Tax Relief พอดคาสต์

The consequences of not paying your payroll taxes can be absolutely devastating to any business, as the penalties for failure to file, failure to pay, or failure to deposit can quickly add up over multiple payroll cycles. In addition, payroll taxes are considered trust fund taxes. The owner and those responsible for running the payroll could face p…

Call 866-8000-TAX or visit https://calendly.com/choice-tax-relie... to book your FREE unfiled tax returns consultation! Today I am talking about filing previous years' taxes, also known as unfiled tax returns, for folks who haven't filed taxes in years. In this episode, I give you a seven-step game plan on what to do if you haven't filed taxes in 3…

👉 Did you know that the country's tax bureau is the world's largest collection agency? The Internal Revenue Service is responsible for collecting the funds necessary for the government to pay for its services. When you call the IRS to report a tax debt owed, you're transferred to the collection division. That person is taking your information to fi…

Have you been sent letters from the Internal Revenue Service and failed to respond? Have you accumulated debt from long-standing unpaid taxes? Has an agent assessed your case but have yet to receive contact? Then the IRS may impose a levy on your bank account. To rectify this, one should take immediate steps to become compliant with the IRS' requir…

The negative consequences of tax issues are immense. Not only do they prevent people from achieving security and financial freedom, but these burdens can also creep into every aspect of their lives and severely hinder personal development. Whether it's having to forgo important life events such as getting married, buying a house, or even finding th…

How Business Owners Can Resolve Their Back Taxes How can business owners with substantial back tax problems resolve their issues? The first thing you need to see is what caused the issue, get ahold of your accounts with the IRS, and get into compliance. You can't do anything with the IRS if you have unfiled returns or are not responsive to them. Th…

Schedule your FREE tax relief consultation at https://choicetaxrelief.com/free-cons... There are some who mistakenly believe that you need to be dirt broke to get an offer in compromise approved, but that certainly wasn't the case for Hollywood actor Charlie Sheen, who owed millions of dollars to the IRS and recently got an offer in compromise appr…

How The IRS Audits Attorneys As attorneys are small business owners, it is necessary for them to have a trust account in which client funds are deposited and then transferred to pay for expenses and fees. Since attorneys have not always been great record keepers, the IRS and state governments often audit them, such as in New Jersey, where the bar c…

Schedule your FREE tax relief consultation at https://choicetaxrelief.com/free-cons... If you owe the IRS or even your state, you have probably have heard about tax debt relief. While it's not true that everybody qualifies for a complete elimination of all their tax debt, tax debt relief is available to most Americans, and you will likely be able t…

Can the IRS Contact Your Neighbor? Many people have recently received letters from the IRS saying that the tax bureau may contact their neighbors, people close to them, or people in their business. As a general rule, the government's tax bureau can only contact third parties, including your neighbors, your company, or your bank, to obtain informati…

What Are The New IRS Agents Up To? Taxpayers should prepare for the influx of new revenue officers and collection agents at the Internal Revenue Service, most of whom are in training. They're working with the field agents and slowly learning the ropes. If you're a business owner and you owe back taxes, don't be surprised if one day you see an agent…

Are You a Business Owner With Years Of Unpaid Tax Returns? Many people think, "Oh, I didn't make much money. I don't need to worry about the IRS." Remember, the tax bureau may look at your gross revenue, not your expenses. For example, you took in $100,000. That's the only part the IRS sees because they may see your Form 1099s, where you can get as…

Why Do So Many Real Estate Brokers Have Tax Problems? Host: Jonathan Donenfeld, CPA, MSA So many real estate and mortgage brokers have tax problems for two reasons: 1) They operate their businesses as sole proprietorships and are usually overwhelmed in budgeting for expenses and balancing their numbers 2) They have fluctuating incomes every month a…

Why Do Successful Business Owners Owe A Lot in Back Taxes? This is primarily due to the habit of putting off the obligation to keep their books up to date, planning for due dates, and anticipating what is necessary to keep up with employment and sales taxes, especially the most common issue, income taxes. So if you're not taking out enough for esti…

Call 866-8000-TAX today for your FREE tax relief consultation! If you've received the CP14 Notice from the IRS in the mail, you might be wondering what it is and what to do about it. The CP14 Notice is the IRS's Notice of Tax Due and Demand for Payment. It is the most common notice that the IRS sends out to taxpayers and, if not responded to within…

When you owe the IRS back taxes and fail to arrange payments, you risk the seizure of your property. The bureau typically collects payment through a levy or taking the money in your bank account, doing wage garnishments, levy retirement accounts, or Social Security benefits. The tax bureau can also seize your assets, including your home, in the wor…

Call 866-8000-TAX today for your FREE tax relief consultation! The IRS REJECTS the majority of offers in compromise submitted — 56% to be exact! However, the truth is that many of these rejected offers in compromise were submitted by taxpayers or even tax professionals who quite frankly didn't know what they were doing. But I don't want that to be …

Do You Owe the IRS over $100,000?!? A six-figure debt usually causes panic, especially for small business owners. With the IRS, the longer you wait, the more interest, penalties, and potential for collections for actions against you. There are three things you should do. First, get a collection hold on your account. See if there's an agent assigned…

Book your FREE consultation at https://choicetaxrelief.com/free-cons... or by calling 866-8000-TAX! What is the deadline to file taxes for missing stimulus checks? Is it tomorrow? Or this Thursday? In this episode I tell you everything you need to know if you are still missing your stimulus checks — including the EXACT deadlines you need to file yo…

Will new IRS agents target small businesses? With an array of taxes that businesses have to pay, whether local, state, or federal —these can be pretty daunting for the busy and overwhelmed entrepreneur! 😱 What's more concerning is the expected increased crackdown of the Internal Revenue Service on small businesses. The IRS is poised to come after m…

Call 866-8000-TAX or visit us at https://choicetaxrelief.com/ for your FREE tax consultation! In this episode I'm giving you a step-by-step process on how to fight the IRS...and win! Fighting the IRS is unlike any other fight you've undertaken before; it's not a haphazard fistfight; there are processes and protocols you must follow, or you will cer…

Will new IRS agents target the middle class? With recent development that the IRS will receive increased funding of $80 billion over ten years, $45 billion will go towards enforcement of tax laws with a focus on adding human resources and modernizing technology. Enforcement can mean more audits of businesses and more collection agents pursuing peop…

As an entrepreneur, understand that tax representation and tax resolution are two entirely different aspects of services you need to ensure the sustainability of your business. Tax preparers look at your financials and keep your books in order. If someone is limited to preparing taxes, they can represent you when problems with the Internal Revenue …

Call 866-8000-TAX or visit us at https://choicetaxrelief.com/ for your FREE tax consultation! In this episode I'm giving you the offer in compromise timeline and answering questions like, "How long does an offer in compromise take?" and, "What is the OIC IRS review timeline?" Although I can't tell you to the day how long your offer in compromise wi…

Offer In Compromise vs. Partial Pay Installment Agreement It's time to settle your tax debt with the IRS, and you have main options for resolution: Offer In Compromise (OIC) and Partial Pay Installment Agreement (PPIA). Which method should you choose? We regularly get people that call us wanting to file for an Offer In Compromise (OIC) as an option…

The IRS is Mailing Millions of Underpayment Reporting Letters The IRS is finally catching up post-COVID and expanding enforcement. Now, they are sending automated notices to individuals that did not report all of their income on their tax returns. The most common notice is the CP2000, which is sent if they see that you had a 1099 from sales of a ho…

Last month, the Biden Administration announced a $10,000 / $20,000 student loan forgiveness for borrowers who had adjusted gross income of $125,000 (single) or $250,000 (married) for either tax year 2020 or 2021. In this episode, I go over how individuals who have already filed these returns — as most have — can potentially amend or supersede their…

Is income tax debt dischargeable in bankruptcy? Should you file for bankruptcy or work out your taxes separately? Before you make any decision, you need to determine two things. First, you need to know what type of tax debt it is. Trust fund taxes, payroll taxes, and sales taxes are not dischargeable in bankruptcy. Second, determine when your tax r…

A Form 433-A is required if a revenue officer is assigned to your case to determine how much you can pay the IRS every month. It is also used if you are applying for an offer in compromise, a CNC (currently not collectible), or any type of IRS settlement arrangement. The IRS can file a criminal case if you provide false information. In the form, yo…

Why do so many professional athletes have tax problems? We are currently working with NBA players with various tax issues in different states. These professional athletes are challenged with multi-state tax reporting and filing, having to pay taxes in places where they live and where they work. Having all their focus on the sport they participate i…

Why do so many celebrities have tax problems? On a podcast, Steve Harvey recently made a tell-all about how he owed the Internal Revenue Service a whopping $22 million. The comedian, author, and Miss Universe Pageant host shared his harrowing experience and how he worked out a payment arrangement with the IRS. Steve is one of the many celebrities t…

Yesterday, the IRS issued Notice 2022-36, announcing a MASSIVE penalty forgiveness program for certain taxpayers who failed to file their tax returns. In this episode, Logan Allec, CPA, tells you everything you need to know! CALL 866-8000-TAX TODAY TO BOOK YOUR FREE TAX RELIEF CONSULTATION! ➡️ My Tax Relief Company: https://choicetaxrelief.com/ ➡️ …

What is IRS Form 5471? If you are an officer, director, or shareholder of a foreign corporation, you may need to file Form 5471 to report the company's income, shares, and shareholder information. Not filing this form and not reporting your interest can lead to significant penalties. The penalties can be $30,000 a year, and hundreds of thousands, d…

What happens if you are not reporting your foreign bank accounts to the IRS? If you have a bank account in a foreign country, you must report it by filing a Report of Foreign Bank and Financial Accounts (FBAR). The US government created FBAR to discover tax cheats hiding money in offshore accounts. If you haven't filed your FBAR or submitted it lat…

What happens if you don't file your New Jersey sales tax returns? Like most states, New Jersey relies heavily on their sales tax revenue for funding. If you don't file sales tax, New Jersey will assess the amount that can be wildly higher than your liability, and you can go back and file the returns and reduce that amount. Sometimes it can be lower…

Innocent Spouse Relief: How do you qualify, and when to apply? When married taxpayers sign a joint tax return, they attest that all the information provided is correct and are equally responsible for their declared income, potential taxes, and penalties to be owed. In cases where one party needs to prove that they didn't sign the return, signed und…

Did you make a mistake on your tax return? Have you forgotten to claim a credit or deduction? If you left out information on your original return or forgot to include income and made errors, fix your returns with Form 1040X with the corrected version. Don't forget that it must be within three years from the date you filed your original return. You …

What happens if you fail to file Form 941 and fail to pay your payroll taxes? Not paying employment taxes can be the most harmful thing a business can do. The IRS considers payroll tax a trust fund penalty, and it is what the government goes after most. They deem that organizations that fail to pay payroll tax are similar to committing the act of s…

How Do You Stop An IRS Wage Garnishment? In dealing with tax debt, you must be responsive to the IRS when they send you letters instead of freezing in shock and causing prolonged inaction. Normally a wage garnishment happens when an IRS revenue officer is assigned to your case and finds you unresponsive in giving them options to resolve your IRS is…

How many years of filed tax returns do you need to be considered in compliance? Taxpayers who have not filed tax returns for a long time ask us this most common question: How many years back should they file to comply with the IRS? The general rule provided by IRS Policy Statement 5-133 states that taxpayers must file six years of back tax returns …

What formula does the Internal Revenue Service use to determine whether or not they will accept your Offer in Compromise to settle your tax bill? The IRS looks at your current income, assets, and liabilities and wants to see if you can pay them in full within the collection statute expiration date. If they determine that you can pay them in full, t…

If you have unfiled tax returns, visit https://choicetaxrelief.com/ or call 866-8000-TAX today to schedule your FREE tax relief consultation! Today I am talking about what happens if you don't file your taxes. I answer this question from two perspectives: - First, I talk about what happens if you don't file your taxes from a procedural program with…

Visit https://choicetaxrelief.com/ or call 866-8000-TAX today to schedule your FREE tax relief consultation! Today I am talking about the IRS Fresh Start Program. While yes, there is a legitimate Fresh Start Program by the IRS, it might not be what you think it is. The IRS Fresh Start Initiative was actually just some changes the IRS made about 10 …

Email taxrelief@loganallec.com or call 866-8000-TAX today to schedule your FREE tax relief consultation! Today I am talking about IRS installment agreements, also known as IRS payment plans. ➡️ IRS Tax Relief: Do you owe the IRS more than $10,000 in back taxes? Call 866-8000-TAX (866-8000-829) or email me at taxrelief@loganallec.com and let me know…

Email taxrelief@loganallec.com or call 866-8000-TAX today to schedule your FREE tax relief consultation! Today I am talking about IRS currently not collectible status (CNC), also known as IRS non-collectible status or uncollectible status. If a client doesn't qualify for an offer in compromise — perhaps due to having too much equity in their home —…

Importance of Dealing with IRS Issues If you leave tax issues unmonitored or unresolved, dealing with the IRS is like facing the force of a bowling ball ready to hit the pins in your life and knock them over. ✔️ First, there's the emotional toll. Many of you probably can't sleep because you're worried. You can never really forget your tax problems …

Call 866-8000-TAX today to schedule your FREE tax relief consultation if you owe $10,000 or more in taxes to the IRS and/or your state! Tax relief is a general term used to describe various programs that taxpayers and their representatives — such as enrolled agents, CPAs, and tax attorneys — utilize to minimize or even eliminate the taxes, penaltie…

Boston police officer Dana Lamb, 57, of Roslindale is facing federal criminal charges. If I were him, I would have just been honest and paid the $1,800 in taxes! What a dummy! Call 866-8000-TAX today to schedule your FREE tax relief consultation if you owe $10,000 or more in taxes to the IRS and/or your state! IRS Tax Relief: ➡️ Do you owe the IRS …

So it's been a few weeks since you filed your tax return, and you STILL haven't received your refund. What gives? In this episode, Logan Allec CPA gives you a 2022 tax refund update, covering: 🔴 7 Reasons Why Your Tax Refund Might Be Delayed 🔴 4 Things To Do If Your Tax Refund Is Delayed 🔴 How to Request an EXPEDITED REFUND From the IRS IRS Tax Rel…

I'm Jonathan Donenfeld, CPA and Certified Tax Resolution Specialist. Many of you are asking if the state of New Jersey has an Offer In Compromise Program. For your information, they do not have an OIC program similar to the Federal Government's, but what they have is a Closing Agreement. The Closing Agreement is where the taxpayer can ask the state…