How can I settle for Less with the IRS?

How can I settle for Less with the IRS?

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If you are like many taxpayers you are bombarded day in and day out with ads targeting a select group of individuals. You may hear “Settle for pennies on the dollar” , The “Fresh Start” Program, or most commonly known the Offer in Compromise.

But what does all of this mean? Read more

1099 and Small Business Owners Beware!

1099 and Small Business Owners Beware!

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1099 and Small Business Owners Beware!

The IRS has been complaining of cut backs and being short staffed for years. For the first time in years, they “found” some money in the budget. Due to workers ageing out of the system and other departures, John Koskinen, IRS Commissioner, states they now have the funds in their budget to hire 700 new employees.

What does this mean for me? Read more

Online gambling and how it effects your tax return

Online gambling and how it effects your tax return

Online Poker Players: Beware!

Most taxpayers that are into gambling action are aware of gambling wins and losses and how they are reported on a tax return. What you may not be aware of is a new case that may set precedence to require you to report funds in foreign gaming accounts. Read more

dontbeafraid

The word Audit just got more intimidating!

Admit it, the word AUDIT is very scary. No one wants to receive a letter that says: Hey! we are not so sure about what you claimed on your return, we’d like to “take another look.” Now the burden of proof is on YOU! Did you keep great records? If so, will they stand up to the heavy standards of IRS? Do you understand the tax law or did someone else help you with the return? No matter the answers to those questions the fact still stands, the IRS has your number.
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How can the the IRS improve installment agreements?

How can the the IRS improve installment agreements?

gonnaneed

IRS Urged to Improve Direct Debit Installment Agreements to Avoid Taxpayer Defaults

Many times I get a call from taxpayers who were previously installed into a payment arrangement with the IRS. They call for help because their payment plan defaulted. This causes many different problems for taxpayers. One the IRS may not reinstate the plan and requires a large sum of money put down to enter into a new plan. The state of Maryland can flag your driver’s license and make you pay upwards of 25% down of your entire debt. Read more

Bill-of-Rights

Your Basic Rights as a Taxpayer

Bill-of-Rights

Taxpayer Bill of Rights

Every taxpayer has a set of basic rights that they should be aware of when dealing with the IRS for any matter. Below are a few brief descriptions of the rights and what they mean.

#1 The right to be informed
The right to be informed means several things. The tax code is very complex, and with years of study, is still not mastered by many. So what does the average person have to do to understand and be informed? It is IRS and their representatives duties to make sure forms are explained and how to comply with the tax code is made very clear to all taxpayers. If you don’t understand something, ask for clear explanations. Read more

IRS Payment Agreement

Understand Your IRS Agreement So You Can Avoid Default

What Is an IRS Installment Agreement?

The IRS works with taxpayers to develop installment agreements that allow them to pay their delinquent balance over time and get back into compliance with both the IRS and the State of Maryland. If you enter into one of these installment agreements, you can choose how much you pay each month as long as you pay off the full amount within six years.

Installment agreements offer a great opportunity for you to pay your taxes in full on a set timeline, and they can help you avoid liens, levies, garnishments, and other potential negative consequences. However, making late payments or missing payments altogether can put you into default, which can lead to trouble.

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Do tax preparers know what they’re doing?

Do tax preparers know what they’re doing?

The article was originally published in The Daily Record.

Consumer groups pushing federal and state lawmakers for certification and education

By: Bloomberg Ben Steverman February 16, 2016

For several years, researchers have been sending people into tax preparation offices to test the quality of the work. The results have been scary:

* A tax preparer in North Carolina wasn’t sure what to do with one client’s dividend income form. She decided to just ignore it. Read more

First Time Penalty Abatement

First Time Penalty Abatement

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The first time penalty abatement or FTA was introduced almost 15 years ago. Despite its long time in existence, it is almost never taken advantage of by most qualified taxpayers. Read more

haven't-paid-taxes

I haven’t filed in years please help!

It is nothing to be ashamed of, millions americans fail to file taxes every year. Most of my clients have not filed taxes in over ten years or more.

But what can happen if you don’t pay taxes?

The answer is a lot can happen. The IRS can legally seize your home, business, assets, future tax returns, garnish your paychecks, levy bank account, place a lien on your home, prevent you from getting a license and possibly bar you from renewing your passport. Read more