Monday 25th of September 2017 6:58:50 PM

Posts Tagged ‘offer in compromise’

  • Highway Use Tax Coming Up

    Monday 26th of August 2013 11:33:50 AM

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    If you are a the owner/operator for a commercial vehicle weighing greater than 55,000 lbs then you should know by now that the Highway Use Tax is due on September 3.   This gives tax payers an additional 3 days to pay the tax.  Normally it would have been due on August 31 but since that falls on a Saturday the IRS has allowed for an additional 3 day extension with no penalty.

    The form to be used in this case is FORM 2290.  Although tax payers have the option to manually fill out the form and mail it in, the IRS encourages tax payers to submit it electronically.  Also, if you are reporting more than 25 vehicles at once it is mandatory that you do e-file.

    To read more about this story visit the IRS at http://www.irs.gov/uac/Newsroom/Reminder:-For-Most-Truckers,-Highway-Use-Tax-Return-Due-Sept.-3

  • 911 Tax Relief Releases NEW National Commercial!

    Friday 23rd of August 2013 10:34:07 AM

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    911 Tax Relief Releases NEW National Commercial!

    You can view the new commercial HERE!

    As always 911 Tax Relief has helped clients save millions of dollars on IRS and State tax debt.  You can get a FREE tax debt evaluation by calling 1-866-499-1156 or visiting www.911TaxRelief.com!

  • Real Housewives of Tax Evasion

    Tuesday 30th of July 2013 12:21:16 PM

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    Seems as though celebrities can’t keep themselves away from the spotlight even if it means being indicted on 39 counts of fraud and tax evasion.

    This morning in New Jersey, ‘Real Housewives of New Jersy’ stars Teresa and Joe Giudice were set free on a combined $1Million bond after Judge Cathy Waldor indicted them on fraud charges.

    Neither Joe or Teresa are allowed to leave the country or even travel past New York and New Jersey. To ensure this Judge Cathy Waldor ordered them to give up their passports!

    Forty-one year old Teresa her 43-year-old husband are accused falsifying their income in order to obtain several loans. This occurred prior to the reality TV show in 2009.  They also falsified financial records when filing a bankruptcy.

    To read more about this story see http://www.nydailynews.com/entertainment/gossip/real-housewives-stars-court-article-1.1412468

  • Sales Tax Holidays Coming Up

    Friday 26th of July 2013 3:45:30 PM

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    Many states will soon be having their sales tax holidays. During these particular days sales tax will not be imposed on purchases. Yes, that means what you see on the sales tag is what you will pay, no more.  The best part, if you are planning on back-to-school shopping, wait until August because most states’ sale tax holiday begin then!

    Here is a list of all the states’ sales tax holiday dates. Unfortunately not all states honor a sales tax holiday! If you are lucky enough to live in one of the listed states then take advantage!

     

  • Beware of Fake IRS Websites

    Thursday 25th of July 2013 10:56:18 AM

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    With tax and identification fraud on the rise, the IRS issues warnings to be cautious of fictitious IRS websites.  Apparently there are quite a number of website wannabes that are solely in place to steal taxpayer information.  These phony websites have been known to be apart of tax scams to collect vital information such as social security numbers along with addresses and other financial information. Don’t let yourself fall victim to these scams.

    The actual website for the IRS is www.IRS.gov .  There is no .com, .net, or .gov.  Please use caution when submitting any personal information to any site.

    You can visit www.IRS.gov for more information about phishing.

  • Payroll Companies Busted!

    Wednesday 17th of July 2013 11:48:28 AM

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    Most US employers subcontract payroll and associated tax responsibilities to intermediary payers such as payroll service suppliers.  If the company that is being outsourced is trustworthy they can help employers tremendously by collecting and consigning payroll taxes (on behalf of the employer) in a judicious manner.

    Most of these third-party payroll companies generally provide good and on time service however, lately there has been a number of these payroll companies that have been prosecuted for pilfering the funds planned to pay payroll taxes.

    If you are concerned about protecting you and your business against crimes like this you may visit the IRS website for more information. You can also see a list of successfully prosecuted payroll companies here.

  • Goodbye DOMA, Hello Tax Refund!

    Friday 28th of June 2013 10:44:34 AM

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    This week has been monumental for same sex marriages with the abolition of DOMA ( Defense of Marriage Act). The federal government will now recognize same sex marriage as well as welcome the unions to joint taxes, retirement, estate and employee benefits.

    Due to the ruling finding DOMA unconstitutional gay/lesbian couples may now take another look at their already filed tax returns. Thanks to the Supreme Court ruling same sex couples might have the opportunity to amend their US tax returns, provided they live in states that recognize same sex marriages! That means that nearly 100,000 tax returns may need to be amended!

    Same sex couples are waiting for guidance from the IRS. They are looking for answers as to how to proceed.  Currently the IRS defines a married couple as “husband and wife.”  There is question as to whether that term will be adjusted due to the legalization of same sex marriages.

    See More….

    Reuters

    USA Today

    CS Monitor

  • IRS Relaxes Offer in Compromise Regulations

    Monday 13th of August 2012 8:55:42 PM

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    IRS recently announced that they are relaxing the rules of the Offer in Compromise (OIC) so that more taxpayers can take advantage of this tax debt help program.

    OIC have series of regulations that will enable tax payers to pay off their balance taxes in a lesser amount with the IRS, and in some cases others can settle their tax debt in pennies. IRS modified some of the taxpayers eligibility requirements to obtain OIC.

    » Read More

  • High Dollar Cases Are Going to the Field: Meaning More Scrutiny, Aggressive Collections and Quicker Resolution

    Wednesday 02nd of November 2011 6:00:05 PM

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    This is HUGE news, Beginning, October 1st (yes it has already begun), the IRS is transferring all cases that were previously handled by the “High Dollar Unit” to local Revenue Officers out in the field. High Dollar cases are tax problems with more than $100,000 owed. You can expect an Army of very ambitious Revenue Officers to start aggressively collecting and make a name for themselves.
    So, the Offer in Compromise cases that were handled locally are now going back to the central Offer in Compromise units in Memphis and New York. The Army of IRS agents that handled these cases locally will now be assigned to the infamous High Dollar cases going out to local offices around the country. Again, this is a game changer and we can expect a lot of new activity.
    Essentially, the High Dollar Unit and the OIC Unit switched jobs. Now the High Dollar Unit cases are going to be handled locally in the field by Revenue Officers in offices close to where you live, scary. You can be certain about one thing, these cases are going to be handled swiftly and scrutinized more than ever. One positive is for clients that hire 911Tax Relief, we will be dealing directly with a person locally and have the opportunity to show the human side of the case that can make all the difference in the world.

  • Offer in Compromise “OIC” Basics You Should Know

    Tuesday 01st of November 2011 5:39:00 PM

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    Before we get start with this topic keep in mind there are 3 types of OIC’s. With that said an Offer in Compromise, OIC is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the total amount owed. Minus particular circumstances that the IRS accepts, an offer will not be accepted if the IRS feels the tax liability can be paid in full as a lump sum or through an IA, installment agreement.
    Typically the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential. The uses the RCP to measure the taxpayer’s ability to pay the back taxes. This will calculate specific values that may be realized from the taxpayer’s assets which include cars, real property, bank accounts (accounts the tax payer is linked to can be considered as well), equity in businesses as well as other property that have assessed values. Of course basic living expenses are factored in but anticipated future income is also considered.
    OICs – 3 Different Types Based on Specific Circumstances
    1. Doubt as to Collectibility
    2. Doubt as to Liability
    3. Effective Tax Administration

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