cpa firm: What categories IRS allows delinquent taxpayers in living expenses
- 08/02/21 02:42 PM
The IRS uses "Collection Financial Standards" to assist in establishing a taxpayer's capability to pay an outstanding tax liability. Permissible living expenses include those that meet the test of being necessary to provide for a taxpayer's and his or her family's health and welfare, as well as his or her capacity to generate income. The IRS admissible living criteria are created to include essential items including a category for an out-of-pocket health care expenses and a budget for the cell phone service. Greater rates may be permitted by the IRS if a taxpayer is able to demonstrate that these amounts … (1 comments)
cpa firm: Tax Representation Professionals
- 07/29/21 03:07 PM
A taxpayer may always stand for themselves before the IRS. However, many taxpayers find dealing with the IRS frustrating, time-consuming, frightening or all the above. The drawbacks of a taxpayer representing themselves are many: The taxpayer does not have the specialist's knowledge or realize what the choices are or how to get the lowest arrangement permitted by law. Three out of five Offers-In-Compromise presented by the taxpayer are denied by the IRS. Many taxpayer - negotiated offers bid to the IRS significantly more than is mandatory by law. The taxpayer may be too scared, exasperated or overwhelmed by the IRS … (2 comments)
cpa firm: IRS Freedom of Information
- 07/27/21 03:29 PM
Lots of taxpayers would like to know what nature of information is in their IRS file without attracting a lot of unnecessary tax agency attention to themselves. Congress passed legislation, called Freedom of Information Act, that compels government agencies, including the IRS, to reveal such material when requested. Freedom of Information documents can also be used to clarify why, how, when and where a taxpayer's IRS troubles began. Having this information is advantageous, as it reveals the IRS information used to assess taxes, penalties, and interest against the taxpayer. Any taxpayer having trouble in sorting out what the IRS is … (1 comments)
cpa firm: What are Taxpayer Rights anyway?
- 07/20/21 03:52 PM
A taxpayer, whether an individual or a business entity, is obligated to pay taxes to a federal, state, or local government. Moreover, taxpayer is obligated to be honest, cooperative, provide accurate information and documents, keep sufficient records. But what are the rights of a taxpayer? It is very helpful to know, especially if the biggest collection agency on the planet has contacted you and wants to talk! IRS has issued a Taxpayer Bill of Rights, which includes right to be informed, to get quality service, to pay no more than the correct amount of taxes, to challenge IRS … (0 comments)
The IRS uses "Collection Financial Standards" to assist in establishing a taxpayer's capability to pay an outstanding tax liability. Permissible living expenses include those that meet the test of being necessary to provide for a taxpayer's and his or her family's health and welfare, as well as his or her capacity to generate income.
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