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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 with your taxes issues. For most, this is a plight that cannot be fought alone. As long as COVID-19 is around, it is actually an ideal time to fix those tax issues that have been bothering you for too long.  The Tax Resolution Institute is here to ensure future financial success and security for you and your loved ones. We are here to help The Tax Resolution [...]

2020-07-01T15:48:33-07:00July 1st, 2020|Tax Resolution Experts|

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 easy…for about 30 seconds.  This is because now you have to figure out what to do to not have to pay back the loan. On June 5, 2020, the President signed into law the PPP Flexibility Act.  The purpose of this law is to both fine tune as well as provide clarity as to what you need to do to have your PPP loan forgiven. [...]

2020-06-16T16:26:15-07:00June 16th, 2020|Tax Resolution Experts|

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 their leases.  In order to qualify, a tenant’s landlord must have refused to lower the amount of rent to be paid.  This proposed law is known as Senate Bill 939 (SB939).  As of the date this article was written, the bill has yet to be passed. The proposed bill applies to commercial leases.  To terminate a lease, a tenant must have recognized a reduction in revenue amounting to 40% or greater.  For certain businesses such as [...]

2020-05-21T18:37:14-07:00May 21st, 2020|Tax Resolution Experts|

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?" In order to convince yourself that you made the correct decision, maybe you thought that since you only use one person or just pay for part-time help that you qualify to pay your workers as independent contractors.  To save money and hassle, some people lean toward the latter and learn they made the wrong decision the [...]

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. If a taxpayer successfully claims hardship, they can either pay less than what is owed over the time the IRS has to collect (the 10-year collection statute) or possibly pay nothing by being placed into currently-not-collectible (CNC) [...]

2018-07-17T17:56:28-07:00July 17th, 2018|Tax Resolution Experts|

The Taxpayer Bill of Rights Can Help You

Did you know that there is a Taxpayer Bill of Rights that is designed to protect you from being taken advantage of by the Internal Revenue Service? After receiving a detailed proposal from National Taxpayer Advocate Nina Olson, the IRS adopted an official Taxpayer Bill of Rights. It was a long time in coming. Moreover, do you realize that the Taxpayer Bill of Rights applies to all taxpayers in their dealings with the IRS? Grouping the existing tenets of the tax code into ten fundamental rights, the Taxpayer Bill of Rights does a good job in making an overly complex, [...]

Helping You Claim The IRS Tax Refund You Are Owed

Claim the IRS tax Refund you are owed! Are you losing out on your own money by failing to claim an IRS tax refund that should already be in your pocket? In 2017, the IRS posted an informational video on YouTube called Refund: Claim It or Lose It. As a tax resolution provider backed by a full-service accountancy firm, the Tax Resolution Institute is in the unique position to help you on all fronts. Beyond cleaning up a delinquent tax mess of just filing delinquent tax returns, we also can help you claim an IRS tax refund. If [...]

IRS Offer In Compromise – What You Need To Know

IRS Offer in Compromise: find out if you qualify before submitting your offer! Every taxpayer in trouble seems to want to settle for pennies on the dollar which involves doing an Offer in Compromise (OIC), but very few understand what an IRS Offer in Compromise entails. In many instances, an Offer in Compromise is not the best option, even if you qualify. To make sure that you are making the right tax resolution decision, we will detail for you the benefits and challenges of an IRS Offer in Compromise. Our goal is to help you move forward with [...]

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 [...]