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
[Read More]

It’s tax season – the perfect time to resolve your tax probelms and get your IRS questions answered!
I’ve received several questions in the past few weeks asking about cancellation of debt and taxability. Below is a good summary from the IRS website.

Topic 431 – Canceled Debt – Is it Taxable or Not?
In general, if a debt for which you are personally liable is canceled or forgiven, other than
[Read More]

In attempts to close the tax gap, the IRS is increasing tax compliance and aggressively taking action against tax cheats and tax promoters. As the tax gap grows, more Americans than ever will be facing audits and the IRS will be re-asserting it’s position on individuals who maintain frivolous arguments for not paying their taxes.
CCH (http://tax.cchgroup.com/) reports:
Sanctions were properly imposed on an individual who advanced a frivolous argument that he was not
[Read More]

According to a recent article in the Wall Street Journal, a push by the IRS to be more aggressive with wealthy taxpayers means that it’s critical to know the common tax audit red flags.
The IRS has been strongly disputing a report this week from the Transactional Records Access Clearinghouse that says audits of the wealthy Americans have significantly dropped off.
Taxpayers who make more than $10 million a year or more
[Read More]

Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
[Read More]

I was recently interviewed by My Business Magazine for an article titled “Tools of the Tax Trade” – about how technology can help us take control of tax documentation.
Taking Control of Your Business Finances – and Protecting Yourself From IRS Audit Penalties

Cool new products like the Neat Co.’s NeatReceipts handheld scanner has helped many taxpayers by making it easier and less time-consuming to keep track of thier expenses. NeatReceipts
[Read More]

Wanted to share some kind words from a client in Tacoma, Washington. We were able to greatly reduce her tax liability by negotiating a tax settlement with the IRS on her behalf.
I did not have time or the knowledge to deal with the audit and you helped us with all the details. You were very helpful and informative. The process was explained in detail and this made our experience overall
[Read More]

An Installment Agreement is a payment arrangement whereby the government allows a taxpayer to pay liabilities over time. Once a payment plan is established, the IRS will not take enforced collection action, including the levy of bank accounts or wages, as long as the taxpayer remains current with all filing and payment obligations. However, interest and penalties would continue to accrue until the outstanding balance is satisfied. Additionally, a tax
[Read More]

Today Bernie Madoff’s client list was made public revealing even more high-profile individuals defrauded by the $50 billion Ponzi scheme. Among the names disclosed today are John Malkovich, Barbara Bach (Ringo Starr’s wife), Kevin Bacon and Dodgers great Sandy Koufax.
What these fraud victims need to know is that they can recoup 30-40% of their losses if they take advantage of Internal Revenue Code Section 165. So if you’ve paid taxes
[Read More]

I was recently interviewed by Business Pundit blogger Lela Davidson. She asked me lots of great questions about small business taxes and how to avoid being an IRS target. I provided her with insight into important tax issues facing new businesses and how to avoid the big mistakes that many small business owners make.
There are many things small businesses can do to avoid getting audited. But if you still find
[Read More]

I’ve been talking about how we’re sure to see another surge in IRS enforcement with the growing government deficit.  With audits on the rise, the most important thing to remember this year is to make sure your tax return is accurate because you don’t want to take any chances with the IRS.
A recent article on bloomberg.com talked about how the IRS will be looking for every dime it can get
[Read More]

I recently appeared on The Frank Pastore Show on 99.5 KKLA where we discussed the IRS audit letter and the wrong and right things to do when you get that ugly thing in the mail. If you have not filed taxes in a long time and/or if you have received the dreaded letter from the IRS read this post!
Did you know it is a misdemeanor in this country not to
[Read More]

I have been running Tax Resolution Services, Co. for more than a decade now and the most rewarding part of my job is knowing that I have saved so many people from financial crisis and helped them turn their lives around.
Another thing I love about my job is traveling across the nation to appear at conferences and to be spotlighted as a tax expert on various TV and radio
[Read More]

The Wall Street Journal reported that the IRS has come under fire for mishandling mail audits by a senior agency official— who is questioning the effectiveness of correspondence audits. A typical mail audit requires taxpayers to send documentation for items claimed on their returns, such as deductions for charitable donations.
But according to Nina Olson, the Internal Revenue Service’s National Taxpayer Advocate, many taxpayers have faced needless stress and aggravation when
[Read More]

I just wanted to thank Bob McCormick at KNX 1070AM for his enthusiastic support for Tax Resolution Services. Bob covers the money beat and contributes reports about Wall Street, the economy, business matters for CBS 2 and KCAL 9 News. He is also the host of the popular “Money 101” on KNX 1070, where he examines the most relevant news affecting consumers and small business owners.
Here’s a little of what
[Read More]