irs: IRS little known secret – The First Time Penalty Abatement - 11/30/19 09:28 AM
IRS First Time Penalty Abatement.
 
The IRS has a little-known secret called the First Time Penalty Abatement. There is no need to explain the reasons why you either filed late or didn’t pay the taxes on time, all you need to do is call and request the abatement. If you qualify for the IRS First Time Penalty Abatement the IRS will simply remove it with the phone request and you will get a letter showing the penalty has been removed.
Requirements to Qualify for the IRS First Time Penalty Abatement:
        No penalties assessed for the prior 3 years to the … (0 comments)

irs: IRS Offer in Compromise Process - Orange County, CA - 11/29/19 08:53 AM
The IRS Offer in Compromise Process
At our office in Orange County, CA we help clients with their back taxes, and understanding the IRS offer in compromise process to ensure a successful offer. As you can imagine, the process to settle your tax debt with the IRS for less than you owe through the IRS offer in compromise takes time and there are certain steps you have to take. The following is the process to obtain an IRS offer in compromise:
Making current tax payments - The IRS will never settle back taxes, knowing that you are going to continue to owe after … (0 comments)

irs: Tax Documents needed for Homeowners - 11/22/19 09:39 AM

 
As a homeowner you will want to be sure maximize your tax deductions, this video lists most of the documents you will need to prepare your tax return as a homeowner.
 
Since tax season is just around the corner, I thought this video would be a good refresher for homeowners.
 
Anthony Fontana EA
800-245-0596
www.eataxresolutions.com
4630 Campus Dr #203
Newport Beach, CA 92660
(1 comments)

irs: How does an S-Corporation save tax? - 11/22/19 09:31 AM

 
Just how does an S-Corporation save tax? Simply put its by avoiding your income from being subject to Social Security and Medicare taxes, which is 15.3%. Check out thee video just exactly how this works.
 
 
Anthony Fontana EA
800-245-0596
www.eataxresolutions.com
4630 Campus Dr #203
Newport Beach, CA 92660
(0 comments)

irs: Tax Deductions of Closing costs on Rental Property. - 11/22/19 07:54 AM
Check out my video I made for some clients to learn what closing costs are tax decutible when buying a rental property.
 
Not only do my clients need to know that closing costs are deductible for your rental, but this serves as a great reference for tax professionals too!
 
Enjoy! 
Anthony Fontana EA
800-245-0596
www.eataxresolutions.com
4630 Campus Dr #203
Newport Beach, CA 92660
(5 comments)

irs: IRS Offer in Compromise Accepted! Orange County, CA - 11/21/19 02:46 PM
IRS Offer in Compromise has finally been accepted after about a year and a half ! Client's original tax debt of $131,894 was just settled with IRS for $3,638!
 
The IRS offer in compromise may sound to good to be true, but it isn't, this program works to settle tax debt.
 
To see if you or someone you know qualifies for the IRS Offer in Compromise, feel free to give our office a call or check out our Youtube video explaining exactly how the IRS will settle tax debt. 
 
Anthony Fontana EA
800-245-0596
www.eataxresolutions.com
4630 Campus Dr #203
Newport Beach, CA 92660
(0 comments)

irs: The IRS uncollectible status. The what, why, and how to obtain it? Orange County, CA - 11/11/19 04:05 PM
At our tax office in Orange County, CA we represent clients before the IRS to help them with tax compliance and to resolve their back tax debts. One of those options is the uncollectible status or the Currently Non-Collectible Status, CNC.
 
What is the Currently Non-Collectible Status, CNC?
The CNC is a status the IRS will code taxpayers accounts’ when the taxpayer can prove that they have no equity in available assets and their income is lower than their IRS allowable expenses. Once taxpayers have been placed in the currently non-collectible status, the IRS will no longer take any levy actions. This means … (1 comments)

irs: Options available for Tax Debt Relief – Orange County, CA - 11/07/19 08:20 AM
Tax Debt Options – Currently Non-Collectible, Offer in Comprmise, or Installment Agreement.
 
When clients come to our office in Orange County, CA for with tax debt, we first make sure they are tax compliant, then discuss options to resolve their tax debt. We start this process by learning about the client’s current financial situation. This will tell us what the best route to take to resolve their tax debt. We can then teach our clients why a certain tax debt relief option would be more beneficial than another and everything involved in that relief option.
 
The 3 options the IRS has to resolve … (0 comments)

irs: Tax Transcripts – The Key to missing tax documents & settling back tax. Orange County, CA - 10/31/19 10:01 PM
Can’t tell you how many times, clients come by our office in Orange County, CA in need of tax help and have no idea where all their documents are. This should not stop you to settle your taxes. Copies of the tax forms like W-2 or 1099 Misc. and others are filed with the IRS, and you have access to them! Not only are these available, these are important to obtain when trying to settle your back taxes. It reminds us what income you have made throughout the years and serves as a guide on where to obtain additional information, if … (1 comments)

irs: Importance of the 10-year collection statute when resolving back taxes – Orange County, CA - 10/27/19 12:23 PM
 At EA Tax Resolutions we teach our clients in Orange County, CA about the IRS 10-year collection statute and the importance it has on our strategy to resolve their back taxes.
The IRS has 10 years to collect on your tax debt after the tax has been assessed. Once that 10-year mark runs up, you are clear and free of that tax debt. Now, many people might think they can run from the IRS until the 10-year mark, however this is not easy to do, and not something we recommend. However, the 10-year collection statute, or as the IRS like to call … (1 comments)

irs: Tax Compliance is the key to resolving IRS tax debt - Orange County, CA - 10/27/19 10:28 AM
The first step we take when a client comes to us in Orange County with tax debt, is to find out from the IRS if they are tax compliant. The reason we need to find out if our client is tax compliant, first, is because the IRS will not accept any offers to resolve your back taxes until you are in full compliance with the tax law, and not accruing new tax debt.
So, what is tax compliance?
Tax Compliance in the eyes of the IRS is:
All tax returns for the prior 6 years have been filed Taxpayer is making sufficient payments … (0 comments)

irs: Why you need Tax Planning after buying your first home! - 10/21/19 06:33 PM
You just bought your first home, congratulations! With this new decision comes new responsibilities. More bills to pay during the year that you never paid when you were renting. You probably need more money in your pocket yet you see the same paycheck with those big tax withholding to the IRS and state. You can use that tax money now rather than when you file your taxes at the end of the year. You will need to adjust your tax withholding by requesting a W-4 from your employer and changing your allowances on box 5. The big question is what number … (0 comments)

irs: What to do with the IRS final notice? Orange County, CA - 10/21/19 06:02 PM
Once you have received the IRS notices CP 501/503/504 as discussed in my previous blog, the next, and Final IRS notice or letter you will receive if you have not done anything is the IRS Letter 11 or Letter 1058. The final IRS notice of intent to levy on letter 11 or letter 1058 will come certified mail, and should not go ignored.
 
We highly recommend that you contact a tax professional if you receive an IRS letter 11 or 1058. If the final notice of intent to levy does not get responded to within 30 days on the date of the … (3 comments)

 
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Anthony Fontana

Tax

Newport Beach, CA

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EA Tax Resolutions

Address: 4630 Campus Dr #203, Newport Beach, California, 92660

Office: 800-245-0596

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