help and advice to taxpayers like you to prepare for the upcoming 2010 tax return filings. In light of the fast-approaching 2010 tax season, I want to draw your attention to a few things that you need to know about new IRS regulations for tax preparers.
If you didn’t
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As the tax season of 2010 is underway, taxpayers need to be very careful about what kind of tax deductions they are planning to claim.
Since the IRS is stepping up its aggressive collection efforts, it would be unwise for taxpayers to claim deductions that they cannot substantiate with evidence or claim deductions that are not compliant with the IRS tax filing regulations.
If you do find yourself in IRS trouble, there
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Some taxpayers can expect to get a visit or a courtesy letter from the IRS this tax season–but not necessarily because they are being audited. This time around, the IRS wants to reach out to taxpayers in order to give them tax help advice on how to avoid tax problems.
These letters and IRS personal visits are targeted to educate taxpayers on the tax filing rules and also potential IRS penalties.
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A tough year calls for tough measures. The IRS knows this better than anyone and is not afraid to show its aggression with the increasing audit rate.
Nearly 1.4 million Americans were audited in 2009, which equates to 1% of all tax returns filed. Even if you can’t pay your back taxes, you can settle your debt by negotiating a reasonable monthly IRS payment plan or an offer in compromise settlement
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As taxpayers are getting ready to file their 2010 tax returns, an important thing to remember is to only claim deductions that you can substantiate with evidence. This is an easy way to avoid incurring the wrath of the IRS–do not deduct “business” expenses that are personal!
I have blogged about many cases before where individuals were subjected to IRS penalties for falsely claiming business expenses as a part of their
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Some taxpayers make the mistake of believing that if they can get away with tax evasion, then it’s worth the risk to save the money. However, as the IRS steps up its game to collect more taxes, it’s beginning to get more risky and less worthwhile to do so.
A common problem I hear from my clients is that they want to pay their taxes but don’t have enough money.  As
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As a Certified Tax Resolution Specialist, I’ve seen how rough the last couple of years have been for tax cheats in the United States. But the bad news is the IRS has plans to put even more pressure on tax cheats in 2010.
For middle-class tax cheats, there was the Caribbean scheme. U.S. taxpayers living in the United States would stash their money in a Caribbean bank account, then link that
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The Internal Revenue’s compliance department found trouble in the back yard. As of Sept. 30, more than 276,000 federal employees and retirees owe $3.04 billion in back taxes.
Federal workers had an overall delinquency rate of 2.9 percent. The Department of Housing and Urban Development boasted the highest delinquency rate among employees at just over 4 percent.
“It’s not right for a few to shirk their obligations, and it’s especially offensive that
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Many taxpayers facing the tough year of 2009 may find themselves unable to pay their full taxes in 2010 or unsure about how to resolve the back taxes that they already owe. This is why it’s a pleasure for me to sit down with people like Scott Mason of KROQ to share some free tax help advice to listeners.
Right now we are seeing some real desperate situations where many people
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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
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I always say that the best negotiation advice is: Every one walks away a little “hurt.” Even if you can’t pay your back taxes, a Certified Tax Resolution Specialist who is a tax attorney or CPA, can give you the help you need to settle your debt including negotiating a reasonable monthly payment plan or an offer in compromise settlement that pays a fraction of what is owed.
When fighting
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I recently appeared on the Big Biz Show with Russ and Sully to talk about the new top 500 list that the Swiss Government released to the IRS. The first 500 people who made it on the “Swiss Cheese List” are now under IRS scrutiny for tax evasion charges–many facing IRS penalties up to $2.3 million or ten years in prison for FBAR violations ($2.1 million for failure to report
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It’s comforting to know that despite the weak economy, there are still people out there making charitable contributions. In times like this, it is important for charitable organizations to be familiar with their tax benefits so that they can most efficiently donate their funds without encountering IRS problems.
Read on for tax help tips and advice for charitable organizations on how to plan their taxes to welcome 2010:
CCH (http://tax.cchgroup.com) reports:
Despite the
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