Professional Documents
Culture Documents
com/longislandtaxresolution
https://plus.google.com/b/101850138332100957935/+Longislandtaxresolution/about
https://twitter.com/NYTaxRelief
http://www.linkedin.com/company/longisland-tax-resolution
www.youtube.com/user/backtaxeslongisland
program with the following seven helpful suggestions. Here is the video brings b
y Long Island Tax Resolution services tax experts can help you settle IRS tax de
bts with an offer in compromise.
20/6/2014
Call us at: 631-244-1650
IRS Penalties: Why, What, When and Who
Why Does The IRS Issue Penalties?
The IRS imposes tax penalties for many reasons.
There are over 148 IRS penalties. Usually penalties are monetary in nature,
penalties involving forfeiture of property or even jail are not uncommon.
2) Some Of The Common ReasonsTthat Taxpayers Face IRS Penalties Include
Late filing penalties.
Late payment penalties.
Accuracy related penalties.
Trust Fund Recovery Penalty.
3) What Is IRS Penalty Abatement?
IRS may remove or reduce a penalty or interest imposed upon a taxpayer.
This process is known as Penalty Abatement.
Many taxpayers seeking this type of tax relief.
There must be a legitimate reason for making the request.
Tax Payer must have their case well documented and substantiated.
IRS does not charge a fee as they do in other circumstances.
4) When Are IRS Penalties Abated?
The IRS grants penalty abatement for the following reasons.
Reasonable cause - Death or prolonged unemployment.
IRS fault - An error or delay that led to a correction
Administrative waiver - Government directive
Statutory exception - Change in the Internal Revenue Code
The IRS resolves less than half of penalty abatement cases in favor of the taxpa
yer.
Interest abatement cases are even more difficult to have resolve.
30/06/2014 ( ppt)
How To Stop An IRS Bank Levy!
1) What Is an IRS Bank Levy?
IRS uses the bank levy to collect back taxes owed.
It is the preferred IRS tax levy method.
The IRS will levy the following types of bank accounts.
Checking, savings, money market and certificates of deposit.
Taxpayer need to respond within 21 days.
If not, IRS will ask the bank to release the levied funds.
2) The 5 Steps Leading To an IRS Bank Levy!
IRS discovers the taxpayer owes back taxes.
IRS then issues a series of notices demanding payment.
IRS then sends a Final Notice of Intent to Levy, If taxpayer ignores the first
notice.
Taxpayer then has 30 days to respond.
If the taxpayer ignores the Final Notice of Intent to Levy.
IRS then assesses the taxpayer s finances.
Contact the taxpayer s bank to discover if there are funds available.
3) IRS Contact The Taxpayer s Bank For Funds
The IRS issues the bank levy if enough funds are in the taxpayer s account.
If enough funds are not in the taxpayer s bank account.
IRS consider using a wage garnishment, an alternate form of tax levy.
4) How to Stop an IRS Bank Levy!
Act quickly, once the IRS launches a bank levy.
IRS works with the taxpayer to help resolve the tax problem.
First, file any unfiled tax returns.
Consider solutions such as an installment agreement, offer in compromise.
The taxpayer can also appeal the bank levy.
Final Notice of Intent to Levy and Notice of Your Right to a Hearing".
5) Seek The Advice of Tax Resolution Specialist.
Work with a tax resolution specialist to solve any tax problems.
Such as a bank levy.
IRS view this step by the taxpayer to resolve the tax problem.
Choose the right solution for their specific tax problem.
An expert has the experience necessary to help the taxpayer.
http://goo.gl/Q6g5Ct
Long Island Tax Resolution Service Here to Help You
Use this time to cement the details and arguments you intend to make during the
appeal.
Get the copy of the auditor's file from IRS.
Get all of your documents and other papers organized and ready.
5) Presenting Your Case to the Appeals Officer
Write down what you are going to say to the appeals officer.
An outline of the points you want to make
List the documents and other evidence you want to present
Do not badmouth either the auditor or the IRS.
6) Negotiating a Settlement
The appeals officer wants to avoid the possibility of the IRS losing in court.
Your first request should ask the appeals officer to drop any penalties that the
auditor assessed to you
It is easiest for the appeals officer to give in on.
If he or she is convinced that your intentions aren't fraudulent.
The willingness to compromise will raise your credibility.
Speak in terms of adjustments, items or percentages, not dollars.
Caution:
Don t sign a Form 870 settlement unless you are absolutely certain that you unders
tand it.
Signing this form will prevent you from taking the IRS to tax court.
7) Hire a Tax Professional for Your Appeal.
Don't hesitate to consult a tax professional if you have questions of any kind.
A pre -appeals consultation with a tax professional is a good idea.
Tax professionals know what appeals officers are looking for and can make their
job easier.
Contact Long Island Tax Resolution Services team today for your tax appeal.
Our experts will help throughout the tax appeal process you may be eligible for.
URL: http://www.longislandtaxresolution.com/irs-tax-appeals/
http://www.cpa-connecticut.com/offer-in-compromise.html
http://taxresolutiontalk.blogspot.in/2013/08/alternatives-to-irs-offer-in-compro
mise.html
abated,
not
removed.
Currently not collectible is the industry phrase for not being able to pay tax bi
lls as a result of suffering financial reversals.
The keyword innocent spouse
the tax matter at hand.
Fresh Start
To make it easier for taxpayers to qualify if they owe less than $50,000
Negotiation Tip #5: Prove Responsibility
Another way to gain a stronger negotiation stance is to file tax returns before
the IRS has a chance to do it themselves.
If you ignore your tax returns, the IRS will eventually file them for you.
IRS often prepare these substitutes in the best interests of the government, not
you.
If you aren t able to afford your tax bill.
File your most recent return honestly and state what you actually owe.
Negotiation Tip #6: Make an Offer They Can t Refuse
When negotiating with the IRS, nothing beats making an offer they can t refuse.
It never hurts to make an offer.
It shows you truly care about paying off your delinquent taxes.
Negotiation Tip #7: Make Your Payments
Once you develop a repayment plan
You Must stick to your payments and not violate the prearranged terms.
The IRS is doing you a favor by allowing you to repay your debts over time
The IRS does not take kindly to violations.
The IRS can seize your property, take over bank accounts and mortgage your home
if you fail to make payments.
Negotiation Tip #8: Get Help
Seek professional help to make negotiating with the IRS easier and effective.
When looking for a professional, be sure to read reviews and find a reputable so
urce
Not someone that makes outrageous claims.
Find an honest, dependable, and experienced professional capable of helping you.
Find a credible U. S. Treasury Enrolled Agent, Attorney, CPA professional with e
xtensive experience negotiating with the IRS.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------http://backlinko.com/17-untapped-backlink-sources
24th Sep 2014
With a few negotiation tactics in hand, you may be able get yourself out of a st
icky situation and put yourself back on firm footing with the IRS. Here are 8 ne
gotiation tips that could prove helpful when the IRS confronts you about delinqu
ent taxes.
Negotiation Tip #1: Always, Always Tell the Truth
You must remember to tell the truth about absolutely everything
Most situations, lies have a way of coming back to bite you.
If you are caught you will be considered a suspect.
If you have delinquent taxes, resolve your problems through honest negotiation.
URL: http://www.longislandtaxresolution.com/negotiation-tactics-for-delinquent-i
rs-taxes/
http://defensetax.com/what-is-back-tax-and-how-to-negotiate-back-taxes-with-irs/
http://www.investopedia.com/articles/personal-finance/020614/how-negotiate-backtaxes-irs.asp
citizen or not
The process can vary because no central office for FOIA requests
Once an agency receives your request.
They should send you a letter acknowledging receipt.
They will also include a tracking number
And request official identification documents.
9) How long does the process take?
The FOIA standard time limit at approximately one month.
Response time will vary depending on the complexities and requirements of the re
quest.
How much do FOIA requests cost?
There are typically no fees for FOIA requests
But some instances do call for small payments.
The first two hours of a search or first 100 pages of duplication
Its free of charge.
If the processing is estimated to exceed $25, fees may be required.
10) Sample FOIA Request Letters
The National Freedom of Information Coalition has provided a sample FOIA request
letter for public.
These letters are organized by type and state.
11) The Value in IRS FOIA Request Letters
It s an extremely valuable tool for those that do.
It enables you to find the information you are looking for without suspicion.
Be sure to follow the rules and guidelines laid out by all involved parties.
The FOIA enables you to access your records and have peace of mind.
http://www.firstamendmentcenter.org/how-to-file-an-foia-request
http://www.tgradylaw.com/blog/2014/02/how-to-make-an-irs-freedom-of-informationact-foia-request.shtml
The Prevention and Removal of IRS Federal Tax Liens
1) What is a Federal Tax Lien?
What can you do if a tax lien has already been placed on your property?
You can still get a tax lien removed.
Here are some ways an IRS tax lien can be removed.
a) If the IRS is notified of a filing error, the tax lien must be withdrawn.
b) Either paying off the tax lien amount in full, or settling the debt with an
offer in compromise will cause the tax lien to be removed.
c) The tax lien may become unenforceable due to the expiration of the 10 year st
atute of limitations, and then must be removed.
7) There are two basic ways to remove a federal tax lien
Withdrawal
And
Release.
8) Withdrawal of tax liens
When using this method the IRS treats it as if there was no lien in the first pl
ace
All records are removed
This is done only if there was an error committed by the IRS.
If a tax lien was incorrectly filed against you.
Contact the IRS as soon as possible to get it rescinded.
9) Release of tax liens
If the lien was paid off or settled in time
Lien will be lifted within 30 days of receipt of full payment of funds.
Lien release is automatically done once all debts are paid
But it can stay in your credit history for up to 10 years
It s a good idea to avoid getting a tax lien in the first place.
Under the IRS's fresh start program
Taxpayers may be eligible for lien withdrawal or release
If taxpayers outstanding balance is under $25,000.
10) How Tax Lien Impacts Your Credit
http://nationaltaxreliefattorney.com/irs_tax_lien.html
http://taxes.about.com/od/taxdebts/a/Federal-Tax-Liens.htm
Even you run an honest business, slipups can carry stiff penalties
IRS has chosen to focus its tax compliance enforcement on small businesses.
IRS crack down on small businesses because they have been identified as the sing
le largest source of uncollected taxes in the country.
5) Keep Your Hands Off.
The biggest
no-no
You must remember to keep your hands off and leave funds alone.
Completely against the law to borrow or use payroll taxes for any purpose.
They don t technically belong to you.
They are a portion of your employees
6) Constantly Monitor
You can t set up a payroll program or system and expect it to run itself.
It s important to constantly monitor things on a rolling basis.
Need for continual evaluation is huge.
Tax laws and requirements change frequently.
Don't fall behind on the times.
7) Bonus Checks and Overtime.
Did you know the timing of bonus checks and overtime payments can have major tax
implications?
The timing of these payments needs to be correctly aligned with payroll tax due
dates.
Improper alignment could mean penalties and fines.
8) Stiff Penalties
Improper payroll tax deductions can lead to stiff and severe penalties.
Not paying payroll taxes can be a federal crime.
If your situation is severe enough
You may be referred to the Criminal Investigation Division or Department of Jus
tice.
9) Delinquent Payroll Taxes.
If you have delinquent payroll taxes, you must act swiftly.
The best piece of advice is to stay current on all of your present and future pa
yroll tax withholdings.
The good news for those overwhelmed by payroll taxes is that there is help waiti
ng around the corner.
There are plenty of services, software, and tools.
It s important to keep an eye on these tools from time to time to make sure they a
re working properly.
13) I have delinquent payroll taxes, am I in trouble?
The short answer is
not necessarily.
Your state s authority does not look fondly on this and will enact harsh penalties
.
To avoid this situation...
It s best to keep separate accounts for all funds.
5) Intentional Misuse of Sales Tax Money
The only worst thing is intentionally misusing sales tax money
This happens when a business owner finds himself in trouble and
money to pay off some other expense.
borrows
sales tax
In most cases, the owner never recovers the money and cash flow problems only be
come worse.
No excuse will appease your state s tax authority in this situation.
6) Doing Nothing.
Your state s does not appreciate inadvertent misuse of sales tax money .
It s always best to pay part of what is owed,rather than avoiding the sum altogeth
er.
Business owners should pay what they have and make a case for the remaining bala
nce.
Often, your state s tax authority will develop a repayment plan.
7) Miscalculations.
Business owners should have a basic understanding of finance and accounting
Errors are easy to come by when dealing with sales tax.
One solution is to run numbers twice through two different tools.
8) Failing to File on Time
Business owner forgets to filing tax form on time
Late tax forms can be costl.
Business owners should keep a calendar to remind them of all deadlines.
9) Nonprofit Exemptions
One common misconception is that all nonprofits are exempt from paying sales tax
.
While this may be true, it is not necessarily a given.
Nonprofit status does exempt federal income taxes.
If you are looking for answers on how to solve sales tax problems.
The best thing is to simply practice.
Here are some sales tax word problems to get your mind going.
Your local dealership is selling a pickup truck for $18,995. The sales tax is 7%
. What is the total price and what portion of that is sales tax?
The total price is $20,324.65. The sales tax is $1,329.65.
John purchased two pairs of blue jeans for $29 dollars each and one shirt for $1
2. The sales tax is 6.5%. How much did John owe and what portion is the business
required to set aside for sales tax?
Maintain the integrity and reputation of your business with your state s tax autho
rity by using these 8 tips on how to solve sales tax problems.
Contanct Long Island Tax Resolution Services.
We can help with resolving current sales tax problems issues so that your compan
y can move forward.
http://www.longislandtaxresolution.com/s-tax-problems/
16/10/2014
Investment Fraud Recovery for Victims
1) What is Investment Fraud?
Investment fraud happens when people are manipulated or deceived while investing t
o the point where any number of monies or property may be stolen by scams or bro
kers.
*** Investment fraud happens when people are manipulated or deceived while inves
ting. If any scheme or deception relating to investments that affect a person or
company.
Investment fraud is any scheme or deception relating to investments that affect
a person or company.
2) Common Types of Investment Fraud
Investment fraud comes in a number of forms and guises. Some of the most common
include:
Ponzi schemes:
Pyramid schemes:
Pump and Dump schemes:
Advance fee fraud:
Microcap fraud
Affinity Fraud
Promissory Note Scams
High-yield investment program
3) Ponzi Scheme:
Generally Speaking a Ponzi Scheme is fraudulent investment plan.
Ponzi schemes promise high financial returns or dividends not available through
traditional investments.
The scheme is named after Charles Ponzi, who duped investor using this technique
in 1920.
The organizers pays dividends to initial investors using the funds of subsequent i
nvestors rather than from profit earned.
Usually Ponzi scheme collapse when new investors cannot be attracted.
**Tips for Avoiding Ponzi Schemes:
Avoid if someone promises an investment return that is unnaturally high or ste
ady.
Avoid investments if you don't understand them or can't get complete informati
on about them.
Dig deep in selecting investments and the people with whom you invest
Consult unbiased broker or financial advisor before investing in the scheme
4) Pyramid schemes
Pyramid schemes make money by continually recruiting new participants
In pyramid schemes the victims themselves are induced to recruit further victims
through the payment of recruitment commissions.
The fraudsters promise sky-high returns in a short period of time.
Pyramid schemes are also referred to as franchise fraud or chain referral scheme
s
Individual is offered a distributorship or franchise to market a particular prod
uct.
** How to avoid Pyramid Scheme
Check with the Securities and Exchange Commission (SEC) to see if it is a regist
ered investment.
Investors promises of high yield returns, quick returns with no risk
Thoroughly Analyze the prospects
To avoid a pyramid scheme meltdown of your assets, diversify your investment por
tfolia.
5) Pump and Dump schemes:
It is one type of popular fraud Scheme.
Promoters attempt to boost the price of a stock artificially with false informat
ion ( Pump)
Where the promoters gains by selling their shares after the stock is pumped.
This inflated shares will sold off rapidly into the security market by the fraud
sters ( Dump)
Once fraudsters stop hyping the stock, the price typically falls, and investors
lose their money.
** How to avoid pump and dump schemes
Don t believe the hype
Promises of quick gains are rarely true
Find out where the stock trades.
Independently verify claims.
6) Advance fee fraud:
When an investors asked to pay for an upfront or advance receipt of fee, payment
, or commission for the deal to go through in later date.
Advance fee scheme generally targets investors who already purchased underperfor
ming assets.
http://www.fbi.gov/scams-safety/fraud
http://www.sec.gov/answers/ponzi.htm
http://www.crimes-of-persuasion.com/Victims/theft_loss_deduction.htm
http://www.fraudsandscams.com/Section165.htm
The biggest benefit is that the IRS cannot file a federal tax lien.
Minimum monthly payment will be the total amount owed divided by number of month
s the IRS agrees upon for the installment plan
5) Streamlined Installment Agreements
If you don't meet the criteria for a guaranteed installment agreement.
You should consider a streamlined installment agreement.
In this plan, you must owe a balance of $25,000 or less and agree to pay it off
within 60 months.
If your balance is set to expire under the 10 year statute of limitations
IRS can require full payment within the time leading up to this deadline.
As of March 7, 2012, the IRS agreed to extend installment agreement plans to tho
se owing $50,000 or less
The taxpayer agrees to pay off the balance in 72 months or less.
This is part of the IRS s
The main benefit of a streamlined installment agreement is that IRS will not fil
e a federal tax lien
6) Partial Payment Installment Agreements
If the minimum payments for either the guaranteed or streamlined installment agr
eements do not fit.
It may be better to consider a partial payment installment agreement
Under this type of repayment plan, the minimum monthly payment is calculated bas
ed on how much you can afford.
It also permits longer repayment terms that extend beyond 72 months.
IRS may file a federal tax lien to protect its interests in collecting the debts
.
Unlike other plans
The IRS is allowed to regularly re-evaluate the terms and increase monthly minim
ums based on your ability to pay more.
7) Non-Streamlined Installment Agreements
If none of the pre-established plans work in your situation
A non-streamlined installment agreement may need to be negotiated.
You will be required to directly negotiate terms with an IRS agent.
The IRS will ask that you provide them with a financial statement (Form 433-F)
So IRS can analyze what's the most you can afford to pay each month towards your
balance.
The IRS can legally ask you to take out a bank loan, home equity loan, or sell n
on-essential assets.
You can pay off the IRS without needing to get an installment agreement.
8) IRS Tax Debt Help
Delinquent IRS tax debt is difficult to deal with.
It s important to get professional help to get qualify any plan.
Tax professionals can talk to the IRS on your behalf
Contact Long Island Tax Resolution Services.We help you decide the best course o
f action.
20/10/2014
A Business Owner s Guide to The Trust Fund Recovery Penalty and Payroll Taxes
1) What is the Trust Fund Recovery Penalty?
If you own a business and you have employees.
You are requirement to pay the withhold payroll taxes to the IRS.
According to IRS federal tax regulations,
Employers are required to deposit their employees' payroll tax withholding amoun
ts.
Those Employer who neglect or refuse to comply with this payroll tax requirement
.
The IRS has instituted a penalty called the Trust Fund Recovery Penalty (TFRP).
2) What are trust funds ?
Trust funds are the portion of the Social Security and Medicare tax withheld fro
m an employee s pay (7.65%) and income tax withheld from the employee s pay.
Such funds do not include federal unemployment taxes.
The employer is deemed to be holding these funds in trust
Hence the name trust funds
As opposed to ones that pay total disregard to their rules and regulations.
7) Start fresh
Business owner should forget the past and focus on the present.
This will helps them in the situation of TFRP
Regardless of how much past payroll tax you owe
Start with the current month s deposits and work from there.
The IRS takes notice of these small details.
8) Statute of limitations
According to the Trust Fund Recovery Penalty Statute of Limitations
The IRS has exactly three years to notify you of delinquent trust fund taxes
After this point, you are off the hook
This situation will be a rare slip by the IRS, but it s at least worth knowing.
9) Negotiate
When you know you ve messed up, try to Negotiate
The Rule of Thumb is
ment to the IRS.
10 Tips
When you know you need a tax attorney, go for highly qualified rather than cheap
specialist
With a tax resolution specialist, you usually get what you pay for.
You don t want an expert that takes shortcuts or ignores important issues.
Find the expert who put in the time to learn about your case and develop an effe
ctive defense.
6) Look for experience
One of the most important characteristics to look for is experience.
How long have they been in business
Who have they represented in the past.
What sort of ongoing professional development do they participate in?
IRS tax laws are constantly changing
An inexperienced representative may not possess the ability to adapt.
7) Specialization
The amount of specialization a tax expert has can tell you a lot.
Do they work in a dozen different areas of tax law.
They focused on one or two niches? More focus usually means more value.
8) Future oriented
A good tax specialist doesn t only care about your current situation.
They will use your present situation to better prepare you for the future.
They ensures you achieve permanent tax relief
Instead of just escaping a current problem.
9) Avoid guarantees
Searching for a qualified tax expert is difficult
It is more difficult if some one simply says "specialist" and offers unfamiliar
claims.
If a tax resolution specialist offers you a guarantee of any type, just walk awa
y.
Nobody, no matter how skilled, can make accurate guarantees regarding the IRS.
10) Read reviews
You can search for client reviews and ratings on internet before choosing a tax
expert.
expert
http://www.longislandtaxresolution.com/how-to-choose-the-best-tax-resolution-exp
ert/
22/10/2014
A Guide to New York State Tax Resolution by Tax Specialists
1) There are Available Solutions For Tax Problems, Codes and Laws
Whether you are an individual taxpayer or small business owner, abiding by the m
any New York state tax codes, laws, and regulations can be difficult. Thankfully
, there are available solutions for when you find yourself in compromising situa
tions.
2) Facing The Various Tax Problems
There are hundreds of problems that frequently necessitate tax resolution effort
s.
For individual taxpayers, these often include
Unfiled income tax returns
Unpaid back taxes
Tax audits
Tax warrant
3) Unfiled income tax returns
Individual taxpayers withholding their own income or "failing to file returns" i
s risky
If NYS discovers your failure to pay, the consequences could be devastating
You ll need to file the returns immediately to avoid trouble
If NYS has already found you
You ll likely need the assistance of a tax resolution specialist.
4) Unpaid back taxes
It can take months for NYS to follow up with you over unpaid back taxes
Resolving unpaid taxes requires an accurate determination
What you owe and when it was due
A tax specialist can help you with this.
5) Tax audits
If your listed income and deductions aren t accurate or atleast inaccurate
NYS may file a tax audit to examine the details of your return
A tax resolution specialist can ensure you cooperate in the appropriate manner.
6) Tax warrant
In severe cases, you will slapped with a tax warrant involving wage garnishment
and asset seizure.
This means your tax issues are advanced and serious
You should be dealt with immediately.
7) For businesses owners, some of the most common tax issues include
Sales taxes
Inappropriate deductions
8) Sales Taxes
If your company fails to collect and file sales taxes
Responsible person will be hit with a severe sales tax penalties.
Your organization could shutter, if rules and procedures aren t appropriately foll
owed.
9) Inappropriate deductions
Dealing with deductions can be challenging
It s easy to mistakenly sweep things under the rug
If NYS suspects issues with your tax returns.
NYS can file a tax audit for further examination
10) Dealing with Tax Problems
There are right and wrong ways to deal with tax problems
Its always wrong way to lie, cover up, or evade the demands of NYS
Better to abide by these three rules
Rule 1 : Contact NYS
Rule 2 : Understand Repayment Options
Rule 3 : Find Help
11) Rule # 1: Contact NYS
Its important to contact appropriate parties, if you recieve notice in the mail
Or if you suspect something in wrong
Immediately contact NYS, rather than hiding to resolve the issue
The revenue officer will be much more willing to work with you
Here you can file returns, make payments, check your refund status, and get answ
ers to pressing questions.
15) Contact Us
Our highly qualified team of tax experts are best in solving IRS tax problems an
d New York State tax problems.
We offer specialized tax resolution services. Our approach is designed for you,
and is client-centered.
http://www.longislandtaxresolution.com/new-york-state-tax-resolution-services/