tax resolution

Dive into the intricacies of transfer pricing regulations in China with our latest episode of the #EY Transfer Pricing Roundup podcast series. From understanding the latest updates in Chinese tax laws to unraveling the complexities of intercompany transactions, our episode provides invaluable insights for multinational businesses operating in China. Join EY host and US Transfer Pricing Principal, Jonathan Thompson and EY China Transfer Pricing Partner, Kena Qu as they discuss compliance strategies, and decode the nuances of transfer pricing to help you stay ahead in the ever-evolving regulatory landscape of #china.

In November 2023, following the Organisation for Economic Co-operation and Development's (#OECD) unveiling of the Mutual Agreement Procedure (#MAP) statistics in 2022 and the earlier publication of the Manual on handling MAPs and #APA cases, the most recent installment of the EY Transfer Pricing Roundup delves into the MAP process and explores the concept of multilateral MAP. Hosted by EY's US Tax Principal Jonathan Thompson and joined by EY London Transfer Pricing Partner Andy Martyn, this episode illuminates some key considerations and strategies for taxpayers.

🗞 Access the OECD MAP Statistics here: https://www.oecd.org/tax/dispute/mutual-agreement-procedure-statistics.htm

🗞 Access the manual here: https://www.oecd-ilibrary.org/docserver/f0cad7f3-en.pdf?expires=1707858430&id=id&accname=guest&checksum=E1B9B1EE600C59C075061324F7902F82

Statistics from Organisation for Economic Co-operation and Development (OECD) on Mutual Agreement Procedures (MAP) for 2022 show that increase in global tax disputes and a more accessible MAP process resulting in more taxpayers seeking relief. The 2022 statistics demonstrate that MAP remains an effective way to eliminate double taxation and taxation not in accordance with a treaty. The 2022 data covers almost all MAP cases worldwide. Separate statistics are provided for transfer pricing cases and "other" cases (i.e., non-transfer pricing cases) for 2022 on the:

• Opening and ending inventory of MAP cases
• Number of new MAP cases started, completed, closed or withdrawn
• Average cycle time for MAP cases completed, closed or withdrawn

In the latest episode of the EY Transfer Pricing Roundup, EY US Tax Principal Jonathan Thompson hosts a detailed discussion with EY US Transfer Pricing Partner and Transfer Pricing Controversy Leader, Ryan Kelly, about the 2022 statistics and what taxpayers should be thinking about.

Access the 2022 OECD MAP Statistics here: https://www.oecd.org/tax/dispute/mutual-agreement-procedure-statistics.htm

Access and download the EY Tax Alert here: https://globaltaxnews.ey.com/news/2023-1960-oecds-2022-mutual-agreement-procedure-statistics-show-us-decreasing-map-case-inventories-increasing-time-to-close#:~:text=MAP%20statistics%20for%20all%20countries,and%202019%20(%2B3.5%25).

AI Takes Over Taxes - How the IRS Uses Artificial Intelligence

In this episode of Tax Man, Tax Relief Podcast, I discuss how the IRS is utilizing artificial intelligence to improve its auditing and collection efforts. I will share how the IRS is targeting business owners in certain industries with specific expenses, using AI to analyze data and identify potential tax problems. 

Key Points:

• [00:00:03] Introduction to the topic of the IRS and AI

• [00:00:55] How the IRS is targeting specific types of businesses with AI

• [00:01:43] The characteristics of taxpayers who are likely to have tax problems

• [00:02:25] How the IRS is using AI to save money and collect more money going forward

Join us for this informative discussion on how AI is changing the way the IRS conducts its operations. 

Learn more about how we can help you sleep better at night when it comes to your taxes: https://201tax.com/

#taxresolution #taxhelp #ai

As an IRS revenue officer, tax debt collection is their job. Without the proper knowledge and strategies, taxpayers can find themselves in a difficult position. Tune in to this episode to learn about the potential pitfalls of dealing with revenue officers and how to navigate them successfully.

Remember, this podcast is for entertainment purposes only. Thanks for listening to Tax Relief Academy!

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Successfully dealing with the Internal Revenue Service is about knowing the laws and procedures that IRS employees must follow and effectively leveraging that knowledge. Attorney Tony Ramos has been helping taxpayers deal with the IRS since 1989, and today his law practice is dedicated solely to resolving tax debt for his clients.

If you want to learn how to deal with the IRS to settle your tax debt in your best interest, listen to this podcast.

If you want to request a free Case Review with Tony Ramos, go to tonyramoslaw.com/relief/ or call 210-361-5119 today.

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. 

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 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.

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. 

Did you make a mistake on your tax return?

Have you forgotten to claim a credit or deduction?

If you left out information on your original return or forgot to include income and made errors, fix your returns with Form 1040X with the corrected version. Don't forget that it must be within three years from the date you filed your original return. You want to do this before the IRS realizes you need to file an amended return to avoid the significant charges. The IRS can hit you with a 25% penalty for underpaying taxes. 

Need help filing amended tax returns? Schedule your free consultation at 201-479-2572 or visit www.201tax.com. 

What happens if you fail to file Form 941 and fail to pay your payroll taxes? 

Not paying employment taxes can be the most harmful thing a business can do. The IRS considers payroll tax a trust fund penalty, and it is what the government goes after most. They deem that organizations that fail to pay payroll tax are similar to committing the act of stealing.

Employers can face huge penalties and individual liability for the person running payroll in the business. So making sure that you pay payroll taxes is extremely important. 

There are also significant penalties and interest for the failure to file, failure to pay, and failure to deposit. So it would be best if you were on the proper payroll deposit schedule as well. 

Have you failed to pay your payroll taxes? Allow us to help you get back on track. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.  

Hey, it's Michael Rozbruch here, also known as the Roz Man. And I help CPAs, enrolled agents, attorneys, and other tax professionals build highly lucrative practices by showing you how to add $5,000 tax resolution clients to your business. And the IRS just came out as they have for the last 20 years with their list for 2022 of their dirty dozen. And one thing on the list really upset me, and I find it offensive. And I think you will, too. And this was right out of the mouth of Charles Rettig, the IRS commissioner. He says that no one can get a better deal for taxpayers than they usually get for themselves by working directly with the IRS to resolve their tax issues. This is something that Chuck Rettig said, are you kidding me? I mean, seriously. And I find this offensive and actually amusing at the same time, because Chuck Rettig was in private practice for 30 or 35 years in Beverly Hills in Los Angeles, whose firm was dependent on taxpayers hiring him to do offers and compromise, among other resolution and litigation cases. Look, 50 million people in this country have an IRS problem large enough that warrants professional representation. The vast majority of you of tax resolution practitioners are honest, reputable people who really care about their clients. They're not there to take their money and not do the work. So for Chuck Rettig to make a statement like that, I find offensive, actually. And you should, too, because so many people need our help today. So many people need to get their IRS issues behind them. There are so many non-filers. So even though they may not qualify for an offer in compromise, they still need help with an installment agreement, a partial pay installment agreement, a currently not collectible situation, perhaps an innocent spouse relief request or a penalty abatement request. There are so many other options other than an offer in compromise to resolve your tax payer's issues. Look, the vast majority of your tax resolution clients, over 70% are not going to qualify for an offer in compromise. That's why I find this statement so offensive by the commissioner of the IRS. So when you follow the Roz strategy system for taking somebody through a financial consultation, you'll know by the end of that consultation, number one, if you want to work with them. Number two, if you can actually help them. And number three, that you have a real good high level of confidence you can resolve their tax problem. So that's the video for this week. We'll see you next time. 

If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you. Tax resolution is a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money. All on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year, and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://rozstrategies.com/2022-challenge

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.