Financial News, Tips & More!
Power of Attorney and Directly Contacting Taxpayers
Tax Payer Rights to Counsel The Treasury Inspector General for Tax Administration (TIGTA) issued a report on September 12, 2012 requiring IRS employees to stop an interview if the taxpayer requests to talk to a representative. The IRS employee may not bypass a representative...
Can the IRS Levy More Than 15 % of Social Security?
How much can the IRS take from you? A common misconception is the IRS is limited to levying 15 % of the social security received. Under IRC Sec (6331(h), the IRS is permitted to levy 15 % to pay delinquent tax debts under the Federal Payment Levy Program. The IRS, however has...
How to tackle tax debt issues for a debt free and peaceful life
Tax related issues and debts have become very common these days. There are millions of people finding it hard to tackle their unfiled tax returns, audit penalties or back taxes. The lack of proper help seems to have amplified the problems of the people of this country. Well, if...
Offer in Compromise and Prepayment of Tax
What is TIPRA The passage of TIPRA of 2005 greatly increased the stakes for taxpayers submitting OICs by requiring…absent hardship…a prepayment that was not refundable. I stopped filing OICs as I regarded the risk of rejection – historically more likely than not – outweighed...
Tax Court and Motions for Summary Judgment
IRS Motions for Summary Judgement Secrets exposed – 97 per cent of all Tax Court cases are settled in Appeals. Taxpayers across the country, however, are starting to see the IRS initiate or file Motions for Summary Judgment instead of sending the cases to Appeals for...
Has the IRS Disallowed Your Housing Allowance?
IRS Housing Expense Standard The IRS has developed expense standards for housing and utilities. It is recognized by all that the housing expense standards used by the IRS are simply not realistic. They are based on BLS averages, which by definition, cannot take into account a...
Can I use Fed Ex or UPS with the IRS
How to ship your tax return The Post Office has become increasingly frustrating to deal with: long lines, the 13 ounce rule, lack of convenient postal drop boxes, lost mail and the aggravation of dealing with obnoxious government postal clerks. Having the peace of mind of...
The Consumer Financial Protection Bureau And the Tax Representation Industry
Impending enforcement from the Consumer Financial Protection Board could potentially devastate tax representation firms; the real victims of these regulatory changes are the people that the Regulators are trying to protect the most – Taxpayers! Any legitimate tax...
Liberalization of Offer in IRS Compromise Program
Enforcement action by the IRS is a pendulum…going from tough to easy to tough to easy again; at this time it appears they may be easing. Nowhere is this better shown than the IRS has expanded its “Fresh Start” initiative by offering more flexible terms in its Offer in...
Offer Mills Belly Up
Here is an update on the two major tax representation firms, Tax Masters and JK Harris – companies who spent millions of dollars on advertising for tax representation clients. TaxMaster's Fate In Texas a jury has returned a $195 million verdict against Houston-based TaxMasters,...