JA is a married, successful IT consultant with 3 kids. His wife is a realtor and housewife. Throughout the years, JA formed a company to provide IT services in addition to wages and other self-employment income he receives. JA had not filed his individual tax returns for over 3 years and was being assessed approximately $75,000 in back taxes from... Read More
HR is a single real estate professional that buys, fixes up, rents and sells properties. HR received several IRS letters on the examination of his tax return. HR never responded as was being assessed over $90,000 in additional income taxes. Furthermore, the IRS expanded its audit to the last 3 tax years. HR also failed to file corporate tax returns... Read More
RB is an older, divorced wage earner that accumulated around $95,000 in back taxes after paying former spouse with accumulated retirement funds pursuant to settlement agreement. RB is in agreement with the amounts owed and has remaining retirement funds approximating $115,000 that the IRS would have otherwise taken in settlement of his tax debt. Furthermore, RB would be assessed additional... Read More
The IRS or Internal Revenue Service launched the Offer in Compromise program for the best interest of the government and the taxpayer. It supports voluntary agreement with potential tax payments and filing necessities. If you owe taxes that you won’t be able to pay either in a single disbursement or in installments, see if you qualify for an Offer in... Read More
Companies using QuickBooks, Peachtree or other popular accounting software have greater risk in IRS audits, or IRS examinations than ever before. Previous IRS Examination Procedures Previous to new IRS procedures, IRS examinations of Company records would generally be limited to the year of the examination. Prior year summary accounting information (income, expenses, assets, liabilities and equity by major classification) would... Read More
Taxpayers who can’t afford to pay income taxes often request a payment plan or installment agreement to pay their taxes. An installment agreement is a payment option for those who cannot pay their entire tax bill by the due date. Once an IRS Payment Plan (also known as an Installment Agreement) is established, the IRS will not enforce collection action,... Read More
Back in 2010, Congress enacted a 3.8% surtax to cover the cost of health care reform that takes effect in 2013 no matter what lawmakers do on the Bush tax cuts. The betting right now is that this will not be delayed when Congress agrees to extend the expiring tax breaks. So as you contemplate our year-end tax planning, keep... Read More
A really funny thing happened to me today in a tax audit. I’m a CPA who does much of his work solving IRS problems most any day of the week. Our firm represents taxpayers with tax problems before the IRS whether its correcting tax returns, settling back tax problems or representing taxpayers in an IRS audit. Today, I was representing... Read More
