Category - IRS Solution

Identity theft

Identity Theft

Do you suspect you have been the victim of Identity Theft?

It’s one of the fastest growing issues at the IRS. Thousands of people have had tax returns filed with their names and social security numbers by scamming shysters. Or income reported to the IRS that they didn’t receive. This type of identity theft can cause a serious complications involving your tax returns and refunds and can take a considerable amount of time to be completely resolved. In fact, the IRS has pulled resources from other areas to deal with this overwhelming problem.

We’ve prepared a handy infographic to help you understand the steps to protect yourself from tax related identity theft. We’re also here to help. Call or email our amazing Fix-It Accounting team who will fight to clear things up for you.

Identity theft info graphicTax Related Identity Theft

NEW Tax Relief after Hurricane Matthew

tax-releifOn October 8, 2016, President Obama declared a “Major Disaster” for certain counties in Florida and Georgia. If you live in the affected areas (there’s a list below), you may be eligible for extended due dates for filing and paying your tax. This means that you can take a breath and focus on the cleanup behind Hurricane Matthew instead of the looming due date of October 17 for individual income tax returns on extension. NORTH CAROLINA JUST ADDED (UPDATE 10/13)

I’ve already seen firsthand how such a declaration impacts taxpayers…

A client dropped by my office this morning on our first post hurricane workday. We had just gotten our electricity and internet service restored, computers and printers up and running and opened the door.  She was crying. She has no electricity, no hot water, no A/C, a huge mess to clean up at her property, and 4 children to deal with. But she wasn’t crying about just those issues. No, she was all stressed out over her tax return due date next Monday. I told her not to worry. That she should focus on the immediate important issues and we’ll deal with the rest later.

 

There’s relief for businesses too! We don’t have the specifics yet but there will be an “Extension Period” and a “Federal Tax Deposit Penalty Waiver Period” available to all eligible taxpayers.

 

Florida Counties affected:

  • Brevard
  • Duval
  • Flagler
  • Indian River
  • Nassau
  • Johns
  • Lucie
  • Volusia

Georgia Counties affected:

  • Bryan
  • Camden
  • Chatham
  • Glynn
  • Liberty
  • McIntosh

 North Carolina Counties affected:

  • Beaufort
  • Bladen
  • Columbus
  • Cumberland
  • Edgecombe
  • Hoke
  • Lenoir
  • Nash
  • Pitt
  • Robeson

 

Casualty losses – This is where you may be able to recover funds quickly!

More good news! Presidential Disaster Area declaration allows affected taxpayers the option of claiming disaster-related casualty losses on their federal income tax return for the year preceding the year of the loss. This is accomplished by filing an amended tax return and can get you a refund much sooner or provide tax savings. There are obviously conditions to be met, but this can potentially work for you.

 

Ask your tax professional about your options during this difficult time.

IRS problems?

IRS problems? We can fix it!

Are you drowning in IRS debt? Suffering the pain of tax liens? Having panic attacks and losing sleep? Don’t worry, there’s help. We can fix it!

Taxpayers call us every day wondering what we can do to help them. They think it’s just filing some tax returns or a power of attorney. Getting liens or levies released. Yes, we do those thing. Actually we do them very well. But our main line of business is offering peace of mind. Offering reassurance that everything is going to be okay. It can all be taken care of. It’s not as bad as you think.

Knowledge is empowering, so when we tell you exactly what needs to be  done to fix your problem, you immediately feel better. You might not understand what all of it means, but you do understand that we’ve got you covered! We’ve become your team members so now you’re not alone. Ahhhh, things look brighter already!

So stick with me in this blog and you’ll discover how things work with IRS resolution. But more importantly, you’ll get that warm and fuzzy feeling that you’re going to make it through.

Accounting For 1099 Contractors

Accounting For 1099 Contractors

By far the largest group of people we see with IRS problems are the 1099 Contractors. While employees have their half of the payroll tax withheld by their employer and the other half paid by their employer, contractors are completely responsible for their own payroll tax that tops 15% of their net business income. And on top of that, they have to pay ordinary income tax. And yikes, there is no employer to withhold the tax from a paycheck. This is where trouble begins!

Yes, contractors get tax write offs that employees don’t get and that sometimes makes being a contractor more appealing. But there are pitfalls! If you are a contractor, we strongly urge you to make estimated tax payments during the year to the IRS. They’re only required to be made on a quarterly basis, but we find that saving for 3 months just to pay the IRS is quite difficult for some. So we generally set our contractors up in the IRS electronic payment system known as EFTPS. It allows our clients to make payments as often as necessary to stay out of trouble!

And there’s more…contractors are responsible for record keeping and reporting of income and expenses associated with their earnings. This requires a whole new set of skills! But help is available. Here at Fix-It Accounting, we will teach you how to manage it all. We are not just your tax preparer but also your knowledgeable partner.

 

IRS: Why you need to start today

IRS: Why you need to start today

One reason people delay doing something about IRS letters is they feel like the IRS is too large and powerful to stand alone against. “Who are we to fight the government?” is the attitude we frequently encounter.

Many are afraid to make the call themselves as they may say the wrong thing and get into more trouble. When you call us, we can make that call for you and stand with you against the giant.

Reality is that the IRS is a huge machine that spits out countless threatening notices.  A computer prints out a letter and mails it to you.  If that letter isn’t answered, the computer prints out the next letter, and the next letter. It’s an automated system.

Don’t wait to call…addressing the problem sooner prevents it from becoming bigger.

 

IRS: Why it’s better to be represented

IRS: Why it’s better to be represented

irs solution florida 3When you are represented, the IRS treats you with much more respect. And when you’re represented by us, we know what your rights are and how to get around in their system. Knowing who to talk to and what to say gets much better results with the IRS than an individual calling about their own taxes.

We have the unique distinction of nearly a 100% success rate in resolving IRS problems and lowering amounts owed.  Often, we can reduce what the IRS is asking for by 90%, and sometimes get the entire balance completely wiped out.

Our IRS problem resolution services include:

  • Lien Release
  • Levy Release
  • Penalty reduction or abatement
  • Filing past due or amended Returns
  • Filing an Offer In Compromise or “Offer and Compromise”
  • Identifying  and correcting IRS mistakes and input errors
  • Giving you peace of mind that your problem will be resolved

They don’t want you to know how to reduce your tax bill but we want you to have every remedy available.

We’ve seen cases where the IRS charged people tens of thousands of dollars in error. We were able to find the mistake and even get the person a refund.  Let us look over your case and see what we can do for you. We offer a free review of the past three years tax returns to ensure they have been done correctly and you’ve paid the least amount of tax possible.

IRS: RE-CREATING RECORDS

RE-CREATING RECORDS

IRS solution florida 2All is not lost if your records are missing, lost or destoryed. We understand what a stress it is to try to come up with information from many years ago so have learned to efficiently recreate them from bank statements and other records.

We can get income transcripts from the IRS and prepare the tax returns with that information.

Currently Not Collectible Status

Currently not collectible status

Currently not collectible (CNC) status is a temporary solution. A taxpayer who can’t afford to pay right now can be put in this status for 6 months to a year. Penalties and interest continue to accrue. In order to get put into this status, the IRS will require substantial financial information such as:

  • Bank statements on all bank accounts
  • Pay stubs
  • Proof of payment of “necessary” living expenses
  • Information on all assets (what you own)
  • Information on liabilities (what you owe)

 

Representation With The IRS

Representation with the IRS

Range of various blank USA tax forms

Range of various blank USA tax forms

When you are represented by us, the IRS treats you with much more respect. We know what your rights are and how to get around in their system. Knowing who to talk to and what to say gets much better results with the IRS than an individual calling about their own tax issue.

And when you hire us, it shows that you are serious about clearing up your problem. Really, all the IRS wants is for you to be compliant under the law with filing and paying your taxes. They want you to clear up your old issues and come back into the system so they can start collecting from you again.

The IRS representatives will almost never tell you when you have options other than paying the debt. Time and again we’ve seen taxpayers who cannot afford to pay their tax debt being put into payment arrangements that they can’t afford. No one tells them that they can get into a temporary Currently Not Collectible status or a more permanent solution with the Offer in Compromise program.

They don’t want you to know how to reduce your tax bill but we want you to have every remedy available