IRS Taxpayer Relief Initiative Provides Assistance to Delinquent Taxpayers
The IRS has eased up on collection activity in order to help taxpayers affected by COVID-19. Below is summary of options and programs enacted to provide additional relief… Offers in Compromise In most cases, a taxpayer has five months to full pay their offer in...
See How You Will Benefit if the Relief Package Passed by Congress Becomes Law
As 2020 comes to an end, many are trying to focus on positives that lie ahead. One place to look is the tax benefits laid out in the COVID relief package recently passed by both houses of Congress. Stimulus Payments The thing people need now more than ever is cash. ...
IRS Partial Pay Installment Agreement…the ‘Back Door’ Offer in Compromise
Introduction If you are unable to pay your taxes when they are due, the IRS provides several options including paying your taxes over time. If you can afford to pay your tax liability in full over 6 years or less, you can do so with little to no substantiation. If you...
2020 Tax Planning…Time is Running Out
As of the day this article was written, there are only 29 days remaining in 2020. If you want to minimize the amount you will owe in taxes this year you need to act soon. Combining the Tax Cuts and Jobs Act of 2017 (TCJA) with new COVID-19 CARES Act legislation,...
If Your Company Has Payroll Tax Problems You Need Professional Help
Unpaid Payroll Tax Owing payroll tax and having unfiled payroll tax returns are serious issues. If left alone, payroll tax problems can lead to the close of a business. Just as bad, you can be held personally responsible for about half of the liability. Due to...
Are Expenses Paid With PPP Loan Proceeds Tax Deductible?
Business Loans 101 Typically when a person or company borrows money to use for business operating expenses, they are (1) required to pay back the amount borrowed, (2) required to pay interest on the amount borrowed which is tax deductible and (3) allowed to deduct for...
The IRS Wants to See You Suffer!
In Their Resolution Outline, the IRS Ignores the Hardship Option When the IRS presents back tax resolution options to the public, why is it that IRS hardship status is not listed and an Internal Revenue Service option? In a recent official publication for taxpayers that outlines ways to resolve back taxes owed, the Internal Revenue Service ignores IRS hardship status as an option.
California Proposes That Tenants Affected By Covid-19 Be Able to Terminate Commercial Leases
California State Senators Scott Wiener and Lena Gonzalez have proposed a law that would allow some tenants in California to terminate their leases.
05, 2020 California Proposes That Tenants Affected By Covid-19 Be Able to Terminate Commercial Leases
May 21, 2020 California State Senators Scott Wiener and Lena Gonzalez have proposed a law that would allow some tenants in California to terminate the[…]
Deal With Your Tax Problem Before it Becomes a Life Problem
Who will be affected? Some taxpayers had tax problems long before COVID-19 hit earlier this year. Maybe they addressed their tax problems. More likely, they buried their head in the sand as is often the […]
See How Your Tax Problems Get Solved…Direct From the Experts
The professionals at the Tax Resolution Institute have spent more than 30 years solving client’s tax problems. Our team has devoted this time researching the be best strategies making […]
Submit an Offer in Compromise and Get the Fresh Start you Need
Now that the July 15th tax date has passed, it is now time to look toward the September 15th (for businesses) and October 15th deadlines. From the time the pandemic through the extended “regular” tax […]
Overcoming IRS Tax Problems and Coronavirus Setbacks Together
People with tax problems wondering how they will pay their back taxes has become commonplace in the United States. Because of the COVID-19 pandemic, more and more individuals do not have the […]
Battling COVID-19, Unpaid Taxes and Unfiled Tax Returns Together
In today’s climate, The Tax Resolution understands the hardships that surround dealing with unfiled tax returns and back taxes owed. In these times, it makes sense to spend the time to catch up […]
PPP Flexibility Act Passed Into Law
PPP Flexibility Act Passed Into Law by Matthew Cohen Many of you applied for or plan on applying for Paycheck Protection Loan under the CARES Act. Assuming you have received or will receive funds stemming from this loan, you can breathe...
IRS Extends April 15 Deadline for Payments
FOR IMMEDIATE RELEASE: The IRS is postponing the April 15 tax-payment deadline for individuals, giving Americans an additional 90 days to pay their 2019 income-tax bills.
Who Do You Pay and How Do You Do It?
The ins-and-outs of employees vs outside contractors Employee vs Independent Contractor – Overview If you run a business and get support from workers other than yourself, you have probably asked yourself the question “should I pay these people as employees or as outside contractors?”