Monday, September 9, 2024
Colorado Springs: Can a $400,000 IRS Payment Request Really be Reduced to $0?
Friday, September 6, 2024
Colorado Springs: Is There Really an IRS Fresh Start Initiative?
No, there is no active IRS Fresh Start Initiative. If you visit www.irs.gov and type in "Fresh Start Initiative" there is no reference to an existing program. Back in 2011 changes were made to help taxpayers who are struggling to pay their tax debts. The changes aimed to make it easier for individuals and small businesses to pay back taxes and avoid tax liens. There were several key benefits and changes to existing IRS policies to provide relief to taxpayers.
One of the main policy changes increased the threshold for filing a tax lien. Previously, the IRS would file a lien if a taxpayer owed $5,000 or more, but under the revised policies this threshold was increased to $10,000. This change helps protect taxpayers' credit scores and provides more time to pay off debts without the added pressure of a lien.
These policy updates expanded the Offer in Compromise (OIC) program, which allows taxpayers to settle their tax debt for less than the full amount owed. The IRS now considers a broader range of financial hardships when evaluating OIC applications, making it more accessible to those in financial distress. There are still financial thresholds and standards that taxpayers have to meet to qualify for an OIC.
Additionally, more flexible installment agreements were introduces. Taxpayers who owe up to $50,000 can now qualify for streamlined installment agreements, allowing them to pay their debt over six years without providing extensive financial documentation. Although, it may be advantageous to apply for a lower payment.
Overall, when you hear advertisements for the "IRS Fresh Start Initiative" know that the actual program ended in 2012 and search for a tax professional who will help you to eliminate the stress and overwhelming fear of dealing with the IRS. Then you will sleep better at night knowing that you can feel successful and thankful that you have completely met all your tax obligations.
Wednesday, September 4, 2024
Colorado Springs: How shady is your tax representation?
Are you in the know or are you kept in the dark on you tax case? Are you feeling nervous and excluded from the process of fixing your tax issues? Learn how you can be joyful and hopeful about your tax case.
Monday, September 2, 2024
Colorado Springs: Overwhelmed and Stressed About Dealing With IRS?
Friday, August 30, 2024
Colorado Springs: Feel Like You Are in Valley With Your Overdue and Unfiled Tax Returns?
Wednesday, August 28, 2024
Colorado Springs: Why file back taxes!
Monday, August 26, 2024
Colorado Springs: Tax Resolution Training with NATP at Taxposium in Orlando, FL
Monday, August 19, 2024
Colorado Springs: What Could Cause My Tax Return to Be Audited?
Wednesday, August 14, 2024
Colorado Springs: What Can I Do My IRS Records Are Lost or Destroyed?
Imagine this: you come home to find your dog happily chewing on your IRS records or the unexpected natural disaster strikes and all your records are either washed away or blown away. Feelings of helplessness and worry set in about what steps you can take to file tax returns with no records.
This can be especially stressful when you have a business. How can you take that feeling of being exposed and change it to a feeling of optimism?
1) Contact a tax professional such as an enrolled agent who assist you record reconstruction and provide guidance.
2) You can contact employers and financial institutions to get copies. Sometimes you can download copies from online portals.
3) If you are business owner, there are rules that will allow the reconstruction of income and expenses, thus removing that numbing feeling of being exposed to the IRS with no hope.
4) Keep Future Records Safe: To prevent future mishaps, consider storing important documents in a secure location and store digital copies in the cloud that can serve as a backup.
While having your IRS records accidently destroyed can leave you feeling overwhelmed and isolated, it’s a manageable situation. With prompt action to reconstruct your records and notifying the IRS, you can minimize any potential issues. By keeping your records safe in the future you will feel confident and secure should the IRS come knocking.
Friday, August 9, 2024
Colorado Springs: Is a Doubt as to Collectability Offer in Compromise Really Possible?
Colorado Springs: Does Your Tax Professional Have the Right Ingredients?
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