8 06, 2017

“No Soup for You!”…The Company that Inspired Seinfeld Character has Big-Time Payroll Tax Problems!

2017-06-08T10:25:29+00:00 June 8th, 2017|Payroll Tax Problems|

Payroll tax problems can add up quickly In case you were worried, we should clarify that the original owner and Seinfeld “Soup Nazi” character inspiration Al Yeganeh has NOT been charged in this case. Rather, the company’s (Soupman, Inc.) CFO Robert Bertrand has. Apparently Mr. Bertrand has been "cooking the books" by paying employees in cash and stock in order to avoid the company’s tax obligations. The IRS estimates that based upon the amount paid “under the table”, the lack of Social Security, Medicare and Federal income tax deposits have led to a shortfall of about $600,000 in [...]

30 05, 2017

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

2017-05-31T14:45:39+00:00 May 30th, 2017|Business Tax Problems, IRS News, Tax Professionals Training, Tax Resolution Experts|

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, [...]

23 05, 2017

Avoid These Tax Traps if you Need to File for Bankruptcy

2017-05-23T14:20:18+00:00 May 23rd, 2017|Bankruptcy Law, Bankruptcy Petition, Individual Bankruptcy, Tax Resolution Experts|

Do you think that income taxes can be discharged in bankruptcy?  They can. One of the greatest pitfalls that prevents you from being able to discharge at least some of your tax liability in bankruptcy is having a clear picture of your complete tax situation. A crucial step (among many) your tax professional needs to take is to obtain copies of your IRS account transcripts for each year to ensure that you (1) know which years are filed (and when) and (2) if and how much you owe for each year. Once you have this information, you know where to [...]

9 05, 2017

Too Busy to File or Pay your Taxes? Make a Tax Appointment with the IRS Once They Find Out!

2017-05-23T10:01:49+00:00 May 9th, 2017|IRS News, IRS Tax Levy, Tax Resolution Experts|

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" [...]

1 05, 2017

Filing a Tax Extension Doesn’t Get You Off the Hook or Tax Filing Deadlines YOU need to know!

2017-05-23T10:01:49+00:00 May 1st, 2017|IRS News, Tax Resolution Experts|

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 [...]

18 04, 2017

IRS warns “Taxpayers: watch out for scam phone calls!”

2017-05-30T15:18:35+00:00 April 18th, 2017|IRS News, Tax Resolution Experts|

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 [...]

13 04, 2017

Is the IRS getting soft? Don’t count on it!

2017-05-30T15:28:04+00:00 April 13th, 2017|IRS News|

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 [...]

11 04, 2017

IRS Installment Agreements are changing! Get the details.

2017-05-30T15:45:40+00:00 April 11th, 2017|Installment Agreement, IRS News, Tax Resolution Experts|

IRS Installment agreements are changing 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 [...]

6 04, 2017

Offers in Compromise: the toughest just got tougher…

2017-05-23T10:01:49+00:00 April 6th, 2017|IRS News, Offer In Compromise, OIC|

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 [...]

23 03, 2017

Had any debt cancelled? You may owe taxes!

2017-05-23T10:01:49+00:00 March 23rd, 2017|IRS News, Tax Resolution Experts|

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 [...]