What is an Offer in Compromise?
16/05/08 12:37 Filed in: Tax Relief
There are many enjoyable things in life...Dealing with
the IRS is not one of them. Enough said. By now, you
have probably heard of the mythical Offer In Compromise
program established by the IRS. But what exactly is an
Offer In Compromise? Read
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Tax Relief for Back Taxes
08/05/08 11:30 Filed in: Tax Relief
A difficult scenario for many people is when they are
in search of tax relief. For most people, this means
they have gotten behind on their IRS taxes and are no
quite sure what to do next. The IRS collections
department doesn't seem to make your life any easier.
Yes, they act as if it's a newer gentler collections
team, but make no mistake...They have only one mission,
which is to collect money! However for obvious reasons,
simply paying back any owed delinquent taxes is not as
easy as it sounds. After all, if a person owes $40,000
in back taxes, where exactly are they supposed to get
that from? In the past, many would refinance their home
and pay their back taxes that way. But in the current
economy, with foreclosures dooming so many lenders,
refinancing one's home is becoming impossible.
Meanwhile, the IRS continues sending out threatening
letters, makes visits to one's employers, and garnishes
wages and levies bank accounts. So how is one to
receive tax relief? Read
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Tax Audit
29/04/08 11:28 Filed in: Back Tax
You’re going about your normal routine. You open the
mailbox, going through all the junk mail when suddenly
you come across a letter from the IRS. Like most
people, you get a strange tingling feeling in your
body, similar to when a police officer is driving
behind you. Read More...
Wesley Snipes sentenced for tax conviction
25/04/08 19:46 Filed in: Back Tax
Hollywood Actor Wesley Snipes, star of the Blade
movies, was sentenced to *Three Years in Prison* for
not resolving his past due taxes. Mr. Snipes and his
attorneys were hoping to avoid prison since the charges
were misdemeanors, however the leading prosecutor
stated that the courts wanted to make an example of
Wesley Snipes that even with mere misdemeanors, there
is a chance that you will go to prison for multiple
years if you do not resolve your back taxes.
"We think it sends a real message," U.S. Attorney Robert O'Neill said. "Again you have to pay your taxes."
"We think it sends a real message," U.S. Attorney Robert O'Neill said. "Again you have to pay your taxes."
Innocent Spouse Relief
14/04/08 13:25 Filed in: Tax Relief
Although it may seem like you are stuck with an
unimaginable amount of IRS debt, take comfort in
knowing that you are not alone. Believing that you
should not have to carry the stress of the world on
your shoulders, Atlas Tax Solutions is devoting itself
to teaching others what their options are. It seems
that many focus on the Offer In Compromise, however
there are other things you can do to alleviate your
situation. One of those is to use the Innocent Spouse
strategy if you qualify.
Read More...
Offer in Compromise
13/04/08 12:25 Filed in: Tax Relief
Millions of Americans every year find themselves in the
dire position of owing back taxes to the IRS. Just the
work IRS itself puts fear into most people. The
Internal Revenue Service doesn’t do themselves any
favors by sometimes being harsh with tax payers. But
keep in mind that they’re just doing their job. The
collections division is there to collect money, simple
as that. So what is a delinquent tax payer to do? There
are different options available, the most attractive
being an Offer In Compromise. Atlas Tax Solutions
assists those in need when possible by negotiating with
the IRS to make this option possible. Read
More...
Back Tax Defense
11/04/08 15:25 Filed in: Tax Relief
There is no denying that for millions of Americans, the
one absolute need is a good back tax defense strategy.
So many people owe back taxes to the IRS and don’t know
what to do. You may wonder how do people get behind on
their taxes in the first place. Well, life has a funny
way of sneaking up on you as many in debt have
discovered. But there’s a big difference that separates
people who are behind on their taxes, from say credit
card payments or even their mortgage payments. IRS back
payments are unique in the fact that most people are
completely caught off guard since it’s difficult to pre
determine how much you’ll owe in taxes. Fortunately,
there are programs to help you out of a big tax bill!
Read
More...
Short Sale
09/04/08 15:19 Filed in: Tax Relief
There seems to be much confusion about what taxes may
be owed if you sell your home via a Short Sale. Let’s
clear this up. Basically a short sale is when your
lender agrees to take an amount less of what is owed.
For millions of people in foreclosure, a short sale is
sometimes an option. But what happens to the amount
forgiven? Well, in the past you were responsible for
paying taxes on that amount. However, Congress passed
the Mortgage Foregiveness Debt Relief Act. Due to that,
you no longer have to pay taxes on a short
sale.
Filing tax extension
05/04/08 15:06 Filed in: IRS
As a reminder, if you need to file an extension you can
request an automatic extension electronically by April
15. Doing this online is a fast and effective method
for achieving an extension. Keep in mind that filing an
extension does not allow you to delay your tax payment.
When you file your taxes, you’ll need to submit your
payment along with your extension if you owe taxes. The
extension will give you until October 15 to file your
tax return.
IRS Chief Counsel
10/03/08 13:14 Filed in: IRS
IRS Chief Counsel, Donald Korb, has chosen David Hasen
as the new Professor in Residence. Mr. Hasen will
assist with legal matters. Prior to joining the
Internal Revenue Service, Mr. Hasen was assistant
professor at the University of Michigan Law School.
Back Tax Defense - Enlisted Military Get Help With Owed Back Taxes
14/02/08 14:01 Filed in: Tax Relief
You may qualify for a deferral of the back taxes you
owe if you can show that your military service
compromised your ability to pay your taxes. The Service
Members Civil Relief Act provides this unique benefit
to active duty members of the military service that owe
back taxes; whether you are in the Navy, Army, Marine
Corps, Air Force, Coast Guard, as well as commissioned
officers of the uniformed services, such as Public
Health Service and the National Oceanic and Atmospheric
Administration. With regards to Reservists, it is
important to note that Reservists must be placed on
active duty to qualify. National Guard personnel not
serving in a “federalized” status are no covered
however.
Read More...