by steve | Jan 24, 2012 | Back Taxes, IRS Payment Plans
IRS Payment Agreements, IRS Installment Agreements, Payment Plans – Making Payments to the IRS on your back taxes
After 10 years of working for the IRS and over 28 years of private practice do not expect the IRS do you any favors if you are seeking a IRS payment plan, installment agreement or a pay off plan. IRS will always do what is in their best interest and that is NEVER in your best interest.
Keeping that in mind and hire a good tax professional so you do not get bullied around.
If you are trying to get a Payment Agreement, Installment Agreement, Payment Plan with the IRS and you do not fit into the National Standards that the IRS insists on you will want to read about the one year rule.
Most taxpayers have no idea what they are doing when they call the IRS and want to set up a payment agreement, installment plan, or a payment agreement.
There are so many options available to them and that’s is why it is best to call a experienced tax professional.
There are five different types of agreements, payment plans and IRS will put you only into the agreement that they feel is best for the IRS.
The IRS is not looking for your best interest in this tax matter, they are only looking what is in the best interest of the federal government and as a result taxpayers get ripped off by not understanding all the rules that govern agreements.
With this now said there is a IRS one year rule that helps the taxpayer.
Most taxpayers when they call the IRS do not met the national standards tests for income and expenses. Something is always out of balance. IRS will say that is too bad and try to extract money from you that you just do not have.
You should be very familiar with the National Standards Test before calling IRS. You can check out more on our site.
The one year rule for payment plans or Installment agreements can work to help you.
One Year Rule: Insist in this and do not be bullied!!!
Taxpayers who cannot full pay their accounts within five years may be given up to one year to modify or eliminate excessive necessary expenses. By modifying or eliminating some conditional expenses, a taxpayer may be able to full pay the liability plus accruals within the five-year limit. This would enable a taxpayer to retain some conditional expenses.
Reminder:
The One Year Rule is not applicable to corporations, partnerships, Limited Liability Companies (LLC) where the LLC is identified as the liable taxpayer, or any Business expenses.
So when the IRS tells you your car payment is to high or your rent or mortgage is too much ask to speak to the supervisor and request the one year rule.
IRS Payment Agreements,Installment Agreements, Payment Plans call us for more information today.
by steve | Jan 12, 2012 | IRS Tax Audit
Did you recently get an IRS Tax Audit Notice? Not to worry!
If you have received an IRS tax audit notice, do not panic, this is not the end of the world. Fresh Start Tax has a combined 205 years of professional tax experience and over 60 years of working directly for the IRS in the local, district and regional offices of the IRS.
Persons receiving these tax audit notices are usually freaked out when calling our office. Just relax and take a deep breath, it is not going to be as bad as you think as long as a true tax professional is handling your case.
There are generally two types of IRS tax audits, office or field audits and mail correspondence audits.
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by steve | Jan 12, 2012 | Tax News
Stick it to us IRS.
Congress has shortcut the IRS making it harder to us normal taxpayers to fight fraud and collect monies from delinquent taxpayers.
As Nina Olson, National Taxpayers Advocate put it, there is a imbalance between its workload and its resources is becoming unmanageable.
Collections from IRS tax audits are down over $4 billion since last year with the exact same amounts of Agents working cases.There has been no explanation from the IRS why the decline of $4 Billion from last year.
Also tax fraud is at a all time high , up over 70% from last year. Most of the fraud comes from phony taxpayers filing fraudulent tax returns from taxpayers with stolen identities and social security numbers.IRS handled more than 226,000 cases of identity fraud in 2011, a 20 percent increase over 2010.
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by steve | Jan 11, 2012 | IRS Tax Audit
So, what are the chances of you getting audited by the IRS?
The results have just been posted by the IRS and the odds of you getting audited by the IRS are 1.1%
Oddly enough the numbers are identical to last year.
Internal Revenue Service has just over 13,800 Revenue Agents and tax auditors responsible for enforcing the tax laws for 2011, with that said the Examination Division was responsible for assessing and collecting just over $12.40 Billion dollars last year.
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by steve | Jan 10, 2012 | Income Tax Preparation
With so much tax fraud around and thieves trying to pick up easy money, hundreds of these scam artists prey on taxpayers seeking large refunds. These thieves will promise you the moon and tell you anything to get there hands on your refund check.
Jail cells are lined up with these thieves.
Stop and think, do you homework before choosing a income tax preparer. It will save you money, give you piece of mind and never lose sleep.
How to Choose a Tax Preparer
Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s very important to choose your tax preparer carefully.
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