Wednesday, July 10, 2024
Colorado Springs: Am I or Am I Not an Innocent Spouse?
Tuesday, July 9, 2024
Colorado Springs: Why Did the IRS File a Lien on My Assets?
- Did you fail to file your tax return?
- Did you fail to pay your tax full?
- Or, did you fail to arrange to make payments on your taxes if you were unable to pay in full?
- The IRS assess your tax liability of $10,000 or more.
- The IRS sends you a bill explaining how much you owe.
- You either neglect to make payment or refuse to pay in full within 10 days
- Pay the debt in full
- Request a payment plan, which the IRS may agree to and withdrawal the lien
- You may qualify for lien subordination, to allow other creditors to move ahead of the IRS
If facing an IRS tax lien, prompt action is necessary. I recommend consulting with a tax professional who can provide you with the needed guidance to resolve this issue as quickly as possible after they take a complete look at all your facts and circumstances.
Monday, July 8, 2024
Thursday, July 4, 2024
Colorado Springs: What Exactly is the IRS Collections Process?
Wednesday, July 3, 2024
Colorado Springs: Can I Appeal This IRS Collections Notice?
3. Gather Documentation: An EA will help you to identify the relevant documents, including tax returns, payment records, and any correspondence with the IRS. The proper documentation is essential to building a case with the IRS.
4. File a Written Protest: After careful review of all the information and if you disagree with the notice, an EA will prepare to file a written protest. The protest will clearly state the reasons for disagreement and provide supporting evidence. The more comprehensive the protest the better. Make sure the protest is timely filed.
5. If Needed, Request an Appeals Conference: An EA can represent you in an appeal conference. The IRS Independent Office of Appeals operates separately from the collections division and aims to resolve disputes impartially. During the conference, your EA will present your case and any additional evidence.
6. Explore Alternative Solutions: If appealing the notice is not feasible, explore other options like installment agreements or an offer in compromise, which allows you to settle your tax debt for less than the full amount owed.
Tuesday, July 2, 2024
Colorado Springs: What If My Colorado Income Taxes are Unpaid and Not Filed?
Monday, July 1, 2024
Colorado Springs: The IRS is Charging Me a Penalty. How Can I Get the Penalty Abated?
What are the types of Penalty Abatement?
First-Time Penalty Abatement (FTA): Available to taxpayers who have a clean compliance history for the past three years and have not previously requested penalty abatement
Reasonable Cause Abatement: If you can demonstrate that your failure to comply was due to circumstances beyond your control, such as natural disasters, serious illness, or other significant life events.
Administrative Waivers: Sometimes, the IRS provides administrative relief for specific groups of taxpayers or under certain conditions.
A tax professional like Marcelino Dodge, EA, CTRC, can review your tax records and review your eligibility for a specific type of penalty abatement. After this review, the gathering of documents is required to help with the preparation of the necessary forms for submission to the IRS. Your request is then submitted to the IRS.
Friday, June 28, 2024
Colorado Springs: What Can I Do If I Disagree With the Amount the IRS Says I Owe?
- Collections stops
- Forces audit reconsideration
- Can reopen Trust Fund Recovery Penalty Assessment
- Must offer something (even if it is a $1)
- Compromises future liability (no refunds)
- Taxpayer must be compliant
For more detailed information consult with an EA, who specializes in tax resolution to ensure your offer is well-prepared and stands the best chance of acceptance.
Thursday, June 27, 2024
Colorado Springs: Why Is My Return Being Examined by the IRS?
- Failure to report all your income
- You need to verify your dependents for Child Tax Credit
- Documentation is needed to claim the Earned Income Tax Credit
- Any other discrepancy the IRS finds resulting from information provided by third parties
Wednesday, June 26, 2024
Colorado Springs: What If the IRS Files a Substitute Return For Me?
Forget to file your tax return? Did you think that if you did not file your tax return the IRS would not notice? Whatever you are thinking, note that the IRS has more information than you realize. IRS code section 6020 allows the IRS to file a tax return for you with the information they have that includes 1099's, W-2's, and other tax reporting forms.
1. Hire a Tax Professional: An Enrolled Agent (EA) that specializes in tax resolution matters can review your circumstances and assist you in taking the proper steps to resolve this tax matter.
2. Gather Your Documents: Collect all tax returns and relevant financial documents, including W-2s, 1099s, receipts, and any other records that support your income, deductions, and credits for the tax year in question.
3. File Your Original Return or Accept the IRS Prepared Return: Depending on your circumstances, you may not even need to file the original return. Each case is different, especially if you have several years of unfiled tax returns.
4. Respond to the IRS: Work with your tax professional to timely respond to IRS notices. I recommend sending any mailings certified with with a return receipt.
Taking these steps can help fix the situation and potentially reduce your tax liability. Always aim to file your returns on time to avoid the complications of an SFR.
Colorado Springs: Completed An All Day Seminar for Individual Tax Updates
Cash Tracks Financial of Colorado Springs Marcelino Dodge, EA, CTRC 525 N Cascade Ave., Suite 200 Colorado Springs, CO 80903 (719) 359-8789 ...
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Cash Tracks Financial of Colorado Springs Marcelino Dodge, EA 525 N Cascade Ave., Suite 200 Colorado Springs, CO 80903 (719) 359-8789 www....
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Do you have an S-Corporation ? Are you on salary or are you just taking distributions? Did you know that S-Corporation shareholders are ...