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 [...]

U.S. Court of Appeals Says Payroll Tax Mistakes “Not Willful”…

Payroll tax problems? Call (818) 704-1443 for expert help. A recent case decided by the Sixth Circuit Court of Appeals overturns the findings of the lower court which held that Roger Byrne and Eric Kus of the Eagle Trim company were the responsible parties in "willfully" not paying payroll taxes. This case is significant owing to the rarity with which these cases are successfully defended. "ALICE M. BATCHELDER, Circuit Judge. The Internal Revenue Code, 26 U.S.C.6672, permits the United States to recover unpaid trust-fund taxes from persons responsible for paying those taxes, if they willfully failed to pay [...]

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 [...]

“Taxpayer” Beware…IRS Provides a List of the “Dirty Dozen” Tax Scams

Do NOT get caught up in the Dirty Dozen! Questions? Call (818) 704-1443 When you have a tax problem, be it large or small, your natural inclination is to wish for a "miracle cure".  You either want to salve the ache of anxiety or find the "silver bullet" solution that makes it all go away.  We at the Tax Resolution Institute understand how you feel, but know that the problem must be solved and know, in most cases the solutions take work.   We have an approach that works by allowing the taxpayer a invest a minimum amount [...]

Can the IRS really revoke my passport?

IRS ANNOUNCES PLANS TO MOVE FORWARD WITH PASSPORT REVOCATION PROGRAM Don't lose your passport, we can help - (818) 704-1443 Are you planning a trip outside the United States?  Are you an American ex-pat who lives and works overseas?  Does your passport need to be renewed?   If you owe back taxes then your passport renewal may be denied or even worse, your valid passport may be revoked. Additionally, U.S. citizens living abroad should be aware that they may be forced to return to the United States until they resolve their tax debts.1 Below are 5 threats to [...]

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 [...]

Ignoring old Federal tax debts? As of Spring 2017 you will be hunted like a dog!

Private tax collectors on your trail? Get help today (818)704-1443 Many tax cheats, and some hard-pressed average citizens, probably thought that they were getting off "tax free" owing to the overworked, underfunded, universally-reviled Internal Revenue Service not having the will, staff or time to come after them. In Spring 2017 the IRS will be allowing private collection agencies (PCAs) to go after people who owes back taxes. Who's affected? There 3 ways that taxpayers will be handed over to these bounty hunters: The taxpayer owes money to the IRS but they are no longer actively working on the [...]

IRS Offers in Compromise

IRS Offers in Compromise Tax Resolution expert Peter Y. Stephan of the Tax Resolution Institute talking about how IRS Offers in Compromise can help taxpayers who don't have the ability to pay their back taxes. You probably see TV commercials in the middle of the night from Tax Resolution companies talking to you about pennies on the dollar. Well, what they're talking about are Offers in Compromise. And yes, they are doable in certain circumstances. I've been doing this work for over 25 years and I can tell you that 90% of the offers we send from [...]

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 [...]