About Peter Y. Stephan

Peter Y. Stephan, executive director of the TaxResolutionInstitute.com, leads the nation’s most respected Tax Resolution services firm.

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Yes It’s True…You Can Make Money by Overpaying Your Taxes?

Full Disclosure: To be fair, you may owe more if you pay too little... As part of their never ending quest to motivate everyone to file on time and full pay their taxes on time, the IRS recently announced that their prescribed interest rates will not change for the 4th Quarter of 2017. The rates will remain at: 4% for overpayments (3% for corporations) 1-½% for the portion of corporate overpayments exceeding $10,000 4% for underpayments (6% for underpayments by large corporations) Every quarter the IRS revisits their rates. This quarter they have chosen not to make a change. These [...]

Fraudulent IRS Callers Battling with IRS Assigned “Professional” Tax Collectors!

IRS warns that phone scammers are preying on people We have entered into a new and confusing landscape in which taxpayers receive fraudulent calls from robots and foreign nationals that compete with calls from recently approved tax collectors who collect on behalf of the IRS. The path forward for both taxpayers and tax professionals may be confusing, but we remain committed to providing practical advice to those in need. While fraudulent calls made by imposters may be so poorly executed that it is sometimes hard to believe that anyone falls for their tricks, the truth of the matter [...]

Too Busy to File or Pay your Taxes? Make a Tax Appointment with the IRS Once They Find Out!

Get your tax appointment with the IRS now! Like most businesses and unlike most governmental agencies, the IRS is making an effort to become more efficient. Part of that push includes moving documents and services online. If you are unable to resolve your matter online and need to see a live person, the Taxpayer Assistance Center will now see you by appointment. Here are the steps to schedule your appointment: Go to the Taxpayer Assistance Center locator page here: https://apps.irs.gov/app/officeLocator/index.jsp Type in your Zip code Choose the radius in which you are willing to travel, eg. "10 miles" [...]

2017-05-23T10:01:49+00:00 May 9th, 2017|IRS News, IRS Tax Levy, Tax Resolution Experts|

Filing a Tax Extension Doesn’t Get You Off the Hook or Tax Filing Deadlines YOU need to know!

Filing a tax extension? You should know about these secondary deadlines. Dear procrastinator American taxpayer, We understand you have chosen to file an extension for your 2016 taxes. Well, we have some gentle words of warning for you about tax filing deadlines! We know filing and paying taxes can be a pain in the neck, but trust us (we are well seasoned professionals after all) when we tell you that we see the heartache (and wallet-ache) caused by putting off the inevitable. By filing an extension, you are just putting off the inevitable. At some point, your taxes [...]

2017-05-23T10:01:49+00:00 May 1st, 2017|IRS News, Tax Resolution Experts|

IRS warns “Taxpayers: watch out for scam phone calls!”

IRS phone scams are rampant. Don't be a victim! As if April wasn't a busy enough month for tax confusion it also happens to be when the IRS has decided to start their new program of the collection of overdue Federal taxes using 3rd party, private tax collectors. In perhaps an ironic twist they believe that scam IRS phone callers are going to attempt to mask their activity in the confusing new landscape presented by this change. First a bit of background to give you a glimpse at the bigger picture: "Starting this month, the Internal Revenue Service [...]

2017-05-30T15:18:35+00:00 April 18th, 2017|IRS News, Tax Resolution Experts|

Is the IRS getting soft? Don’t count on it!

IRS Data Book - Gross Tax Collections chart 2017 Every fiscal year the Internal Revenue Service releases its own self-report called the "Data Book". The IRS Data Book contains a range of tax data including service and enforcement changes. While there are indications that enforcement actions are down, perhaps due to a restriction in resources, no one should ever play Russian Roulette with their taxes. We've pulled out the most interesting factual tidbits from the report...here they are: This year’s edition of the IRS Data Book marks 100 years since the Revenue Act of 1916 became law. The [...]

2017-05-30T15:28:04+00:00 April 13th, 2017|IRS News|

IRS Installment Agreements are changing! Get the details.

IRS Installment agreements are changing The IRS has introduced new changes to their Installment Agreement programs. These changes affect the schedule of fees for these services. The changes described in this article took effect on January 1, 2017.  The new regulations apply to all new installment agreements as well as any installment agreement that need to be revisited.  If you reinitiate or reinstate an existing installment agreement, the new fees will apply! In addition to the increase in fees, two new online installment agreements are being added, each with its own set of fees. One important point to [...]

Offers in Compromise: the toughest just got tougher…

IRS Offer in Compromise: find out if you qualify before submitting your offer! In their never ending quest to be the ultimate wet-blanket, the IRS has toughened the requirements needed to qualify for the gold ring of all tax settlements, the Offer in Compromise. The Offer in Compromise is considered the "gold ring" because it allows you to settle for significantly less than you owe. In order to allow someone to “settle” their tax debt, the IRS’s criteria to qualify for an Offer are much more stringent than their other programs. To have an Offer accepted, the IRS [...]

2017-05-23T10:01:49+00:00 April 6th, 2017|IRS News, Offer In Compromise, OIC|

Had any debt cancelled? You may owe taxes!

Debt cancellation can have tax consequences. This one falls under the heading "no good deed goes unpunished!!". If for any reason you have debt cancelled by a lender, you, as a taxpayer, must consider this income. Of particular note should be an exclusion that may apply to homeowners who had their mortgage debt cancelled in 2016 as allowed by the provisions in the law. Below are 10 tips about debt cancellation: Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows [...]

2017-05-23T10:01:49+00:00 March 23rd, 2017|IRS News, Tax Resolution Experts|

Did you recently change your name? It could delay your tax refund!

Recent name change? It could delay your tax return! Sometimes completely normal life changes can have an unexpected side-effect?  For instance, did you just get married?  How about a recent divorce? Adopt a child? All of these completely normal, commonplace undertakings can have serious tax implications. If you're counting on your tax return for any reason you'll want to refer to the information below that came directly from the IRS. Here are the important points addressed: How to properly notify the Social Security Administration about a name change Making a Dependent's name change Parents of an Adoptive Child [...]