EP69: What to Do If You Owe Back Taxes: Our 3 Step Process to Permanently Resolve Your Back Taxes

Handling an audit and responding to the IRS are crucial steps that require attention. Typically, the IRS will provide you with a list of requested items and the scope of the audit. It is essential to carefully assess what you have and determine what is accurate, incorrect, or improperly filed. Based on this evaluation, you can craft your response accordingly. 

Consider avoiding having the person who prepared your tax return represent you in an IRS audit. 

The reason behind this advice is quite simple: if there happens to be an error in your tax return, the person handling it might hesitate to admit their mistake, and could even try to hide it. They might prioritize their own interests over yours, which is not what you want.

Hence, I strongly suggest seeking a second opinion if you find yourself being audited. Ensure that whatever information or documents you provide to the IRS are truly in your best interest. Don't rush to give them anything until you are absolutely certain it will benefit you (not the other way around.)

Take care and protect your own interests when dealing with taxes and audits. 

Want to discover more and catch some valuable Tax Resolution Tips? WATCH  ▶ Tax Resolution Tips

If you're facing a complicated tax issue, don't worry! JLD Tax Resolution Group is here to assist you. Schedule a free consultation by calling 201-479-2572 or visit www.201tax.com. Let us help resolve your tax problems with ease!

Have you heard of the Partial Pay Agreement? It's a little-known yet fantastic way to save a ton of money with the IRS. We refer to it as the back door Offer in Compromise. 

The great thing about it is that it's much easier to get accepted and involves way less paperwork. Plus, it takes into account your assets to a lesser extent, making it a truly effective program. 

Over the years, we've managed to save our clients millions of dollars through this option. If you're curious and want to learn more, don't hesitate to give us a call. I'd be more than happy to guide you through it. Schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.

 ▶ What is a Partial Payment Installment Agreement? (PPIA)

Why is the Partial Pay Agreement with the IRS referred to as the 'back door' Offer In Compromise? The reason behind this is simple - it has proven incredibly effective in allowing you to settle your tax liability for less than you owe. 

Unlike the offer In compromise - a partial pay agreement is relatively easier to have accepted. It saves you time and reduces the amount of paperwork involved. 

Many people are attracted to the idea of an offer in compromise due to its popularity on the internet, radio and TV. However, not everyone qualifies for it. On the other hand, more and more people are finding that they do qualify for the Partial Pay Agreement, making it a fantastic option. 

Over the years, we've managed to save our clients millions of dollars through this option. If you're curious and want to learn more, don't hesitate to give us a call. I'd be more than happy to guide you through it. Schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.

Have you recently received a letter from the IRS regarding a proposed adjustment of your income? Wondering how to handle it?

It's important to demonstrate the accurate cost basis for your stock or crypto purchases. The best approach is to submit an amended return through the appropriate channels. Even if you don't owe the tax, failing to address this adjustment may lead to the IRS charging you for the perceived gain.

If you're seeking guidance in resolving such obligations, the friendly professionals at JLD Tax Resolution Group are here to assist you. Book a free consultation by calling 201-479-2572 or visit us at www.201tax.com for more information.

Many lawyers work for themselves, especially if they are a partner or own their own firm, and their income can vary greatly.

Like many other self-employed individuals, they often struggle to withhold enough money for taxes. Issues also arise when lawyers want to maintain a certain image and lifestyle, resulting in high personal expenses and falling behind on their taxes.

It is crucial to address these tax matters promptly since the IRS tends to target professionals like lawyers who fail to fulfill their tax obligations.

[WATCH] Why Lawyers Have Tax Problems ▶ https://youtu.be/bVLDCX7yvbc

Be proactive! JLD Tax Resolution Group is here to make your complex tax problems easier to handle. You can easily schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.

It has been a little over a year since the Senate approved IRS funding of $45.6 billion for enforcement. And what we have noticed is that the IRS has made hiring more higher-level professionals a top priority.

It seems like they are determined to recruit additional accountants, lawyers, and experts with advanced knowledge. This will enable them to conduct audits on a larger scale, focusing on high net worth individuals, businesses, partnerships, and S corps.

To gain a deeper understanding, watch the full video!

At JLD Tax Resolution Group, we specialize in helping individuals overcome complex tax problems with utmost ease. If you're facing any tax-related challenges, we offer a free consultation to discuss your situation. Feel free to schedule your appointment by calling us at 201-479-2572 or visit our website at www.201tax.com.

The IRS is targeting many self-employed individuals who earn six figures or more. It's interesting to note that we're witnessing an increase in audits for small business owners who file Schedule C and fall into the same income bracket.

Among those being audited by the country’s tax bureau are professionals like doctors, lawyers, real estate brokers, and financial advisers, who typically do not maintain proper records.
It's hard to believe, but many of them make mistakes on their self-prepared tax returns. As a result, the IRS is finding these cases highly lucrative and worthwhile to pursue.

If you're facing a complex tax issue, don't worry! JLD Tax Resolution Group is here to help you navigate through it with ease. Schedule your free consultation by calling 201-479-2572 or visiting www.201tax.com.

A lot of people want to do an offer in compromise (OIC) but are not qualified to get one. But in fact, it is much easier to qualify for a partial pay installment agreement (PPIA) than OIC.

There are two things to consider before doing either an OIC or a PPIA. First, know your income and expenses and assets and liabilities. Second, check when your tax debt expires.

If your tax debt is expiring soon, do not go for an offer in compromise because it can extend the time for the IRS to collect.

Know your CSED, expirations dates, income and expenses and assets and liabilities before applying for an OIC.

JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.

The IRS only issues a civil fraud penalty when they are certain you owe tax and can prove your intent to fake an expense, a dependent, or a business in an audit.

When you are charged with a civil fraud penalty, you should not fight against it. Instead, focus on getting it removed because it will cost almost the same amount as the tax. Tell the assigned agent that you agree to the tax assessment if they agree not to assess the civil fraud penalty. This method has allowed us a lot of significant penalty abatement.

JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.

We go to appeals on almost all of our tax audits. This is because you normally get a better deal when you file an appeal to tax court.

What happens when you appeal is that the case goes to a settlement officer that will settle the case before it goes to tax court, which the IRS dislikes. Cases in tax court involve more time and money and judges do not usually take these cases.

Even if you don't have any documentation, it is highly recommended to appeal and state that you are going to tax court. Simply ask for penalties to be removed. Take note that the IRS charges interest on penalties as well.

Oftentimes, appealing your tax audits will get you a substantial reduction on both the penalty and the interest.

JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.