Fresh Start Program Helps Taxpayers Who Owe the IRS

The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program:

Tax Liens.  The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will file […]

By |December 7th, 2015|News|0 Comments

What is the statute of limitations on collections

The collection statute of limitations controls the amount of time the IRS has to collect a tax. The IRS has ten years to collect a tax once an assessment is made.
The actual assessment date is found on a notice of tax lien or in your Individual Master File. It is not uncommon for the IRS […]

By |January 26th, 2015|News|0 Comments

How to cancel IRS penalties

Each year, the IRS issues more than 30 million penalty notices to taxpayers. Few citizens realize that 100% of all penalties are subject to cancellation. Nearly every penalty section of the code includes what is referred to as a good faith, or “reasonable cause” provision.Very simply, that provision allows anyone who is issued a penalty […]

By |January 6th, 2015|News|0 Comments

How to respond to IRS correction notices

General Accounting Office studies have shown that IRS correction notices are wrong half the time. The common correction notices include claims that made an error in your return, that you failed to file a return or underreported the income in your return. If you get a correct notice from the IRS that you do not […]

By |January 3rd, 2015|News|0 Comments

Reduce Taxes by paying before Dec. 31

Many people wait until April 15 to pay their state income taxes, since that’s when they file their state tax returns. However, if you pay your state income taxes in 2015, you can’t claim the deduction for those taxes until you file your 2015 income tax return. That doesn’t happen until April 2016. Thus, you […]

By |December 1st, 2014|News|0 Comments