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FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
WILL A STATE AUDIT TRIGGER A FEDERAL TAX AUDIT You may be audited by the IRS, your state, or both. But will a state audit trigger a federal audit? Not necessarily. While the IRS and states share information with each other, it doesn’t mean one audit will trigger the other. However, a blemish on your state tax return can impact your federal return, and vice versa, which can trigger anaudit.
TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELPABOUT USRESOURCESOUR SERVICESTAX RESOLUTIONTAX PREPARATIONACCOUNTING Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you ARE PPP LOANS TAXABLE? EVERYTHING YOU NEED TO KNOW Jacob Dayan was born and raised in Chicago, Illinois. After graduating with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business, he moved to New York City, where he began a career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. CAN I START A BUSINESS IF I OWE TAXES? The IRS can work with you to resolve your unpaid taxes. If you’ve already negotiated with the IRS or you’re paying your debts using installment agreement, you can still start a business – as long as you continue to pay your debt. Once the IRS starts collection activity through a levy, however, any money or any other assets you transfer MY HUSBAND OWES TAXES: SPOUSE AND TAX DEBT LIABILITY Injured Spouse Relief Injured Spouse Relief, on the other hand, is for someone whose share of the refund on their joint tax return was used to offset any pre-existing debt incurred by their spouse. Back taxes can take a variety of forms, such as federal debt, state income tax debt, child or spousal support payments, defaulted student loans, or state unemployment compensation debt. HOW MANY ALLOWANCES SHOULD YOU CLAIM? Technically, you can claim as many allowances as you want—you could even claim 100. However, you could be penalized by the IRS for withholding too much tax. It’s called an “underpayment penalty.”. Ideally, you want to pay at least 90% of your owed tax throughout the year. IRS ADJUSTED REFUND LETTER (WHAT TO DO WHEN THE IRS Whenever the IRS makes an adjustment to your return, they will send you a notice with the letters “CP” followed by a unique number on the top. These different numbers indicate their reason for making an adjustment to your return. Adjusted refund amount means the IRS either owes you more money on your return, or you owe more money in taxes. 27 TAX DEDUCTIONS YOU DON'T KNOW ABOUT 27 Tax Deductions You Don’t Know About. You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016. IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income. If you itemize your list, you can claim the fair market valueof
FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
WILL A STATE AUDIT TRIGGER A FEDERAL TAX AUDIT You may be audited by the IRS, your state, or both. But will a state audit trigger a federal audit? Not necessarily. While the IRS and states share information with each other, it doesn’t mean one audit will trigger the other. However, a blemish on your state tax return can impact your federal return, and vice versa, which can trigger anaudit.
DISABILITY TAX CREDIT: WHO IS ELIGIBLE FOR DISABILITY The Earned Income Tax Credit The Earned Income Tax Credit (EITC) is an income tax that benefits workers who earn low to moderate income. IRS Notice 797 is sent to people who may qualify for the EITC and informs recipients they could be eligible for this substantial federal tax refund. The amount of the EITC depends on your income and how many children you count as dependents. 3 REASONS WHY MILLENNIALS ARE PRONE TO TAX PROBLEMS Jacob Dayan was born and raised in Chicago, Illinois. After graduating with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business, he moved to New York City, where he began a career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. SECTION 179: INFO ON SECTION 179 AND DEDUCTIONS What is Section 179? Section 179 of the IRS Tax Code allows a business to deduct the full purchase price of qualifying equipment and software that was purchased during the current tax year. At one time, it was often referred to as the “SUV Tax Loophole” or the “Hummer Deduction” because many businesses used this code to write-off the qualifying vehicles they purchased. CAN YOU GO TO JAIL FOR NOT PAYING TAXES? [HOW TO AVOID This penalty accrues at a rate of 0.5% of your total unpaid amount for each month that your payment is late. For instance, a payment that is 12 months late will run you a penalty of 6% of your unpaid amount. This penalty maxes out at 25% once you pass the 50 month late mark. Failure to File: If you failed to file altogether, you’re in hotter FOREIGNER MARRIAGE: HOW TO FILE TAXES WITHOUT AN SSN Qualifying Widower Qualifying Widow (or Qualifying Widower) is a filing status which allows you to retain the benefits of the MFJ status for up to two years after the year of a spouse’s death. However, in order to do so, you must have a dependent child in order to file under this option. In the unfortunate event that your nonresident alien spouse becomes a widow, he or she may still be able IRS AUDIT & NO RECEIPTS? HERE’S WHAT TO DO IF YOU’RE BEING First thing’s first: never avoid an IRS audit letter. If you receive an IRS audit and realize you have no receipts, it’s important to get your financial habits back on track. The only way to truly avoid an IRS tax audit is to submit an accurate tax return year after year. Additionally, make sure you understand the IRS receipt requirements HOW TO RETRIEVE A LOST ITIN: EVERYTHING YOU NEED TO KNOW The first thing you need to do to retrieve a copy of your ITIN number to call the IRS’s number, 1-800-829-1040. To proceed, you will have to answer several security questions. This procedure serves to verify your identity and protect your confidential information from unauthorized inquirers. THE PENALTY FOR FILING TAXES LATE & PAST DUE (EVEN IF YOU The penalty for filing taxes late is charged as much as 5% for each month (or partial month) that your tax return is late. It applies to any taxes that are unpaid as of the filing deadline for the year, which always falls in mid-April; for the 2019 tax year, the deadline date is April 15, 2020. The clock starts the day after the deadlineand
WHAT HAPPENS TO UNPAID TAXES AFTER DEATH? If your loved one’s estate has more than $600 in gross annual income, then you must file IRS Form 1041, and obtain an EIN by applying online, by fax, or by mail.You must also complete Schedules K-1 on Form 1041 that reports the beneficiaries’ share of the estate’s credit, income, and deductions. You can always reach out for professional tax help, or apply for a five-month extension by UNDERSTANDING YOUR 5071C LETTER: WHAT IS An account number from a line of credit you have opened (ex. credit card, mortgage, student loan) The mailing address and filing status you used on last year’s tax return. A copy of your 5071c letter. The income tax return for the year shown on the letter, if you filed one. TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELPABOUT USRESOURCESOUR SERVICESTAX RESOLUTIONTAX PREPARATIONACCOUNTING Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you CAN I START A BUSINESS IF I OWE TAXES? HOW TO GET A BUSINESS LOANSTART YOUR OWN LOAN COMPANY The IRS can work with you to resolve your unpaid taxes. If you’ve already negotiated with the IRS or you’re paying your debts using installment agreement, you can still start a business – as long as you continue to pay your debt. Once the IRS starts collection activity through a levy, however, any money or any other assets you transfer ARE PPP LOANS TAXABLE? EVERYTHING YOU NEED TO KNOW Jacob Dayan was born and raised in Chicago, Illinois. After graduating with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business, he moved to New York City, where he began a career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. 27 TAX DEDUCTIONS YOU DON'T KNOW ABOUT 27 Tax Deductions You Don’t Know About. You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016. IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income. If you itemize your list, you can claim the fair market valueof
FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
IRS ADJUSTED REFUND LETTER (WHAT TO DO WHEN THE IRS Whenever the IRS makes an adjustment to your return, they will send you a notice with the letters “CP” followed by a unique number on the top. These different numbers indicate their reason for making an adjustment to your return. Adjusted refund amount means the IRS either owes you more money on your return, or you owe more money in taxes. WILL A STATE AUDIT TRIGGER A FEDERAL TAX AUDIT You may be audited by the IRS, your state, or both. But will a state audit trigger a federal audit? Not necessarily. While the IRS and states share information with each other, it doesn’t mean one audit will trigger the other. However, a blemish on your state tax return can impact your federal return, and vice versa, which can trigger anaudit.
FOREIGNER MARRIAGE: HOW TO FILE TAXES WITHOUT AN SSN Qualifying Widower Qualifying Widow (or Qualifying Widower) is a filing status which allows you to retain the benefits of the MFJ status for up to two years after the year of a spouse’s death. However, in order to do so, you must have a dependent child in order to file under this option. In the unfortunate event that your nonresident alien spouse becomes a widow, he or she may still be ableSARAH NIESCHALK, EA
Role at Community Tax Sarah E. Nieschalk is an Enrolled Agent who specializes in federal and state tax collections controversy and representation. With over eight years of experience in tax controversy, Sarah’s experience includes a wide TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELPABOUT USRESOURCESOUR SERVICESTAX RESOLUTIONTAX PREPARATIONACCOUNTING Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you CAN I START A BUSINESS IF I OWE TAXES? HOW TO GET A BUSINESS LOANSTART YOUR OWN LOAN COMPANY The IRS can work with you to resolve your unpaid taxes. If you’ve already negotiated with the IRS or you’re paying your debts using installment agreement, you can still start a business – as long as you continue to pay your debt. Once the IRS starts collection activity through a levy, however, any money or any other assets you transfer ARE PPP LOANS TAXABLE? EVERYTHING YOU NEED TO KNOW Jacob Dayan was born and raised in Chicago, Illinois. After graduating with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business, he moved to New York City, where he began a career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. 27 TAX DEDUCTIONS YOU DON'T KNOW ABOUT 27 Tax Deductions You Don’t Know About. You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016. IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income. If you itemize your list, you can claim the fair market valueof
FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
IRS ADJUSTED REFUND LETTER (WHAT TO DO WHEN THE IRS Whenever the IRS makes an adjustment to your return, they will send you a notice with the letters “CP” followed by a unique number on the top. These different numbers indicate their reason for making an adjustment to your return. Adjusted refund amount means the IRS either owes you more money on your return, or you owe more money in taxes. WILL A STATE AUDIT TRIGGER A FEDERAL TAX AUDIT You may be audited by the IRS, your state, or both. But will a state audit trigger a federal audit? Not necessarily. While the IRS and states share information with each other, it doesn’t mean one audit will trigger the other. However, a blemish on your state tax return can impact your federal return, and vice versa, which can trigger anaudit.
FOREIGNER MARRIAGE: HOW TO FILE TAXES WITHOUT AN SSN Qualifying Widower Qualifying Widow (or Qualifying Widower) is a filing status which allows you to retain the benefits of the MFJ status for up to two years after the year of a spouse’s death. However, in order to do so, you must have a dependent child in order to file under this option. In the unfortunate event that your nonresident alien spouse becomes a widow, he or she may still be ableSARAH NIESCHALK, EA
Role at Community Tax Sarah E. Nieschalk is an Enrolled Agent who specializes in federal and state tax collections controversy and representation. With over eight years of experience in tax controversy, Sarah’s experience includes a wide TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELP Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you 3 REASONS WHY MILLENNIALS ARE PRONE TO TAX PROBLEMS Jacob Dayan was born and raised in Chicago, Illinois. After graduating with a Bachelor’s in Business Administration from the University of Michigan’s Ross School of Business, he moved to New York City, where he began a career as a financial analyst at Bear Stearns’ industry leading Financial Analytics and Structured Transactions group. HOW MANY ALLOWANCES SHOULD YOU CLAIM? Technically, you can claim as many allowances as you want—you could even claim 100. However, you could be penalized by the IRS for withholding too much tax. It’s called an “underpayment penalty.”. Ideally, you want to pay at least 90% of your owed tax throughout the year. CAN THE IRS TAKE YOUR HOUSE? Yes, the IRS can seize personal property, including real estate, if a taxpayer has neglected to pay outstanding taxes. This action, also known as a tax levy, legally permits the Internal Revenue Service to collect property to settle a tax liability for which the taxpayer has received several notices and demands for payment. TAXES ON FOOD AND GROCERIES Food is generally taxable when sold in-store as the following products: Carbonated drinks. Candy and confectionery. Sandwiches (hot and cold) Pet foods. Combination of Taxed and Non-Taxed Foods When food that is not subject to taxes is sold in combination with a taxable good, the entire charge can be taxed (ex: cheese and cuttingboard).
THE PENALTY FOR FILING TAXES LATE & PAST DUE (EVEN IF YOU The penalty for filing taxes late is charged as much as 5% for each month (or partial month) that your tax return is late. It applies to any taxes that are unpaid as of the filing deadline for the year, which always falls in mid-April; for the 2019 tax year, the deadline date is April 15, 2020. The clock starts the day after the deadlineand
IRS AUDIT & NO RECEIPTS? HERE’S WHAT TO DO IF YOU’RE BEING First thing’s first: never avoid an IRS audit letter. If you receive an IRS audit and realize you have no receipts, it’s important to get your financial habits back on track. The only way to truly avoid an IRS tax audit is to submit an accurate tax return year after year. Additionally, make sure you understand the IRS receipt requirements WHAT HAPPENS TO UNPAID TAXES AFTER DEATH? If your loved one’s estate has more than $600 in gross annual income, then you must file IRS Form 1041, and obtain an EIN by applying online, by fax, or by mail.You must also complete Schedules K-1 on Form 1041 that reports the beneficiaries’ share of the estate’s credit, income, and deductions. You can always reach out for professional tax help, or apply for a five-month extension by UNDERSTANDING YOUR 5071C LETTER: WHAT IS An account number from a line of credit you have opened (ex. credit card, mortgage, student loan) The mailing address and filing status you used on last year’s tax return. A copy of your 5071c letter. The income tax return for the year shown on the letter, if you filed one. SECTION 179: INFO ON SECTION 179 AND DEDUCTIONS What is Section 179? Section 179 of the IRS Tax Code allows a business to deduct the full purchase price of qualifying equipment and software that was purchased during the current tax year. At one time, it was often referred to as the “SUV Tax Loophole” or the “Hummer Deduction” because many businesses used this code to write-off the qualifying vehicles they purchased. TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELPABOUT USRESOURCESOUR SERVICESTAX RESOLUTIONTAX PREPARATIONACCOUNTING Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you CAN I START A BUSINESS IF I OWE TAXES? HOW TO GET A BUSINESS LOANSTART YOUR OWN LOAN COMPANY The IRS can work with you to resolve your unpaid taxes. If you’ve already negotiated with the IRS or you’re paying your debts using installment agreement, you can still start a business – as long as you continue to pay your debt. Once the IRS starts collection activity through a levy, however, any money or any other assets you transfer HOW MANY ALLOWANCES SHOULD YOU CLAIM? Technically, you can claim as many allowances as you want—you could even claim 100. However, you could be penalized by the IRS for withholding too much tax. It’s called an “underpayment penalty.”. Ideally, you want to pay at least 90% of your owed tax throughout the year. FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. 27 TAX DEDUCTIONS YOU DON'T KNOW ABOUT 27 Tax Deductions You Don’t Know About. You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016. IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income. If you itemize your list, you can claim the fair market valueof
OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
IRS AUDIT & NO RECEIPTS? HERE’S WHAT TO DO IF YOU’RE BEING First thing’s first: never avoid an IRS audit letter. If you receive an IRS audit and realize you have no receipts, it’s important to get your financial habits back on track. The only way to truly avoid an IRS tax audit is to submit an accurate tax return year after year. Additionally, make sure you understand the IRS receipt requirements SOLE PROPRIETORSHIP VS LLC: A GUIDE TO TAX BENEFITS There’s little difference between sole proprietorship taxes vs. LLC taxes. A single-member LLC is considered a sole proprietor, for tax purposes, while a multi-member LLC is considered a partnership. Both sole proprietorships and LLCs file tax returns that blend the business owner’s personal income with their business income. IRS ADJUSTED REFUND LETTER (WHAT TO DO WHEN THE IRS Whenever the IRS makes an adjustment to your return, they will send you a notice with the letters “CP” followed by a unique number on the top. These different numbers indicate their reason for making an adjustment to your return. Adjusted refund amount means the IRS either owes you more money on your return, or you owe more money in taxes. IRS AUDIT PENALTIES: EVERYTHING TO KNOW ABOUT IRS AUDIT IRS Tax Audit Penalties Receiving an audit letter from the IRS notifying you of a tax investigation can be a daunting experience. And unless you’re a tax expert, you will more than likely be left with a lot of questions. If the IRS selects you for an audit, the chances of getting through the process without owing additional taxes and other IRS audit penalties are slim. TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELPABOUT USRESOURCESOUR SERVICESTAX RESOLUTIONTAX PREPARATIONACCOUNTING Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you CAN I START A BUSINESS IF I OWE TAXES? HOW TO GET A BUSINESS LOANSTART YOUR OWN LOAN COMPANY The IRS can work with you to resolve your unpaid taxes. If you’ve already negotiated with the IRS or you’re paying your debts using installment agreement, you can still start a business – as long as you continue to pay your debt. Once the IRS starts collection activity through a levy, however, any money or any other assets you transfer HOW MANY ALLOWANCES SHOULD YOU CLAIM? Technically, you can claim as many allowances as you want—you could even claim 100. However, you could be penalized by the IRS for withholding too much tax. It’s called an “underpayment penalty.”. Ideally, you want to pay at least 90% of your owed tax throughout the year. FAKE IRS LETTER: WHAT TO LOOK OUT FOR WHEN YOU RECEIVE AN Letter Identification. Real IRS letters have either a notice number (CP) or letter number (LTR) on either the top or bottom right-hand corner of the letter. If there’s no notice number or letter, it’s likely that the letter is fraudulent. It’s recommended you call the IRS at 800-829-1040. 27 TAX DEDUCTIONS YOU DON'T KNOW ABOUT 27 Tax Deductions You Don’t Know About. You can deduct up to $4,000 in tuition for qualifying higher education you paid for yourself, your spouse, or a dependent in 2016. IRS-approved cash donations to charities can be deducted for up to 50% of their adjusted gross income. If you itemize your list, you can claim the fair market valueof
OWING BACK TAXES AND DISABLITY Starting in 2002, it became legal for the IRS to garnish 15% of Disability benefits of those who are disabled and owe back taxes, as well as Federal Old-Age and Survivor benefits, to pay delinquent tax debt. This occurs when the IRS issues a levy on your disability insurance income. An IRS levy “permits the legal seizure of yourproperty to
IRS AUDIT & NO RECEIPTS? HERE’S WHAT TO DO IF YOU’RE BEING First thing’s first: never avoid an IRS audit letter. If you receive an IRS audit and realize you have no receipts, it’s important to get your financial habits back on track. The only way to truly avoid an IRS tax audit is to submit an accurate tax return year after year. Additionally, make sure you understand the IRS receipt requirements SOLE PROPRIETORSHIP VS LLC: A GUIDE TO TAX BENEFITS There’s little difference between sole proprietorship taxes vs. LLC taxes. A single-member LLC is considered a sole proprietor, for tax purposes, while a multi-member LLC is considered a partnership. Both sole proprietorships and LLCs file tax returns that blend the business owner’s personal income with their business income. IRS ADJUSTED REFUND LETTER (WHAT TO DO WHEN THE IRS Whenever the IRS makes an adjustment to your return, they will send you a notice with the letters “CP” followed by a unique number on the top. These different numbers indicate their reason for making an adjustment to your return. Adjusted refund amount means the IRS either owes you more money on your return, or you owe more money in taxes. IRS AUDIT PENALTIES: EVERYTHING TO KNOW ABOUT IRS AUDIT IRS Tax Audit Penalties Receiving an audit letter from the IRS notifying you of a tax investigation can be a daunting experience. And unless you’re a tax expert, you will more than likely be left with a lot of questions. If the IRS selects you for an audit, the chances of getting through the process without owing additional taxes and other IRS audit penalties are slim. TAX RESOLUTION SERVICES FOR IRS TAX DEBT RELIEF HELP Community Tax was formed by attorneys and bankers with years of experience in both tax debt resolution and financial services. Don’t let taxes impact your financial standing. When you work with Community Tax, you get actionable advice from professionals you MY HUSBAND OWES TAXES: SPOUSE AND TAX DEBT LIABILITY Injured Spouse Relief Injured Spouse Relief, on the other hand, is for someone whose share of the refund on their joint tax return was used to offset any pre-existing debt incurred by their spouse. Back taxes can take a variety of forms, such as federal debt, state income tax debt, child or spousal support payments, defaulted student loans, or state unemployment compensation debt. IRS NON COLLECTIBLE STATUS: HELP WITH CURRENTLY NOT Form 433 provides the government with a roadmap to your finances they’ll use to determine your eligibility for Currently Not Collectible status. You’ll need to fill out detailed information, and be prepared to: Make a list of all tangible and intangible assets you have (real estate, cars, stocks, etc.) Determine a market valuefor all assets.
THE PENALTY FOR FILING TAXES LATE & PAST DUE (EVEN IF YOU The penalty for filing taxes late is charged as much as 5% for each month (or partial month) that your tax return is late. It applies to any taxes that are unpaid as of the filing deadline for the year, which always falls in mid-April; for the 2019 tax year, the deadline date is April 15, 2020. The clock starts the day after the deadlineand
WHAT HAPPENS TO UNPAID TAXES AFTER DEATH? If your loved one’s estate has more than $600 in gross annual income, then you must file IRS Form 1041, and obtain an EIN by applying online, by fax, or by mail.You must also complete Schedules K-1 on Form 1041 that reports the beneficiaries’ share of the estate’s credit, income, and deductions. You can always reach out for professional tax help, or apply for a five-month extension by IRS AUDIT LETTER: WHAT AN IRS LETTER LOOKS LIKE & HOW TO An IRS audit letter is certified mail that will clearly identify your name, taxpayer ID, form number, employee ID number, and contact information. For example, the first line of text might say, “We have selected your (state or federal) income tax return for the year shown above for examination”. FORM W8: INSTRUCTIONS & INFORMATION ABOUT IRS TAX FORM W8 A W-8 form is a grouping of tax forms specifically for non-resident aliens and foreign businesses who have either worked in or earned income in the US. It declares the applicant’s status as a non-resident alien or foreign national and informs financial companies that they will be taxed differently than a resident. IRS LETTER 4883C: FEDERAL TAX RETURN RECEIVED In a nutshell, the 4883C means the IRS just wants to talk. They received your tax return but require a little extra identity verification to accurately process your forms. The Letter 4883C will only reach you in paper mail form, so if you have received mail from an online “IRS,” immediately report it to the IRS. FORM 8949: INSTRUCTIONS & INFORMATION ON CAPITAL GAINS This is an IRS form used by individuals, partnerships, and corporations to report both short- and long-term capital gains and losses from investment exchanges and sales. Up until 2011, you could total your transactions on Schedule D; these days, you may be required to list them separately using Form 8949. With a few key instructions,you can
REASONS FOR PASSPORT DENIAL: PENALIZED FOR DELINQUENT A delinquent debtor is defined as someone owing a tax liability of more than $51,000 in 2018. The IRS reported that it has collected over $11.5 million dollars from more than 200 individuals who paid their tax debts in order to avoid passport denial. The government wants its money, and has found a way to successfully collect from those who haveSkip to content
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FEBRUARY CASES RESOLVED__
102
FEBRUARY HARDSHIP RESOLUTIONS__
174
FEBRUARY INSTALLMENT AGREEMENTS ESTABLISHED__
27
FEBRUARY OFFER IN COMPROMISES ACCEPTED__
1,755
FEBRUARY TAX RETURNS PREPARED__
150
FEBRUARY WAGE GARNISHMENTS & BANK LEVIES NEGOTIATED__
$2,454,659.53
FEBRUARY TOTAL OFFER IN COMPROMISE DEBT SETTLED__
$97,735.00
FEBRUARY TOTAL OFFER IN COMPROMISE SETTLEMENT PAYMENTS__
$2,427,824.65
FEBRUARY TOTAL OFFER IN COMPROMISE SAVINGS__
57
FEBRUARY PENALTY ABATEMENT'S APPROVED__
$64,610.80
FEBRUARY TOTAL PENALTY SAVINGS__
598
FEBRUARY CASES RESOLVED__
102
FEBRUARY HARDSHIP RESOLUTIONS__
174
FEBRUARY INSTALLMENT AGREEMENTS ESTABLISHED GET STARTED WITH A FREE CONSULTATION TODAY* Name
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$753,429,560.13
STATE & FEDERAL TAX LIABILITIES RESOLVEDTAX RELIEF SERVICES
Have you received a lien or wage garnishment? You may not owe as much as the IRS says you do. Don't try to fight the IRS yourself when you can hire a team of tax practitioners and CPAs to represent you. Let one of our tax specialists help you today. TAX PREPARATION SERVICES Community Tax provides world-class personalized tax preparation services. We offer the tailored experience that you deserve from tax preparation experts, and operate remotely so you never need to leaveyour office.
ACCOUNTING & BOOKKEEPING We have designed a service process that allows businesses to fully outsource bookkeeping and accounting to our seasoned accountants at very reasonable prices. We can adapt to your business's needs and take day-to-day bookkeeping tasks off your hands. The world of tax resolution services is wide, varied and can be quite complicated for taxpayers. In many cases: - They’ll receive notices that can seem threatening. - Their paychecks can be garnished. - Property can be seized. All of these can lead to serious financial problems that keep taxpayers from pursuing their dreams. This is why tax relief services exist and why increasing numbers of companies get thousands of calls every day from those with federal or state tax balances. TAX RESOLUTION SERVICES The experts that operate in this world day in and day out wear a number of different hats and help clients into personalized tax resolution services. When a taxpayer attempts to negotiate with the IRS or state, they can experience frustration or ineffective results. Common frustrations include: - Navigating the IRS guidelines that determine an individual’s eligibility for the various tax programs available. - Finding the right program to suit their needs, and filling out all the paperwork to supply evidence for their case and get the government to accept their proposal. For those with unpaid back taxes, the help of a talented and experienced tax negotiator is as simple as making one phone call to professionals that have aided thousands with their tax cases. Community Tax has the tools to assist with: - Discovering which tax resolution services offered by the IRS bestfit their clients.
- How to ensure the greatest likelihood of success in the proposalprocess.
- Understanding every aspect of the tax services being provided tothem.
- Scheduling and budgeting to fit each individual’s unique needs. The world of tax resolution services is wide, varied and can be quite complicated for taxpayers. In many cases: - They’ll receive notices that can seem threatening. - Their paychecks can be garnished. - Property can be seized. All of these can lead to serious financial problems that keep taxpayers from pursuing their dreams. This is why tax relief services exist and why increasing numbers of companies get thousands of calls every day from those with federal or state tax balances. TAX RESOLUTION SERVICES The experts that operate in this world day in and day out wear a number of different hats and help clients into personalized tax resolution services. When a taxpayer attempts to negotiate with the IRS or state, they can experience frustration or ineffective results. Common frustrations include: - Navigating the IRS guidelines that determine an individual’s eligibility for the various tax programs available. - Finding the right program to suit their needs, and filling out all the paperwork to supply evidence for their case and get the government to accept their proposal.* 1
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ADDITIONAL SERVICES
TAX PREPARATION & ACCOUNTING SERVICESTax Lien Help
Negotiate Payroll TaxesTax Resolutions
Offer in Compromise
Tax Penalties & InterestIRS Audit Defense
Income Tax Preparation Stop Wage Garnishment Prevent Levy & SeizureTax Extensions
Custom Tax SolutionsGet Started
ABOUT COMMUNITY TAX
Community Tax was created by attorneys and bankers with years of experience. Our mission is to create a new standard for the industry, in which the customer and their best interest truly come first. We have grown tired of seeing clients getting taken advantage of and paying outrageous upfront fees for which they receive little to no service in return. Our corporate philosophy is that no client should pay full price for a service until they know what their options are and what kind of help they can expect from us.Learn More
THE TAX BLOG
* Tax Blog
* Tips to Save Money SETTING FINANCIAL GOALS: 4 SHORT TERM FINANCIAL GOALS Financial New Year’s Resolutions are great, but we believe that financial goals need to be revisited more than just once a year. A three month period, or 90 days, always seems like the perfect amount of time to reevaluate our short term goals – not tooRead More
* Tax Blog
5 TAX TIPS FOR STUDENTS WITH SUMMER JOBSRead More
* Tax Blog
4 TRAITS OF SUCCESSFUL PEOPLERead More
POPULAR FORMS AROUND TAX FILING TIME* Form 1040a
* Form 8965
* Form 8917
* Form 944
* Form 843
OTHER SERVICES & IMPORTANT INFORMATION * Why Do We Pay Taxes? * Tax Preparation Services * Fresh Start Program * IRS Hardship Program * How to Get a Copy of Your W2 OnlineTESTIMONIALS
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> They are the greatest. They were very professional, on point from A > to Z and completed the job. I was really pleased with their work > even though I was kind of afraid because I was overly taken by > another company for another reason, not for tax. They got my money > and do really good work. I have recommended Community Tax since and > I’ve been talking about it. Humberto, Calexico, California * Liability: $160,000 * Resolution: Offer In Compromise & Tax Preparation*
> Community Tax was pretty cool. I initially called them because my > tax was pretty screwed up. I first tried to contact some other > company to solve the issue for me but it didn’t work out. I fell > behind doing that, so I just thought maybe I needed to find > somebody. Their people were very helpful and courteous with me. If I > missed their call, they called me right back. They got my tax issue > straightened for me and I’d recommend them to somebody. Brent, Saint Paul, Minnesota* Liability: $7,000
* Resolution: "Offer In Compromise & Tax Preparation"*
> I had a problem with the IRS and someone told me about Community Tax > so I decided to call them. Community Tax was pretty good. It helped > me out a lot. I’m happy and would definitely recommend them. Gregorio, Nashville, Tennessee * Liability: $47,000 * Resolution: Currently Not Collectible & Tax Preparation*
> They are the greatest. They were very professional, on point from A > to Z and completed the job. I was really pleased with their work > even though I was kind of afraid because I was overly taken by > another company for another reason, not for tax. They got my money > and do really good work. I have recommended Community Tax since and > I’ve been talking about it. Humberto, Calexico, California * Liability: $160,000 * Resolution: Offer In Compromise & Tax Preparation*
> Community Tax was pretty cool. I initially called them because my > tax was pretty screwed up. I first tried to contact some other > company to solve the issue for me but it didn’t work out. I fell > behind doing that, so I just thought maybe I needed to find > somebody. Their people were very helpful and courteous with me. If I > missed their call, they called me right back. They got my tax issue > straightened for me and I’d recommend them to somebody. Brent, Saint Paul, Minnesota* Liability: $7,000
* Resolution: "Offer In Compromise & Tax Preparation"* 1
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