tag:blogger.com,1999:blog-26162835766664570802024-02-20T10:33:12.836-08:00Los Angeles Tax Relief LawyersLos Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.comBlogger37125tag:blogger.com,1999:blog-2616283576666457080.post-16177885470588894382019-08-23T14:03:00.001-07:002019-08-23T14:03:40.099-07:00Hourly Charts SPY and QQQMarket recap August 23 daily and hourly charts in live trade room.
<p><img src="https://i0.wp.com/www.moneymakeredge.com/wp-content/uploads/2019/08/SPY-daily-8-23-19.jpg?resize=300%2C206&ssl=1" width="300" height="206" data-recalc-dims="1" /> SPY Daily Chart</p>
<p>The chart is showing a repetitive pattern, noted in the boxes, for the top and a pullback on the daily chart for $SPY. Price has broken the bullish trendline and is showing the sellers in control here. In June we had a golden cross where the 50MA crosses the 200MA. Looks like price wants to challenge the 200MA again and maybe a move to previous swing lows.</p>
<p><img src="https://i1.wp.com/www.moneymakeredge.com/wp-content/uploads/2019/08/QQQ-hourly-support-8-23-19.jpg?resize=300%2C242&ssl=1" width="300" height="242" data-recalc-dims="1" /></p>
QQQ Hourly Chart
<p>We see a lower high with a potential for forming a head and shoulders. We are in an uptrend but we are testing the bullish trend line. If we break the trend line, watch for it to go to support and if this doesn’t hold, we could get a move to the previous swing lows.</p>
<p><img src="https://i0.wp.com/www.moneymakeredge.com/wp-content/uploads/2019/08/SPY-support-8-23-19.jpg?resize=275%2C300&ssl=1" width="275" height="300" data-recalc-dims="1" /></p>
SPY Hourly Chart
<p>We see a lower high and it looks like it may challenge the support. And if it is broken, look for it to close the gap on the lower support. Take note of the volume of sellers entering the marketplace.</p>
<p>Market recap August 23, not a trade suggestion. Manage your own risk. Never listen to others and if you don’t know what you are doing, consult your investment adviser.</p>
<p> </p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-74881760104503190002019-08-19T21:08:00.001-07:002019-08-19T21:08:07.782-07:00Judge Jeanine: Now we know why Hillary used private email<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/k2jiK8zWsb0" width="480"></iframe>Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-71060314094218461702019-04-02T12:45:00.001-07:002019-04-02T12:45:44.164-07:00Live trading April 2, 2019 live trade roomStocks to watch April 2, 2019 Live trade room<img src="https://www.moneymakeredge.com/wp-content/uploads/2019/04/AMRN-bull-flag-forming-2019-04-02_0607.png" />
<p><strong>AMRN live day trading chart</strong> Watch as the daily chart has posted an bull flag on the run up from $17.00 if we can keep the consolidated pattern, then we could have a break over $21 to challenge the swing highs.</p>
<img src="https://www.moneymakeredge.com/wp-content/uploads/2019/04/IWM-weekly-IHS-2019-04-02_0617.png" />
<p>IWM weekly chart Watch as this Inverted Head and shoulders plays out. We could get the next leg up after some consolidation.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-30628291421709961532019-01-24T22:43:00.001-08:002019-01-24T22:43:25.907-08:00Small Cap stocks and open position – Friday stocksSmall cap stocks and open positions going into Friday January 25, 2019
<p>These are the small cap stocks and large cap stocks I will be watching at the open on Friday: $NFLX $ROKU $CLRO $APDN $BIOC $CLO $XLF $FAS $CGC</p>
These are the small cap stocks and large cap stocks. Mostly swing trades.
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/SNNA-consolidation-2019-01-24_2102-300x270.png" width="300" height="270" />$SNNA</p>
<p> </p>
<p>This stock is consolidating,</p>
<p>Small stop 1×4 risk to reward</p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/OMED-consolidation-wedge-2019-01-24_2101-300x270.png" width="300" height="270" />$OMED</p>
<p>Trend line is supporting the buying</p>
<p>50MA is a good target</p>
<p>volume is about to come back in</p>
<p>Price is coiling for a break out</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/RGSE-consolidation-2019-01-24_2101-300x269.png" width="300" height="269" /></p>
<p>$RGSE</p>
<p>Consolidation</p>
<p>bouncing on support</p>
<p>Under the 50MA and 200MA</p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/OGEN-swing-2019-01-24_2059-300x271.png" width="300" height="271" /></p>
<p>$OGEN</p>
<p>Consolidation</p>
<p>volume is low</p>
<p>Swinging for previous highs</p>
<p>1×6 risk to reward</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/AMD-bullish-reisistance-2019-01-24_2058-300x270.png" width="300" height="270" />$AMD</p>
<p>large cap stock</p>
<p>broke above trend line</p>
<p>bumping up against resistance</p>
<p>volume is consistent</p>
<p>Flat top break out</p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/OBLN-consolidation-2019-01-24_2057-300x267.png" width="300" height="267" />$OBLN</p>
<p>on support</p>
<p>buyers have come in</p>
<p>watching for a reversal to the 50MA</p>
<p>next target could be the 200MA</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/TOPS-consolidation-2019-01-24_2056-300x270.png" width="300" height="270" /> $TOPS</p>
<p>Broken out from the bottom</p>
<p>forming a right side shoulder</p>
<p>shows history of big moves</p>
<p>1×4 risk to reward</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/XLI-bullish-flag-2019-01-24_2053-300x269.png" width="300" height="269" />$XLI large cap stock</p>
<p>bullish flag</p>
<p>V Bounce with consistent volume on the move up</p>
<p>Left side support in</p>
<p>Above the 50MA and the 200MA</p>
<p>Could have a powerful breakout</p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/EKSO-accumulation-2019-01-24_2052-300x269.png" width="300" height="269" /> $EKSO</p>
<p>Bullish flag</p>
<p>broke above the 50MA</p>
<p>headed to the 200MA</p>
<p>Volume is slightly increasing</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/GEVO-entry-low-volume-2019-01-24_2049-300x268.png" width="300" height="268" />$GEVO</p>
<p>bull flag</p>
<p>volume relatively high compared volume before spike</p>
<p>Above 50MA acting as support</p>
<p>looking for a continuation move like the price spike.</p>
<p> </p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/INPX-consolidation-2019-01-24_2048-300x268.png" width="300" height="268" /> $INPX</p>
<p>bottoming pattern</p>
<p>could bounce</p>
<p>50 Moving average target</p>
<p>Volume is decreasing</p>
<p>Looks like could retrace part of the move down</p>
<p> </p>
<p> </p>
<p><img src="https://www.moneymakeredge.com/wp-content/uploads/2019/01/RWLK-volume-bullish-2019-01-24_2046-300x268.png" width="300" height="268" />$RWLK</p>
<p>broke over resistance</p>
<p>Good volume</p>
<p>Watch for carry through tomorrow</p>
<p>Might swing into next week</p>
<p> </p>
<p> </p>
<p> </p>
<p>Day trading is high risk. These are not trade suggestions, never follow anyone’s trades. Do your own work and learn how to trade slowly. You can loose all your money and more. We offer courses and a live trading room.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-40066011017266053012019-01-09T15:59:00.001-08:002019-01-09T15:59:25.361-08:00IRS Revocation of Your Passport for Seriously Delinquent Federal Tax Debt<p>Do you owe the IRS and are trying to travel outside of the United States? There is a ton of fear among taxpayers now who have recently received <a href="https://www.irs.gov/individuals/understanding-your-cp508c-notice" target="_blank" rel="nofollow">IRS Notice CP508C</a>, Notice of Certification of Your Seriously Delinquent Federal Tax Debt to the <a href="https://travel.state.gov/content/travel/en/News/passports/passports-and-seriously-delinquent-tax-debt.html" target="_blank" rel="nofollow">U.S. Department of State</a>. If you have received this, you may be worried about an IRS revocation of your passport.</p>
<p>The biggest concern for most is that they won’t be able to return to the U.S. if their passport is revoked during their trip. Below is some clarification on this issue.</p>
<p><strong>Requirements for non-issuance/non-renewal or revocation of your passport</strong></p>
<p>On December 4, 2015, Congress enacted <a href="https://www.law.cornell.edu/uscode/text/26/7345" target="_blank" rel="nofollow">Section 7345 of the Internal Revenue Code</a>, requiring the IRS to notify the State Department of taxpayers certified as owing a seriously delinquent tax debt. The IRS began sending certifications of unpaid tax debt to the State Department in February of 2018.</p>
<p>A seriously delinquent tax debt is tax debt (including penalties and interest) totaling more than $51,000 for which:</p>
<p>1) a Notice of Federal tax lien has been filed <strong><u>OR</u></strong></p>
<p>2) a levy has been issued to collect upon the debt</p>
<p>If either of these two situations apply, when you go to apply for or renew your passport, the State Department will deny it.</p>
<p>Still, what if you have an existing passport? The IRS notice states that if you have a valid passport, the State Department may revoke your passport or limit your ability to travel outside the United States. What can you really expect from this? How will they “limit your ability” to travel abroad? Basically, you can use your passport until you are notified by the State Department that it has been “revoked” or “limited.”</p>
<p>If you are outside of the United States when the revocation occurs, the State Department may issue a limited validity passport good for a return to the U.S. If you must travel and are deemed seriously delinquent, you can call the <a href="https://travel.state.gov/content/travel/en/passports/requirements/where-to-apply/passport-agencies.html" target="_blank" rel="nofollow">National Passport Information Center</a> at 877-487-2778 to inquire about your situation.</p>
<p>For more information, the IRS issued <a href="https://www.irs.gov/irb/2018-03_IRB" target="_blank" rel="nofollow">Notice 2018-01</a> dated Jan. 16, 2018, and also has an <a href="https://www.irs.gov/businesses/small-businesses-self-employed/revocation-or-denial-of-passport-in-case-of-certain-unpaid-taxes" target="_blank" rel="nofollow">IRS informational link</a> on their website.</p>
<p><strong>How to avoid being “Seriously Delinquent”</strong></p>
<p>Section 7345(b)(2) provides that a seriously delinquent tax debt does not include the following:</p>
<ul>
<li>A debt that is being timely paid under an IRS-approved installment agreement under section 6159;</li>
<li>A debt that is being timely paid under an offer in compromise accepted by the IRS under section 7122;</li>
<li>A debt that is being timely paid under the terms of a settlement agreement with the Department of Justice under section 7122;</li>
<li>A debt in connection with a levy for which collection is suspended because of a request for a due process hearing (or because such a request is pending) under section 6330; and</li>
<li>A debt for which collection is suspended because the individual made an innocent spouse election (section 6015(b) or (c)) or the individual requested innocent spouse relief (section 6015(f)).</li>
</ul>
<p>Additionally, an IRS revocation of your passport will not occur if:</p>
<ul>
<li>you are in bankruptcy</li>
<li>you are identified by the IRS as a victim of tax-related identity theft</li>
<li>your account the IRS has determined is currently not collectible due to hardship</li>
<li>you are located within a federally declared disaster area</li>
<li>you have a request pending with the IRS for an installment agreement</li>
<li>you have a pending offer in compromise with the IRS</li>
<li>you have an IRS accepted adjustment that will satisfy the debt in full</li>
</ul>
<p>Also, certification will be postponed while an individual is serving in a designated combat zone or participating in a contingency operation.</p>
<p>Finally, even if the IRS certifies a taxpayer as seriously delinquent, the State Department holds the IRS’s certification application for 90 days to permit the resolution of the tax debt.</p>
<p>In summary, if the following occurs:</p>
<ul>
<li>The tax debt is fully satisfied or becomes legally unenforceable.</li>
<li>The tax debt is no longer seriously delinquent (see above) or</li>
<li>The certification is erroneous,</li>
</ul>
<p>The IRS will reverse this certification to the State Department generally within 30 days and provide notification to the State Department as soon as possible.</p>
<p><strong>Tax resolution options for tax debt</strong></p>
<p>IRS tax debt comes about in many different ways such as audit, underreporting of income, or failure to withhold enough over the year. If it is impossible to pay back the IRS, you may be able to negotiate an <a href="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/" target="_blank" rel="nofollow">Offer in Compromise</a>, settling your IRS tax debt for less than you owe. If the IRS accepts your offer, you can pay the amount agreed upon, and all federal tax liens will be removed (generally after one month of the final settlement payment).</p>
<p>It is highly recommended that you get a tax attorney to help with your offer. An offer in compromise takes much planning, strategy and advanced negotiation skills, not to mention it can take up to six months to a year to get accepted.</p>
<p>If you are not eligible for an offer in compromise, other options include:</p>
<ul>
<li>Currently Not Collectible (CNC) status—due to your financial hardship, the IRS will suspend collection activity against you. This is just a temporary fix, until your financial condition approves. It is a valuable resolution option because it can allow you time to get your finances in order.</li>
<li><a href="https://losangeles-tax-attorneys.com/missed-tax-deadline/" target="_blank" rel="nofollow">Payment plan/installment agreement–</a> allows you to pay off your tax debt over time. Usual agreements range from three to seven years. You can elect to pay off the entire amount over time or attempt to negotiate a reduced payoff amount (i.e. partial payment installment agreement). With a PPIA, a full set of financials is required to be submitted to the IRS showing you can only pay a reduced amount.</li>
</ul>
<p>If you are in fear about an IRS revocation of your passport or need assistance with other IRS tax problems, seek the advice of a knowledgeable tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="https://deliataxattorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-73697301417398481252018-10-01T09:11:00.001-07:002018-10-01T09:11:13.802-07:00IRS payroll Tax violations – How do I correct IRS payroll tax violations?<p><strong>IRS Payroll Tax Violations – What Are they and How Do I correct Them </strong></p>
<p><a href="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?ssl=1"><img data-attachment-id="1633" data-permalink="https://losangeles-tax-attorneys.com/late-filing-taxes-2/clock-time-countdown/" data-orig-file="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?fit=900%2C596&ssl=1" data-orig-size="900,596" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="IRS Payroll Tax violation" data-image-description="" data-medium-file="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?fit=300%2C199&ssl=1" data-large-file="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?fit=900%2C596&ssl=1" class="alignleft wp-image-1633 size-medium" title="IRS payroll tax violation - Los Angeles Tax Attorney" src="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=300%2C199&ssl=1" alt="IRS Payroll Tax violation" width="300" height="199" srcset="https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=300%2C199&ssl=1 300w, https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=768%2C509&ssl=1 768w, https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=555%2C370&ssl=1 555w, https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=360%2C240&ssl=1 360w, https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?resize=262%2C175&ssl=1 262w, https://i0.wp.com/losangeles-tax-attorneys.com/wp-content/uploads/2018/09/clock-time-countdown.jpg?w=900&ssl=1 900w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /></a>Employment tax violations occur for many reasons. Some employers take withheld payroll taxes to fund business operations. Other employers use the withheld employment taxes for their own personal benefit. Either way, the IRS sees these acts as stealing from the government and treats payroll tax violations very seriously.</p>
<h3><strong>What are payroll taxes for the IRS?</strong></h3>
<p>Employers are required to withhold income taxes from their employee’s pay. They must also withhold employee FICA taxes (Federal Insurance Contribution Act), which include social security and Medicare (hospital insurance). These amounts withheld from an employee’s salary for the Federal income tax and the employee share of FICA taxes and amounts contributed by the employer for the employer share of FICA taxes and unemployment taxes are known as employment taxes.</p>
<p>Additionally, employers are generally required to file employment tax returns, forms 940 and 941 on a quarterly basis. See the IRS website for <a href="https://www.irs.gov/faqs/small-business-self-employed-other-business/forms-940-941-and-944-employment-taxes/forms-940-941-and-944-employment-taxes">IRS help on employer filing requirements</a>.</p>
<h3><strong>What happens when there is an IRS payroll TAX violation?</strong></h3>
<p>Employers or payroll service providers that violate the withholding requirements are subject to civil sanctions for willfully failing to deposit employment taxes. A delinquent employer will receive a series of notices demanding payment. If no payment is received, a revenue officer is generally assigned to the case fairly quickly. Revenue officers will then attempt to collect the taxes due using various collection tactics, such as steep penalties, garnishments, levies and <a href="https://losangeles-tax-attorneys.com/irs-tax-lien-irs-tax-levy-and-lien-subordination/">tax liens</a>.</p>
<p>A revenue officer may also assess a trust fund recovery penalty (TFRP) against anyone who was responsible for not paying the employment taxes. The amount of this penalty is for the employee’s portion (not the employer’s portion) of the employment tax not deposited. This portion is what would have been the withheld and deposited income tax and FICA. The debt then is attributed to the person responsible and becomes a tax debt on their personal account.</p>
<p>Additionally, non compliant employers or payroll service providers can be subject to <a href="https://losangeles-tax-attorneys.com/tax-fraud/">criminal investigation</a> which can then be referred to the U.S. Department of Justice (DOJ). If the case is accepted, the DOJ will prosecute the case in Federal District Court. Under <a href="https://www.law.cornell.edu/uscode/text/26/7202">I.R.C. Section 7202</a>, a taxpayer that fails to collect or pay tax can be guilty of a felony punishable by a fine of up to $10,000, up to five years in prison, or both.</p>
<h3><strong>How do I correct an IRS payroll tax violation?</strong></h3>
<p>The IRS continues to be in hot pursuit of those who violate employment tax laws. If you are in violation and have payroll tax problems, get compliant as soon as possible by filing all employment tax returns and making deposits to get current. If this is not possible and you get behind, be sure to file and make deposits for the existing quarter moving forward.</p>
<p>For that one non-compliant quarter or quarters, there may be some options. Hiring a reputable and competent Los Angeles IRS tax attorney is the first step. IRS Tax Lawyers are experienced in negotiating potential settlements (called an offer in compromise) or getting the business into an installment agreement that it can afford. There are also many other options to consider when you have an <em>IRS payroll tax violation</em>.</p>
<p>A tax lawyer can also assist in preventing the trust fund recovery penalty in being assessed against non-responsible parties. If nothing is done, an IRS revenue officer can move forward and empty all business bank accounts, take business assets and ultimately shut down the business.</p>
<p>Taxpayers needing tax relief help and more information on IRS payroll tax violations, should seek the advice of a Los Angeles tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of IRS tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://losangeles-tax-attorneys.com/free-consultation/">no-cost tax attorney consultation</a> for tax resolution at <strong><a href="http://losangeles-tax-attorneys.com/contact-us/">(310) 494-0100</a></strong>. We look forward to helping you.</p>
<p> </p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em>Keywords: IRS </em></strong><strong><em>Payroll tax violation, payroll taxes, payroll tax problems,</em> employment tax violations</strong><strong><em>, Offer in Compromise, payroll tax debt relief, Tax Attorney</em></strong></p>
<p> </p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-66091270177818462902018-09-03T16:37:00.001-07:002018-09-03T16:37:12.394-07:00Late filing for taxes- What If I haven’t filed taxes in years?<h2><strong>Late filing, what if I haven’t filed taxes in years and I have IRS Tax Debt?</strong></h2>
<p>Putting off preparing all of those unfiled tax returns? Don’t let them pile up because as time goes by, there is less and less information available to you for preparation. You also just tend to forget what happened in those years. Even worse, the IRS, after making demands for those unfiled tax returns, can file a substitute for return (“SFR”) based upon only information reported to them. You don’t want that so file your back taxes!</p>
<h3><strong>Late filing -Gather your documents</strong></h3>
<p>If you have a lot of past due tax returns or even one return that is delinquent from many years back, you may have a mental block in getting started due to having to compile the older documentation. It can be done.</p>
<p>Luckily, you can call or <a href="https://www.irs.gov/individuals/tax-return-transcript-types-and-ways-to-order-them">order online</a>, IRS wage and income statements that show all income reported (w-2s, 1099s). However, you will have to compile personal expenses or business expenses from your bank statements or from any kept receipts.</p>
<p>The important thing is not to stress. Find a reputable tax preparer that can assist you through the process.</p>
<h3><strong>Late filing – Will I get my tax refund?</strong></h3>
<p>If you finally file your return and you are expecting a refund, the time limit for receiving your refund is three years from the original filing deadline. Let’s say the deadline for your 1040 return is April 15, 2016. You will thus have until April 15, 2019 to file an original return and to claim your refund.</p>
<p>If you do not file within that three-year time frame, the refund expires. This means that you will not receive the overpaid amount and will not be able to apply that refund to any other years owing. Essentially, you are giving away money to the IRS so definitely file before the three-year statute of limitation expires.</p>
<h3><strong>Late filing – What if I just don’t file?</strong></h3>
<p>When you don’t file, you run the risk of the IRS preparing a tax return for you based upon the information reported to them, called a substitute for a tax return (“SFR”). The IRS does this so they can assess tax and begin collection activities. You can get “<a href="https://www.irs.gov/newsroom/how-to-get-tax-transcripts-and-copies-of-tax-returns-from-the-irs">account transcripts</a>” from the IRS to see if this was done.</p>
<p>You may be infuriated and ask yourself, can the IRS do this? Yes, according to <a href="https://www.law.cornell.edu/uscode/text/26/6020">IRC §6020 (b),</a> the IRS is authorized to prepare tax returns based upon information available to it in situations where a person has not filed a return. For more information on SFRs, see the <a href="https://www.irs.gov/irm/part4/irm_04-012-001">Internal Revenue Manual 4.12.1</a>.</p>
<p>Since they can do this and they have, then why should you bother filing original returns? Because the IRS does not have all of the tax information you may have and does not include any additional expenses, tax credits or exemptions to which you may be entitled. As you can see, it may greatly overstate your actual tax liability.</p>
<p>It is generally best to file an original tax return and ask the IRS for “SFR Reconsideration.” See <a href="https://www.irs.gov/irm/part5/irm_05-001-015r#idm140084177728384">IRM 5.1.15</a> for more information on the reconsideration process. If you do not file an original return, the SFR will remain and the IRS will send a letter asking you to consent to the proposed tax. If you ignore it, they will issue a statutory notice of deficiency (“SND”). If you do not respond to the SND, the IRS will move forward with collections and may place a levy on your bank accounts and/or garnish your wages.</p>
<h3><strong>Late filing – Tax resolution options</strong></h3>
<p>If you have a balance due on your original returns or if you agree with the IRS SFR, look to resolve the IRS tax debt with a payment plan, currently not collectible status or <a href="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/">offer in compromise</a>. You must move quickly as active collections are taking place. It is best to get tax help with an experienced tax relief attorney to get a resolution put in place most advantageous to you and your financial situation.</p>
<p>Taxpayers needing tax help with a <em><strong>late filing</strong></em> and how to file back taxes and tax debt help should seek the advice of a <a href="https://losangeles-tax-attorneys.com/tax-attorney/">qualified tax attorney</a>. The Los Angeles Tax Attorneys at Delia Law have many years of tax fraud experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em>Keywords: Late Filing, </em></strong><strong><em>Unfiled tax returns, file back taxes, past due tax returns, how to file back taxes, tax debt help, IRS tax debt, tax relief attorney</em></strong></p>
<p>The post <a rel="nofollow" href="https://losangeles-tax-attorneys.com/late-filing-taxes/">Late filing for taxes- What If I haven’t filed taxes in years?</a> appeared first on <a rel="nofollow" href="https://losangeles-tax-attorneys.com">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-83821098806242479502018-09-01T04:25:00.001-07:002018-09-01T04:25:09.485-07:00Late filing, what if I haven’t filed taxes in years and I have IRS Tax Debt?<p>By Dawn Delia August 31, 2018<br />
Putting off preparing all of those unfiled tax returns? Don’t let them pile up because as time goes by, there is less and less information available to you for preparation. You also just tend to forget what happened in those years. Even worse, the IRS, after making demands for those unfiled tax returns, can file a substitute for return (“SFR”) based upon only information reported to them. You don’t want that so file your back taxes!<br />
Gather your documents<br />
If you have a lot of past due tax returns or even one return that is delinquent from many years back, you may have a mental block in getting started due to having to compile the older documentation. It can be done.<br />
Luckily, you can call or order online, IRS wage and income statements that show all income reported (w-2s, 1099s). However, you will have to compile personal expenses or business expenses from your bank statements or from any kept receipts.<br />
The important thing is not to stress. Find a reputable tax preparer that can assist you through the process.<br />
Will I get my refund?<br />
If you finally file your return and you are expecting a refund, the time limit for receiving your refund is three years from the original filing deadline. Let’s say the deadline for your 1040 return is April 15, 2016. You will thus have until April 15, 2019 to file an original return and to claim your refund.<br />
If you do not file within that three-year time frame, the refund expires. This means that you will not receive the overpaid amount and will not be able to apply that refund to any other years owing. Essentially, you are giving away money to the IRS so definitely file before the three-year statute of limitation expires.<br />
What if I just don’t file?<br />
When you don’t file, you run the risk of the IRS preparing a tax return for you based upon the information reported to them, called a substitute for a tax return (“SFR”). The IRS does this so they can assess tax and begin collection activities. You can get “account transcripts” from the IRS to see if this was done.<br />
You may be infuriated and ask yourself, can the IRS do this? Yes, according to IRC §6020 (b), the IRS is authorized to prepare tax returns based upon information available to it in situations where a person has not filed a return. For more information on SFRs, see the Internal Revenue Manual 4.12.1.<br />
Since they can do this and they have, then why should you bother filing original returns? Because the IRS does not have all of the tax information you may have and does not include any additional expenses, tax credits or exemptions to which you may be entitled. As you can see, it may greatly overstate your actual tax liability.<br />
It is generally best to file an original tax return and ask the IRS for “SFR Reconsideration.” See IRM 5.1.15 for more information on the reconsideration process. If you do not file an original return, the SFR will remain and the IRS will send a letter asking you to consent to the proposed tax. If you ignore it, they will issue a statutory notice of deficiency (“SND”). If you do not respond to the SND, the IRS will move forward with collections and may place a levy on your bank accounts and/or garnish your wages.<br />
Tax resolution options<br />
If you have a balance due on your original returns or if you agree with the IRS SFR, look to resolve the IRS tax debt with a payment plan, currently not collectible status or offer in compromise. You must move quickly as active collections are taking place. It is best to get tax help with an experienced tax relief attorney to get a resolution put in place most advantageous to you and your financial situation.<br />
Taxpayers needing tax help with how to file back taxes and tax debt help should seek the advice of a qualified tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax fraud experience and will competently represent you before the IRS. Please call for a no-cost tax attorney consultation for tax resolution at (310) 494-0100. We look forward to helping you.<br />
This blog post is not intended as legal advice and should be considered general information only.<br />
Keywords: Unfiled tax returns, file back taxes, past due tax returns, how to file back taxes, tax debt help, IRS tax debt, tax relief attorney</p>
<p>The post <a rel="nofollow" href="https://losangeles-tax-attorneys.com/late-filing-what-if-i-havent-filed-taxes-in-years-and-i-have-irs-tax-debt/">Late filing, what if I haven’t filed taxes in years and I have IRS Tax Debt?</a> appeared first on <a rel="nofollow" href="https://losangeles-tax-attorneys.com">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-21649349437382063372018-08-04T00:45:00.001-07:002018-08-04T00:45:47.156-07:00test<p>This is Photoshop’s version of Lorem Ipsum. Proin gravida nibh vel velit auctor aliquet.<br />
Aenean sollicitudin, lorem quis bibendum auctor, nisi elit consequat ipsum, nec sagittis sem nibh id elit.<br />
Duis sed odio sit amet nibh vulputate cursus a sit amet mauris. Morbi accumsan ipsum velit. Nam nec tellus a odio tincidunt auctor a ornare odio. Sed non mauris vitae erat consequat auctor eu in elit.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-26492583102904495632018-08-01T15:15:00.001-07:002018-08-01T15:15:41.203-07:00Los Angeles IRS Tax relief help – 3 signs you need help now<h2><strong>Los Angeles IRS Tax relief help – 3 signs you need help now</strong></h2>
<blockquote>
<p><a href="http://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges.png"><img data-attachment-id="1590" data-permalink="https://losangeles-tax-attorneys.com/tax-relief-help/legal-settlements-and-judges/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges.png" data-orig-size="1138,773" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="IRS legal Settlements and Judges" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-300x204.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-1024x696.png" class="alignleft wp-image-1590 size-medium" title="IRS tax relief help" src="http://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-300x204.png" alt="IRS tax resolution help" width="300" height="204" srcset="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-300x204.png 300w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-768x522.png 768w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-1024x696.png 1024w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-555x377.png 555w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-360x245.png 360w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges-262x178.png 262w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/08/legal-Settlements-and-Judges.png 1138w" sizes="(max-width: 300px) 100vw, 300px" /></a>Feeling overwhelmed with handling your tax problems on your own? That is usually the first sign that you need to hire someone to help with IRS tax relief. An <a href="http://losangeles-tax-attorneys.com/contact-us-delia-law/">experienced tax relief attorney</a> is by far the best choice. Tax attorneys have gone to law school and are well-versed with IRS law. Stay away from tax relief companies, tax resolution companies and others that are not tax attorneys.</p>
</blockquote>
<p>Other obvious warning signs that it is time to hire some IRS tax relief help from a licensed tax attorney:</p>
<ol>
<li>
<h3><strong>What if I have a <em>Receipt of IRS notices</em></strong></h3>
</li>
</ol>
<p>If you are receiving IRS letters telling you an amount is due, you should be concerned. If you start receiving a barrage of IRS collection notices threatening to levy your bank accounts and/or wages, it’s time to hire a tax attorney. The IRS will not go away as some often think and hiding from them only makes matters worse.</p>
<p>Think about it, if you do not feel you owe the tax debt and have proof that you do not, sometimes it is tough to get the IRS to understand your point of view. It’s even hard to get a hold of the IRS with the long call hold times and frequent hang ups. When you finally reach the IRS, the documents and argument have to be submitted properly so that the IRS representatives can understand. And, sometimes, it’s pretty hard to get through to them. A tax attorney that works with IRS representative’s day in and day out, with expert negotiation skills, can push the argument through and help the IRS representative understand in a calm and skilled manner.</p>
<ol start="2">
<li>
<h3><strong>Will the IRS use Wage garnishment and/or bank levy</strong></h3>
</li>
</ol>
<p>If you waited too long to work with the IRS and ignored their collection letters, the inevitable conclusion is a wage garnishment and/or bank levy. Sometimes, these efforts can take some time, especially if you are self-employed and they can’t find an employer for you. Then they will try to attach your bank account if they can find it.</p>
<p>Once you receive notice a bank levy, you generally have 21 days to prevent it. Act quickly and find tax relief help with a tax attorney because once they levy your bank account, it is almost impossible to get the money back on your own. If you are experiencing hardship and you need that money back, find a professional tax lawyer to negotiate on your behalf. Likewise, it is difficult to remove a garnishment from your paycheck when it finally attaches. Your tax attorney can work directly with the IRS to get this lifted in a timely manner and can find a resolution such as a non-collectible status or payment plan.</p>
<ol start="3">
<li>
<h3><strong>What if you can’t pay your tax debt</strong></h3>
</li>
</ol>
<p><strong>IRS tax debt</strong> comes up in many ways: like underreporting of income, audit or not withholding enough over the course of the year. Another way, which is occurring more often, is when a taxpayer gets behind on filing their tax returns. If this happens, it is a great time to hire a <strong><em>tax relief attorney</em></strong> to guide you in getting compliant.</p>
<p>Once filed, a flood of tax debt may come your way for multiple years of filings for which your tax attorney can prepare you. Tacked on to your debt are IRS penalties (i.e., failure to pay, failure to file) and interest that can seem more than the debt itself. Your tax attorney can also assist in getting these removed where appropriate.</p>
<p>Once your tax debt is assessed and you agree to it, you may not be able to pay it all off. This is a common scenario and it always seems the IRS coming after you happens at the worst possible time. You may have paid off a large medical bill or are putting a few kids through college. If this is the case, there are options, so don’t feel the situation is hopeless. The best thing to do is move fast, hire a tax attorney and face the problem head on.</p>
<p>Some of your IRS tax relief help options include:</p>
<ul>
<li><a href="http://losangeles-tax-attorneys.com/irs-currently-not-collectible/"><em>Currently Not Collectible (CNC) status</em></a>—due to your financial hardship, the IRS will suspend collection activity against you. This is just a temporary fix, until your financial condition approves. It is a valuable resolution option because it can allow you time to get your finances in order.</li>
<li><a href="http://losangeles-tax-attorneys.com/irs-partial-payment-plan-los-angeles/"><em>Payment plan/installment agreement</em></a>— allows you to pay off your tax debt over time. Usual agreements range from three to seven years. You can elect to pay off the entire amount over time or attempt to negotiate a reduced payoff amount (i.e. partial payment installment agreement). With a PPIA, a full set of financials is required to be submitted to the IRS showing you can only pay a reduced amount.</li>
<li><a href="http://losangeles-tax-attorneys.com/offer-in-compromise/"><em>Offer in Compromise</em></a>—settling your debt for less than you owe. It allows you to settle your tax debt in a lump sum payment or with a short-term payment plan. As with the Installment Agreement, you can attempt to negotiate with the IRS to accept a lesser amount that what you owe to satisfy your tax liability.</li>
</ul>
<p>Los Angeles tax payers needing IRS tax relief help should seek the advice of a tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of IRS tax resolution help experience and will competently represent you before the IRS. Please call for a <a href="http://losangeles-tax-attorneys.com/free-consultation/">no-cost tax attorney consultation</a> for tax resolution at <a href="http://losangeles-tax-attorneys.com/contact-us/"><strong style="font-style: inherit;">(310) 494-0100</strong></a>. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: </em></strong> <strong><em>Tax Relief Help, Help with Tax Relief, Tax Relief Attorney</em></strong></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-60267392020795175422018-05-16T12:57:00.001-07:002018-05-16T12:57:32.252-07:00Tax Fraud – What is tax fraud which the IRS pursues?<h2 style="text-align: center;"><strong>Tax Fraud – What are the Types of Tax Fraud the IRS Pursues?</strong></h2>
<p>The IRS takes <em><strong>tax fraud</strong></em> very seriously. If the IRS finds fraudulent activity, generally through an audit, it can mean stiff penalties and even jail time.</p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud.jpg"><img data-attachment-id="1566" data-permalink="https://losangeles-tax-attorneys.com/tax-fraud/los-angeles-irs-tax-fraud/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud.jpg" data-orig-size="536,340" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="Los-Angeles-IRS-TAX-fraud" data-image-description="<p>Tax fraud – what is tax fraud?<br /> Delia Law Los Angeles IRS tax attorney</p>" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-300x190.jpg" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud.jpg" class="wp-image-1566 size-medium alignleft" title="Los Angeles Tax fraud attorney" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-300x190.jpg" alt="Los Angeles IRS Tax Fraud" width="300" height="190" srcset="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-300x190.jpg 300w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-200x127.jpg 200w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-360x228.jpg 360w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-262x166.jpg 262w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud.jpg 536w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-200x127@2x.jpg 400w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/05/Los-Angeles-IRS-TAX-fraud-262x166@2x.jpg 524w" sizes="(max-width: 300px) 100vw, 300px" /></a>Receiving a notice that the IRS is conducting a criminal tax investigation is not something anyone wants to experience. Should such a notification be received, look into hiring a tax fraud lawyer as soon as possible.</p>
<h3><strong>What is IRS tax fraud?</strong></h3>
<p>Tax fraud involves a conscious decision to falsify tax records and returns. In most cases, the motivation for committing such an act is to avoid paying the rightful amount of taxes due on personal income, business profits, inventories, and other types of financial assets.</p>
<p>Tax evasion is a subset of tax fraud. Tax evasion usually entails a deliberate act of misrepresentation of taxable income to the IRS (see <a href="https://www.law.cornell.edu/uscode/text/26/7201">IRC § 7201</a>). Both tax fraud and tax evasion are felony charges and they generally have the same level of punishment.</p>
<p>Serious violations of the IRS tax code such as <em>tax fraud</em> may lead to criminal charges. Most of the time though, tax fraud results in civil penalties only. Criminal charges are reserved for the most severe tax fraud cases, when a taxpayer intentionally evades paying taxes or engages in an illegal act in declaring taxes.</p>
<h3><strong>What types of acts constitute tax fraud?</strong></h3>
<p>Usually, fraud cases start with an audit of a filed tax return. During the audit investigation, the auditor may find errors that the taxpayer knowingly and willingly committed. When these errors go on for several years and in large amounts, it is common to find a pattern of willful evasion.</p>
<p>The following are some examples of fraud:</p>
<ul>
<li>understatement of income. For instance, taking a second job, receiving cash on the side and not reporting it.</li>
<li>claiming exemptions or deductions that are not legitimate, both personal and business</li>
<li>unscrupulous activities by tax return preparers</li>
<li>abusive tax schemes to hide income</li>
<li>altering tax returns and financial reports in order to reduce taxes owed</li>
<li>inadequate records</li>
<li>accounting irregularities (i.e., two sets of books, false entries on documents)</li>
</ul>
<p>See also, <a href="https://www.irs.gov/compliance/criminal-investigation/examples-of-general-tax-fraud-investigations-fiscal-year-2017">Cases of General Tax Fraud Investigations</a>.</p>
<h3><strong>What are the penalties for tax fraud?</strong></h3>
<p>There are civil and criminal penalties associated with a finding of tax fraud. Whether it is potentially criminal or civil depends on the severity and intent of the taxpayer to defraud the IRS.</p>
<p>If fraud is found, but not amounting to criminal activity, a taxpayer may be charged with civil tax fraud penalties. Civil tax fraud can include a penalty of up to 75% of the underpayment of tax attributable to fraud, in addition to the taxes owed (see <a href="https://www.law.cornell.edu/uscode/text/26/6663">IRC § 6663</a> and the <a href="https://www.irs.gov/irm/part25/irm_25-001-006">IRS Fraud Handbook—Civil Fraud Section</a>).</p>
<p>A criminal conviction can result in jail time and civil penalties for the following (see <a href="https://www.irs.gov/compliance/criminal-investigation/related-statutes-and-penalties-general-fraud">IRS Fraud jail time and penalties chart</a>):</p>
<ul>
<li><em><u>Persons who willfully attempt to evade or defeat any tax imposed (tax evasion)</u></em>. Up to five years in prison or penalties of up to $250,000 for individuals and $500,000 for corporations or both, together with the costs of prosecution.</li>
<li><em><u>Fraudulent statements or returns</u></em>. Up to three years in prison or penalties of up to $250,000 for individuals and $500,000 for corporations or both, together with the costs of prosecution.</li>
<li><u>Persons who willfully aid or assist in fraudulent activity</u>. Up to three years in prison or penalties of up to $250,000 for individuals and $500,000 for corporations or both, together with the costs of prosecution.</li>
</ul>
<h3><strong>What do you do when accused of tax fraud?</strong></h3>
<p>First and foremost, taxpayers facing a tax fraud criminal investigation should never represent themselves or allow themselves to be represented by non-attorneys or inexperienced attorneys.</p>
<p>If you have been contacted by <a href="https://www.irs.gov/compliance/criminal-investigation/how-criminal-investigations-are-initiated">IRS Criminal Investigations</a> or you suspect you are under investigation for tax fraud, do not speak to anyone, including your CPA. Any conversation between you and your CPA is not considered to be protected by any type of privilege, and the IRS can compel your CPA to testify against you. All evidence you provide is admissible in court and can be used to bring criminal penalties against you.</p>
<p>Only speak to a tax fraud attorney. That way the communication between your attorney and yourself will be privileged and protected by the attorney client privilege.</p>
<p>Taxpayers needing assistance in dealing with a potential case of tax fraud and other IRS tax problems should seek the advice of a knowledgeable tax fraud attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax fraud experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: </em></strong> <strong><em>Tax Fraud, best tax fraud lawyer, IRS Criminal Investigation, IRS Tax Fraud Attorney, Tax Fraud Lawyer</em></strong></p>
<p>The post <a rel="nofollow" href="https://losangeles-tax-attorneys.com/tax-fraud/">Tax Fraud – What is tax fraud which the IRS pursues?</a> appeared first on <a rel="nofollow" href="https://losangeles-tax-attorneys.com">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-52771121407519453422018-04-10T08:35:00.001-07:002018-04-10T08:35:12.492-07:00IRS tax relief help – When to ask for IRS tax relief help?<h2 style="text-align: center;"><strong>When to Ask for IRS Tax Relief Help</strong></h2>
<p>Dealing with the IRS can be overwhelming. Many taxpayers get hit with multiple issues with the IRS that they don’t even know where to start. To compound the problem, the IRS mails many notices, which are a lot of the time terribly confusing.</p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png"><img data-attachment-id="1562" data-permalink="https://losangeles-tax-attorneys.com/irs-tax-relief-help/irs-wage-garnishment/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png" data-orig-size="271,101" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="irs-wage-garnishment" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png" class="alignleft wp-image-1562 size-full" title="IRS tax relief help Los Angeles" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png" alt="IRS wage garnishment" width="271" height="101" srcset="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment.png 271w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment-200x75.png 200w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/04/irs-wage-garnishment-262x98.png 262w" sizes="(max-width: 271px) 100vw, 271px" /></a>Many taxpayers think the problem will just go away. With the IRS…it never does. Letting time pass without taking action will only make matters worse.</p>
<p>You need the help from an experienced tax relief attorney when you are faced with the following IRS tax problems:</p>
<ul>
<li>unfiled tax returns</li>
<li>tax liens</li>
<li>wage garnishments</li>
<li>bank levies</li>
<li>tax debt, interest or penalties that you cannot pay off</li>
<li>payroll tax debt</li>
<li>seizure threats of real and personal property</li>
<li>tax audits and underreporter issues</li>
</ul>
<p>Below are some of the most commonly asked questions by taxpayers needing tax relief help:</p>
<p><strong><u>Can I get IRS help or IRS tax relief?</u></strong></p>
<p>Yes. There are many ways for any taxpayer to obtain tax relief. Depending on your financial situation, there is a program for almost everyone. Knowing which one you fit in to can be perplexing so hiring an experienced tax relief attorney is your best bet.</p>
<p>The IRS allows qualified taxpayers to settle their tax debt, obtain hardship status when it is not possible to pay anything due to job loss or other life events, or get into a full pay payment plan or reduced payment plan. The IRS also allows abatement of penalties in appropriate situations.</p>
<p><strong><u>I have</u></strong> <a href="https://losangeles-tax-attorneys.com/unfiled-tax-returns/"><strong>unfiled tax returns</strong></a><strong><u>, should I file?</u></strong></p>
<p>Absolutely. Many taxpayers think that if they start filing, it will wake the IRS monster. It will definitely put you on the IRS radar, but in doing so, you will reduce penalties and will also prevent the IRS from filing their own return for you called a substitute return.</p>
<p>Additionally, the IRS generally already knows that you need to file and has most likely mailed notices informing you of this. They obtain your information through employers, contractors, mortgage holders or previous documentation.</p>
<p>So, beware. The longer you go without filing and paying taxes, the more fines you will have to pay. At a minimum, just file. At least you will prevent the failure to file penalty. After filing, then you can look toward resolution with the many options the IRS has to offer.</p>
<p><strong><u>What if I don’t have the tax documentation to prepare an unfiled return?</u></strong></p>
<p>As stated above, the IRS most likely already has much of your tax information from employers, contractors, mortgage holders, unless you are self-employed. That always presents problems when trying to piece together income for an older unfiled return.</p>
<p>It is best to find that information through bank statements. Just call the IRS to see what information they have and get a wage and income transcript mailed to you for the appropriate year. You can also <a href="https://www.irs.gov/individuals/get-transcript">get a transcript</a> online at IRS.gov.</p>
<p><strong><u>What can I do if I can’t pay the IRS what I owe?</u></strong></p>
<p>IRS tax debt comes about in many different ways such as audit, underreporting of income, or failure to withhold enough over the year. If it is impossible to pay back the IRS, you may be able to negotiate an <a href="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/">Offer in Compromise</a>, settling your IRS tax debt for less than you owe. If the IRS accepts your offer, you can pay the amount agreed upon, and all federal tax liens will be removed (generally after one month of the final settlement payment).</p>
<p>It is highly recommended that you get a tax attorney to help with your offer. An offer in compromise takes much planning, strategy and advanced negotiation skills, not to mention it can take up to six months to a year to get accepted.</p>
<p>If you are not eligible for an offer in compromise, other options include:</p>
<ul>
<li>Currently Not Collectible (CNC) status—due to your financial hardship, the IRS will suspend collection activity against you. This is just a temporary fix, until your financial condition approves. It is a valuable resolution option because it can allow you time to get your finances in order.</li>
<li><a href="https://losangeles-tax-attorneys.com/missed-tax-deadline/">Payment plan/installment agreement–</a> allows you to pay off your tax debt over time. Usual agreements range from three to seven years. You can elect to pay off the entire amount over time or attempt to negotiate a reduced payoff amount (i.e. partial payment installment agreement). With a PPIA, a full set of financials is required to be submitted to the IRS showing you can only pay a reduced amount.</li>
</ul>
<p>Taxpayers needing assistance in dealing with an offer in compromise and IRS tax problems should seek the advice of a knowledgeable tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: </em></strong> <strong><em>Tax Relief Help, Help with Tax Relief, Tax Relief Attorney</em></strong></p>
<p>The post <a rel="nofollow" href="https://losangeles-tax-attorneys.com/irs-tax-relief-help/">IRS tax relief help – When to ask for IRS tax relief help?</a> appeared first on <a rel="nofollow" href="https://losangeles-tax-attorneys.com">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-91674648749501860002018-03-09T08:35:00.001-08:002018-03-09T08:35:11.061-08:00IRS Levy – bank account and wages – Call Delia Tax 310-494-0100<h2 style="text-align: center;"><strong>IRS Levy – Can the IRS Levy my Bank Accounts and Wages?</strong></h2>
<p>The short answer…Absolutely! It is hard to believe that taxpayers get notice after notice from the IRS demanding payment, but they just don’t believe anything will really happen. An IRS Levy notice is serious and you should take action immediately with a tax lawyer.</p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice.png"><img data-attachment-id="1556" data-permalink="https://losangeles-tax-attorneys.com/irs-levy/irs-levy-final-notice/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice.png" data-orig-size="660,432" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="IRS-levy-final-notice" data-image-description="<p>Los Angeles Tax Attorney<br /> Delia Tax Attorneys</p>" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-300x196.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice.png" class="alignleft wp-image-1556 size-medium" title="IRS Tax Levy Final Notice" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-300x196.png" alt="IRS levy final notice" width="300" height="196" srcset="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-300x196.png 300w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-200x131.png 200w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-300x196@2x.png 600w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-555x363.png 555w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-360x236.png 360w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-262x171.png 262w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice.png 660w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-200x131@2x.png 400w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/03/IRS-levy-final-notice-262x171@2x.png 524w" sizes="(max-width: 300px) 100vw, 300px" /></a>An <em><strong>IRS levy</strong></em> permits the legal seizure of your property to satisfy a tax debt. It can contact your employer ordering a wage garnishment, take money in your bank or other financial account (<a href="https://losangeles-tax-attorneys.com/irs-bank-levy/">bank levy</a>), take your state or federal tax refund and seize and sell your vehicle(s), real estate and other personal property.</p>
<p>When you owe a tax debt to the IRS and you do not pay the amount in full, <a href="https://deliataxattorneys.com/irs-collection-notices/">collection notices</a> generally come in this order, about five weeks apart:</p>
<ul>
<li>CP-14 Balance Due Notice</li>
<li>CP-501 Reminder Notice of Balance Due</li>
<li>CP-503 Reminder Notice of Balance Due</li>
<li>LT16 You have overdue taxes and /or an overdue tax return</li>
<li><a href="https://www.irs.gov/individuals/understanding-your-cp504-notice">CP-504 Intent to Levy Notice</a></li>
<li>LT-11, CP-90, CP-1058 Final Notice of Intent to Levy Notice</li>
</ul>
<h3><strong>It’s serious: Final Notice of Intent to Levy</strong></h3>
<p>The one to obviously worry about is the Final Notice. If you do not receive this letter and the IRS levies your bank account or garnishes your wages, you have recourse against them to stop these collections. Many times, taxpayers do not open their mail or just plain forget that they received this particular letter.</p>
<p>To ensure that this Final Notice went out (justifying the IRS collection activity), it is important to contact the IRS to <a href="https://www.irs.gov/individuals/get-transcript">get a transcript</a> for the year(s) that you owe tax debt. This transcript will show, among other things, whether a Final Notice was mailed out and the date. If this Final Notice was not sent, it is then best to file a Collection Due Process Appeal to stop the levy action.</p>
<h3><strong>How do I avoid an IRS levy after I receive a Final Notice</strong></h3>
<p>The key is to be proactive and do not ignore these IRS collection notices.</p>
<p>It is probably best to contact a tax attorney when it’s gone this far. Generally, you can avoid a levy by getting into <a href="https://losangeles-tax-attorneys.com/tax-compliance-irs-tax-resolution/">tax compliance</a>: filing returns on time and paying your taxes when due.</p>
<p>If you just do not know what to do, immediately call the IRS at the number at the top of the notice. If you lost the notice, call the IRS at 1-800-829-1040 for individuals and 1-800-829-4933 for businesses.</p>
<p>When you speak with the IRS, see if you can get more time to file if you have unfiled tax returns. If you need more time and have more returns to do, call and request it. As long as they see that you are working toward resolving the situation, they will be compromising. If you get more time and do nothing, they will deny you any more time and will move forward with collections.</p>
<p>Once you have filed all missing tax returns and if you agree that you owe the tax debt assessed, you may stop collection activity with these following tax resolution options:</p>
<ul>
<li>Installment Agreement (IA)</li>
<li>Partial Payment Installment Agreement (PPIA)</li>
<li><a href="https://losangeles-tax-attorneys.com/offer-in-compromise/">Offer in Compromise (OIC)</a></li>
<li>Currently Not Collectible (CNC)</li>
</ul>
<p>Taxpayers needing assistance in dealing with an offer in compromise and IRS tax problems should seek the advice of a knowledgeable tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: IRS levy, IRS bank levy, IRS wage garnishment, IRS Tax debt</em></strong></p>
<p>The post <a rel="nofollow" href="https://losangeles-tax-attorneys.com/irs-levy/">IRS Levy – bank account and wages – Call Delia Tax 310-494-0100</a> appeared first on <a rel="nofollow" href="https://losangeles-tax-attorneys.com">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-40022032826334461292018-02-26T08:38:00.001-08:002018-02-26T08:38:23.660-08:00Offer in Compromise qualification- Will I qualify for an offer in compromise?<h2><strong>Offer in Compromise qualification – Will I Qualify for an Offer in Compromise?</strong></h2>
<p>If you are contemplating settling your tax debt with the IRS, it is definitely a good time to look into it. However, not everyone will qualify despite what the barrage of TV ads say from these unethical tax relief companies. They will take anyone as a client so beware and know the <strong><em>offer in compromise qualification</em></strong> the IRS uses!</p>
<p>Many taxpayers come to the conclusion that they will qualify based upon having nothing left over at the end of each month. But, that’s not how the IRS sees it. It really depends upon what you are spending that leaves you with no money.</p>
<p><strong>IRS collection financial standards</strong></p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles.png"><img data-attachment-id="1543" data-permalink="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/irs-collection-financial-standards-los-angeles/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles.png" data-orig-size="" data-comments-opened="1" data-image-meta="[]" data-image-title="IRS-collection-financial-standards-Los-Angeles" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles.png" class="alignnone size-medium wp-image-1543" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles.png" alt="" width="1" height="1" /></a><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png"><img data-attachment-id="1546" data-permalink="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/irs-collection-financial-standards-los-angeles-4/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" data-orig-size="" data-comments-opened="1" data-image-meta="[]" data-image-title="IRS-collection-financial-standards-Los-Angeles" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" class="alignnone size-medium wp-image-1546" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" alt="" width="1" height="1" /></a>To figure out whether you qualify for an offer in compromise (“OIC”), the IRS goes by their <a href="https://www.irs.gov/businesses/small-businesses-self-employed/collection-financial-standards">Collection Financial Standards</a> to assess your financial condition. If you go over their standards for certain expenses, they will generally disallow the amount over the standard.</p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png"><img data-attachment-id="1546" data-permalink="https://losangeles-tax-attorneys.com/offer-in-compromise-qualifications/irs-collection-financial-standards-los-angeles-4/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" data-orig-size="" data-comments-opened="1" data-image-meta="[]" data-image-title="IRS-collection-financial-standards-Los-Angeles" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" class="alignnone size-medium wp-image-1546" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/02/IRS-collection-financial-standards-Los-Angeles-3.png" alt="" width="1" height="1" /></a>For example, the national food and clothing standard for a family of two is $1,132. They will only allow this amount, instead of the $1,500 of what you really spend. This dis allowance unfortunately will show the IRS that you can pay them more than you actually can. This in turn raises the settlement offer of your OIC or may disqualify you altogether.</p>
<p>Below are IRS links to the Collection Financial Standards to assist you in whether you qualify for an offer in compromise:</p>
<ul>
<li><a href="https://www.irs.gov/businesses/small-businesses-self-employed/national-standards-food-clothing-and-other-items">National Standards: Food, Clothing and other Items</a></li>
<li><a href="https://www.irs.gov/businesses/small-businesses-self-employed/national-standards-out-of-pocket-health-care">National Standards: Out-of-Pocket Health Care Expenses</a></li>
<li><a href="https://www.irs.gov/businesses/small-businesses-self-employed/local-standards-housing-and-utilities">Local Standards: Housing and Utilities</a></li>
<li><a href="https://www.irs.gov/businesses/small-businesses-self-employed/local-standards-transportation">Local Standards: Transportation</a></li>
</ul>
<p><strong>IRS considerations of your offer in compromise qualification</strong></p>
<p>The IRS will consider expenses over the allowable amount depending upon the facts and circumstances of a taxpayer’s situation. A good example is that of child care expenses. If this is the case, documentation of proof of this expense (receipts, check copies) must be provided.</p>
<p>It is important to understand that when doing an <a href="https://losangeles-tax-attorneys.com/offer-in-compromise/">offer in compromise</a>, the IRS really sticks to the standards. Unfortunately, the standards are generally not enough to live on for most families and is certainly not the real world. For example, families have kids in college, these college-aged kids are living at home, but the IRS does not see college expenses or the expense of that extra kid at home as allowable. This seems oppressive and downright unfair to most.</p>
<p>Basically, the IRS is looking to exclude taxpayers with excessive lifestyles when determining whether an offer in compromise should be accepted or not. The IRS offer in compromise program is a very viable option for the right taxpayer(s) and it does work. You just have to position yourself properly and know the IRS guidelines.</p>
<p>Lastly, be aware that all taxpayers must be in compliance and have full documentation for an offer in compromise to even be considered. Refer to this <a href="https://losangeles-tax-attorneys.com/best-tax-attorney-los-angeles-irs-tax-settlement/">OIC article</a> for a summary checklist.</p>
<p>Taxpayers needing assistance in dealing with an offer in compromise and IRS tax problems should seek the advice of a knowledgeable tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: Offer in Compromise, IRS problems, IRS Collection Financial Standards</em></strong></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-62436480952879489092018-01-26T13:12:00.001-08:002018-01-26T13:12:13.092-08:00Tax Debt Relief – 3 Dangers of Using a Tax Relief Company<h2><strong>Tax Debt Relief – 3 Dangers of Using a Tax Relief Company</strong></h2>
<p>You’ve heard them advertising all over the TV and radio. <em><strong> IRS Tax debt relief</strong></em> companies claiming that they can help you resolve your debt for next to nothing. <strong>But don’t be fooled!</strong></p>
<p><a href="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1.png"><img data-attachment-id="1539" data-permalink="https://losangeles-tax-attorneys.com/tax-debt-relief-3-dangers-using-tax-relief-company/irs-tax-resolution-clock-2018-2/" data-orig-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1.png" data-orig-size="644,629" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="IRS-tax-resolution-clock-2018" data-image-description="" data-medium-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-300x293.png" data-large-file="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1.png" class="alignleft wp-image-1539 size-medium" title="IRS tax debt relief - Los Angeles Tax Lawyer" src="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-300x293.png" alt="IRS tax debt relief" width="300" height="293" srcset="https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-300x293.png 300w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-200x195.png 200w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-300x293@2x.png 600w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-60x60.png 60w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-555x542.png 555w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-360x352.png 360w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-262x256.png 262w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1.png 644w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-200x195@2x.png 400w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-60x60@2x.png 120w, https://losangeles-tax-attorneys.com/wp-content/uploads/2018/01/IRS-tax-resolution-clock-2018-1-262x256@2x.png 524w" sizes="(max-width: 300px) 100vw, 300px" /></a>Most tax debt relief or tax resolution companies are not even run by professionals. Their goal is to make money off of you and run, leaving you with an even worse tax problem than when you first started.</p>
<p>Be aware of the following 3 dangers when dealing with a tax settlement firm:</p>
<ol>
<li><strong>Outlandish and hidden fees</strong></li>
</ol>
<p>It is all too common that huge fees well over $4,000 are charged by a tax relief company, where the client doesn’t even have full access to a tax attorney as commonly promised. Clients are treated poorly, rarely get timely responses and fall prey to additional fees that were hidden in their original contract.</p>
<p>To make matters worse, tax relief company representatives rarely know what they are doing and certainly don’t know how to deal with IRS representatives or tax law. Due to the tax debt relief company’s inexperience, taxpayers that have hired tax relief companies have longer resolution times (and many times, no resolution), thus incurring more fees.</p>
<p>Don’t get locked in to their schemes and avoid them at all costs.</p>
<ol start="2">
<li><strong>Unprofessional, inexperienced and dishonest advice from TAX DEBT RELIEF companies.</strong></li>
</ol>
<p>Unfortunately, many tax relief company representatives give bad advice. For example, they consistently lie about taxpayers qualifying for an <a href="https://losangeles-tax-attorneys.com/best-tax-attorney-los-angeles-irs-tax-settlement/">offer in compromise</a> or settlement of their tax debt. Also, the way they advertise makes it seem that most taxpayers will qualify when many will not. This is misleading and causes many vulnerable taxpayers to wrongly believe that they can help them.</p>
<p>Tax relief companies often get a taxpayer’s name from tax lien lists, which are of public county record. They then harass and use scare tactics such as telling you that if you don’t hire them immediately, you will go to jail or be charged with tax evasion/fraud or that the IRS will take everything they own. They often manipulate and bully to make the sale. If you start to feel this type of pressure, back away and find someone that is more honest and professional.</p>
<p>These <a href="https://www.investopedia.com/articles/tax/11/tax-settlement-firms.asp">dishonest and deceitful sales practices</a> are common place when dealing with tax relief companies. Do not be a victim and take your money elsewhere….to a professional tax attorney that can be held accountable.</p>
<ol start="3">
<li><strong>High employee turnover often going out of business</strong></li>
</ol>
<p>Tax settlement firms are notorious for having high employee turnover. The reason is pretty obvious. Their sales people know how to sell, but know next to nothing about tax law and resolving tax problems. They are continually replaced and the client-taxpayer suffers.</p>
<p>Due to <a href="https://www.consumer.ftc.gov/articles/0137-tax-relief-companies">poor credibility</a> that starts to build up and horrible customer service, tax resolution companies go out of business pretty quickly. When quantity, not quality is the focus, the result is catastrophic on a business. Also, it is pretty tough to compete against tax attorneys and tax law firms who are the real tax attorneys best suited to resolve people’s IRS tax problems.</p>
<p>Taxpayers needing assistance in dealing with IRS tax problems should seek the advice of a knowledgeable tax attorney. The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="https://losangeles-tax-attorneys.com/#REQUEST-CONSULTATION">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This IRS tax relief blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: Tax Relief Companies, Tax Resolution Companies, Tax Settlement Firm, IRS tax problems, tax debt</em></strong></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-51426013688155345822018-01-03T11:33:00.001-08:002018-01-03T11:33:17.840-08:00IRS Tax Problems – Get Help Now -Don’t Wait<h2><strong>IRS Fresh Start Program – get help now with your tax problems.</strong></h2>
<p><a href="http://ift.tt/2lNBwMf"><img data-attachment-id="1530" data-permalink="http://ift.tt/2qfZuEE" data-orig-file="http://ift.tt/2lNBwMf" data-orig-size="644,629" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="IRS-tax-resolution-clock-2018" data-image-description="" data-medium-file="http://ift.tt/2lPpNN5" data-large-file="http://ift.tt/2lNBwMf" class="alignleft wp-image-1530" title="IRS Fresh Start Program Los Angeles" src="http://ift.tt/2lPpNN5" alt="IRS Fresh start program los angeles" width="183" height="179" srcset="http://ift.tt/2lPpNN5 300w, http://ift.tt/2qo5YRZ 200w, http://ift.tt/2lQgIDX 600w, http://ift.tt/2qeccUa 60w, http://ift.tt/2lP0WJb 555w, http://ift.tt/2qmk5XY 360w, http://ift.tt/2lR2Jh1 262w, http://ift.tt/2lNBwMf 644w, http://ift.tt/2qhaxxl 400w, http://ift.tt/2lPW6vd 120w, http://ift.tt/2qhaphl 524w" sizes="(max-width: 183px) 100vw, 183px" /></a>If you have tax debt and are having a hard time paying off your back taxes, take advantage of the <em><strong>IRS Fresh Start Program</strong></em>. This program makes it easier for taxpayers to negotiate with the IRS and get out of IRS debt. It is unknown for how long it will last, so it is a good idea to start the process of resolving your tax debt.</p>
<p>The three main changes to IRS tax laws introduced by the IRS Fresh Start Program include:</p>
<ol>
<li><strong>Higher thresholds for tax Liens and ability to withdraw tax liens</strong></li>
</ol>
<p>The IRS agreed to stop issuing tax liens to anyone with under $10,000 in back taxes. Also, you can now request (through <a href="http://ift.tt/2e1g8Pp">form 12277 Application for Withdrawal</a>) that your tax lien be removed if you fit into one of two scenarios: (1) you paid your tax lien in full or (2) you enter into a direct debit installment agreement. See more about <a href="http://ift.tt/1XXgR5e">Tax Lien Withdrawal</a> requirements on the IRS website.</p>
<ol start="2">
<li><strong>Expanded access to streamlined installment agreements</strong></li>
</ol>
<p>Before the IRS Fresh Start Program initiative, the IRS would not allow you to qualify for the installment payment program until you provided detailed financial statements. With these financials, you would have to show the IRS that you could not afford to pay them in full or that you needed a payment plan. Now, individual taxpayers who owe up to $50,000 can pay through monthly direct debit payments for up to 72 months (six years) without submitting a financial statement.</p>
<p>There is also a new test program that was extended allowing individual taxpayers owing an assessed balance between $50,001 and $100,000. The payment terms are over 84 months with financials not required if a direct debit or payroll deduction is put in place. If not put in place, then a financial statement is required. See Forms <a href="http://ift.tt/1VweYuI">433F</a> and <a href="http://ift.tt/2nBw1mw">433A</a>.</p>
<p>If you owe more than $100,000 or need more than 72 or 84 months to pay off your tax debt, financial statements are required.</p>
<ol start="3">
<li><strong>Expansion of the Offer in Compromise Program</strong></li>
</ol>
<p>This IRS Fresh Start program allows you to negotiate your debt with the IRS and offer a settlement amount of less than you actually owe. The Fresh Start changes make it easier to qualify for an <a href="http://ift.tt/2lPW6LJ">IRS Offer in Compromise</a> giving the IRS additional flexibility in the way they determine whether a taxpayer is qualified.</p>
<p>For anyone struggling with large levels of IRS back taxes debt, it is highly advisable to hire a tax attorney to help you deal with your outstanding debt. It is becoming increasingly difficult to negotiate with the IRS, even with the IRS Fresh Start Program.</p>
<p>Taxpayers needing assistance in dealing with IRS tax problems should seek the advice of a knowledgeable tax attorney. The <strong>Los Angeles Tax Attorneys at Delia Law</strong> have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://ift.tt/2joFLLK">no-cost tax attorney consultation</a> for tax resolution at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only.</em></strong></p>
<p><strong><em> </em></strong></p>
<p><strong><em>Keywords: IRS problems, IRS Fresh Start Program, tax lien withdrawal, back taxes, IRS debt, offer in compromise</em></strong></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-38752682224266397472017-10-23T09:20:00.001-07:002017-10-23T09:20:12.354-07:00IRS Collection Notices: What do they mean?<h2><span style="font-weight: 400;">IRS Collection Notices: What do they mean?</span></h2>
<p><span style="font-weight: 400;">When an IRS letter or IRS collection notice arrives, many people are unsure what it means and what to do to respond. IRS letters all look the same, and can be intimidating because of what is at stake.</span></p>
<p><span style="font-weight: 400;"><a href="http://ift.tt/2gyxnZF"><img data-attachment-id="1523" data-permalink="http://ift.tt/2i0nkN2" data-orig-file="http://ift.tt/2gyxowH" data-orig-size="762,569" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="irs-tax-notice" data-image-description="" data-medium-file="http://ift.tt/2hZpqwI" data-large-file="http://ift.tt/2gyxowH" class="alignleft wp-image-1523 size-medium" title="IRS Tax notices - what do they mean?" src="http://ift.tt/2gyxxjJ" alt="IRS tax notices" srcset="http://ift.tt/2gyxxjJ 300w, http://ift.tt/2gyxyUP 200w, http://ift.tt/2hZsKYN 600w, http://ift.tt/2gyxzYT 555w, http://ift.tt/2hZoGHW 360w, http://ift.tt/2gyxAvV 262w, http://ift.tt/2i0a6jl 762w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /></a>If a person has tax debt due to the IRS, and does nothing about it, then eventually the person’s account will go into IRS collections.The collection process may take some time, up to several months. Each collection notice usually comes five weeks apart.</span></p>
<h3><span style="font-weight: 400;">Different types of IRS Collection letters – What are the different types of IRS Tax Collection letters?</span></h3>
<p><span style="font-weight: 400;"><strong>CP14</strong> This notice is for when a person has a balance due</span></p>
<p><span style="font-weight: 400;"><strong>CP501</strong> First reminder notice for the overdue balance due</span></p>
<p><span style="font-weight: 400;"><strong>CP503</strong> 2nd notice to remind a person of their balance due</span></p>
<p><span style="font-weight: 400;"><strong>CP504</strong> Final Notice of Intent to Levy. This is when the IRS gets really serious. This notice says if the amount is not paid in full after this 3rd and final notice, then the IRS will levy the person’s state income tax refund.</span></p>
<p><span style="font-weight: 400;"><strong>CP90</strong> This notice represents the IRS intent to seize assets and gives notification of the person’s right to a hearing. Retirement benefits, real estate, salaries, automobiles, bank accounts etc can be included in the levy</span></p>
<p><span style="font-weight: 400;"><strong>CP91/CP298</strong> This notice represents the IRS intent to seize 15% of social security benefits to pay the unpaid balance that is due.</span></p>
<p><span style="font-weight: 400;"><strong>CP297</strong> This notice represents the IRS intent to seize assets and is sent to the subjects business. The IRS will levy assets if no action is taken.</span></p>
<p><span style="font-weight: 400;"><strong>LT11/LT1058</strong> This letter is the Final Notice of Intent to Levy and Notice of Your Right to Hearing. This indicates that the IRS has made numerous attempts to collect the balance. If no further action is taken within 30 days, the IRS has the right to levy or seize assets. The IRS may also place a Federal tax lien on your property.</span></p>
<h3><span style="font-weight: 400;">The most important and serious IRS collection letters</span></h3>
<p><span style="font-weight: 400;"><strong>CP90/297</strong> Final Notice of Intent to Levy and Notice of Your Rights to a Hearing</span></p>
<p><span style="font-weight: 400;"><strong>CP91/298</strong> Final Notice Before Levy on Social Security Benefits</span></p>
<p><span style="font-weight: 400;">These two notices are the only notices that allow the IRS to start proceedings in order to seize your assets, vehicles, bank accounts, real estate and business assets. The other notices can be important and urgent, but they are not threatening any action. Only these final notices gives the IRS these legal rights to start the proceedings.</span></p>
<p><span style="font-weight: 400;">When a person receives a Final Notice, he/she must realize that it provides important legal rights. These rights include the ability to file an appeal to have a hearing to settle the case and take the results to a U.S. Tax Court if it is not acceptable. The IRS collection action is halted while the appeal is pending, provided it is filed within 30 days from the issuance of the notice.</span></p>
<h3><span style="font-weight: 400;">Actions to take when a person receives an IRS collection letter</span></h3>
<p><span style="font-weight: 400;">Taxpayers are generally extremely anxious when they receive these types of <a href="http://ift.tt/2xOQzwr">IRS notices</a>. The best thing to do is to stay calm, read the letter and check if it is a Final Notice. Taxpayer assets are in danger if it is a Final Notice.</span></p>
<p><span style="font-weight: 400;">If a person agrees with the balance due, look to the tax resolution with a payment plan, currently not collectible status or offer in compromise. This decision must be made quickly as active collections are taking place. The best way to get tax help is from a tax attorney who will work to get a resolution that is most favorable to you and your financial situation.</span></p>
<p><span style="font-weight: 400;">If you do not agree with the balance due, submit the required information to validate your claim.</span></p>
<p><span style="font-weight: 400;">Remember, when you submit any information to the IRS, to always keep copies for your records. </span><span style="font-weight: 400;">Please call for a <a href="http://ift.tt/2vCIAyz">no-cost tax attorney consultation</a> for a tax resolution. We look forward to helping you. </span><span style="font-weight: 400;">This blog post is not intended as legal advice and should be considered general information only</span></p>
<p><span style="font-weight: 400;">Keywords: IRS collection notices, IRS Collection Problems, IRS Collections, IRS Final Notice, IRS levies and property seizures, IRS Seizures</span></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-53928171902012947942017-09-11T18:06:00.001-07:002017-09-11T18:06:27.119-07:00TAX COMPLIANCE WITH THE IRS FOR TAX RESOLUTION<h2><strong><u>TAX COMPLIANCE WITH THE IRS FOR TAX RESOLUTION</u></strong></h2>
<p>Ever wondered if you could sole your tax problems with the IRS? Or maybe you don’t know how to go about it? The first and most important thing you need to do if you want the IRS to favor you in stipulated tax resolutions is; Tax compliancy. You must be tax compliant. The next question that should come to your mind is; what is tax compliance?</p>
<h3><strong>WHAT IS TAX COMPLIANCE?</strong></h3>
<p><a href="http://ift.tt/2jkyWOK"><img data-attachment-id="1518" data-permalink="http://ift.tt/2f1FXTA" data-orig-file="http://ift.tt/2jjvzru" data-orig-size="780,764" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="notice_931_-_tax_compliance" data-image-description="<p>tax compliance<br /> Los Angeles tax attorney</p>" data-medium-file="http://ift.tt/2f1FYqC" data-large-file="http://ift.tt/2jjvzru" class="alignleft wp-image-1518 size-medium" title="irs tax notice 931 tax compliance" src="http://ift.tt/2jjlnzl" alt="tax compliance los angles tax" srcset="http://ift.tt/2jjlnzl 300w, http://ift.tt/2jjDQMh 200w, http://ift.tt/2f1FYXE 600w, http://ift.tt/2jiXdoI 60w, http://ift.tt/2f1LSba 555w, http://ift.tt/2ji8NjI 360w, http://ift.tt/2f1FZLc 262w, http://ift.tt/2jkdoBR 780w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /></a>Tax compliance simply means paying your tax as well as providing and submitting accurate information to tax authorities in required formats and on time. IRS tax liabilities aren’t aimed at a set of people, it can happen to anyone. So, don’t think you’re the only one in this situation. Taxpayers on so many occasions call their tax lawyers for help when they are in tax crisis. Tax liabilities can happen for so many reasons such as; economic meltdown, family issues, poor finance management, sickness, inadvertent oversight, etc.</p>
<h3><strong>TAX RETURN COMPLIANCE</strong></h3>
<p>Getting tax resolution with offer in compromise and installment agreement isn’t quite difficult. All the IRS requires of you is to be tax compliant. You must fill all required fields in the <a href="http://ift.tt/2oPWuJD">unfiled tax returns.</a> This is actually not difficult, but most taxpayers find it very difficult to do so. In some cases, they are fraudulent in filing their tax returns.</p>
<p>If you decide to do the right thing by filing the tax return properly; all you need do is place a call through to the IRS requesting for a ‘compliance check’. You will get a list of the years that need to be filed from a representative. Make sure you ask if IRS has filed some returns for those years. You will also need the following to assist you in filing; wage and income transcript, and account transcript. You will need these if you don’t have any record of your own for those non-compliant years.</p>
<h3><strong>TAX DEPOSIT AND ESTIMATED TAX PAYMENTS</strong></h3>
<p>Tax compliance for all federal tax deposits and quarterly estimated deposits applies to self-employed or business men. Wrong calculation or simple deposit error of the above named deposits which can be caused by a bunch of business and personal reasons make taxpayers run into problems. Most taxpayers use the money for these deposits for something else, hoping to make it back within the year, but they always end up with tax debt and damages.</p>
<p>Even if you fall out of compliance, don’t try to run away from it. Face the problem head-on, many people fall victim of this. School yourself on the rules of tax compliance or get the assistance of a tax attorney. This would prove very helpful.</p>
<h3><strong>Estimated Tax Payments for Individuals</strong></h3>
<p>If you want to get back on track with your tax compliance, you need to update all your estimated quarterly tax. Their due dates are; April 15<sup>th</sup>, June 15<sup>th</sup>, and September 15<sup>th</sup> of the corresponding year and 15<sup>th</sup> January of the next year. You can easily calculate how much your estimated tax payment should be. Simply check your previous tax return and divide your tax liability by four.</p>
<p>Your CPA can also help in calculating your estimates if you believe your next return to be more than the present one. You can also use the <a href="http://ift.tt/2x14dMM">IRS estimated tax payment information</a> at <a href="http://www.IRS.gov">www.IRS.gov</a> to get your estimated payments. This would be very helpful in eliminating liability reoccurrence on your returns to come.</p>
<h3><strong>Estimated Tax Deposits for Business</strong></h3>
<p>Every business man or taxpayer also needs to be up-to-date with their required 941 employment tax deposits and 940 unemployment tax deposits. This should be in addition to your quarterly tax payment. It can also be of an advantage to make quarterly estimated payments for future return years. This doesn’t really change anything, but you can still do it.</p>
<p>You can pay your <em><strong>941 employment tax deposits</strong></em> either; semi-weekly, monthly, or quarterly. It all depends on the wage allocated to each quarter. You can check-out the <a href="http://ift.tt/2xGi3S1">IRS Notice 931</a> for assistance in filing and payments.</p>
<p>You ca easily avoid tax problems resulting to; wage garnishments, bank levies, and tax liens by simple tax compliance. The IRS uses tax return and estimated tax compliance to checkmate taxpayers, to make sure they don’t incur tax debt at tax times.</p>
<p>Feel free to contact the Los Angeles Tax Attorney at Delia Law for a <a href="http://ift.tt/2joFLLK">no-cost tax attorney consultation</a>. The Los Angeles Attorneys have years of experience in tax preparation and <a href="http://ift.tt/1UgQRw4">tax resolution</a> experience. We are sure of perfectly representing your interest before the IRS. You can reach us on (310) 494-0100. We look forward to hearing from you, and also help you become tax compliant.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-48736012675554914382017-07-24T16:28:00.001-07:002017-07-24T16:28:32.404-07:00IRS TAX AUDIT TRIGGERS – Top 5 red flags for IRS searches.<h2 style="text-align: center;">IRS TAX AUDIT TRIGGERS – top 5 triggers.</h2>
<p>Tax season has just finished but many are starting to think about the upcoming tax season. Some just think about a fat refund coming their way, but others strategize and worry about how to avoid the top <em>IRS audit triggers</em>.</p>
<p>In actuality, a very small number of tax returns are selected for <a href="http://ift.tt/2bBNwKl">IRS tax audit</a>. In 2015, less than 1% were audited. The IRS does not really tell us exactly what may trigger an audit, however, there are definitely a number of items to be aware.</p>
<p><strong>1. You earned more than one million.</strong></p>
<p>If you make more than one million, you will have a target on your back. According to the <a href="http://ift.tt/25yALGH" target="_blank" rel="nofollow noopener"><em>Internal Revenue Service</em> Data Book 2015</a>, returns with income of $100k to $199k were audited at a rate of .64% versus returns with income of $1 million to $5 million being audited at a much higher rate of 8.42%.</p>
<p><strong>2. You had large business deductions or have been operating at a loss.</strong></p>
<p>The IRS will certainly investigate if a certain business deduction is disproportionately large compared to your income from the business. Make sure you keep all substantiation to back your deduction taken. Similarly, operating at a loss, especially for more than three years will certainly trigger an <em><strong>IRS tax audit</strong></em>.</p>
<p>Unfortunately, taxpayers that file a Schedule C are already suspect because it is all too easy to abuse certain tax deductions. A common mistake is taking a business tax deduction that is actually for personal use and taking it as, for example, a vehicle expense, business travel expense or home office deduction.</p>
<p><strong>3. You took large charitable deductions.</strong></p>
<p>Again, if these deductions are disproportionately large as compared to your income, they will be suspect. Just be sure to keep detailed records of your cash and property contributions.</p>
<p><strong>4. You did not report all income.</strong></p>
<p>If you receive a W-2 or 1099 reporting income from a business, this information is sent to the IRS. If you do not report the income from these sources on your tax return, an audit will be triggered.</p>
<p>Be sure to keep all forms and keep your address updated with your previous employers to make sure you receive all forms at tax time. Not having these forms is not an excuse to not report it.</p>
<p>Also, if an error is found on an income form, be sure to correct it with the business who will then correct it with the IRS. If it is not corrected, the IRS will only go off of the information that was reported to them.</p>
<p><strong>5. IRS Tax audit Trigger – Rental property tax losses</strong></p>
<p>If you took rental property losses on your tax return, you may face an audit. These types of losses are heavily scrutinized by the IRS, and the rules to take them are quite strict. In order to fully deduct these losses, you must be a real estate professional or actively participate in the renting of your property. Real estate professionals must materially participate in real estate with over 750 hours each year and spend more than 50% of their working hours in real estate.</p>
<p>The IRS is toughest on taxpayers claiming to be a real estate professional. If you are not a real estate professional, you may deduct up to $25,000 of property loss, which starts to phase out once your income reaches $100,000.</p>
<p><strong>6. Will foreign bank accounts trigger an IRS tax audit?</strong></p>
<p>If you did not report your foreign accounts, it may trigger an IRS audit. If you have any accounts overseas, you need to report them or face an audit which may lead to severe IRS penalties.</p>
<p>FinCEN Form 114 (“<a href="http://ift.tt/1bDpIB5" target="_blank" rel="nofollow noopener">FBAR</a>”) must be filed by April 15th to report any foreign accounts with an extension available to October 15. The general rule is the following: Any U.S. person, whether an individual or an entity, with a financial interest in or signature authority over one or more foreign bank or financial accounts must file an FBAR when the aggregate value of the accounts exceeds $10,000 at any time during the year.</p>
<p>If you do have to face an IRS audit, protect yourself and hire a tax attorney. Having a tax lawyer by your side gives immense reassurance that you have a professional that has the knowledge and ability to analyze the many complexities in the tax law. If resolution is needed, there are several options to consider, including a payment plan or an offer in compromise.</p>
<p>Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://ift.tt/2vCIAyz">no-cost tax attorney consultation</a> at (310) 494-0100. We look forward to helping you.</p>
<p><strong><em>This blog post is not intended as legal advice and should be considered general information only</em></strong></p>
<p>The post <a rel="nofollow" href="http://ift.tt/2urAs5p">IRS TAX AUDIT TRIGGERS – Top 5 red flags for IRS searches.</a> appeared first on <a rel="nofollow" href="http://ift.tt/1UgQRw4">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-90380832139076932932017-04-27T10:07:00.001-07:002017-04-27T10:07:51.085-07:00Missed the tax deadline and can’t pay? 3 ways to reduce or avoid IRS tax debt and IRS tax problems<p>Missed the tax deadline and can’t pay what is due? This can have disastrous consequences and must be taken care of quickly to avoid IRS tax debt. It can quickly ruin your life for as long as you let it.</p>
<p>These types of problems do not only happen to you so do not feel alone. Generally, taxpayers who miss the tax deadline date either ran out of time or did not have the money to pay the tax owed. The worst thing you can do is to do nothing. Below are three ways you can avoid or reduce a costly tax bill:</p>
<h3>1. Missed the tax deadline and can’t pay?: Be sure to file your tax return even if you owe</h3>
<p>“I will owe on my tax return and don’t have the money to pay, so there is no point in filing.” Sadly, many <a href="http://ift.tt/2oPWuJD">non-filers</a> have these thoughts, but their thinking is completely wrong. It is best to always file on time or get an extension, even if you will owe the IRS. The IRS assesses penalties for non-filers (called the failure to file penalty). This is 5% of the amount of unpaid taxes each month, up to a maximum of 25%. In some cases, the late filing penalty can be higher than the late payment penalty so be sure to file as soon as possible if you have missed the deadline.</p>
<p>If this is your first failure to timely file penalty, be sure to request a <a href="http://ift.tt/2qc6IIk">penalty abatement</a> from the IRS after you have filed. Don’t’ do it again as they will not be so forgiving the next time.</p>
<p>Luckily there is no late filing penalty for taxpayers that are due a refund. Taxpayers due a refund for the 2016 tax year have until April 18, 2020 (October 16, 2020 with an extension) to file before the statute of limitations on the refund runs out. Unfortunately, the U.S. Treasury keeps your refund if you do not file by these dates.</p>
<h3>2. Pay as much as you can or pay it all off</h3>
<p>If possible, pay your tax debt in full or pay what you can to reduce IRS tax debt. The failure to pay penalty is 0.5% of the amount you owe each month up to a maximum of 25%. If both the failure to file penalty (discussed above) and failure to pay penalty are due in the same month, the failure to file penalty is reduced to 0.5%.</p>
<p>You will have an extra six months to file if you were granted an extension. Make sure to estimate and pay what you think you owe for the year by the April deadline or as soon as you can. As mentioned above, the IRS will assess a failure to pay penalty equal to 5% of the tax you owe per month, up to a maximum of 25%.</p>
<p>And remember the IRS charges interest on the principal amount owed. The <a href="http://ift.tt/2oPOJ6I">IRS charges interest</a> at 3% plus the federal short-term rate, compounded each day (see also <a href="http://ift.tt/2qbYlN0">Rev. Rul 2017-6 Determination of Rate of Interest</a>). This can add up to an enormous tax bill making it increasingly difficult to pay it all off.</p>
<p>Another concern to be aware is that if you never pay, you may be assigned to an IRS revenue officer. A revenue officer can show up at your house to investigate what assets and income you may have to pay off IRS tax debt. They are very aggressive and have been given broad collection powers. And of course, the worst-case scenario is that you can be charged with a crime, such as tax evasion.</p>
<p>To make matters worse, your travel plans may be cancelled. In late 2015, Congress passed a law that allows the U.S. State Department to revoke taxpayers’ passports or deny passports to those who owe more than $50,000 to the IRS and are not in an agreement to pay.</p>
<p>Do not miss the tax return deadline. The best thing you can do is avoid late filing next time or file an extension…and pay off your IRS tax debt quickly. To make a payment go to the IRS website at IRS.gov and choose an <a href="http://ift.tt/1ZYj66I">electronic payment option</a>.</p>
<h3>3. Enter into an IRS installment agreement (“IA”) to avoid IRS tax problems</h3>
<p>If you missed the tax deadline and can’t pay in full, apply for an <a href="http://ift.tt/2czalzM">IRS installment agreement online</a> or attach <a href="http://ift.tt/1KY5CWy">IRS Form 9465 Installment Agreement Request</a> to the front of your tax return. In order to qualify and apply online, you must owe $50,000 or less, which includes all interest and penalties. Check out <a href="http://ift.tt/1ID3Mc0">IA specific instructions</a> when filling out and applying for an installment agreement.</p>
<p>And remember, to stay in an installment agreement and avoid a default, you must:</p>
<p>• Understand all future tax refunds will be applied to your tax debt until it is paid in full;<br />
• Pay at least the minimum monthly payment when it is due;<br />
• Include your name, address, SSN, daytime phone number, tax year and return type (generally 1040) on your payment;<br />
• File all required tax returns on time and pay all taxes in-full and on time (contact the IRS to change your existing agreement if you cannot);<br />
• Make all scheduled payments; and<br />
• Ensure your statement is sent to the correct address. Contact the IRS if you move or complete and mail Form 8822, Change of Address.</p>
<p>If you owe more than $50,000 or cannot pay an adequate amount under an installment agreement, consider getting help from a tax attorney specializing in IRS tax debt resolution and strategy. If you missed the tax deadline and can’t pay, a skilled attorney will review your financial situation and strategize to assist you in resolving your IRS tax problems.</p>
<p>The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://ift.tt/1UgQRw4">no-cost tax attorney consultation</a> at (310) 494-01011. We look forward to helping you.</p>
<p><em><strong>This blog post is not intended as legal advice and should be considered general information only.</strong></em></p>
<p>The post <a rel="nofollow" href="http://ift.tt/2qbYIqI">Missed the tax deadline and can’t pay? 3 ways to reduce or avoid IRS tax debt and IRS tax problems</a> appeared first on <a rel="nofollow" href="http://ift.tt/1UgQRw4">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-56026202856428897122017-02-28T21:36:00.001-08:002017-02-28T21:36:04.687-08:00Avoid These Top 5 Tax Return Mistakes!–IRS Red Flag<p>Take care to start working on your taxes because the due date is near. There are many options for tax preparation including doing it on your own with tax preparation software.<br />
It is immensely important to be vigilant in preventing tax return mistakes and avoiding an <em><strong>IRS Red Flag</strong></em>.</p>
<p>Far too many taxpayers rely on tax preparers to make sure everything is correct in their tax return and fail to review their tax returns for errors. They simply sign at the bottom. Even worse, many taxpayers have fallen victim to tax preparer fraud.</p>
<p>So, if you are preparing your own tax return or are having someone else do it for you, do not get lulled into a false sense of security. One data error could end up costing you a lot of money and a <a href="http://ift.tt/2bBNwKl">tax audit</a>. Be sure to review your tax return carefully whether using a tax preparer, CPA, tax software or doing it yourself. Keep these considerations in mind:</p>
<h3><strong>1. Filing status error</strong></h3>
<p>Make sure you designate yourself the correct filing status for your situation. There are five options: single, married filing jointly, head of household, married filing separately and qualifying widower with qualified child.</p>
<p>Take a close look into what each filing status entails. The selected chosen status should first qualify you under the requirements of the law and second, should be selected based upon which status would be most beneficial for your personal tax situation.</p>
<p>Which one you choose and qualify for can make a difference in your tax bill. For example, if you have recently divorced and are a single parent, choosing “head of household” may likely be the best filing status.</p>
<h3>2. Incorrect social security number and name</h3>
<p>The name on your tax return must match up with the tax identification number or social security number provided to you by the Social Security Administration as required by the IRS. This includes your children’s and spouse’s identification numbers. If they are in any way different or misspelled, the IRS will have processing issues with the tax return or even worse, may require corrections to process it.</p>
<p>This issue commonly comes up when new wives decide on taking their husband’s last name or when divorced women change their name back to their maiden name. If these circumstances happen, it is first important to change your name with the Social Security Administration after you wed. This will ensure that your new name will not cause a problem when you file your first joint tax return.</p>
<p>Also, don’t be one of those taxpayers that forget to put down their social security number on their return or insert it incorrectly. If either of these occur, the IRS will not process your return. It is also the only way to claim many tax credits including the child tax credit.</p>
<h3><strong>3. Math and computation mistakes</strong></h3>
<p>The most common mistakes on tax returns are math errors. This type of mistake can cause you to incur IRS tax debt or may cause you to miss out on some or all of a tax refund. Using tax preparation software definitely helps in reducing such errors due to built-in calculators, but the software can only do so much. The taxpayer must be the one to input the numbers correctly.</p>
<p>Be sure all computations are correct especially when your tax return is self-prepared or when using a tax preparer where there are numerous forms and worksheets. When everything is inputted correctly, check withholding, deductions, taxable income, credits and estimated tax payments for computation accuracy.</p>
<p>Review and check overall numbers inserted into your tax return. This vigilance will make it highly unlikely that you will receive an IRS notice of deficiency or notice of tax audit. The IRS will investigate reported taxable income on their end from w-2’s and 1099’s to make sure everything matches up with what is reported on your tax return. If something is incorrect, they will make the mathematical correction. Try to avoid this happening and make sure your math calculations are correct.</p>
<h3>4. Failure to report additional income–a serious IRS Red Flag</h3>
<p>Taxpayers commonly forget to report extra income aside from their w-2 earnings throughout the year. If you have a side job, you must report this extra income. Make sure you receive a 1099-MISC detailing these extra earnings from the company that you provided this work.</p>
<p>Also, other income that needs to be reported includes savings and investment accounts income. You should receive a 1099-INT and 1099-DIV for these types of income. Do not forget to include these types of income on your tax return because the IRS will know of it if you don’t. If you have self-employment income, information on the 1099 form is reported to the IRS.</p>
<p>If you forget about this type of income or the company you worked for did not provide you with a 1099, the IRS will notify you of the unreported income and consequential tax deficiency. You may also be subject to interest and penalties on the unreported earnings.</p>
<h3>5. Forgetting your signature</h3>
<p>If you forget to sign and date your return, the IRS will not process it. If you are filing your tax return by E-file, make sure you sign using a personal identification number or PIN. Also, if you are married and filing married, both spouses must sign.</p>
<p>Taxpayers can experience IRS tax problems pretty quickly by making simple avoidable mistakes on their tax return. These small mistakes can easily result in an <a href="http://ift.tt/2jzUUMl">IRS tax audit</a> resulting in quite large amounts of IRS tax debt. If tax resolution is necessary, there are many options to consider, including an <a href="http://ift.tt/2lRG2tv">offer in compromise</a> or IRS payment plan.</p>
<p>The Los Angeles Tax Attorneys at Delia Law have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://ift.tt/2joFLLK">no-cost tax attorney consultation</a> at (310) 494-0100. We look forward to helping you.</p>
<p><em><strong>This blog post on <span style="color: #ff0000;">IRS RED FLAGS</span> is not intended as legal advice and should be considered general information only</strong></em></p>
<p>The post <a rel="nofollow" href="http://ift.tt/2lRJcO0">Avoid These Top 5 Tax Return Mistakes!–IRS Red Flag</a> appeared first on <a rel="nofollow" href="http://ift.tt/1UgQRw4">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-37957269492310591732017-01-18T13:17:00.001-08:002017-01-18T13:17:12.491-08:00IRS Audit Triggers – IRS red flags<h2>IRS tax audit triggers – IRS red flags</h2>
<p>With tax season underway, many taxpayers are starting to gear up in preparation of their tax returns. Some are starting early in hopes of a substantial tax refund. Many other taxpayers will procrastinate due to having to owe the federal government. One thing is for certain, all taxpayers want to avoid these <em><strong>IRS tax audit triggers</strong></em> at all costs.</p>
<p><a href="http://ift.tt/2joK3Tu"><img data-attachment-id="1443" data-permalink="http://ift.tt/2jzVWYQ" data-orig-file="http://ift.tt/2joE3d9" data-orig-size="343,147" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"}" data-image-title="IRS-tax-audit-red-flags" data-image-description="" data-medium-file="http://ift.tt/2jAdJPE" data-large-file="http://ift.tt/2joE3d9" class="alignleft wp-image-1443" title="IRS tax audit triggers red flags" src="http://ift.tt/2joER1D" alt="Irs tax audit triggers" srcset="http://ift.tt/2jA37Qx 300w, http://ift.tt/2joIxk9 200w, http://ift.tt/2jA9O5t 262w, http://ift.tt/2joxEie 343w" sizes="(max-width: 263px) 100vw, 263px" data-recalc-dims="1" /></a>Many think <a href="http://ift.tt/2bBNwKl">IRS tax audits</a> are quite common, but they actually are not. Less than 1 % of all returns were audited in 2015. Unfortunately, the IRS does not have an exact list of automatic tax audit triggers, but we certainly should be aware of certain scenarios. Here are the 6 biggest IRS tax audit triggers.</p>
<p><em><strong>1. Failure to report all income from all sources.</strong></em> An audit is certainly triggered when income from all sources are not reported on your tax return. But, how will the IRS know, you ask? Income is reported to the IRS whenever you receive a W-2 or 1099 from a business.</p>
<p>And just because you do not have a W-2 or 1099 does not mean you do not have to report this income. You must be vigilant in obtaining these forms and contact your employers or business owners to obtain them. Keeping your address updated is always smart to ensure receipt of these very important tax documents during tax time.</p>
<p>Also, if an error is found on an income form, be sure to correct it with the business who will then correct it with the IRS. If it is not corrected, the IRS will only go off of the information that was reported to them.</p>
<p><em><strong>2. Your business operated at a loss or had substantial or disproportionate business deductions.</strong></em> Unfortunately, Schedule C filers are targets because it is all too easy to abuse certain business tax deductions. There is a high probability that a tax audit will be triggered if your business deductions are disproportionately large compared to your income from your business.<br />
If this is the case and all deductions are accurate, make sure you have all substantiations for the deduction(s) taken. Additionally, a tax audit will almost always be triggered when you are operating at a loss for <strong>more than three years</strong> or more.</p>
<p><em><strong>3. You had substantial charitable deductions.</strong></em> Just as with business deductions, if they are disproportionately large as compared to your income, they will be suspect. Make sure to keep detailed records of your cash and property contributions.</p>
<p><em><strong>4. You failed to report your foreign accounts.</strong></em> If you do not report your overseas accounts, you may face severe IRS penalties and an IRS tax audit.<br />
FinCEN Form 114 (“FBAR”) is due by April 15th to report any foreign accounts with an extension available to October 15. It applies to: Any U.S. person, whether an individual or an entity, with a financial interest in or signature authority over one or more foreign bank or financial accounts must file an FBAR when the aggregate value of the accounts exceeds $10,000 at any time during the year.</p>
<p><em><strong>5. You took rental property losses.</strong></em> The IRS is extremely tough on taxpayers claiming to be real estate professionals. In order to fully deduct these losses, you must be a real estate professional or be an active participant in the renting of your property. To be exact, real estate professionals must materially participate in real estate with over 750 hours each year and spend more than 50% of their working hours in real estate. These types of losses are heavily scrutinized by the IRS, and the rules to take them are quite strict. Be sure you qualify. Better yet, hire a tax attorney to make sure you do.</p>
<p>In the case that you are not a real estate professional or if you do not qualify, you may deduct up to $25,000 of property loss, which starts to phase out once your income reaches $100,000.</p>
<p><em><strong>6. You earned more than one million.</strong></em> According to the <a href="http://ift.tt/25yALGH">Internal Revenue Service Data Book 2015</a>, returns with income of $100k to $199k were audited at a rate of .64% versus returns with income of $1 million to $5 million being audited at a much higher rate of 8.42%. So, if you make more than one million, you pretty much have a target on your back.</p>
<p>Protect yourself and hire a tax attorney if facing an <a href="http://ift.tt/2jA7mvA">IRS tax audit</a>. Arming yourself with a tax lawyer provides immense reassurance that you are fully represented by someone with the knowledge and ability to analyze the many complexities in the tax law. There are several options to consider if you come up with tax debt, including an IRS installment agreement or an offer in compromise.</p>
<p>The <em><strong>Los Angeles Tax Attorneys at Delia Law</strong></em> have many years of tax resolution experience and will competently represent you before the IRS. Please call for a <a href="http://ift.tt/2joFLLK">no-cost tax attorney consultation</a> at (310) 494-0100. We look forward to helping you.<br />
<em>This blog post is not intended as legal advice and should be considered general information about <strong>IRS Tax audit triggers</strong> only</em></p>
<p>The post <a rel="nofollow" href="http://ift.tt/2jzUUMl">IRS Audit Triggers – IRS red flags</a> appeared first on <a rel="nofollow" href="http://ift.tt/1UgQRw4">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-16578413098130421772016-08-18T17:08:00.001-07:002016-08-18T17:08:13.422-07:00IRS Tax Audit<h2>IRS Tax Audits And Appeals</h2>
<p><em><a href="http://ift.tt/2bBRhQ6"><img class="size-medium wp-image-1420 alignleft" src="http://ift.tt/2bq9Ee6" alt="IRS Tax audit - los Angeles tax attorney" srcset="http://ift.tt/2bq9Ee6 300w, http://ift.tt/2bq8kIc 768w, http://ift.tt/2bBQSgE 1024w, http://ift.tt/2bq89wL 200w, http://ift.tt/2bBSir6 600w, http://ift.tt/2bq7hIx 1140w, http://ift.tt/2bBRrGX 555w, http://ift.tt/2bq8rUr 360w, http://ift.tt/2bBRoeB 262w, http://ift.tt/2bq7FXk 1200w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /></a>What should I do if I get an IRS tax audit notice?</em><br />
No one likes the idea of a tax audit. It can make a taxpayer fearful, frustrated and just plain embarrassed thinking that the IRS is questioning whether their tax return is accurate. It is a difficult time and being investigated in this manner isn’t easy. It is important to stay calm and realize, it is just that, <em>an investigation</em>. At the time your tax audit notice is received, you have done nothing wrong, but you just have to prove it.</p>
<h3><em>Should I call the IRS tax auditor before I talk with a tax attorney?</em></h3>
<p>It is never a good idea to call the auditor without adequate preparation and legal representation. They will immediately start asking a number of questions and one misstep could lead them to expand your audit into multiple years or multiple issues. You should always look into hiring a tax attorney to handle the discussions and the tax audit.</p>
<h3>Hire a Los Angeles tax attorney for your IRS tax audit</h3>
<p><em><strong>The benefit of hiring a tax attorney is confidentiality.</strong></em> Attorneys are all bound by the attorney client privilege meaning they may not reveal confidences shared with them by their clients. This is called the attorney client privilege. CPA’s and enrolled agents do not afford this type of protection. These professionals may be forced to reveal your private information if taxing authorities demand it.</p>
<h4>Other advantages in hiring a tax attorney for your tax audit include:</h4>
<p>• ability to limit the scope of your audit to one year. Many times IRS auditors try to expand the audit as more information is revealed. If you don’t have the proper representation, you could be opening yourself up to many other issues and multiple years.<br />
• experience to know what the problem areas are and how to limit exposure to those areas resulting in less tax owed.<br />
• knowledge and ability to analyze the many complexities in the tax law. The types of skills tax attorneys possess can make a substantial difference in the amount of money you may owe or save from the outcome of your tax audit.<br />
• personal attention. Your case will always be handled by an experienced tax audit attorney who will be your primary point of contact. You will never be handed off to a less knowledgeable representative.</p>
<h3>Resolve your tax debt after audit</h3>
<p>After an IRS audit, there may be tax debt as a result of lack of proof to support your audited tax return. Los Angeles Tax Attorneys at Delia Law strives to obtain the best results for our clients during an audit. If this is the case, an offer in compromise is one of the best resolution options out there. A successful offer in compromise negotiated by an experienced tax attorney can allow you to settle your tax debt for less than you owe. If it is found that you do not qualify for an offer in compromise there are other tax resolutions, such as an IRS payment plan.<br />
<strong>Contact Delia Law for a free consultation</strong><br />
Delia Law can assist you with your tax audit and with any further resolution. For tax audit representation, you can contact a Delia Law Tax Attorney either by completing our online form or by calling (310) 494-0100. We can assist you wherever you live or you can visit a Delia Law Los Angeles tax attorney at 10880 Wilshire Blvd, Suite 1101. We also serve clients in San Diego, Orange County, as well as those across California and throughout the United States.<br />
<em>This IRS tax audit post is not intended as legal advice and should be considered general information only.</em></p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-75867232305722455542016-07-18T18:22:00.001-07:002016-07-18T18:22:24.199-07:00Form 941-x Late on payroll taxes and under payment of taxes<h2><strong>Form 941-x Late on Payroll taxes? Found an underpayment error? Here’s how to correct it without paying fines.</strong></h2>
<p><a href="http://ift.tt/29Q6Kta"><img class="size-medium wp-image-1411 alignleft" src="http://ift.tt/29WiHRO" alt="IRS Form 941 Failure to pay" srcset="http://ift.tt/29WiHRO 300w, http://ift.tt/29WiMoM 200w, http://ift.tt/29Q7DSK 600w, http://ift.tt/29WiAG7 555w, http://ift.tt/29Q74s8 360w, http://ift.tt/29Wi4rv 262w, http://ift.tt/29Q9cje 608w" sizes="(max-width: 300px) 100vw, 300px" data-recalc-dims="1" /></a>Employers can have a hard time keeping track of the complex rules of supplemental wages, deferred compensation plans, and other compensation arrangements. Mistakes can be made when completing an employee’s taxable wages and calculating FICA payroll tax and income tax withholding. If an error is discovered, employers should act quickly to correct employment tax reporting errors and make an interest-free adjustment, in line with IRC section 6205 and 6414.</p>
<p>The <em>IRS regulations</em> state that “an error is ascertained when the employer has sufficient knowledge of the error to be able to correct it.” To make timely corrections, follow the directions below:</p>
<ol>
<li>Employer files a quarterly employment tax return and finds an error that result in an underpayment or overpayment of employment tax.</li>
<li>Employer completes <a href="http://ift.tt/29WicY3">Form 941-X – Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund</a> to correct the error through an interest-free adjustment. Form 941X relates line-by-line with Form 941, the Employer’s Quarterly Federal Tax Return. You can file Form 941-X at any time when you discover an error, rather than having to wait to file it at the end of the quarter with the next employment tax return.</li>
<li>Employer files Form 941-X by the due date for the quarterly period when the error is discovered. This filing essentially amends the original quarterly employment tax return. See the chart below showing the corresponding “X” forms listed below to correct employment tax errors as soon as they are discovered.</li>
<li>To request an <em><strong>IRS Tax abatement</strong></em> of assessed penalties and interest, employer must fill out and submit <a href="http://ift.tt/29Q72QF">Form 843</a>.</li>
</ol>
<h3>Form 941-X Download Some helpful hints in filling out</h3>
<ul>
<li>Form 941-X can only be used for one quarter. If there are errors in additional quarters, separate forms must be used and filled out.</li>
<li>Written consent must be obtained from each employee if the error concerns employee withholding. Each employee must certify that they will not claim a refund or credit for any over-collection.</li>
<li>On Form 941-X, for each item, the total corrected amount must be filled out along with the previously reported amount, and the difference.</li>
<li>A detailed explanation must be provided of how you arrived at the corrected amounts.</li>
<li>For legal guidance in correcting payroll errors: <strong> </strong>(1) <a href="http://ift.tt/29WicHz">Treasury Decision 9405 (TD 9405)</a> was issued to amend the process for making interest-free adjustments of employment taxes under <a href="http://ift.tt/29Q7JJU">sections 6413</a> and <a href="http://ift.tt/29WiJco">6205</a>, and claiming refunds of employment taxes under <a href="http://ift.tt/29Q6Z7C">sections 6402</a> and <a href="http://ift.tt/29WikXs">6414</a>. (2) <a href="http://ift.tt/29Q7mzb">Revenue Ruling 2009-39 </a>applies the interest-free adjustment and claim for refund processes under the final regulations issued by Treasury Decision 9405 (TD 9405).</li>
</ul>
<p>The following table is an IRS guide to the corresponding forms in amending employment taxes errors:</p>
<h4><strong>Form 941X Series Adjusted Tax Forms</strong></h4>
<table width="579">
<thead>
<tr>
<td><strong>Return previously filed</strong></td>
<td><strong>Corresponding 94X series form</strong></td>
</tr>
</thead>
<tbody>
<tr>
<td><a href="http://ift.tt/1tdfCTj">Form 941, Employer’s Quarterly Federal Tax Return</a> (PDF)</td>
<td><a href="http://ift.tt/29WicY3">Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund</a> (PDF), <a href="http://ift.tt/29Q6ISj">Instructions</a> (PDF)</td>
</tr>
<tr>
<td><a href="http://ift.tt/29WieiD">Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees</a> (PDF)</td>
<td><a href="http://ift.tt/29Q9arC">Form 943-X, Adjusted Employer’s Annual Federal Tax Return for Agricultural Employees or Claim for Refund</a>(PDF), <a href="http://ift.tt/29WizC3">Instructions</a> (PDF)</td>
</tr>
<tr>
<td><a href="http://ift.tt/29Q6QRu">Form 944, Employer’s Annual Federal Tax Return</a> (PDF)</td>
<td><a href="http://ift.tt/29Wie29">Form 944-X, Adjusted Employer’s Annual Federal Tax Return or Claim for Refund</a> (PDF), <a href="http://ift.tt/29Q7cHZ">Instructions</a> (PDF)</td>
</tr>
<tr>
<td><a href="http://ift.tt/29WikXh">Form 945, Annual Return of Withheld Federal Income Tax</a> (PDF)</td>
<td><a href="http://ift.tt/29Q7sqj">Form 945-X, Adjusted Annual Return of Withheld Federal Income Tax or Claim for Refund</a> (PDF), <a href="http://ift.tt/29WiNck">Instructions</a> (PDF)</td>
</tr>
<tr>
<td><a href="http://ift.tt/29Q7f6F">Form CT-1, Employer’s Annual Railroad Retirement Tax Return</a>(PDF)</td>
<td><a href="http://ift.tt/29WhObQ">Form CT-1X, Adjusted Employer’s Annual Railroad Retirement Tax Return or Claim for Refund</a> (PDF),<a href="http://ift.tt/29Q7iPU">Instructions</a> (PDF)</td>
</tr>
</tbody>
<thead>
<tr>
<td colspan="2"></td>
</tr>
</thead>
</table>
<p>The majority of errors are found after the close of the calendar year, when wages are already paid to an employee, so correcting an error in the current quarter should be a relatively easy process. However, the timing of these types of errors can lead to confusion and possibly more mistakes.</p>
<p>If an error is found, it should be corrected as soon as possible because the IRS will inevitably start an investigation and determine interest and penalties. <em><strong>The IRS takes Payroll tax debt very seriously.</strong></em> To make sure the entire process is completed without mistakes, it is advisable to hire a tax attorney for help. Please call for a <a href="http://ift.tt/29WiX3a">no-cost tax attorney consultation</a> at (619) 639-3336.</p>
<p><em>This blog post is not intended as legal advice and should be considered general information only.</em></p>
<p>The post <a rel="nofollow" href="http://ift.tt/29KBeNI">Form 941-x Late on payroll taxes and under payment of taxes</a> appeared first on <a rel="nofollow" href="http://ift.tt/1UgQRw4">Delia Tax Attorneys</a>.</p>
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Los Angeles Tax Attorneyhttp://www.blogger.com/profile/03344984132626528127noreply@blogger.com0tag:blogger.com,1999:blog-2616283576666457080.post-10350113678123896332016-06-22T15:30:00.003-07:002016-06-22T15:30:08.187-07:00Liked on YouTube: Online Trading Announces Calgary Day Trading Course September 13 -15<img src='http://ifttt.com/images/no_image_card.png' style='max-width:586px;' /><br />
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