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 [...]
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 [...]
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 keep in mind is that you need [...]
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 [...]
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 [...]
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 [...]
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 [...]
Bonus Depreciation & Cost Segregation Tax Planning with Geoffrey Gan, Manager, of KBKG Pasadena. KBKG is an industry-leading tax saving strategies firm that specializes in helping their clients as well as consumers and businesses of other CPA firms significant tax savings. Visit their Services page for their complete offerings.
Gian Pazzia of KBKG discusses Cost Segregation and cutting edge Cost Segregation Software. KBKG is an industry-leading tax saving strategies firm that specializes in helping their clients as well as consumers and businesses of other CPA firms significant tax savings. Visit their Services page for their complete offerings.
Where's my IRS refund? Here's your checklist for calls to the IRS! Based on information provided by the IRS itself we've put together this cheat sheet to help you get an answer to the question "Where's my refund?!?" the first time, every time. In fact we've compiled three checklists, one for each of the following scenarios: Personal Tax Refund, Letter 4883C, someone else's account or a deceased person's account. First up: the Where’s My Refund?” tool! It's the "Quick, Easy and Secure." way to find out the status of last year's refund. In fact you are explicitly encouraged [...]