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IRS Audit

IRS Payment Plans: Is It the Right Option for You?

IRS Payment Plans: Is It the Right Option for You?

By on May 29, 2017 in IRS Audit, IRS Cases | 0 comments

  Not everyone knows that you can schedule payment plans with the Internal Revenue Service (IRS). They usually assume that the dollar amount owed is the dollar amount they must pay—and rightfully so. After all, it’s stated in the official IRS letter! However, it is also possible to negotiate the amount of money you owe to the IRS. In order to do either one of these two things, you need to know what you’re doing, and you need to be prepared to speak with an IRS representative on a frequent basis. You’ll need to follow up and stay in constant communication, because the honest truth is that with the IRS, you are a number. They don’t know you personally and they are in the business of collecting tax debt from millions—billions of United States citizens. While they won’t chase after you to pay your debt, they will remain consistent in taking the necessary steps in collecting it. If you don’t comply, then you are in danger of wage garnishment, liens, and even imprisonment. The IRS is very methodical when it comes to collecting tax money. You need to be too to prevent the consequences from escalating to such dire circumstances.   Communication is Key!   The professionals at Success Tax Relief understand that not everyone has the time to wait on the phone with the IRS to speak to a representative only to get placed on hold again. We know that many taxpayers try to handle their tax situation themselves—using their lunch break to talk to a representative only to discover an hour is not enough time to resolve the situation. Other taxpayers may work odd hours or even hold multiple jobs, not even having the time to make the phone call. Yet, in a situation like this, it is absolutely critical that you make the time or hire someone who does.   Tax Relief Firms Have the Time You Don’t   Success Tax Relief, a tax relief firm that has been in business for over three decades, has been in the business of helping taxpayers resolve their tax debt by either reducing the amount owed, scheduling an affordable monthly payment, or eliminating the amount altogether! In our 30...

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Do You Owe the IRS But Can’t Pay? Here Are All Your Options

Do You Owe the IRS But Can’t Pay? Here Are All Your Options

By on May 15, 2017 in IRS, IRS Audit, IRS Cases, tax companies | 0 comments

It may be difficult to figure out how you’re going to pay your taxes to the Internal Revenue Service (IRS) when you may already be struggling with other outstanding debt. Tax debt is very different from your “regular” debt, because when it comes to taxes, it’s a federal issue, and unlike other debt, a federal tax issue cannot and will not be ignored. Ignoring your tax debt is something that shouldn’t be taken lightly. Doing so will result in serious consequences that could disrupt your life. The good news is that such serious consequences can all be avoided, even if you cannot afford to pay the entire tax debt. The IRS is Not as Bad as You Think! The IRS may react with serious consequences toward negligent taxpayers, but they also provide an ample amount of fair warning. You’ll first receive an official letter from the IRS stating that you owe ‘x’ amount of dollars. It is then your responsibility to confirm this or pay. It is highly recommended to call the IRS yourself to confirm that it is a legitimate claim. At that point, you’ll need to communicate to them that you can’t afford to pay the entire amount. Be Honest It’s OK to say this. You won’t get in trouble. It’s better than not saying anything at all. By not saying anything, the IRS will assume that you are purposely ignoring them and have no intentions of paying your tax debt. You don’t want them to assume this. Wage garnishments, loss of property, and worse, imprisonment along with addition fines to pay can be the consequences you’ll have to face. That’s why it’s always better to communicate with the IRS to make sure that they have a record of you trying to work out some sort of payment arrangement with them. Just don’t ignore them! Communicate and You’ll Be OK! The IRS is more reasonable than you may think as long as you’re keeping the communication lines open. As long as you let them know that you’re not able to pay the full debt amount off, but are willing to comply, then an IRS representative will arrange an affordable monthly payment plan with you. The Catch… The...

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Going Through an IRS Audit? Here Are the Top 6 Things to Keep in Mind

Going Through an IRS Audit? Here Are the Top 6 Things to Keep in Mind

By on Apr 26, 2017 in IRS Audit, Taxes | 0 comments

The IRS audit process can be stressful, time consuming and intimidating.  From the moment that you receive the dreaded letter that your tax returns are under review, there is a feeling of uncertainty and dread until the process is over. Here are some things to keep in mind during an audit that will help the process go much more smoothly: The IRS must contact you via US mail if they intend to pursue an audit. There are three basic types of audits: Correspondence (most common) Office exam Field exam (most comprehensive) Spend time reading exactly what you are being audited for. Most audits are for a specific period of time or focus on one area—your income!  Keep in mind that the Internal Revenue Service (IRS) will not contact you and threaten an audit by phone. There are many current scams that prey on innocent taxpayers in which someone pretending to be with the IRS calls individuals in an attempt to receive personal information. Gather pertinent information and get organized. Look back through all of your records and pull information that is relevant to the audit.  This may include tax returns, receipts, and other written documentation related to the scope of the audit.  If you are missing receipts or other documents, you are allowed to reconstruct those records. Never ignore an audit request. Spend time reading resources about the IRS, audits, and publications related to the reason for your audit. You want to gather as much information as you can and be as knowledgeable as possible, especially if you are undergoing an office exam or field exam. It is also important to know your rights and your options for appealing a decision. Ask for a delay if needed. Do not be afraid to request more time if you need it to gather information. Answer only questions that are asked. Your audit will be focused on a specific scope, so you should be as well. Be honest in answering the questions that are asked, but do not volunteer a lot of additional information as this may expand the scope of the initial audit.  You should also bring documentation that’s related to the audit (do not bring additional returns or documentation). Seek...

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What to Do if You Get Audited by the IRS

What to Do if You Get Audited by the IRS

By on Apr 22, 2017 in IRS Audit, Taxes | 0 comments

  If you’ve just been audited by the Internal Revenue Service (IRS), the first thing you need to do is to remain calm. The IRS entity can be quite intimidating. However, what you need to understand is that they’re just a bill collector looking for you to pay what is owed to them. The big difference is that the IRS is a federal entity. This means that they have the authority to take extreme measures if you neglect your taxpaying responsibilities.  So what exactly do you do if the IRS audits you? First of all, you need to make sure that it’s a legitimate claim. There are far too many scammers posing as IRS agents trying to get someone’s social security number. Confirm and Protect Your Social Security Number A social security number is the absolute worst piece of information that can be compromised. The social security number serves as your official identification as a United States citizen. With this number, you can apply for multiple lines of credit that will allow you to purchase cars, homes, and take out loans. This is a piece of information that you definitely want to keep secure and why you need to call the IRS’ official number to verify the claim is legit. Here’s a list of official IRS numbers to call: Individual Taxpayer: 1-800-829-1040 For Businesses: 1-800-829-4933 For more phone numbers on specific tax issues, visit our website here. What’s Next? Once you have verified that the claim is legit, then you’ll need to provide whatever documents the IRS is asking of you. This could mean gathering your tax information for a certain year in question, or it might mean gathering tax information from the past 3-5 years, possibly even 7. This is all contingent on how severe the matter in question is, and how much money the IRS claims you owe. In addition to collecting your tax documents, you’ll also need to gather your financial records. This means getting documentation that tracks all of your personal income as well as your expenses. This task might not be as difficult as it used to be now that everything is computerized and most transactions are done through debt and credit cards. You’ll...

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Why Does The IRS Audit Tax Returns & How to Prevent It

Why Does The IRS Audit Tax Returns & How to Prevent It

By on Nov 26, 2016 in IRS Audit | 0 comments

The Internal Revenue Service (IRS) is responsible for overseeing the amount of money that is passed through one hand, or bank account to another in the United States. What each taxpayer and business, small or large, must do is report how much all of their bank accounts have earned in a 12-month calendar year. They are also obligated to report how much they dispersed. Knowing the Difference Between Business and Personal Taxes Based on these reports, the IRS should have an accurate calculation of how much money the entire country is generating. As you might already know, not every taxpayer is going to pay the same amount of money in taxes. It all depends on how much someone makes annually, and whether that income is business or personal. This is because business tax laws are different from personal tax filings. So, if you operate a business and don’t have a personal accountant to review your books, then you risk the chance of reporting an inaccurate account of your financial status. Checks and Balances Many people may not understand how the IRS can even detect that there’s a discrepancy in your annual filing. This is all a matter of checks and balances. As one business has to account for how much money they’ve issued in payroll, the recipients of that payroll budget is obligated to report that as taxable income. So in other words, anything you spend your money on should have a receipt to show for it to prove that you gave your money to a certain entity in exchange for a commodity or service of some sort. And that business needs to account for it. The IRS Process of Checks and Balances The IRS will verify whether or not this is accurate. This type of verification isn’t going to happen overnight either. The IRS processes thousands upon thousands of annual tax filings and even with the technological processes put in place today, it still may take years to determine if what you’re reporting is accurate. If it’s not, you can expect to receive a letter from the IRS indicating that they’d like to conduct an audit of your finances. Why You Should Keep Track of Your Tax Returns...

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Can You Really Get Away with Cheating the IRS?

Can You Really Get Away with Cheating the IRS?

By on Aug 21, 2016 in IRS Audit | 0 comments

People who ask this question might have to find out the hard way, but the professionals at Success Tax Relief, a tax relief firm in LaPorte, Texas, want to discourage you from doing that. Sometimes, it’s just best to learn from other people’s mistakes, especially when it comes to tax matters. Many people often make up their own tax rules with some sort of distorted reasoning of why it’s OK to do whatever it is their trying to do with their money—which is usually keeping as much as possible. Then they’re others who by not staying informed about their financial situation, found themselves answering to a judge about it. In these situations, a tax attorney is needed to help them answer this question thoroughly. The IRS. They Want What They Want Whether cheating the Internal Revenue Service (IRS) is intentional or not, they really don’t care! The IRS is just looking at the bottom line—and that bottom line might be missing a few dollars. Please believe that the IRS will find who is responsible for paying those missing dollars and there is no preferential treatment regarding who you are or your social status. To prove it, Success Tax Relief has provided some examples of high profile taxpayers who have tried to get away with cheating the IRS in one way or another: Teresa and Joe Giudice Stars of the reality show, “The Real Housewives of New Jersey” Teresa and Joe Giudice reportedly exaggerated their income when applying for loans before their TV show even aired. Then did the exact opposite when they filed for bankruptcy and lied about the amount they earned after the television show became a success. They were charged with bankruptcy and mail fraud along with other charges in a Newark Federal Court. Teresa got sentenced to prison. Joe was sentence to prison and a possible deportation to Italy. Martha Stewart Before Martha Stewart served prison time for insider trading in 2004, the wholesome happy homemaker owed the State of New York $220,000 in property taxes. She tried to fight it claiming that she didn’t spend enough time in the State of New York, but that didn’t matter. Apparently, her celebrity status was used against her...

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