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IRS liens, levies, and offers to settle your tax debt. Is it really that easy? Listen on demand to The Tax Answers Advisor on the VoiceAmerica.com Business Channel. https://www.voiceamerica.com/episode/138788/should-an-additional-80000-irs-agents-be-of-concern-to-you

Posted by Marcelino Dodge on
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Business
IRS liens, levies, and offers to settle your tax debt. Is it really that easy? Listen on demand to The Tax Answers Advisor on the VoiceAmerica.com Business Channel. https://www.voiceamerica.com/episode/138788/should-an-additional-80000-irs-agents-be-of-concern-to-you

Been keeping up with the news of a recent bill in Congress that could add more than 80,000 agents to the IRS? If you are behind on filing or are receiving notices from the IRS, you could have big reason for concern. Do you have a drawer full of IRS notices? Have you seen the advertisements from companies claiming they can reduce or your eliminate your IRS tax debt? Is it really as easy as the claims state to reduce your tax debt? What is an IRS lien or levy? What does is take to qualify for an offer-in-compromise? Wait! An offer-in-compromise is not automatically accepted? These are just some of the topics covered on this week’s Tax Answers Advisor.

IRS Enforcement – Letters and Collections Are Moving Quickly!

Posted by Felix Assivo on
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Interviews
IRS Enforcement – Letters and Collections Are Moving Quickly!

Still thinking the IRS is not moving on collections and enforcement? Though service in some areas my be slow, the IRS is ramping up enforcement for non-filers, criminal investigations, and trust fund penalties. Eric Green of the Tax Rep Network and managing partner in the law firm Green & Sklarz LLC will explain the current status of IRS collections and enforcement. He will also discuss the options noncompliant taxpayers have if certain filing deadlines are missed. Taxpayers who have unpaid taxes or who are non-filers may thinks the waters are calm now, they will soon be in for a big awakening. We discuss the importance of being proactive in solving your tax problems.

Click here for this excellent discussion!

Can the IRS Balance Enforcement and Provide Taxpayer Service?

Posted by Felix Assivo on
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Business
Can the IRS Balance Enforcement and Provide Taxpayer Service?

Have you received an IRS payment due notice? Have your tried to call the IRS to get a question answered? Are you still waiting for your 2020 refund? As the IRS recovers from the COVID-19 pandemic, the Service is facing many challenges, including how to balance enforcement while at the same time providing taxpayer service. Many taxpayers are frustrated with the long hold times and even being disconnected. Millions of taxpayers are still waiting for their 2020, and some their 2019, tax returns. I will discuss with the former National Taxpayer Advocate of the United States, Nina Olson, how the IRS is possibly going to fix these issues and what taxpayers can expect over the next few months. https://www.taxpayer-rights.org/

Click here for this informative show hosted by Marcelino Dodge, EA.

IRS Collections & Enforcement-How to Solve Unpaid Tax Issues!

Posted by Felix Assivo on
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Business
IRS Collections & Enforcement-How to Solve Unpaid Tax Issues!

Audit 1.jpg

We have all heard the commercials asking, “Do you owe $10,000 or more to the IRS?” Or, you may wonder “What is the IRS really doing with collections and enforcement?” Though it may be calm now, taxpayers who have unpaid taxes or who are non-filers will soon be in for a big awakening. Eric Green of the Tax Rep Network and managing partner in the law firm Green & Sklarz LLC will explain the current status of IRS collections and enforcement. He will also discuss the options noncompliant taxpayers have if certain filing deadlines are missed. When should taxpayers start to prepare for this downpour of IRS enforcement action? We will answer this and many other questions about the Internal Revenue Service’s coming soon to collect taxes from non-filers and taxpayers with unpaid taxes.

If you owe the IRS money click here for this important information.

Steve Forbes Says Flat Tax Fairer Than Fair Tax

Posted by Editor on
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Business
Steve Forbes Says Flat Tax Fairer Than Fair Tax

Steve Forbes

With tax season in full-swing, millions of Americans have begun the arduous process of filling out their Federal and State returns. The IRS estimated that Americans spent six billion hours filing returns last year, which begs the question: is a 4 million-word Federal tax code full of new regulations and guidelines necessary?

Renowned publishing executive and two-time Republican Presidential candidate, Steve Forbes, believes it is not. “We need radical tax reform,” he says.

Forbes, who has long been a vocal advocate for the “Flat Tax,” joined The Costa Report to explain just how complex the current tax system has become. He says the 4 million-word code is the tip of the iceberg because it doesn’t take into account millions of additional pages of interpretations, analysis, legal rulings, and other data experts must navigate to comply with the law. According to Forbes, growing complexity has increased the number of errors reported. He pointed to a recent government investigation which discovered that agents who monitor the IRS Hotline were wrong 20-30% of the time, and the IRS taxpayer assistance program had a 61% error rate.

Forbes says the “current code is beyond redemption,” and strongly urges government leaders to adopt a “Flat Tax” system. When asked whether he would support a “Fair Tax,” which would replace income taxes with a higher sales tax, Forbes made the point that a “Flat Tax” on income is more feasible and fair than the proposed “Fair Tax.” He cited four reasons why the “Fair Tax” is problematic. First, the government would be required to raise sales taxes to a very high rate to make up for lost income and payroll tax revenues. According to Forbes, this would discourage consumer spending and cause the economy to suffer. Second, the government would need to institute a way of distinguishing business purchases from personal purchases, as businesses are taxed differently. (How would the government determine whether an individual purchased office supplies for their personal use, or for use in their business?) Third, the “Fair Tax” assumes the government would pay itself taxes on the purchases it makes. The government is one of the largest spenders in the economy – if it failed to pay itself a sales tax on its own purchases, there would be a shortfall in revenue. And finally, the 16th Amendment of the U.S. Constitution, which gives government the power to impose taxes, would allow Congress to institute a “Fair Tax” without completely eliminating the income and payroll tax. So, in order for the “Fair Tax” to work, the 16th Amendment would have to be repealed – a move Forbes says is unlikely.

On the other hand, the “Flat Tax” can be instituted with no repeal of a Constitutional Amendment. The “Flat Tax” would require all taxpayers to pay a single fixed-rate regardless of their income, “with generous exemptions for adults and children below a certain income level.” Forbes points out that “A family of four, for example, would pay NO federal income tax on their first $52,000 in wages.”

On the business side, Forbes proposes cutting the current tax rate from 35% to 17%, a move he says will help revitalize the American economy. “When you have high income tax rates, you don’t get the kind of investment that is necessary for a productive economy,” claimed Forbes. “What a flat tax does … is it does not punish productive work, risk taking, or success.”

To listen to the full interview with Steve Forbes HERE.

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