Injured Spouse vs Innocent Spouse Tax Relief for Spouses Receiving a notice indicating that you owe additional tax on a joint return can be a bit scary. Fortunately, when the IRS mails out this notice, commonly known as the Notice of Offset, it includes clear instructions and enough information to help you understand whether you need to apply for injured spouse or innocent spouse relief. Understanding the distinction between injured spouse and innocent spouse is crucial if your tax refund was reduced, or if you find yourself owing money on taxes due to an audit.  Why Is It Important T ..read more

What’s the Offer in Compromise pre qualifier? IRS has a direct site directly to prequalify a taxpayer and asks for status, basic information, assets, income, expenses, proposal. We will be helping you get started, but first you will need to schedule a consultation and understand more about your situation. 4 reasons the IRS will pre qualify you? Ability to pay:  The IRS needs to check the taxpayer’s ability to pay to determine the right relief programs that they could offer. Income Income is one of the crucial criteria in pre-qualifying for Offer in Compromise. A taxpayer’s incom ..read more

What are the qualifications for the Fresh Start Initiative? The qualifications of the Fresh Start Program initiative are as follows, and you must at least meet one: You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single.  Earning less than $200,000 in income for married couples. Lastly, the tax debt balance should not surpass the $50,000 amount. From here, if you know that you do qualify for one of the options above, then to take the next step, start by giving us a call. The worst thing you can do is wait and ..read more

Debt Settlement with the IRS - will it go away? Tax debt occurs when taxpayers do not pay the full amount of taxes they owe on their income. If taxpayers do not address their tax debts promptly, they can face penalties and interest on the unpaid balances, or even have their assets seized. Thus, the IRS offers several debt settlement programs to help taxpayers who are struggling to pay their tax debts. These programs are designed to provide relief and make it easier for taxpayers to settle their outstanding tax debts. Innocent Spouse Program: This program is designed to protect spouses from ..read more

What is the Fresh Start Program with the IRS? If you are considering the IRS Fresh Start Program, this is a good starting point. We will help you guide you and give you a clear idea if you will be qualified. As of 2020 the number of applications towards the IRS program increased due to the pandemic. The IRS has created these types of programs to be able to help taxpayers like you. Here are some basic qualifications and you must at least meet one:  You must have experienced a 25% income reduction if you are self employed. Earning less than $100,000 in income and must be single.  Ea ..read more

What is the Fresh Start Program with the IRS? Most taxpayers after Covid-19 are more likely to face overwhelming tax liabilities due to the economy. A resolution to a taxpayers’ debts and regaining financial stability is the IRS Fresh Start Program by the IRS. The Internal Revenue Service (IRS) Fresh Start Program was started back in 2011 to assist those taxpayers who are struggling to pay taxes due to unemployment or a major reduction in their income. The Fresh Start Program is designed to help taxpayers like yourself manage current tax obligations and prevent serious financial problems dow ..read more

 If you have a lien on your property or are in charge of a project, you’re definitely under a lot of stress. Financing may become challenging. It’s possible that the planned deal may fall through. Alternatively, the project manager may be breathing down your neck. In any case, you’re concerned about how to eliminate a lien. You are not alone. When confronted with a lien, most general contractors and property owners seek explanations. After all, mechanical liens are powerful instruments with significant effects, so it’s better to be proactive in resolving the matter and getting the lien li ..read more

Millions of Americans have fallen behind on tax payments or have been unable to make their tax responsibilities to the IRS or the taxation authorities in their state at some point. The tax regulations in the United States are incredibly intricate, and many individuals find themselves in circumstances where they owe more than they can afford to pay and don’t know where to turn. If you belong to this group, you are not alone. When confronted with challenging financial circumstances and unpaid tax obligation, you may feel as if you don’t have many alternatives. The IRS may be aggressive in its ..read more

   What is a Win/Loss Statement? A Win/Loss statement estimates what an individual customer won or lost throughout a calendar year based on player monitoring data. It is one of the most essential conversations you have with the things you engage in on a regular basis, and it is a very crucial document that your tax expert will require. The Win/Loss (Tax) Statement you will receive is only an unconfirmed estimate of your slot and table game win/loss that you may compare to your own records and is not a replacement for the records needed by relevant State and Federal tax regulations. Th ..read more

Formerly, the word “audit” evoked widespread fear and loathing. With the Internal Revenue Service auditing 5.6 percent of all Americans in 1963, practically everyone knew someone who had been audited. Since then, the number of IRS audits has dropped dramatically, with a 23 percent drop in the last two decades. IRS audits are becoming increasingly uncommon these days. The typical person has a less than 1% probability of getting audited. When the IRS audits returns, three out of every four are postal audits. A minimally invasive procedure. The form of audit that most people think of is the far ..read more