irs help

Do You Owe the IRS over $100,000?!? 

A six-figure debt usually causes panic, especially for small business owners. With the IRS, the longer you wait, the more interest, penalties, and potential for collections for actions against you.

There are three things you should do.

First, get a collection hold on your account. See if there's an agent assigned to your case. Get their information.

Second, get into compliance. File any unfiled returns. Determine your current income, assets, and what needs to be protected. Look for a settlement of monthly payment you can negotiate with the IRS.

Third, identify the root cause of your back taxes. This can be improper planning. Unaddressed problems will only continue. To fix this, set an estimated tax payment schedule. Know your estimated income. Sometimes, you can do tax planning or change an LLC partnership to an S-corp. Maximize deductions and improve your bookkeeping.

These simple steps will help you resolve your situation and stop it from happening again.

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. 

Will new IRS agents target the middle class? 

With recent development that the IRS will receive increased funding of $80 billion over ten years, $45 billion will go towards enforcement of tax laws with a focus on adding human resources and modernizing technology. 

Enforcement can mean more audits of businesses and more collection agents pursuing people who owe taxes or think that they owe taxes. 

Unfortunately, the people that the IRS goes after are usually small business owners. They look at people who are self-employed. In most small businesses, the owners are middle-class or upper-middle-class, but they can be considered "not wealthy." That is where the majority of the focus will be. We see that every day, small business owners have a huge burden in reporting income tax, federal and state taxes in addition to payroll taxes, sales tax, unemployment tax, and worker's compensation. 

So often, these issues stem from not properly filling out forms, not setting things up correctly, or not structuring their business properly because of all the complexities of taxes — but the IRS will be coming after more small businesses. That's where their bread and butter will be with the potential of getting the most collection. 

So if you have tax issues or are a middle-class business owner, you need to get your ducks in order and take preventative actions because they will be pursuing you. 

Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.

As an entrepreneur, understand that tax representation and tax resolution are two entirely different aspects of services you need to ensure the sustainability of your business. Tax preparers look at your financials and keep your books in order. If someone is limited to preparing taxes, they can represent you when problems with the Internal Revenue Service arise, but usually, they will not get you the best resolution because they're not knowledgeable or experienced in that area. 

On the other hand, you should call on certified tax specialists to work on resolving back taxes, audits, or notice issues promptly and effectively. We at JLD Tax Resolution Group do not just ensure you are doing your taxes right but also stand as your representative. We communicate directly with the IRS to answer notices you receive and help them resolve them for you. 

Schedule your free consultation at 201-479-2572 or visit www.201tax.com.

Offer In Compromise vs. Partial Pay Installment Agreement

It's time to settle your tax debt with the IRS, and you have main options for resolution: Offer In Compromise (OIC) and Partial Pay Installment Agreement (PPIA).

Which method should you choose?

We regularly get people that call us wanting to file for an Offer In Compromise (OIC) as an option to settle unpaid taxes. The truth is that most people do not qualify for the OIC, and it is much more challenging to get approved. Even if you qualify for an OIC, it is estimated to take six months for the tax bureau to decide whether to accept or reject your offer, which can take longer. 

What most people qualify for and, in many cases, will allow them to get a better deal is the Partial Pay Installment Agreement (PPIA).

Before you make any decision, you need to review your income, assets, liabilities, and collection potential with the tax bureau — that will determine what type of settlement you qualify for, whether an Offer In Compromise or a Partial Pay Installment Agreement. 

Seek guidance from tax pros on whether you may be better off with an OIC or other options.

If you need assistance resolving obligations, JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com. 

The IRS is Mailing Millions of Underpayment Reporting Letters

The IRS is finally catching up post-COVID and expanding enforcement. Now, they are sending automated notices to individuals that did not report all of their income on their tax returns.

The most common notice is the CP2000, which is sent if they see that you had a 1099 from sales of a home, stock, cryptocurrency, a type of dividend, or self-employment income that was unreported on your tax return.

The IRS will assume you bought assets for zero. They automatically propose an assessment for the higher amount if it is a business income with zero expenses. They will also include penalties and interest.

If you excluded the income sources above, amend your tax return and submit it with the notice to the proper reporting agency. This will give you the deductions that you should have. The IRS notice isn’t always correct, so you must report your income correctly to get penalties potentially reduced.

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

• IRS computers usually flag the tax returns for audits. The vast majority of them are routine.
• Because of the flagging process, your audit will usually focus on one to three categories of your tax return.
• Audits do not automatically mean something is wrong. It is possible to receive a “no change” or even an additional refund as an outcome of an audit.
  
  For more information about IRS Representation please visit www.yourirsproblemsolvers.com.
  

I'm Jonathan Donenfeld, CPA and Certified Tax Resolution Specialist. Many of you are asking if the state of New Jersey has an Offer In Compromise Program. For your information, they do not have an OIC program similar to the Federal Government's, but what they have is a Closing Agreement. 

The Closing Agreement is where the taxpayer can ask the state to accept a lesser payment than the total amount of the tax liability. However, it's much harder to get accepted because there are different qualifications, and not everyone qualifies. But if you owe the state of New Jersey, you should definitely pursue some of the other options like Penalty Abatement and payment plans. 

Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.  

Start to resolve your problem and take steps to hire a professional, and you'll feel much better. We see that all the time. People always say they feel this sigh of relief just by signing up. And then once we resolve the problem, it's like this gigantic weight has been lifted off their shoulders, and they can now buy a house, get married, and do all the things they wanted to do that they were worried about previously.

Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.