irs resolution

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.

Getting your lien removed is possible.

If the IRS placed a lien against your account, you need to decrease your tax debt to under $25,000. Then, get into a direct debit installment agreement (DDIA) for the remaining balance. After three payments in your DDIA, apply for lien removal.

Let’s say your property has a lien. If you are trying to refinance your mortgage to get a better rate, apply for a lien subordination. However, the IRS will only grant it if you were going to pay them more money.

For example, if the lower interest rates will reduce your payments to the IRS, they will want you to increase your monthly payments. Another possibility is that they will ask you to pay down a significant portion of your tax if it’s a cash-out refinancing.

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.

A partial pay installment agreement (PPIA) is what some call the “backdoor offer in compromise.” This involves not paying your tax liability in full.

For most people, a PPIA is a much easier way to get a settlement with the IRS than an offer in compromise (OIC). The reasons include the less time needed to process, the fewer assets it takes into account, and how much easier it is to qualify for.

Remember not to settle for an OIC. Always look out for all options. A PPIA can be a great way to get a good settlement with the IRS, saving you tens or even hundreds of thousands of dollars.

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.

A revenue officer is an agent responsible for collecting revenue for the IRS.

Their goal is to get as much money as possible. These officers have the power to levy your bank account and garnish your wages.

When a revenue officer is assigned to your case, they will send you an initial document request (IDR). They will ask for bank statements, pay stubs, and a filled-out form 433A, or for business owners, form 433B.

With these documents, the revenue officer will identify how much you can pay. They may want a large down payment or try to borrow against your assets.

It's important that you submit your information to the revenue officer in the most advantageous way for you. The data you provide will be used by the IRS to determine what they think they can collect and what settlement offers you qualify for.

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.

According to the IRS, a high-net-worth individual is one who makes over $100,000. They have a special department that looks into these individuals with unfiled tax returns.

For businesses, the IRS considers gross revenue. If a business has $200,000 worth of revenue after expenses and only $50,000 of income, it is still considered high net worth.

One of the biggest issues preventing people from dealing with unfiled taxes is unorganized books and lost receipts. There are a few simple ways you can get your tax returns done, even if your books are a mess.

Get all of your bank statements, both personal and business. List down your business income deposits and add them up. The total is your gross revenue.

If you are unable to get all of your expenses due to being in different accounts, use the biz standard method. Whether you are a contractor or a restaurant, each industry has different business standards. Take them as criteria in identifying your expenses. This IRS-approved method helps you put your taxes in order, especially for older businesses that urgently need to comply.

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.

What Issues Are the IRS Looking for When They Audit Small Businesses?

If you happen to be an S Corp, they'll be taking a closer look at your shareholder compensation. If your salary is unreasonable or too low, they might flag you for not paying enough Social Security or Medicare taxes.

They'll also check that you're correctly filing and paying employment tax for your employees, ensuring everyone gets the correct forms like W-2s or 1099s. That's another issue.

We're also seeing a focus on travel and entertainment expenses. These are the three main issues you may overlook inside your business that are getting the IRS’ attention. Get all your receipts in order and be mindful of the following details to avoid getting audited.

Watch this video: What Does the IRS Look for When Auditing a Small Business? https://youtu.be/wZ6SxpRAE5M

Get tax planning help TODAY. Request a free consultation at 201-479-2572 or visit https://fal.cn/3xbM9.

We've noticed quite a few taxpayers receiving letters from the IRS lately, specifically a CP508. This notice is typically sent out when the IRS is certifying your tax debt, usually if you owe $50,000 or more - but in 2023, that threshold will be $59,000.

Essentially, the notice will inform you that the State Department can no longer issue or renew a passport due to your outstanding tax debt. If you have an outstanding passport, they can revoke it as well.

This is a tool that the IRS is being much more aggressive with. So if this happens to you, what you need to do is you need to get into a payment plan or submit an offer offering compromise or currently not collectible status immediately.

Doing so can help you get out of this sticky situation. Keep in mind that before you can enter into that, you need to be in compliance with the IRS, meaning you need to have your last six years of tax returns filed as well.

So if you have a trip planning out of this country and you have tax obligations, make sure that you are compliant and in some type of arrangement because otherwise your passport will be revoked.

Let’s help you get your tax issue resolved. Call us at 201-479-2572 or visit https://fal.cn/3xbM9.

#irs #passport #taxhelp

Will new IRS agents target small businesses? 

With an array of taxes that businesses have to pay, whether local, state, or federal —these can be pretty daunting for the busy and overwhelmed entrepreneur! 😱 What's more concerning is the expected increased crackdown of the Internal Revenue Service on small businesses.

The IRS is poised to come after more non-compliant individuals and companies with the recent bill passed by the US Senate adding billions of dollars of budget for IRS enforcement. More budget means more agents will come after partnerships and S-corporations! What's going to be unfortunate is that many of these agents who are just starting will come out into the field without the experience that many previous agents have. We expect this to be a big challenge for small business owners, so you must start protecting yourself. Get your ducks in a row.

If you have outstanding tax issues, settle them before the onslaught of agents comes.

Save time, money, and energy by tapping tax professionals who help you keep your financials up to date and avoid getting chased by the IRS!

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