525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Do You Owe the IRS Money That You Can’t Pay? Are You a Year or More Behind in Filing Your Income Tax Returns? Are You Behind in Your Payroll Tax Filings or Payments? Our Tax Relief services and Tax Resolution assistance can help you get tax relief!
Thursday, May 11, 2023
Wednesday, May 10, 2023
Colorado Springs: My Request for Penalty Abatement was Denied, What Options Do I Have?
When a request for abatement of penalties is submitted, many times you will get the response that your explanation does not meet the reasonable cause standard. If you have received such a denial, do not despair. There is normally a period of time (30 to 60 days) you have to appeal the initial decision. This leaves the question: How can I win on appeal?
To start you need to hire competent tax professional such as Marcelino Dodge, EA to represent. With a proper review of your facts and circumstances, we can determine if you qualify for First Time Abatement or if a more detailed appeal is needed. On a more detailed appeal we will need all the information and documentation as to why you feel the penalties should be abate. A clear, concise letter of explanation can then be prepared and submitted with the documentation establishing your case to the IRS appeals office for review. The strong case we present the easier we make it for the IRS to approve the penalty abatement.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Thursday, May 4, 2023
Colorado Springs Video: I Filed Late and Have a Penalty, How Can I Get the Pen...
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, May 3, 2023
Colorado Springs: I Filed Late and Have a Penalty, How Can I Get the Penalty Abated?
For years you have made estimated tax payments, filed your tax return, and paid your taxes on time. But, as happens to so many people you have an unexpected event that contributes to you missing the April 15 filing deadline and missed making your tax payment on time. You also failed to file an extension. Whether you file and pay in one month or 6 months, you are likely to be assessed under Internal Revenue Code section 6651 a Failure to File Penalty and Failure to Pay Penalty.
In general to have penalties abated the IRS requires you provide an explanation of reasonable cause. What "reasonable cause" is can be challenging to prove to the IRS. For this discussion though the reasonable cause argument will not be needed. How can you get penalty relief? The Internal Revenue Manuel (IRM) has an administrative relief provision if you meet qualifying criteria. This relief is know as First Time Abatement.
Marcelino Dodge, EA helps taxpayers to first see if they qualify and if so, then to take advantage of this administrative relief.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Friday, April 28, 2023
Tax Accountant IRS Tax Preparation Services In Colorado Springs
Tax Accountant IRS Tax Preparation Services In Colorado Springs: Tax preparation, tax preparer, tax filing, tax accountant, tax relief and remediation from Cash Tracks Financial Colorado Springs. Call(719) 359-8789.
Tax Preparation Resources From Cash Tracks Financial Colorado Springs
Tuesday, February 21, 2023
Colorado Springs: How Can I Qualify for an Offer-in-Compromise?
When a taxpayer owes tens and even hundreds of thousands of dollar the the IRS for back taxes, an analysis of your reasonable collection potential is absolutely essential. Without this analysis any submitted Offer-in-Compromise stands little chance of being accepted. What your actual monthly expenses are may not be accepted by the IRS.
The analysis will help to determine what your future income is for purposes of IRS tax payments. A thorough analysis will reveal if you qualify for an Offer-in-Compromise. A well trained Enrolled Agent specializing in tax representation will complete this analysis before even recommending what action to take for your specific situation.
Marcelino Dodge, Enrolled Agent takes the time to do the necessary analysis of your income and expenses to determine what is the best course of action for your unique situation.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, February 8, 2023
Colorado Springs: Owe Hundreds of Thousands to the IRS? What Can You Do?
Where do you start? First find a tax professional such an Enrolled Agent to a complete analysis of your specific situation. With the analysis you will compare what you spend with what the IRS allows. There will be an analysis of assets to check on equity you have in any real estate, including the home you occupy. There is also an examination of the amount time left on the collection statute. A proper analysis is necessary to know exactly what you can and cannot due.
Can some type of loan be used to help make you uncollectable? Will filing the state tax returns first help you with the IRS? These are just two of the questions that can be asked during the representation process.
Marcelino Dodge, EA can complete the analysis and help you get your tax issues resolved.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, January 18, 2023
Colorado Springs: What is a Doubt as to Collectability (DATC) Offer?
After careful analysis, the determination is made that you are a candidate for an offer in compromise through Internal Revenue Code Section 7122. But, what kind of offer in compromise is right for you?
To make an accurate determination a careful analysis must be completed. Once your assets and income have been analyzed to determine you ability or lack of ability to pay your tax bill, one possibility is the Doubt-as-to-Collectability offer. With this type of offer you are telling the government that due to lack of assets and low future income, that you are simply unable to pay your taxes.
With this type of offer you request the government to accept a lower amount based on your financial situation. Most commonly taxpayers offer either a lump-sum or make payments over a 24 month period. To make this type offer there must be a detailed analysis completed by a competent tax professional such an enrolled agent.
525 N Cascade Ave., Ste 200
Colorado Springs, CO 80903
Office: (719) 359-8789
Monday, January 16, 2023
Colorado Springs: What are the Types of Offers-in-Compromise?
You owe back taxes, you have a stack of IRS notices in that special drawer, and the IRS has just levied your bank account. What can you do? You heard about this thing called an offer-in-compromise. What is an offer-in-compromise? Can I really get one? What type of an offer can I make? The offer-in-compromise program is authorized by Internal Revenue Code Section 7122. The IRS is authorized to establish guidelines for when an offer-in-compromise (OIC) should be accepted
Step one: Find a qualified tax professional such as an enrolled agent who will do a proper analysis to see if you even qualify to do an offer-in-compromise.
Step two: If you do qualify to submit and offer-in-compromise, what type offer can you make? Based on your facts and circumstances you may qualify for one of the following:
- Doubt as to Liability
- Doubt as to Collectability
- Effective Tax Administration
Only after a personalized, thorough analysis will a tax professional competently make a recommendation as to what fits your best and is most likely to be successful.
525 N.Cascade Ave., Ste 200
Colorado Springs, CO 80903
(719) 359-8789
Wednesday, January 11, 2023
Colorado Springs: What is an Offer in Compromise? Can You Really Get Your Taxes Reduced?
How many times have you heard the advertisement stating that you can reduce your tax debts for pennies on the dollar? Is there really an IRS Fresh Start Program?
According to IRS Code Section 7122 the IRS is allowed to accept amount below the actual taxes due.
These guidelines will allow the IRS to consider the following:
- Hardship
- Public Policy
- Equity
Which of these do you qualify for? It depends on the facts and circumstances of each client as to who qualifies for an Offer in Compromise in Colorado Springs.
As an Enrolled Agent, Marcelino Dodge consults with you to learn about your specific situation and determine what the best course of action in your particular case.
525 N. Cascade Ave., Suite 200
Colorado Springs, CO 80903
Office: (719) 359-8789
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