Financial Advisor

While an Injured Spouse could get relief if the Internal Revenue Service keeps a joint tax refund because of the debts and obligations of the other spouse, an Innocent Spouse could get relief if the other spouse falsifies information on a joint return. This could include unreported income or improper deductions. In order to qualify, you must not have known, or had any reason to know, about the false reporting. The intent behind this program is to prevent you from unfairly being held accountable for a spouse’s actions. Continue reading ‘Quick Overview of Innocent Spouse Relief’ »

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Taxes are utilized to benefit the whole citizenry. Tax collections support health care services, national defense budget, social services, and many more. To ensure a balance and continuous revenue, the federal government encourages taxpayers to responsibly pay in time. Otherwise, the law imposes penalties to all non- compliant individuals. To avoid tax problems with the Internal Revenue Service (IRS), it is highly recommended to file tax returns ahead of time.

Most of the citizens would probably undermine paying of taxes, failure to pay and its corresponding penalties. However, the government recognizes it as stealing from the national and local budget and so must be penalized by law. The deadline for filing income tax returns is on the 15th day of April. Failure to comply with payment means accumulation of debts to your account. The IRS begins to penalize you with interests and penalties on your unpaid taxes on April 16. Then your tax problems begin to amass. Continue reading ‘Avoid Tax Problems, File Tax Returns ASAP!’ »

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Many taxpayers are unable to meet their federal tax obligation for a variety of reasons and therefore find themselves in trouble with the IRS. When this happens there are a number of different solutions available in settling the issue but first there are some things to consider in deciding how to approach the problem. There are three main approaches and they are each outlined below.

Approach Number One – Ignore the problem. This is the worst approach of all and will only lead to further problems. The IRS may seem slow to act at first compared to what we as consumers are used to and that can give the taxpayer a false sense of security. However, on the contrary, phone calls or emails can begin from a commercial creditor very shortly after a payment is overdue. That being the case a customer will know very quickly that they are being pursed for what they owe to the creditor. Continue reading ‘Having Problems With the IRS? Here Are Your Options’ »

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Cost Segregation is a hidden jewel in which the IRS gives you, the property owner; an opportunity to maximize the return on your investment. Cost Segregation has been around since JFK signed it into law to help stimulate the economy back in 1963. Then in 2008, it was extended to go back five years instead of two, as part of the stimulus plan. That expired in September 2010; all property owners should be looking into Cost Segregation, because you can still go back two years to recapture over paid taxes.

A cost segregation study will identify items that can be properly classified as tangible personal property or land improvements; rather than real property that is depreciated over 27.5 or 39 years. The resulting tax benefits begin in the quarter the study is complete and continue throughout the depreciable life of the identified assets. Most fortune 500 companies use this in their tax strategy. Continue reading ‘Lower Your Taxes!’ »

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If you are among the millions of Americans who filed an IRS income tax return extension, it’s time to start thinking about tax returns again. If you own a business, your corporate returns are due September 15; your personal tax return is due October 15. If those dates fall on a weekend, your returns are due the following Monday.

This is an ideal time for you to begin organizing your tax records for next year–if you haven’t already. This will help you file or efile your taxes on April 15 next year–which can be highly beneficial if you are due a refund. Continue reading ‘Keep Complete Records to Reduce Stress From Your IRS Income Tax Return’ »

Owe IRS – IRS Financial Statements 433A, 433F, Seen through the eyes of IRS Agents -

IRS Insider

As a former IRS Agent and Instructor at the Regional Training Facility, please be aware that IRS Agents are trained to find errors and misstated facts on the financial statements turned over to IRS to settle collection cases.

These financial statements are Forms 433A- which is used primarily by Revenue Officers out in the field, and Form 433F used exclusively by the ASC Unit at the different IRS call centers. Continue reading ‘IRS Financial Statements Seen Through the Eyes IRS Agents’ »

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With the economic climate what it is today, many taxpayers owe back taxes that they are unable to pay. A taxpayer faced with this situation should be well aware that the worst response is to ignore the problem and hope that it will go away. The consequences of disregarding tax deadlines can be severe and, with more and more resources being allocated to the IRS for enforcement and modernization, it is going to be increasingly difficult for taxpayers who have not filed or already have an outstanding tax debt to remain under the radar. The best course of action is always to meet tax filing deadlines and then make maximum use of the use of the programs offered by the IRS to help when the funds to pay the full amount of the tax bill are unavailable. In fact, a series of new policies and programs to help taxpayers who cannot pay their taxes have recently been initiated. However, these options are numerous and can be complex and confusing so a taxpayer may be best served by contacting a tax settlement professional to help determine the best course of action.

The Consequences of Not Paying Your Tax Bill

When no tax return has been filed, the IRS has the authority to use information from other sources in order create a substitute tax return. This document, called a Substitute for Return, is an educated guess as to the dollar amount of taxes owed and is used to begin collection efforts. Since it does not include exemptions and deductions to which the taxpayer may be entitled, the estimated tax liability shown on the substitute return is usually greater than what is actually owed. Continue reading ‘How to Handle Tax Debt’ »

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Here are some FAQ’s on Tax Liens. This may help you better understand what they are, why they are issued and how they can be released.

Q: When a tax lien is placed on a property, how does someone know?

A. You will know that the IRS has an issue with a liability when they send an assessment and want payment immediately. You then have ten days to make a payment. Failure to address that issue will cause the IRS to begin the process of a federal tax lien. You will receive, by mail a notice from the IRS that it has been filed.

Q. What effect does a tax lien have on me?

A: As soon as it is filed all your creditors are notified greatly affecting your credit report and credit score and the IRS has claim to your property above any creditors. Now that a lien is being placed and all creditors are aware, it makes it very difficult to get any type of credit extended. If you pay the debt, you can request that the tax lien be removed from your credit report. Continue reading ‘IRS Tax Liens – FAQs’ »

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If you have offshore financial activity, the Internal Revenue Service (IRS) asks that you come forward with voluntary disclosure of this information. Taxes are required to be paid on the activity and coming to the IRS voluntarily eases much of the pain on both sides to get the taxes paid and the matter closed. This is done through the Offshore Voluntary Disclosure Program that the IRS offers each year. Yet, many choose to not participate with dire consequences once the IRS begins to examine them.

Detailed Examination
Whether you participate in the Offshore Voluntary Disclosure Program or not, you will have your offshore financial activity looked at. The difference is how the IRS approaches it. It can be extremely in depth when you try to avoid letting the IRS know of your financial activity. Continue reading ‘Results of Avoiding the Offshore Voluntary Disclosure Program’ »

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One of the IRS’s major taxation groups is individuals with rental income. Small scale rental business is huge in the U.S. and definitely has a significant impact on the taxes collected every year. For this reason, the IRS and other tax authorities keep scrutinizing and reevaluating rental business to ensure that all landlords pay their full dues to Uncle Sam. Some of the recent developments in these areas of rental income are given below:

The Tax Reform Act of 1986

The Tax Reform Act of 1986 was introduced to try and curb the excessive misuse of tax provisions to avoid paying taxes for rental property income. There were many rental properties that made losses continually and used the losses against future revenues. The Act introduced the Passive Activity Loss (PAL) that was losses made from such activity like rental property. The Act placed a limit on the deductions on the amount of loss from rental income. However, as part of the implementation of this ACT of 1986, the IRS has made adjustments to the Form 8582, Passive Activity Loss Limitations, that captures the Reform Act. The adjustments to this form will take effect in the 2011 tax returns and will require individuals with rental losses even from prior years to submit the form with loss details. Continue reading ‘The IRS Seeks to Increase Monitoring of Rental Income’ »

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