Attempting to get personal or business finances in order, after neglecting them for a period of time, can seem like a daunting process. January is a prime time to make a resolution and create a plan.
The Office of Management and Budget released the President’s Budget for Fiscal Year 2016 on Monday. The proposal is very detailed in its suggestions for changes to the tax code for individuals, businesses, international taxation, and gift/estate taxation. Below is a specific list of notable items:
Impersonating the IRS is not as uncommon as one might think. IRS impersonators are generally calculating, convincing, and overly informed regarding intimate information about their victims.
For taxpayers, the fact that the IRS merely collects on laws they often did not promulgate can be used as leverage when negotiating with IRS, as they may not be quite so committed to their stance as they would be if they had created the law they are enforcing. This article in Forbes discusses some key points to keep in mind when negotiating any sort of settlement with the IRS.
The article below details the proposed laws regarding passport restriction and travel for those that owe the IRS more than $50,000 and are delinquent in their payment status or who have not entered into a collection alternative, i.e. compliance.
A Tax Preparation Firm in the United States retained representation for tax resolution services with our organization after an investigation by the IRS culminated in a $90,000.00 penalty for failure to meet earned income tax credit due diligence requirements.
The IRS now resorts to indirect, ancillary methods to assist with the assessment and collection of tax due. This article explores three such methods identified recently by the National Taxpayer Advocate.
“Once upon a time . . .” is how most fairy-tales begin. There are generally no fairy-tales to speak of when dealing with the federal government, but if there was one, it would definitely be the Offer in Compromise (OIC).
This article explores three methods identified recently by the National Taxpayer Advocate.
Most procedural opportunities to stop or delay collections present themselves soon after the tax debt is assessed. As a result, engaging professional help for IRS debt settlement sooner than later is absolutely crucial.
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