by steve | Aug 26, 2010 | IRS Tax Advice, Tax News
Fresh Start Tax is one of the leaders in the tax resolution industry that is licensed to practice in all 50 States. We are one the highest rated TAX FIRMS among the Better Business Bureau.
The firm is compromised of tax attorneys, CPA’S, former IRS Agents, Instructors, and former Managers.
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Fresh Start Tax want you to know if you have received a IRS Notice, do not panic, call 1-866-700-1040
Eight Things to Know If You Receive an IRS Notice:
Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t?t mean you need to worry. Here are eight things every taxpayer should know about IRS notices ? just in case one shows up in your mailbox.
Don’t panic. Many of these letters can be dealt with simply and painlessly.
There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry.
If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
If you agree with the correction to your account, usually no reply is necessary unless a payment is due.
If you do not agree with the correction the IRS made, it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice.
Have a copy of your tax return and the correspondence available when you call, to help us respond to your inquiry.
It’s important that you keep copies of any correspondence with your records.
If your case has complicated issues call or video conference us today. 1-866-700-1040 You will not be disappointed.
by steve | Aug 22, 2010 | Tax News
IRS Announces New Return Preparer Application System and User Fee; IRS Also Releases Proposed Regulations to Amend Circular 230 Rules Internal Revenue Service today announced that a new online application system for compensated tax return preparers is expected to go live in mid-September. The IRS has proposed to require all individuals who receive compensation for preparing all or substantially all of a federal tax return or claim for refund after Dec. 31, 2010, to have a Preparer Tax Identification Number (PTIN).
Under the proposed regulations, compensated tax return preparers will need to obtain, or reapply for, a PTIN and pay a user fee using this new comprehensive system, which is part of a series of steps planned to increase oversight of federal tax return preparation. Tax return preparers will be creating PTIN accounts with the IRS when they use the new system.
This is an important first step because it lays the groundwork in our efforts to ensure the quality and integrity of professional tax return preparation, which most taxpayers rely on in one form or another,? said IRS Commissioner Doug Shulman.
Compensated tax return preparers would pay a $64.25 user fee the first year for a PTIN based on two underlying costs. The IRS proposes to collect $50 per user to pay for outreach, technology, and compliance efforts associated with the new program. And the third-party vendor will receive $14.25 per user to operate the online system and provide customer support.
Under the proposed regulations, compensated tax return preparers will be required to renew their PTINs annually and pay the associated user fee. The amount of the fee may change in future years as the actual program costs are periodically reevaluated.
Under the proposed regulations, the requirement to sign up on the new system will apply to all compensated tax return preparers of federal tax returns regardless of whether they currently possess a PTIN. Tax return preparers who already have a PTIN generally will be reassigned the same number. Any individual who plans to prepare all or substantially all of a tax return for compensation must obtain a PTIN even if the individual is not subject to the testing and continuing education requirements that will be required under Circular 230, according to the IRS? proposed regulation. Access to the online application system will be through the Tax Professionals page of IRS.gov.
The IRS previously announced its portion of the total annual fee in proposed regulations (REG-139343-08) and interested parties have until Aug. 23, 2010, to submit comments on the regulations. A hearing on the proposed regulations is scheduled for Aug. 24, 2010. The launch of the new online application system and proposed user fees are dependent on the publication of final regulations on user fees and final regulations of the requirement to obtain a PTIN.
Proposed Regulations Released Related to Circular 230
The IRS also today released proposed regulations that would amend Treasury Circular 230, the rules governing practice before the IRS. The proposed regulations generally would extend current regulations that apply to attorneys, certified public accountants and other specified tax professionals to all tax return preparers, including currently unenrolled tax return preparers.
The proposed regulations (REG-138637-07) would clarify the definition of practice, establish a new registered tax return preparer designation and the eligibility requirements for becoming a registered tax return preparer, repropose standards with respect to the preparation of tax returns, revise rules regarding continuing education providers, and amend multiple other sections of Circular 230.
Tax professionals and other interested parties have until Oct. 7, 2010, to submit comments regarding the proposed regulations.
Existing PTIN Application Process to Suspend Operations
In preparation for the launch of the comprehensive new PTIN system, the IRS will cease issuing PTINs effective Aug. 22 using Form W-7P, Application for Preparer Tax Identification Number, and through e-services ? Online Tools for Tax Professionals. If you apply for a PTIN before Aug. 22, 2010, you will have to reapply once the new online PTIN application system begins.
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by steve | Aug 14, 2010 | IRS Tax Advice, Tax News
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In the very near future, you will have to deal with this problem. Everything is probably closing in and there seems to be no solution to the mess you are now experiencing.
IRS has several programs available to the taxpayer to deal with their current financial condition.
There are about 5 programs available to the taxpayer and each of these programs should be explored to see which program is best for you.
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by steve | Aug 13, 2010 | IRS Tax Advice, Tax News
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Why don’t you stop your IRS problem right now? You have the ability to pick up the telephone, send us an email and we can begin to end this problem for you today. You are going to have to deal with this problem in the very near future, it very well should be right now. We are former IRS Agents having a combined 100 years experience representing people from all walks of life dealing with their IRS issues. We are licensed in all 50 States.
We are experts in the field of tax resolution. We are honest and will deal with you with complete moral integrity. We have the highest rating available from the Better Business Bureau. Why should you deal with us:
Our team of tax professionals know the short cuts, the packaging necessary, and the right people at IRS to get your problem resolved. This knowledge allows us to handle and resolve your IRS problem as fast as possible. That means more time for you to do the things you enjoy.
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What are the dangers of self representation:
* Be aware of the far reaching power of IRS;
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Why will IRS work better with a professional company than me the taxpayer:
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by steve | Aug 11, 2010 | IRS Tax Advice, Tax News
IRS : Do You Need to Amend Your Return? 1-866-700-1040
If you need to amend your Income tax return or any other tax return, call the professional tax team of Fresh Start Tax. 1-866-700-1040. Fresh Start Tax is one of the finest tax resolution companies in the United States and they are licensed to prepare and represent individuals and businesses in all 50 States. They have the highest BBB rating that is available. There team of experts have been in the tax business for over 28 years and have over 100 years of combined experience in the tax industry . They have many former IRS Agents on staff and cannot only amend your tax return but work out an deals necessary if you owe a balance to IRS. Here are some tax tips for you:
Tax Tips for amending Tax Returns:
If you forgot to include some income or to take a deduction on your tax return ? you can correct it by amending your tax return.
In some cases, you do not need to amend your tax return. The Internal Revenue Service usually corrects math errors or requests missing forms ? such as W-2s or schedules ? when processing an original return. In these instances, do not amend your return.
However, you should file an amended return if any of the following were reported incorrectly:
Your filing status
Your dependents
Your total income
Your deductions or credits
You may also elect to amend your 2009 return if you are eligible to claim the first-time homebuyer credit for a qualified 2010 home purchase. The amended tax return will allow you to claim the homebuyer credit on your 2009 return without waiting until next year to claim it on the 2010 return.
Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040, 1040A or 1040EZ. Be sure to check the box for the year of the return you are amending on the Form 1040X, Line B. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS processing center.. The 1040X instructions list the addresses for the centers.
The newly revised Form 1040X (Rev. January 2010) now has only one column used to show the corrected figures. There is an area on the front of the form where you explain why you are filing Form 1040X.
If the changes involve other schedules or forms, attach them to the Form 1040X. For example, if you are filing a 1040X because you have a qualifying child and now want to claim the Earned Income Credit, you must attach a Schedule EIC, Earned Income Credit to show the qualifying person’s name, year of birth and Social Security number.
If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund. If you owe additional tax for 2009, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.
Generally, to claim a refund, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
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by steve | Aug 10, 2010 | IRS Tax Advice, Tax News
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FRESH START TAX is one of the finest tax resolution companies in the United States. We have received the highest rating available from the Better Business Bureau. Do not hire any firm unless you have checked their industry rating.Our firm is compromised of:
* board certified tax attorney’s
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Representation issues before the IRS
* unfiled tax returns
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* settlement with the IRS
* payment agreements
* IRS puts your case in hardship
* tax audits
Some of the benefits of immediate professional representation:
* You do not have to talk with Internal Revenue Service agents
* You know your case will be handled and resolved as fast as possible;
* You know you are getting the very best solution possible.
What are the dangers of self representation:
* Be aware of the far reaching power of IRS;
* Be aware of the detailed asset search that IRS can use;
* Be aware that IRS is securing information about you to collect the tax in full.
Why will IRS work better with a professional company than me the taxpayer:
* Professionals know what IRS is looking for;
* Professionals know exact packaging required;
* Professionals know the applicable national standards and adjustments.
We will resolve your problem and you will never have to speak with the IRS ever again. Keep it off the Fence!!!
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