Reasonable Cause. 2553 Election For a Sub S.

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So, do you want to know the number one reason the IRS gets for not filing the 2553 election for a sub S corporation on time?

Of course, blame it on the accountant or attorney.  An off the record agent told me  the number one reason was that there was a mix up between the professional and the taxpayer. Does it work? Probably, if it is true and can be documented.

Usually, the sad part about this, it is the truth. Make sure that S election is filed timely.

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When the IRS Knocks at Your Front Door.

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So what do you do when love knocks on your door?  When you get a knock on the door and in your driveway is a car and a badge you have never seen before, it is most likely an IRS agent. How many doors I have knocked on. The looks, the expressions, the confessions. You get everything. As a person who has knocked on thousands of doors, the number one rule for you is to be as nice as you can. Then after that, “may I have my representative give you a call”?  Be friendly, but offer no information. There will be time for that later but now is not the time. Also, get the agent’s card and let them know you will be attentive to the request and that you will call them back the following day. They are trying to close their case.

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How Long Should I Keep My Records For???

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Let’s hear this straight from the horse’s mouth, the IRS. How long should I keep my records? You must keep records so that you can prepare a complete and accurate income tax return. The law does not require any special form of records. However, you should keep all receipts, cancelled checks or other proof of payment, and any other records to support any deductions or credits you claim. Keep them in a safe place. If you have to, scan them and keep the disc in a safe place. You must keep your records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, you should keep records that support an item of income or a deduction appearing on your return for at least 3 years from the date you filed the return. If you omitted income or need to establish basis for property, you will need to keep records even longer. In addition, you generally have 3 years from the date you filed your return, or 2 years from the … Continue reading

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The IRS Charges a Fee For Installment Agreements.

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If you get an agreement by the IRS approved, a one-time user fee will be charged. The user fee for a new agreement is $105 or $52 for agreements where payments are deducted directly from your bank account. For eligible individuals with incomes at or below certain levels, a reduced fee of $43 will be charged and is automatically figured based on your income. This is a normal processing fee.

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How many Tax Returns go unfiled each year?

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Take a guess………………………… 1. 1 million 2. 2 million 3. 3 million 4. 4 million The correct answer is closest to number 4.   Yes,  4 million  returns that the IRS must issue a formal report to the taxpayer.

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Federal Tax Lien Activity.

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One of the questions that comes up is the one of  “how many” of this or that. So here is a fact in case you are on the millionaire show. How many Federal Tax Liens are filed a year? Answer in 2008, around 700,000. The number seems to grow around 20% a year. Liens are usually not released until the tax is paid in full.

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How Often Does the IRS Actually Make a Physical Seizure of Property?

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This may surprise you. Their bark is worse than their bite. In 2007,  the IRS seized nationwide, 676 hard assets. Why is this number so low? The government makes it very difficult for its revenue officers in the field to actually make seizures. The stuff they have to go through and the paperwork is overwhelming. The agent must have a real solid case and you must be terribly delinquent for the government to take action. They go to great lengths to work out deals so that seizures do not have to be made.

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Have a College Student?

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Tax Credit for the First Four Years of College. The American Opportunity Credit can help parents and students pay part of the cost of the first four years of college. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student. Taken from the IRS.GOV site

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Offers in Compromise, Numbers and Facts.

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It may surprise you, but the number of offer’s in compromise being filed has dropped over the last couple of years. In 2005, just over 74,000 offers in compromise were filed. In 2007, only 46,000 were received. Why the drop???  The writer believes that the tax industry got the message not to send in a mess. Most of the offers that were filed were sloppy to say the least. The IRS has standards and people were ignoring them. Commercialism has hurt this industry because of unethical people trying to pick up a buck. Companies need to realize these are real people with real tax problems. The problem is to be taken serious. Look for experienced people working your offers in compromise.

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First Time Home Buyers Want Credit = Do not file Fraudlent Claims

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    First time home buyers beware, December 1st is your date, but do not try to fool the IRS with a false claim. The IRS has 25 criminal investigations going on at the present time because the 5405 form is so easy to fill out. The IRS is on the lookout for individuals playing games by trying to put in false claims. They have a specialized program with triggers in place for those who want to mess around with them. With the computer age, verification is so much easier. Beware.

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