Do you owe more than $10,000 in back taxes to the IRS?

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. The national average is about 14 cents on the dollar, and in some cases as low as 1% of what you actually owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.

The new Fresh Start Program offered by the IRS is making life simple for those who qualify for an Offer in Compromise Settlement  however an income tax professional such as myself has a much better chance of getting Offers in Compromise accepted because I understand the guidelines the Internal Revenue Service has set forth.

If you owe more than $10,000 to the IRS in back taxes contact me immediately. I have a pre-qualifying tool that will tell us whether or not you are a candidate for this program.

The bad news is the IRS will never leave you alone. The good news is, is that a fresh start could be waiting for you just around the corner.

Contact me ASAP, and lets get started.

:

The ability to have a software program guide you through your taxes may seem like a dream come true for some people, but is using a program like Turbo Tax online really the right choice for you? There are many advantages to using Turbo Tax online, but there are disadvantages that you need to consider as well. Although your decision of whether or not to use Turbo Tax online will depend on your own specific situation and personal performance, learning about the pros and cons of Turbo Tax online may make the decision easier for you. 

Advantages

For a person with an average knowledge of tax law, using Turbo Tax online is not only typically less expensive than a consultation with a tax expert, but it can be a great time-saver. There are no trips to the post office, waits in long lines or even a visit to a store to purchase software. You can also do your federal and state taxes at the same time, while only entering personal information once. In addition to being a time-saver, Turbo Tax online offers conveniences as well. It automatically generates the appropriate tax forms based on your answers to the questions it ask and performs any mathematical calculations that may be necessary. Also, if you choose to file electronically, you can get refund checks faster, sometimes in as little as 10 days. Finally, Turbo Tax will store all of your personal information so it will be readily available in the future, ensuring that next year’s taxes go even faster.

Disadvantages

For a person with advanced knowledge of tax law, Turbo Tax may be a waste of time instead of a time-saver. The numerous questions may be unnecessary and annoying, and these people may actually find it quicker to fill out a paper tax return. It is also important to keep in mind the limitations of Turbo Tax, regardless of your tax knowledge. As thorough of a job as Turbo Tax online does, it is still just a program with limited capabilities. Seeking a professional opinion from a tax professional could unearth additional deductions or mistakes that Turbo Tax might miss. Also, as convenient as the option of electronic filing sounds, it is important to know that Turbo Tax online charges an extra fee for this service. Finally, there is the issue of Turbo Tax’s online security. Although Turbo Tax online is a secure, encrypted site and should be completely safe, there is always a slight chance of fraud or identity theft when imparting personal information online; you might want to consider this possibility before determining if Turbo Tax is right for you.

Is Turbo Tax Online Right for You?

Obviously, there are many individual factors to consider when determining if Turbo Tax online is right for you. Your current knowledge of tax law, your desire to file electronically, your budget, your comfort level with filing taxes online and with Turbo Tax online itself are all things that should be taken into consideration when making your decision.

Taxpayers can file their tax returns electronically or on paper. Payments accompanying paper and e-filed tax returns will be accepted and processed as the IRS receives them. Of the nearly 141.6 million returns received by the IRS so far this year, 83.5 percent or just over 118.2 million have been e-filed.

WASHINGTON — The Internal Revenue Service today reminded taxpayers that the Oct. 15 deadline remains in effect for people who requested a six-month extension to file their tax return.

If you filed for a federal tax extension in April, your tax forms need to be filed by October 15th. Taxes are normally due on April 15th every year, but taxpayers are eligible to file for an automatic extension if they need more time to prepare their tax return.

On May 21, 2012 the Internal Revenue Service announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program. This newest program promises to enable some of the most financially distressed taxpayers an opportunity to clear up their tax problems, and in many cases, more quickly than in the past.

Over the years the IRS offer in compromise program has been the subject of a great deal of criticism by Congress, the National Taxpayer Advocate and taxpayer representatives. The new initiative represents the most dramatic liberalization of IRS settlement policies ever announced. It represents a welcome change from an agency which has always placed substantial roadblocks to those seeking to compromise their tax obligations.

R-2014-39, March 28, 2014

WASHINGTON —The Internal Revenue Service today warned consumers to be on the lookout for a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number.

‪The fake emails may include the following message: “Your reported 2013 income is flagged for review due to a document processing error. Your case has been forwarded to the Taxpayer Advocate Service for resolution assistance. To avoid delays processing your 2013 filing contact the Taxpayer Advocate Service for resolution assistance.”  Continue reading →