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Posts Tagged ‘Tax’

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Tax Tiger Reports that State Tax Collectors Offer Negotiations

In Finance on May 31, 2012 at 11:26 am
Tax Tiger


Tax Tiger

California catches up with Federal government on Offers in Compromise acceptance rates, says Tax Tiger.

In this recent interview with Tax Tiger, Presentation Solutions uncovers information on how the firm can help individuals and business owners in California negotiate with their state income tax collector.

Presentation Solutions: We understand that many states are now offering to negotiate tax debt. For time’s sake, let’s focus on your primary state of California. Can you tell us who is responsible for collecting taxes in the Golden State?

Tax Tiger: The State of CA Franchise Tax Board.

Presentation Solutions: Is it more difficult to qualify for an Offer in Compromise from state to state than it is with the federal government?

Tax Tiger: That appeared to be the case until recently. Over the last few years, the State of California appears to have leveled out with the federal acceptance rate.

Presentation Solutions: Is the submission and approval process faster with the state or the IRS?

Tax Tiger: Turnaround time is considerably faster with the state, which works more intuitively than the IRS.

Presentation Solutions: Does the state pursue collection activities in the middle of an OIC Proceeding?

Tax Tiger: Not usually, but there are no laws prohibiting the state from doing so. This differs from the IRS who does offer a protected stay period during the negotiating process.

Presentation Solutions: How does the state determine compromise numbers when a taxpayer also owes the federal government?

Tax Tiger: Very simply stated, the state of California expects an offer to be proportionate to the amount the taxpayer owes the federal government. Tax Tiger can help by reviewing the taxpayer’s current information and helping them determine a reasonable amount. This will expedite the process.

Presentation Solutions: So if a taxpayer owes the state approximately one-half of what they owe the IRS, should they offer a proportionate settlement?

Tax Tiger: Yes, that is exactly right. The state is much more likely to accept an offer of less than the actual money owed when a taxpayer is also facing a federal liability.

Presentation Solutions: Are there any tips that you would offer taxpayers who are trying to negotiate with the state and the IRS at the same time?

Tax Tiger: If the taxpayer can pay the state a proportionate amount in cash, they can exclude this amount from the available assets they present to the federal government, possibly increasing the chances of a lower settlement with the IRS.

Presentation Solutions: How far back does the Franchise Tax Board review taxpayer income history?

Tax Tiger: Three years so that the state may compare the reported income to previous tax years.

Presentation Solutions: Are there any differences between the federal and state forms required to apply for an OIC?

Tax Tiger: The state forms are longer and require a more detailed breakdown of expenses. This is actually a benefit to taxpayers since it allows for items such as tithing and college education expenses to be considered. Tax Tiger can help the taxpayer here as well, since we are familiar with what expenses are allowable and which are not.

Tax Tiger, America’s Most Effective Tax Representation Company can be contacted by calling 866.667.3829 or by going online to http://www.taxtiger.com

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Ian Woodman, Idaho Tax Relief Business Owner, Discusses Common Tax Issues

In Finance on May 4, 2012 at 12:17 pm
Ian Woodman Idaho

Ian Woodman Idaho

Ian Woodman, Idaho co-founder of Instant Tax Solutions, often hears questions from taxpayers about tax issues. Pages and pages of regulations overwhelm most taxpayers, many of whom simply want an expert to explain the laws in plain English, says Ian Woodman. Idaho residents interested in tax resolution know that co-founders Byron Pedersen and Ian Woodman of Idaho stand ready to serve.

In this brief article, Ian Woodman of Idaho ’s Instant Tax Solutions describes some of the most common tax issues the company encounters in their work with taxpayers. The team at Instant Tax Solutions regularly works with the IRS to resolve tax issues that Ian Woodman says Idaho clients encounter.

One of the most common issues encountered by taxpayers, according to Ian Woodman, Idaho tax relief business owner, is past due taxes. Many taxpayers come to Instant Tax Solutions with a debt they cannot pay, says Ian Woodman. Idaho company Instant Tax Solutions can help taxpayers work out a payment plan that the taxpayer can afford while still satisfying the IRS, says Woodman.

Another issue, according to Ian Woodman of Idaho, is a fear of being audited. This fear, says Woodman, causes business owners and other self-employed individuals to avoid claiming deductions that could save them perhaps hundreds or thousands of dollars a year. The truth is, audits aren’t as common as you think, Ian Woodman of Idaho says, especially for those who are honest.

Tax liens are another common concern at Ian Woodman’s Idaho Instant Tax Solutions office. If a taxpayer has an outstanding debt to the IRS that has been left unpaid for a long time, the IRS may assess a lien on that taxpayer’s property. Ian Woodman, Idaho co-founder of Instant Tax Solutions, says that the IRS will usually work with these taxpayers to come to an agreement to pay the tax debt off.

Ian Woodman’s Idaho Instant Tax Solutions has helped clients worldwide recover from some of the most complex tax issues. The company’s stated mission is to provide fair tax representation by providing easy-to-understand explanations of IRS tax laws. For more information, visit http://www.instanttaxsolutions.com

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Instant Tax Solutions | Ratings and Reviews of Common Tax Problems

In Finance on April 26, 2012 at 1:28 pm
Instant Tax Solutions Ratings

Instant Tax Solutions Ratings

Instant Tax Solutions Ratings and Reviews Team says U.S. taxpayers with problems now have more options.

The IRS, says the Instant Tax Solutions Ratings and Reviews Team, can be confusing and intimidating. It doesn’t have to be, however, as there are solutions to common problem. The Instant Tax Solutions Ratings and Reviews Team points out that, while the IRS can and does act swiftly in cases of delinquency, they do have provisions that allow for unexpected circumstances.

When a taxpayer simply does not have all of their supporting documentation in order, the Instant Tax Solutions Ratings and Reviews Team advises that an extension of up to four months may be requested – however payment of any owed taxes is still due. If money is the issue, such as when a medical emergency has all available funds tied up, a taxpayer may request to delay their liability by up to 6 months, says the Instant Tax Solutions Ratings and Reviews Team.

The Instant Tax Solutions Ratings and Reviews Team points out that filing or paying late can result in heavy fines and penalties. Taxpayers may request that these fees be removed if extenuating circumstanced can be substantiated; for instance, the Instant Tax Solutions Ratings and Reviews Team notes that personal tragedy such as a major illness or auto accident may be forgivable delays. In these situations, penalties abatement may be requested. The Instant Tax Solutions Ratings and Reviews Team encourages taxpayers to ensure that they have proper documentation to support their request, and to always send copies – never release an original document.

According to the Instant Tax Solutions Ratings and Reviews Team, even old debt may be considered for penalties abatement. If the taxpayer can show reasonable cause for the delay and can prove they acted in good faith to pay, the Instant Tax Solutions Ratings and Reviews Team notes that having some of the penalties canceled can be a great start at getting their debt under control.

There are even provisions in the IRS tax code that allow for deductions to be considered when the IRS denies them, notes the Instant Tax Solutions Ratings and Reviews Team. For taxpayers who should be entitled to certain deductions but have misplaced records, the Instant Tax Solutions Ratings and Reviews Team points out that having an affidavit, that is the written testimony of the taxpayer claiming the deductions are legit, is often a sufficient replacement to an original receipt.

These are just a few situations where a tax bill can be reduced. Instant Tax Solutions offers ratings of taxpayers’ economic status to help them determine if any of the IRS programs are a good match. For more information on the firm, or for Instant Tax Solutions ratings, reviews, and services offered, please visit http://www.instanttaxsolutions.com

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Byron Pederson Interview: Tax Problem Resolution Services Coalition

In Finance, Legal on April 23, 2012 at 4:58 pm
Byron Pederson

Byron Pederson

According to Byron Pederson, co-founder of Instant Tax Solutions, the Tax Problem Resolution Services Coalition was formed to help keep the industry honest and fair. This, says Byron Pederson, will draw more customers to call upon the services of tax problem resolution firms. Byron Pederson’s Instant Tax Solutions has an A+ rating with the Better Business Bureau, a rating that Byron Pederson and his staff have worked hard to develop and maintain over the years. Today, Byron Pederson talks to Presentation Solutions about the upcoming meeting of the National Association of Tax Debt Resolution Companies.

Presentation Solutions: This is an exciting time for tax problem resolution services. How many are involved in the coalition?

Byron Pederson: The coalition has 46 members at the moment, most of whom are CPAs and legal counsel, all coming together to maintain integrity in the industry.

Presentation Solutions: What types of members are represented?

Byron Pederson: TPRSC members reside and work all over the country, representing taxpayers and tax resolution services nationwide.

Presentation Solutions: What speakers can attendees expect to hear from at the conference?

Byron Pederson: The conference will feature the director of the IRS’s office of professional responsibility, Karen Hawkins.

Presentation Solutions: What will be the topic of her presentation?

Byron Pederson: She’ll give us the IRS’s perspective on the problem of tax problem resolution services that are operating in a shady manner.

Presentation Solutions: She’ll also speak positively on the IRS’s perspective on tax professionals who operate positively on behalf of taxpayers in front of the IRS.

Byron Pederson: Yes, it has always been the philosophy of everyone who works for Instant Tax Solutions to maintain professionalism at all times. Karen Hawkins will address the importance of professionalism in the field.

Presentation Solutions: Who else will be presenting at the conference?

Byron Pederson: Larry Lawler, who will be speaking on policies and procedures the IRS has that help regulate the industry.

Presentation Solutions: There will also be a lobbyist present, correct?

Byron Pederson: Yes, Mark Guimond will discuss several pieces of legislation that affect our industry, including a bill that impacts telemarketing, which is currently on hold.

Presentation Solutions: When is the meeting and how does someone get more information?

Byron Pederson: The meeting will be May 20-21 in Washington, D.C. For more information, visit http://library.constantcontact.com/download/get/file/1102151047883-114/DC+2012.pdf

Byron Pederson is co-founder of Instant Tax Solutions, providing tax relief to taxpayers in need. As a leader in the industry, Byron Pederson is dedicated to eradicating fraud in the industry to maintain the integrity of the tax resolution industry nationwide. Byron Pederson is proud to be a part of the Tax Problem Resolution Services Coalition. For more information about Instant Tax Solutions, visit them online at http://www.instanttaxsolutions.com

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The Instant Tax Solutions Reviews Team Discusses Tax Relief Options

In Attorney, Law Firm, Legal on March 26, 2012 at 5:08 am
Instant Tax Solutions Reviews

Instant Tax Solutions Reviews

Can back taxes owed get resolved? The Instant Tax Solutions Reviews Team says yes and insists that now taxpayers have more options than ever. In today’s exclusive interview, the Instant Tax Solutions Reviews Team tells Presentation Solutions exactly what programs are available.

Presentation Solutions: Good morning. Let’s get started. Can you tell us what options the IRS offers for back tax relief?

Instant Tax Solutions Reviews Team: There are four main programs: Innocent Spouse, Penalty Abatement, Installment Agreements, and Offer in Compromise.

Presentation Solutions: Tell us a little about Innocent Spouse.

Instant Tax Solutions Reviews Team: Basically, if a spouse is not aware that their partner has filed erroneous claims and incurs life-altering charges as a result, then the IRS may be willing to offer some forgiveness.

Presentation Solutions: What other types of relief are there for married couples?

Instant Tax Solutions Reviews Team: There are also programs targeted at those with understated tax issues and Equitable Relief.

Presentation Solutions: Moving along, you mentioned Penalty Abatement. Tell us more.

Instant Tax Solutions Reviews Team: This is a fairly difficult form of relief. This actually does not take the original liability away.

Presentation Solutions: It doesn’t? How does it help?

Instant Tax Solutions Reviews Team: If accepted, this program will remove a portion–or all–of the penalties incurred during the time the tax debt was not paid.

Presentation Solutions: Why is it difficult to get approved?

Instant Tax Solutions Reviews Team: There must be extenuating circumstances involved, such as major illness or another abrupt disruption in the taxpayer’s life. Installment Agreements are more common than abatements.

Presentation Solutions: Really?

Instant Tax Solutions Reviews Team: Yes. Far more taxpayers will qualify for an installment agreement. This is similar to a credit card bill, with a set minimum payment each month until the balance is $0.

Presentation Solutions: Are there any programs that reduce the principal balance?

Instant Tax Solutions Reviews Team: Yes. That would be the OIC, or Offer in Compromise, program.

Presentation Solutions: What is that?

Instant Tax Solutions Reviews Team: This program allows the IRS to actually reduce the amount owed to a sum that they can reasonably expect to collect.

Presentation Solutions: What situations warrant an OIC?

Instant Tax Solutions Reviews Team: If the IRS believes they will never collect the full amount or if a severe hardship would occur as a result of paying the balance.

Presentation Solutions: A severe hardship?

Instant Tax Solutions Reviews Team: Yes. For instance, if the individual has the means – the assets – to fulfill his debt but then his or her family’s well-being would suffer.

Presentation Solutions: So this is only for the public – not businesses?

Instant Tax Solutions Reviews Team: If a business would be forced to close and that business is a taxpayer’s income source, there is a chance it would qualify for an OIC/Hardship.

Presentation Solutions: And what about actually filing back tax returns?

Instant Tax Solutions Reviews Team: Before any of the previously mentioned relief programs can even be considered, the IRS expects all tax records to be completed.

Presentation Solutions: How does a taxpayer know which years are needed?

Instant Tax Solutions Reviews Team: That is where we come in. Instant tax Solutions reviews our client’s previous year’s taxes for them.

Presentation Solutions: That sounds like a lot of work.

Instant Tax Solutions Reviews Team: It is. That is why many taxpayers just leave their debt unchecked.

Presentation Solutions: It’s good to have an experienced tax professional on your side.

Instant Tax Solutions Reviews Team: Absolutely. We certainly recommend it!

Presentation Solutions: Well, that is all the time we have today. Thank you again. We always look forward to speaking with you – especially as tax season gets closer and closer.

Instant Tax Solutions reviews this and other IRS information for educational purposes only. The information provided by the Instant Tax Solutions Reviews Team is not intended to replace the advice of a seasoned tax professional.

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Ian Woodman’s Bucket List: Australia, Asia, and Africa

In Lifestyle, Professionals, Travel on March 26, 2012 at 4:12 am
Ian Woodman

Ian Woodman

Ian Woodman has Australia, Asia, and Africa at the bottom of his bucket list. It’s not that he has less desire to visit these places than others on his bucket list, but until retirement, Ian Woodman says it will be hard to find the time to make such long treks.

From the States, Australia is a fourteen-hour trip, involving crossing the International Date Line. That means if Ian Woodman leaves on Friday night, he’ll arrive on Sunday morning. Not only will this mess with his internal clock, it will also require significant time off of work. Not so easy for a man like Ian Woodman who is running his own successful business.

The trip to Asia can be even more grueling, explains Ian Woodman, taking as long as twenty hours. Africa requires a ten-hour flight, which is only slightly longer than the flight to England, notes Ian Woodman. While Australia, Asia, and Africa may not be at the top of Ian Woodman’s list, he hopes to find time once he retires to take the long trips.

An avid traveler like Ian Woodman will find an endless supply of things to do in Australia, where the beauty of the outback and history of the forests will keep him busy. In 4-wheel drive vehicles, Ian Woodman and his wife can take a guided tour around the outback, via the Savannah Way or the Explorers Highway. To indulge Ian Woodman’s love for water, Australia has surfing and diving, allowing his party to experience the beautiful waters of Australia.

Whether it’s viewing the Grand Palace in Bangkok or enjoying the beaches of Sentosa Island in Singapore, Asia has a little bit of everything for Ian Woodman and his wife. As it is the globe’s largest continent, travelers like Ian Woodman generally prefer to tour all of Asia in one long trip, similar to the tour of Europe that is also on Ian Woodman’s bucket list.

Africa’s safari experience will be ideal for Ian Woodman and his wife, who love to learn about new things. But Africa isn’t only for safaris. The beaches in North Africa appeal to travelers’ desire for relaxation and mountain lovers will enjoy Mount Kilimanjaro.

Like many of us, Ian Woodman has so many places he’d like to visit, but so little time. After retirement, Ian Woodman hopes to be able to cross these interesting places off of his bucket list, in addition to his many other travel experiences.