Showing posts with label Benefits of Professional Representation from Tax Resolution X-perts.. Show all posts
Showing posts with label Benefits of Professional Representation from Tax Resolution X-perts.. Show all posts

Thursday, November 5, 2020

Hire a Tax Law Attorney

5 Reasons to Hire a Tax Law Attorney




1. Why should you hire a tax law attorney? First, facing the IRS means that you either haven't hired an accountant, or your current accountant has done a pretty bad job of managing your finances. This means that it is already too late to hire another CPA to fix your problem. The IRS has already done the math, so you will be wasting resources if you hire another person to do it all over again. You need to focus on areas that you still need to prepare for. What you need is a competent tax law attorney to help you with the legalities that you will be facing.


2. Another advantage that tax attorneys have over CPAs is a deep understanding of the ambiguity of tax law. CPAs are trained to recognize something as either black or white. They are trained to categorize things very specifically and may not recognize the various gray areas of tax law. A good tax law attorney knows that the law can have a thousand different interpretations and uses this fact to your advantage.


 


3. tax law attorney can also help you by giving you truly complete advice. This is because they are experienced in matters involving tax laws. tax law attorney will be able to give you advice on different legal measures that you can take to solve your Tax problems. A CPA can only help you in terms of fixing your budget or computing your taxes but can offer very little help regarding how to fix your tax problems. 



4. The IRS can use different techniques to intimidate you into paying the amount that they will insist you owe. People who are unfamiliar with the methods of the IRS often pay this amount without taking the time to question why. A good tax law attorney can help you get over your fear of the IRS and meet them on the legal battleground. A good tax attorney will have the resources necessary to help you overcome any intimidation tactics that the IRS may use to force you to pay. 




5. The best reason that you can have to hire a tax law attorney is the fact that taxes are based on laws. This means that taxes are the natural stomping grounds of tax attorneys. They know their ways around it and they know how to survive it. A tax law attorney, on the other hand, can show you a lot of things you can do to legally get the IRS off your back. A good tax law attorney can help you by giving you various tips on how to compromise with the IRS and end up paying much less than what you might think is your due.

Do you owe $10,000 or more in IRS tax debt?


In some cases, you can reach a tax resolution and settle for far less than the amount you owe. This is known as an Offer in Compromise. 
An offer in compromise is a tax resolution settlement of a delinquent tax account for less than the original amount owed. However, you will not get such an Offer approved without specialized assistance. As per the data available, in the year 2004 only sixteen percent of Offers were accepted.

If you are the having tax disputes with the IRS, tax professionals like experienced Enrolled Agents (EAs), Certified Public Accountant (CPAs), and tax attorneys can help you reach a tax resolution. Tax resolution encompasses a wide variety of settlements which includes IRS audits, Federal Tax Liens (IRS Liens), bank levies or wage garnishments, IRS penalty abatement, innocent spouse defense, bankruptcy discharge analysis, Offer in Compromise, un-filed or delinquent tax returns, and IRS collection statute of limitation analysis. 


Thus, it is advisable to seek services of professionals (like EAs, CPAs or tax attorneys) specializing in solving tax problems or negotiating a tax resolution. You should get in touch with these professionals if you are involved in tax disputes like un-filed returns, missing records, threat of levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise or want to be declared Currently Not Collectible. 



For taxpayers, who are not able to reach a tax resolution immediately, an installment agreement can be a reasonable payment alternative. Installment agreements permit the full payment of the tax debt in smaller, more manageable amounts for the taxpayer. Currently Not Collectible is another tax resolution strategy, which implies that an individual has no ability to repay his or her tax debts. The Internal Revenue Service can affirm a person as "currently not collectible" after the IRS receives concrete substantiation that the individual has no capacity to pay. 


Once the IRS proclaims an individual as "currently not collectible", the IRS discontinues its recovery or collection activities, including levies and garnishments. However, the IRS sends an annual statement to that taxpayer stating the amount of tax still owed. While currently in not collectible status, the ten-year statute of limitations on tax debt collection remains in force. If the IRS cannot collect its tax dues within the ten-year statutory period, the tax debt expires.


The IRS is perennially, under tremendous pressure to recover the billions of dollars, currently outstanding. Therefore, it will seriously consider all the reasonable offers to recover its debts and try to reach a tax resolution or close cases in all these areas. 


Tax resolution

Tax resolution X-perts helps businesses and individuals prepare unfilled tax returns, settle un-paid taxes for a fraction of the tax debt. 




Luckily, there are several ways other than bankruptcy to clear you tax debt without ruining your credit. If you can afford it, the easiest way is to set up an installment plan. Make sure that you have a clear idea of how much you can afford to pay each month. Setting up an installment plan only takes about two hours. Basically, you tell them what amount you can afford to pay each month, and they accept monthly payments until the debt is paid. This is the simplest plan, but it is only available to those who owe less than $10,000, and can pay off the debt fully within three years. 



Partial Payment Plans: If you don't meet the criteria for an installment plan, you can try a new option, the partial payment plan. This is a rather complicated plan, requiring numerous forms and lots of documentation, so you probably want a tax professional to help you. Under a partial payment plan, you agree to pay a certain monthly payment, based on what you can afford, for some number of years, also based on your financial situation. As long as you pay the agreed-upon amount for the required time, the remainder of you tax debt will be forgiven. 

Offers in Compromise: Another strategy which is similar to the partial payment plan is an offer of compromise. This gives you the option to pay a reduced sum, but you can choose whether you want to make payments, or pay a lump sum. There are subtle differences between an offer of compromise and a partial payment plan, so consult your tax professional if you think you may want to choose one of these plans. He or she will gather information such as how much you can pay a month, and how many months you want your payments to span, and steer you towards the right program for you. 

Currently Not Collectible: The last plan available for dealing with your tax debt is to be declared "currently not collectible." This is a good plan for you if you have no ability to pay your bill, but are not burdened by other debts. If you are over your head in debt to many companies, you may be forced to declare bankruptcy. However, if you are current on your other bills, but are currently not earning enough income to pay the IRS a monthly stipend, you can be considered "currently not collectible." Under this plan, you will receive yearly statements on the amount you owe. Your situation will be evaluated periodically, but if you are unable to pay for ten straight years, your debt will be discharged. The guidelines for being declared currently not collectible are strict, so consult your tax professional to be sure that you qualify.



It's not hard to deal with your tax debt. If you currently owe the IRS, don't wait! The IRS tacks on late fees and penalties frequently. If you make a plan to deal with your debt, those fees will stop mounting, so you will have an easier time climbing out of the hole.

Wednesday, November 4, 2020

What You Need To Know When Searching For Tax Resolution

There are five basic ways to get relief from tax debt caused by back taxes owed on a tax return. 


A tax resolution can best be facilitated by an expert.  If you would hire the services of a tax attorney, you’re sure to have the best representation when it comes to these matters. A tax lawyer would inform you, quite efficiently, the remedies that you could avail of. If you’re looking for the most favorable tax resolution, then a tax attorney is the best person to consult.




People who find themselves in deep tax problems experience the same symptoms, more or less: many sleepless nights spent in anxiety with calculators at hand hoping to find some ways to get out of the mess they are forced to endure; loss of appetite caused by the stress of possible litigation; reduced budgets for even things which are considered as necessities; and depression because of the seeming hopelessness of things. 





Indeed, during these times of despair, a tax resolution is always prayed for, one which would bring an end to all these fiscal woes. But how, exactly, would you be able to achieve a favorable tax resolution? What are the options available for you?




* Lawyer, however,s can be quite expensive for even a much needed tax resolution. A good alternative would be to procure the services of a tax advisor or even a tax accountant. A tax advisor is an expert on tax matters and the complex workings of the field.  He will charge for his services, but not as much as a titled attorney. A tax accountant’s primary concern, on the other hand, is to prepare your tax forms and declarations. But this doesn’t preclude you from asking some queries about the most favorable tax resolution you could gain, given your circumstances which the tax accountant should be familiar with.


* Consult online services for prompt answers to your questions. Self-study is well and good, but if you’re looking for definitive tax resolution, you would need some inputs from professionals. There are a lot of online tax resolution services on the Internet.



The best tax resolution you would be able to employ, however, is not something post-problems. Rather, it is something you should do beforehand, and that is to exercise diligence. Through diligence in the steps you take that would affect your fiscal personality, you would be able to lower your tax liability, stop onerous garnishments and levies, and prevent the execution of liens. Practicing diligence before jumping into the waters would be the best way to avoid having to seek out a tax resolution afterwards. 


Thursday, October 22, 2020

Taxation Law for Small Businesses.

Taxation Law for Small Businesses. 



Taxation law is a complex and in-depth area of concern for the small business owner.  With potential pecuniary and criminal consequences, it is of paramount importance to ensure as a business owner, you are familiar with the tax consequences in your jurisdictions, and the ways in which you can minimize your liability. Call 855-913-0249 for tax consultation.

Whilst one of the most legally important things to understand as a small business owner, taxation law also provides an excellent opportunity for saving money and increasing profitability within a small business environment.  In this article, we will look at some of the main and most common tax implications of running a small business, and some of the most effective ways of ensuring you pay less tax through your small business operation. Call 855-913-0249 for tax consultation.



Tax regimes vary from jurisdiction to jurisdiction, and the implications of running a small business also vary, both in terms of the legal and financial requirements. Having said that, there are a number of common elements that transcend jurisdiction and appear in numerous guises across various systems that can be of use to the small business owner. One of the first things to consider as a small business owner is to establish a limited liability company. The primary reason for this is that limited liability companies usually provide a more relaxed tax regime as compared to income tax liability. A sole proprietor operating out-with the parameters of a corporate entity is liable to account for profits as income, which can lead to a greater tax liability and potential individual state contributions. As a corporate entity, the owner can pay himself via share dividends, which carry a lower tax liability and thus minimizing his overall liability to tax. This is significantly better than paying oneself a wage, which bears the tax liability from both ends, i.e. the company is liable to taxation as is the employee. 




Another essential for the small business owner is what is known as capital allowance. By means of capital allowance, business owners can offset the acquisition cost of assets on a graduated scale in accordance with the specific principles of the regime in question. This is in effect a deductible expense, which ultimately minimizes yearly tax liability. There is a particular benefit in that many regimes allow an accelerated relief for business assets. This can be exploited to an extent by acquiring assets through the business, for example a car, which can also be used for personal purposes. Rather than buying a car from personal income, buying it through the company allows you to offset the amount of the expense quickly against your business profits, which ultimately reduce your liability to tax.


Before embarking on any tax reducing strategies, it is important to ensure you are acquainted with the specific laws of your jurisdiction to avoid running into trouble with the authorities. In some of Europe, for example, there is a requirement to declare any specific tax minimizing strategies to the government to allow for rectification of loopholes. It is important to ensure you are acquainted with the specific laws to avoid potential criminal liability as a consequence of ignorance. 



Tax Resolution Lawyers in Chicago, IL

“People who complain about taxes can be divided into two classes: men and women”. If you are the complainant having tax disputes with the IRS, tax professionals like experienced Enrolled Agents (EAs), Certified Public Accountant (CPAs), and tax attorneys can help you reach a tax resolution. Tax resolution encompasses a wide variety of settlements  which includes IRS audits, Federal Tax Liens (IRS Liens), bank levies or wage garnishments, IRS penalty abatement, innocent spouse defense, bankruptcy discharge analysis, Offer In Compromise, un-filed or delinquent tax returns, and IRS collection statute of limitation analysis.




For taxpayers, who are not able to reach a tax resolution immediately, an installment agreement can be a reasonable payment alternative. Installment agreements permit the full payment of the tax debt in smaller, more manageable amounts for the taxpayer. Currently Not Collectible is another tax resolution strategy, which implies that an individual has no ability to repay his or her tax debts. The Internal Revenue Service can affirm a person as "currently not collectible" after the IRS receives concrete substantiation that the individual has no capacity to pay. Once the IRS proclaims an individual as "currently not collectible", the IRS discontinues its recovery or collection activities, including levies and garnishments. However, the IRS sends an annual statement to that taxpayer stating the amount of tax still owed. While currently in not collectible status, the ten-year statute of limitations on tax debt collection remains in force. If the IRS cannot collect its tax dues within the ten-year statutory period, the tax debt expires.



Internal Revenue Service tax issues can be resolved even if you owe hefty sums, and even if you haven't filed your taxes in years. If the problem is blown out of proportion, the IRS may file a federal tax lien, levy your bank account and wages, confiscate and sell your car, home or business. Reaching a tax resolution with the IRS can avert such catastrophic consequences. In some cases, you can reach a tax resolution and settle for far less than the amount you owe.  This is known as an Offer in Compromise. An offer in compromise is a tax resolution settlement of a delinquent tax account for less than the original amount owed. However, you will not get such an Offer approved without specialized assistance. As per the data available, in the year 2004 only sixteen percent of Offers were actually accepted. Thus, it is advisable to seek services of professionals (like EAs, CPAs or tax attorneys) specializing in solving tax problems or negotiating a tax resolution. You should get in touch with these professionals if you are involved in tax disputes like un-filed returns, missing records, threat of levy, or, if you need a tax resolution like Installment Agreement or an Offer in Compromise, or want to be declared Currently Not Collectible.



The IRS is perennially, under tremendous pressure to recover the billions of dollars, currently outstanding. Therefore, it will seriously consider all the reasonable offers to recover its debts, and try to reach a tax resolution or close cases in all these areas.

IRS Debt Relief

Can You Really Get IRS Debt Relief



Ask Yourself What will it feel like to no longer be in fear of the IRS because I owe them money? 


  • What will my life be like when I can sleep in peace and not wake up thinking about my IRS tax debt problems



  • Why should I let the IRS 'bully' or 'blackmail' me into a bad settlement or payment plan when help is available?

    Why shouldn't I take advantage of available tax relief programs when so many others do? 

  • How much more interest and penalties do I want to let accrue before I do something to put an end to this tax problem?

How, could we afford to offer you financing to help get you IRS tax debt relief if it wasn't really possible? Could we afford to start with no money down? Of course not! There's no way we'd ever get paid if we couldn't deliver. On the other hand, the success we've had, the RELIEF we've helped our clients get from IRS debt turns them into grateful clients, more than happy to pay us for what we've done for them! Our team has decades of experience dealing with difficult IRS and state tax issues. From the owners, consultants and attorney's we have resolved tax debt problems of over a quarter of a billion dollars!

We've helped very prestigious clients and down to earth common folk that ran into problems. We wish we could give you a list with the full names of our satisfied clients but in the tax relief business that just doesn't happen. Virtually nobody is willing to make their tax problems known.

If you call and talk to me though I think you'll be able to see we're honest. In reality we are one of the most reputable firms in the industry. Many of the real big ones out there have D and F ratings with the Better Business Bureau (go ahead and check) while we have an A rating.

Out tax relief team is made up of CPA's, attorney's and every type of tax professional that can handle any type of problem requiring IRS tax relief. On a daily basis, we handle the most difficult cases of tax debt problems, ones that the majority of CPAs, accountants and tax preparers don't even want to touch.If I could tell you just one thing it'd be: Don't ignore the IRS. Don't do it. There are 3 good reasons why I say that.

Thursday, October 1, 2020

American Institute of Certified Public Accountants

If you're not sure whether you have a simple tax return you can do yourself or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Certified Public Accountants to help you decide whether you should hire a certified public accountant to help you prepare your tax return. Call (877) 541-6901 for free tax consultation.



Bought or sold a home. You'll want to take all allowable deductions and make certain you qualify for the personal residence exclusion. Got married, divorced or your spouse died. Only a competent tax professional can guide you through the complex tax rules that pertain to assets passing through estates. Call (877) 541-6901 for free tax consultation.





Had a baby or adopted a child. A CPA can explain in plain English the sometimes dumbfounding array of investment options for saving for a child's college education, as well as details about the child credit, child care credit and earned income credit. Call (877) 541-6901 for free tax consultation.







Have a retirement plan, such as an IRA, 401(k), Keogh plan, a pension or an annuity. Recently bought or started a business, own a business or work from home. A CPA can advise you on whether you should operate as a corporation, partnership or sole proprietorship.



Acquired rental property or have rental income. A CPA understands the complex tax rules that apply. Have needs for estate planning and need to understand all the ramifications of property taxes. Like your doctor, your tax preparer knows a lot about your personal situation, so continuity of service is also an important factor. That's why, for many individuals, choosing a CPA is the right choice. 




CPAs are college-educated, licensed professionals certified by the states in which they practice. They have passed a rigorous licensing exam and are required to adhere to strict ethics standards, as well as to stay current with evolving tax laws and regulations. They are not part-timers who took a crash course in a few basic tax rules, operating out of a storefront. Finally, if a dispute arises about your tax return, only CPAs, attorneys or enrolled agents are authorized to represent you before the IRS. Call (877) 541-6901 for free tax consultation.


​Income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you have an income, such as a retirement pension or an occupational pension. Not all types of income are taxable, and it will seldom be the case that all your income is taxed. 



There is no minimum age at which a person becomes liable to pay income tax. What matters is your income. If this is below a certain level, no tax is payable. There is no single definition in tax law of income. Income tax law divides various types of income into schedules. If an item comes within a schedule it counts as income and income tax must be paid on it. The way the tax must be paid will depend on which schedule it falls into. The most common schedules are Schedule E for employees and Schedule D for the self-employed.Call (877) 541-6901 for free tax consultation.