Are you a business owner who has been ignoring those letters from the IRS? Are you being threatened with the IRS closing down your business because of being unable to pay your 941 payroll taxes? As a former IRS-Hitman, if you don’t take action it is only going to get worse.

The IRS is sitting there…waiting. Waiting for your business to mess up and miss your quarterly payroll taxes. Once they know you missed filing your taxes, they immediately take action.

continue reading »

The IRS has announced the availability of an additional postponement of filing and payment requirements to businesses in the Gulf Coast. The filing extension comes as part of the continuing effort to assist victims of Hurricane Katrina.

The Agency has decided to postpone the filing and payment deadlines for certain businesses to October 16, 2006, after meeting with tax practitioners and IRS employees located in the disaster areas.

continue reading »

Save Your Assets! For many of us, prioritizing financial responsibilities can often be difficult. You can be shopping one day and the next; all forms of cash and credit are frozen. The IRS has placed a levy on all of your assets! In most cases, this isn’t an unforeseen slap in the face, but rather a situation where all signals were ignored.

What happened? To be blunt, you ignored any and all contact with the IRS with regards to paying a tax debt. Notice of a tax levy was most likely filed and ignored and here you are facing the more menacing tax levy. This is serious. The IRS is now threatening seizure of your bank accounts to satisfy this outstanding tax debt.

continue reading »

I haven’t filed my taxes for a couple of years and the IRS says I owe them money. Do I have to file my missing years before the IRS will work with me on my debt?

Yes you do have to file any tax returns from past years. You have to be in compliance with your tax filings before the IRS will work with you at all on a tax debt. The plus side is that you only have to file missing returns for the last 7 years. And if you file your returns you may see your tax debt reduced.

continue reading »

Convenience

E-filing your tax returns is more convenient then dealing with piles of hard to understand forms and documents. There are no records to track down, and no long trips to the local store or post office. You can file your returns anytime you want, 24 hours a day, seven days a week from the comfort of home.

Speed

continue reading »

The Chapter 7 bankruptcy is our most popular form of personal bankruptcy here in the US. Often times we have to resort to it because we have experienced an unplanned, sudden loss of a job, or a major injury. If you truly want to discharge all of your debts and have a fresh financial start then you must have bankruptcy liquidation under this chapter.

Even if your deep into debt, if you qualify for a Chapter 7 bankruptcy then you can get out of your financial situation. The best way to qualify is to have little or no assets in your name. You can do this by relinquishing the ownership of your valuables to your family or friends. The best way to do this is with a legal bill of sale form. This will give you a legal way to prove you no longer own those assets. It’s important to do this anyway because creditors may try to stake claim on those assets.

continue reading »

If you’ll recall back in 2001 the new IRS electronic filing was getting to be very popular and it was touted in being able to help the government collect more money. It got off to a rather rocky start, but it is alive and well today and each year more and more Americans are filing their taxes this way and it is saving our government money in administrative costs and making it easier for Americans to file the taxes.

Below is an excerpt of an article I wrote back in 2001 to give you an idea of how far the IRS e-filing project has come up until now.

continue reading »

If you’re experiencing IRS problems, a solution might be an Offer in Compromise or OIC. Taxpayers can negotiate with the IRS. An OIC is an agreement reached between the IRS and you that resolves your tax liability. In certain circumstances, the IRS can accept less than the full payment.

Examine the IRS Form 656 booklet before filing an OIC. You’ll know if you qualify for an OIC.

continue reading »