This week’s tax relief news has been quite exciting especially for Tax Resolution Services.
Here are some of the highlights:
Tax Resolution Services-2012 Stevie Award Finalists for Business
I am extremely proud to announce that both Brian Compton and I have been selected as 2012 finalists for the 10th Annual Stevie Awards. Brian was selected for Executive of the Year for Accounting, Banking, & Financial Services and I am a finalist for Maverick of the Year. Considering the recent turmoil felt throughout the tax resolution industry (from unscrupulous players who hurt customers with their false claims and damaged the reputation of the industry at large), it is great to be recognized as a maverick. It’s also fantastic to see Brian get proper recognition for his exemplary leadership. Award winners in our category will be announced on June 18 at the Marriott Marquis Hotel in New York. Stay tuned!
Tax Help-Amend Tax Return Errors
Errors on your most recent tax return? No problem, just amend it. The IRS anticipates 5.7 million amended returns this year, but it’s important taxpayers know what to do in order to prevent future IRS problems. Here are some guidelines to keep in mind:
- To claim a refund, file IRS Form 1040X within three years from the original filing date.
- Amended returns cannot be filed online and must be done manually.
- Your first return must be processed before you file the amended version and you must wait until you receive the original refund before the second will be processed.
- Complex returns should be prepared by a tax professional to avoid errors.
- If correcting more than one year, file a different Form 1040X for each year you’re correcting and mail each form in a separate envelope clearly marking the year of the return on the top of the form and the envelope.
Tax Experts Give Free Webcast for Tax Practitioners
This last Wednesday, May 9th Eva Rosenberg, aka the TaxMama® and I, the TaxMan joined forces to host a free webcast for tax practitioners entitled “IRS Practice: Overview of Collection Issues.” The webcast covered issues ranging from IRS payment plans to Offer in Compromise and delinquent tax returns. This program was designed to enable tax practitioners to expand their practice base to include IRS representation, collection practices and procedures.
Couple Liable for Tax Mistakes Married or Not
Past tax filing mistakes can be a nightmare for married or divorced couples. To the IRS, a couple is joint and severally liable for their tax debt. So even in divorce, they are responsible for any tax liabilities shared when they were together. Spouses just discovering the others’ shady tax reporting on their joint returns could get help through the Innocent Spouse Relief defense. Innocent Spouse relief can absolve a spouse who unknowingly signed the joint tax return of their current or former spouse and inherited their unknown back tax debt.
Payroll Tax Problems Come to a Town Near You
Businesses large and small are no strangers to payroll tax problems and but when the town of York, Alabama faced IRS tax issues due to unpaid payroll tax, it made the news. An article from WTOK.com Channel 11 entitled IRS Says York Failed to Make Payroll Tax Payments reported that IRS representatives met with city officials to discuss how quickly the financially challenged town was going to pay back their tax debt. Why would the IRS send a representative to this small town? The IRS assigns a higher priority for collection of payroll taxes or “trust tax”; non-payment is viewed as ‘theft.’ IRS penalties from non-payment of payroll taxes can “cascade” and double under the Trust Fund Recovery Penalty (TFRP) and accessed at 100% of what’s due.
Make sure to visit us on the Tax Resolution University blog, on Twitter @taxresolution, on Facebook and on our YouTube channel for more IRS tax news, advice and more.
Have a great weekend!
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