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Posts Tagged ‘tax resolution services’

  • IRS Opens Online Registration for FATCA

    Wednesday 21st of August 2013 4:45:39 PM

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    The IRS has officially opened the online registration for the Foreign Account Tax Compliance Act (FATCA).

    The system was designed for financial institutes that are required to register with the IRS to meet FATCA responsibilities.

    The application is a web based service with 24 hour accessibility.

    Starting in January 2014 the IRS expects all financial institutions to be registered with this application.

    For the full story you can visit http://www.irs.gov/uac/Newsroom/IRS-Opens-Online-FATCA-Registration-System

  • 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.

  • Energy Efficient Appliances Equal Tax Credit

    Monday 15th of July 2013 10:52:15 AM

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    Did you know that you can receive a tax credit directly from the IRS for having energy efficient appliances?  The tax credit applies to energy efficient dishwashers, clothes washers, and refrigerators manufactured after December 31, 2010.  You may claim a credit for each individual appliance.

    Tax credits range from $25 to $225 but there are certain stipulations and limits.

    You can read more about this and other IRS issues 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

  • A Responsible Taxpayer

    Wednesday 12th of September 2012 5:59:28 PM

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    Heads-up to everyone, processing tax returns is a very crucial step in avoiding the claws of IRS. As a responsible taxpayer, it is a must to understand the policies of IRS in implementing their tax collection. Fortunately nowadays, there are several options for taxpayers to manage and settle their tax issues and one of them is by seeking the services of a tax representation company like the 911 Tax Relief.

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  • IRS Tax Problems

    Thursday 01st of December 2011 6:39:22 PM

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    Tax Problems?
    Millions of Americans today owe back taxes to the IRS. Unfortunately, when you owe back taxes regardless of the amount, the IRS will eventually put you into collections which starts with letters and leads to wage garnishments, bank levies, liens and so fourth. Once IRS issues get this far, you need help (or if it has not got to this point be proactive and seek help).

    Again from the IRS imposing tax liens to bank levies, wage garnishments to the IRS closing your business (if you are a business owner and / or seizure of your assets. The IRS is powerful at collections and has lot’s of collection tools that in many cases destroy individual, business and family finances. The good news is taxpayers also have a tremendous amount of tax resolution tools should you decide to exercise your rights. With the help of a tax resolution professional, you can keep the devastating effects from the IRS to a minimum and delay processes as needed. Here at 911 Tax Relief we feel it is our job to help you explore your options by listening and understanding your unique tax and current financial situation.

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  • The IRS Can Increase Collections By Reducing the Time Between Balance Due Notices

    Tuesday 08th of November 2011 11:32:02 PM

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    WASHINGTON — The Internal Revenue Service (IRS) could potentially collect additional revenue each year by reducing the time elapsed between notices it sends to taxpayers who owe taxes, the Treasury Inspector General for Tax Administration (TIGTA) concluded in a report publicly released today.

    The IRS sends a series of balance due notices to taxpayers with unpaid tax liabilities. TIGTA determined that the first notice was the most effective notice by a wide margin because the first notice closed the most cases, collected the most money, and generated the most taxpayer responses.

    » Read More

  • Don’t Fall Prey to Tax Scams – IRS Tax Tips

    Monday 07th of November 2011 4:38:08 PM

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    Annually, the IRS classify a list of common tax scams called the “dirty dozen.” The IRS attempts to educate taxpayers about the scams that can end up causing them great financial harm and future stress. The list will serve as their reminders for their taxpayers to be very careful in handling their own tax return. Be guided with an old saying – “If it seems too good to be true, it probably is.”

    » 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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