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|

Can’t Afford to Pay your Taxes? IRS Testing Expanded Criteria for Streamlined Installment Agreements

by Matthew Cohen The IRS offers several options to taxpayers who filed their tax returns but can't afford to full-pay the amount they owe by the due date. For example, if a taxpayer is unable to pay the full amount owed over the 10-year statute of limitations on collection, they may claim hardship and end up paying a lower amount. On the other hand, if a taxpayer can full-pay their liability within the time allowed by the IRS which is currently 6 years (72 months), they may enter into a streamlined installment agreement assuming they meet certain requirements.  One such [...]

IRS Installment Agreements

Peter Y. Stephan, Director of the Tax Resolution Institute speaks on IRS Installment Agreements: I'm here today to talk to you about IRS Installment Agreements. In order to solve your IRS tax collection issue, there are all kinds of ways. One is to pay over a period of time. Why is that important? Why not settle for less with an Offer in Compromise? Well, the reason is simple. Most people who owe taxes don't qualify for an Offer in Compromise for one reason or another. The best option is to negotiate a Partial Pay installment agreement or a currently [...]

Three Strategies You Need to Know to Abate IRS Penalties Stemming from Back Taxes and Unfiled Tax Returns (Part 1)

What is IRS penalty abatement? If you think the IRS has or is going to penalize you for back taxes owed or not filing tax returns, you need to know about IRS penalty abatement. It could be the answer you need to protect your financial future.  In this two-part article, the Tax Resolution Institute explains what penalty abatement is and offers three strategies that can significantly reduce and possibly eliminate the penalties assessed based upon IRS back taxes or unfiled tax returns. […]

Taxpayers Have Rights When Dealing With The IRS

Did you know that taxpayers have rights when dealing with the IRS? As you may well imagine, it is almost as difficult to navigate your rights as it is to resolve your tax problem. By working with someone who knows the full extend of your rights as well as the administrative limitations of the IRS, you can successfully navigate the IRS collections maze.  After all, even the United States taxpayer advocate Nina E. Olson stated, “...at their core, taxpayer rights are human rights.” Yes, Taxpayers Have Rights! According to both the taxpayer advocate and the IRS, taxpayers have rights and [...]

3 Rules You NEED To Follow When Facing An IRS Problem

If you are facing an IRS problem, here are 3 rules that you need to follow in order to achieve a positive tax resolution outcome. Naturally, when you have an IRS problem, working with a tax resolution specialists is always your best option. It never makes sense to go it alone when dealing with the Internal Revenue Service, the biggest collection agency in the world. […]

Jay Freeborne On What Does A Leaner IRS In 2015 Mean For Your Tax Problem Case

Jay Freeborne on a Leaner IRS Thanks to repeated cuts to the IRS by the GOP controlled congress over the last five years, dealing with the IRS on a daily basis has become arduous in some ways and easier in others. For 2015, it's important for you to know what a leaner IRS could mean for your tax problem case. Here's some insights gleaned from the experience of Jay Freeborne recently regarding the smaller IRS: IRS Hold Times Extended and "Courtesy Hang-ups" - It's harder probably since the advent of the phone to get thru to the IRS. You [...]