irs tax

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.

How The IRS Audits Attorneys

As attorneys are small business owners, it is necessary for them to have a trust account in which client funds are deposited and then transferred to pay for expenses and fees. Since attorneys have not always been great record keepers, the IRS and state governments often audit them, such as in New Jersey, where the bar can undertake audits. 

There are stringent laws and regulations regarding record keeping, and experienced professionals must be sure to have their bank accounts reconciled each month. When faced with an audit, the government will mainly focus on whether the attorney has correctly reported, calculated, and used all the funds they have received. Therefore, attorneys must ensure accurate and thorough records are kept to spare themselves any legal reprimand in the future.

Do you need help staying compliant with the necessary regulations? Reach out to us at 201-479-2572 or visit www.201tax.com. 

What Are The New IRS Agents Up To?

Taxpayers should prepare for the influx of new revenue officers and collection agents at the Internal Revenue Service, most of whom are in training. They're working with the field agents and slowly learning the ropes. 

If you're a business owner and you owe back taxes, don't be surprised if one day you see an agent show up at your place of business due to the increased number of new hires in the IRS. We'll see many more in-person visits as they show their seriousness in getting taxes owed.

Today is the best day to set a sound plan and prepare for the 2023 filing season. Request a free consultation at 201-479-2572 or visit www.201tax.com. 

Why do so many doctors and medical professionals have tax problems?

We found a number of people in the medical field are not always on salary — they are either on a contract basis or self-employed. 

First, they're not having taxes withheld from their check. 

Second, their income is variable; they get paid based on procedures and on the number of patients they receive, so that it can change every month, depending on their schedule. 

Lastly, many doctors are waiting to be paid by insurance, so they have a cash flow issue because they're seeing patients, submitting insurance claims, and then waiting to be paid out by the insurance, and sometimes that can be delayed. And while that's going on, they still have their regular expenses. These are the main issues that doctors deal with that affect them and make them fall behind on their taxes. 

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.