IRS Loosens Rules to Help Ease Hurricane Hardships

IRS rule changes to benefit hurricane victims in affected areas If you live in States such as Texas, Louisiana, Arkansas, Kentucky, or Tennessee, you know the meaning of “problems” as they relate to hurricanes. In order to ease the devastation caused by Hurricane Harvey, the IRS is allowing taxpayers to take emergency loans from their retirement plans. These hardship distributions are to be used to help hurricane victims as well as family members who were victims. This idea is not new. In fact it has been used to aid victims of earlier floods and hurricanes. We are fairly [...]

Supreme Court will NOT Review Whether IRS Must Explain Tax Notices

Important Supreme Court decision on Tax Notices Yesterday the highest court in the U.S. declined to hear QinetiQ US Holdings Inc.'s challenge to a lower court ruling that held the IRS does not have to provide an explanation for issuing a notice of tax deficiency. This means that the 4th Circuit Court of Appeals decision stands. In the lower court's case Circuit Judge Barbara Milano Keenan said the following: "After reviewing QinetiQ's tax return, the Internal Revenue Service (IRS) issued a Notice of Deficiency concluding that QinetiQ had not shown its entitlement to the claimed deduction. QinetiQ later [...]

2017-10-10T15:02:46+00:00 October 10th, 2017|IRS News, Tax Policy News, Tax Resolution Experts|

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 [...]

Form 945 – the absolutely essential but little known trick about “backup withholding”…

James Quezada, Simona Quezada (plaintiffs) v. Internal Revenue Service (defendant) Tax questions? Call the Tax Resolution Institute! (818) 704-1443 In this Chapter 11 case the IRS won a judgment. The court said to the plaintiffs, the Quezada's, that "You filed your taxes wrong and it's still your responsibility to file them right. In fact there's a 'do over' and you didn't do that, either." This situation requires the use of IRS Form 945, a little-known and infrequently invoked remedy that many CPAs and Tax Attorneys even with decades of experience has never seen nor heard of. Follow this [...]

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 [...]

If You Can’t Make Sense of Your IRS Letter, You NEED This Handy Transaction Code Pocket Guide

IRS Transaction Codes Pocket Guide The mail came again today and instead of containing numerous checks made out to you, and packages from Amazon.com has you hope each day, you got a letter from the Department of the Treasury aka the IRS.  Maybe this is the first time you received a notice like this, but probably not.  As is the case with most people in this situation, you sigh and contemplate whether to bother opening it.  I know this is not what you want to hear, but opening the letter is the first step to solving this problem. [...]

2017-06-27T11:56:54+00:00 June 22nd, 2017|IRS News, IRS Tax Relief, Tax Resolution Experts|

IRS Meets Robocop – The IRS Turns to Data Mining to Find Tax Evaders

Does tax evasion warrant widespread government spying? Welcome to the 21st Century.  The United States is fighting a "tech war" against its own citizens, assuming they are tax dodgers. By using "data mining", the IRS is seeking  to track down and collect taxes from those who move their income to Swiss banks and other offshore tax havens. Granted, these are “edge” cases, which were brought to light from the disclosures found in the Panama Papers (the set of documents from the Central American law firm Mossack Fonseca that were hacked by tech activist, Anonymous).. The question is “How [...]

IRS News: Nationwide Tax Professionals Forum and IRS Video Channels on Youtube

It's like Prom for tax nerds! The IRS has entered the 21st century.  With their embrace of popular new media tools to help both taxpayers and tax professionals navigate the ever changing sea of tax regulations, collections and compliance, the IRS continues to impress.  That's right, we said the IRS. Below you will find links highlighted in a recent tax circular that not only announce the video press release regarding the nationwide Tax Forum but also provide useful links to three alternate languages. Here is the blurb from the IRS Nationwide Tax Forums project: "If you are an enrolled agent, [...]

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|