Archive for September, 2011
Do you Owe Money to the Internal Revenue Service?
Offer in Compromise could reduce what you owe The IRS.
If you owe more than $ 5,000 to the IRS, than an Offer and Compromise could reduce the amount of money you owe on back federal taxes. There are two basic types of Offer and Compromise (OIC) Doubt as to Collectability – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection. Doubt as to collectability, Doubt as to Liability. Exceptional Circumstances Effective Tax Administration is the last OIC.
What is Doubt in Collect ability?
Doubt is collect ability is the tax payer will never have the ability to pay the back taxes they owe. You first must agree that the money you owe the Internal Revenue Service is correct. The tax payer cannot own a house, condo or rental property. Their monthly income does not meet the tax payer’s monthly necessary living expenses. Tax payers cannot pay the full tax owed now or threw monthly installments.
Example of Doubt in Collect ability
Example: A taxpayer owes $20,000 in taxes to the Internal Revenue Service for back taxes. The monthly income is only $1200 per month. Their living expenses are $1000. They have to show that the installments would create a major hardship. Where would the tax payer get the money to pay the tax bill if at the end of the month there is only $200 left.
Living expenses documented is the key to getting an Offer in Compromise. You are going to have to send all of your income and living expenses. Sending your pay stubs is an example of what they would ask for income expenses. Rent, utility bills, car insurance is just a few examples of living expenses. The tax agency is going to over your documentation.
When a tax payer owes the government money, the IRS Collection Division comes up with what your monthly payment should be. They are going to check your income and living expenses to see how much you can pay. If you show that there is no way to pay the tax liability, then the Offer in Compromise could work.
Contact: Corey & Associates Tax Accountants
Corey & Associates Tax Accountants has been helping their clients with tax issues since 1985. If you have any questions please contact us? The office address is 1800 West 68 St # 118, Hialeah, FL 33014. Our phone is 305-823-2998. You can email us at albert@1040W2.com. Check out our Facebook.Com/albertcorey for daily updates. We have video updates at Youtube.Com/tax1099a
Do you have past do or late federal tax returns.
Did you know that you could be owed thousands or dollars from the I.R.S. Corey & Associates will solve all of your back tax issues. They have been preparing tax returns since 1984.
Why you need to file the past tax returns?
Tax payers need to file a tax return every year. It does not matter that you owe money or get a refund.
If you have a refund the time to receive the money is 3 years from the year that a tax form is issued.
If the tax payer is a contractor, filing a late tax return could lower the amount Is owed to the Irs.
Lost or miss placed forms can be obtained by calling the IRS. Once you make the call they will fax the transcripts within 24 hours.
When you file the late tax return you can tax all of the deductions to reduce your tax. Without the late filing you will not receive all of the proper and legal deduction. This will effect how much you owe or if you are going to get a refund.
What happens if you do not file the tax return?
If you do not file the tax return, the Internal Revenue Service will do it for you. This is not done in your favorer. In most cases you will owe a lot of money. Why let this happen to you.
When you do not pay the I.R.S.
Failing to file a tax return will often result in a failure-to-file penalty. Filing a late tax return return may help to reduce your tax penalties even if you cannot pay the taxes owed.
They freeze your bank accounts until you pay them. If you are working, The I.R.S will tell your employer to take the tax out of your paychecks. They do not need your permission to garnish your wages. They can also go and take other assets.
Who do you Call When you Need I.R.S. Help?
Corey & Associates Tax Accountants has been preparing late filing of tax returns since 1985. Our office is open all year round for your tax needs. We have filed almost every forms and schedule there is to file on a federal state or corporate tax returns. The office is located at 1800 W 68 St. suite 118, Hialeah, Fl 33014. Our phone number is 305-823-9228. The email is firstname.lastname@example.org. Facebook.Com/albertcorey. Subscribe to our YouTube Channel at Youtube.Com/tax1099a