by steve | Sep 14, 2009 | Tax Help, Uncategorized
Like us, there are several very good tax resolution companies out there. But how can you tell them apart? There is one starting point I would use. I would want to know the people at the firm have had previous work experience at the IRS in the Collection Division. There are many people who practice tax and tax law. The persons at the IRS who work these cases are called Revenue Officers. They know their way around and have done resolution cases one right after the other.
The second basic aspect of a good company is that, there are no promises. Anyone who promises, turn them in. Nobody can promise anything until all the facts are in and the IRS agrees on the case. We dominate!
by steve | Sep 14, 2009 | Tax Help, Uncategorized
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.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
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.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
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 date you paid the tax, whichever is later, to file a claim for credit or refund and will need to have records to support the claim.
This is directly from the gov site with personal comments.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
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.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
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.
