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Taxes

Tax Appeals (Video)

By on

July 27, 2020

- Taxes

 


Watch our new video to learn about tax appeals!
In this video you’re going to learn about IRS Tax Appeals and, additionally, how Appeals can be used to save yourself from a painful situation with the IRS.

We cover three types of Appeals: Collection Due Process (CDP) Appeals, Equivalent Hearings and, finally, Collection Appeals Process (CAP) Hearings.

A taxpayer’s appeal rights are triggered after receiving a Notice of Federal Tax Lien or a Final Notice of Intent to Levy.

The first type of appeal right that we discuss is the Collection Due Process Hearing (CDP). This is the most powerful type of appeal and offers the most protection and rights to the taxpayer. In addition, a request for a CDP Hearing must be made within 30 days.

The second type of appeal right that we review is the Equivalent Hearing. This offers fewer rights than a CDP Hearing, but it is more flexible in terms of timing.   A taxpayer may request an Equivalent Hearing for up to one year.

The third type of appeal right that we discuss is called Collection Appeals Process (CAP). This is used primarily to untangle administrative errors relating to cases, such as levies issued to the wrong taxpayer.

Lastly, we discuss what an actual Appeal looks like and what you need to know to be successful at an Appeal Hearing.

If you enjoyed this video, and would like to see more content visit our YouTube channel!

To learn more about the services we provide, call our office at 678-235-5460, or visit our Home Page!

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.

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Taxes

Offer in Compromise In 2020 (Video)

By on

July 8, 2020

- Taxes

Watch our new video to learn exactly how to get an IRS Offer in Compromise!  The Offer in Compromise, or OIC, is the most asked about program at the IRS.  Let’s find out what it is all about.  

In this video Gary covers the basic IRS requirements for an Offer in Compromise! We will also go into the types of Offers, the calculations behind an Offer, and the Statute of Limitations.  

By the time you get to the end of the video, you will have a handful of tested strategies that you can use to improve your chances of reducing your tax bill by getting your Offer accepted by the IRS.


If you enjoyed this video and would like to see more of our videos, please check out our YouTube Channel! Be sure to subscribe so that you don’t miss out on our future videos!

For more information about the tax and accounting services we provide, visit our Home Page! If you would like a free consultation, be sure to give our office a call at 678-235-5460! 

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia. We are dedicated to serving the needs of small businesses and their owners.

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Taxes

Statute of Limitations on IRS Collections

By on

June 26, 2020

- Taxes

Check out our new video about the 10-year Statute of Limitations on IRS Tax Collections!

The IRS has 10 years to collect a tax debt.  This is the Collection Statute of Limitations, or CSED.  However, once the Statute expires, the tax is unenforceable.

In this video discuss the mechanics of the Statute of Limitations.  We also discuss the events that freeze, or toll the statute.  Tolling of the statute means that the IRS has more time to collect on a tax.  Various events toll the statute.  These events include bankruptcy, filing an offer in compromise and requesting an installment agreement.  For example, filing a bankruptcy claim freezes the statute for the period that the taxpayer is in bankruptcy, plus six additional months.

It is generally in the taxpayer’s best interest for the Statute to continue to run, hastening the date when the tax becomes unenforceable.

The IRS creates a tax return for an uncooperative taxpayer who does not submit their own return.  The return created by the IRS is called a Substitute for Return or SFR.  The SFR triggers a tax assessment.  In addition, it also causes the Statute of Limitations to begin to run.

Planning

Gary concludes the video with a discussion of the interplay between the Statute of Limitations and tax planning.  In particular, we discuss how the Statute of Limitations impacts the primary resolution options available to taxpayers who are faced with a tax debt.  These options are the Offer in Compromise, Currently not Collectible Status and the Installment Agreement.

If you liked this video, please subscribe to our YouTube channel for more tax and accounting advice!

For more information about the services we provide, visit our Home Page!

Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

Tax Bill: What to Do If You Cannot Pay

By on

June 19, 2020

- Taxes

If you are an Atlanta taxpayer with a tax bill you are unable to pay, this article is for you! There are two key steps that you should keep in mind if you have an IRS tax bill you are unable to pay. 
1. Tax Compliance

The IRS will agree to negotiate with you only if you compliant with their rules.   This is referred to as “tax compliance.” Tax compliance relates to both filing tax returns and making tax payments.

The IRS will consider you compliant if the the past 6 years of tax returns have been filed. 

Suppose you are an employee, you are compliant if you pay sufficient taxes through withholding from your paycheck. If you are a business owner, you are compliant if you have paid your required quarterly estimated tax payments.  If your business has payroll taxes, you are compliant if you have made all your payroll tax deposits and filed all of your payroll tax returns throughout the year. 

In the event that you cannot afford to pay your taxes, do not make the mistake of thinking that it would be better to not file at all. The IRS will not negotiate with you if you have not filed your tax returns.  Additionally, if you do not file the tax return, penalties, plus interest, will be added to your tax bill.  Penalties for missing returns are 5% per month, up to a maximum of 25%.   

Therefore, if you owe taxes for multiple years, we recommend that you pay your most recent tax bill first to show compliance. Then go back and resolve the older tax years with the IRS.
2. Options Available to You

The second step to consider when you are unable to pay a tax bill is to identify which of the available options is best for you. There are generally three options available when dealing with the IRS.  Each option has its own set of requirements

The first option is to get the IRS to considered you “non-collectible.”  This temporarily stops all IRS collection activity until your situation changes or the statute of limitations on your debt expires.

The second option is to request an Installment Agreement.  The terms of the agreement will depend on your facts and circumstances.  

The third option is to make an Offer-In-Compromise.   The offer is always lower the amount of the tax owed – if you qualify.

For more information about the options and resources available to you, give our office a call at 678-235-5460.   If you would like to learn more about the services we provide, visit our Home Page!

To watch our YouTube video on this topic, click here!


Massey and Company is a boutique CPA firm in located in Atlanta, Georgia serving the needs of small businesses and their owners.


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Taxes

What To Do if You Cannot Pay Your Taxes (Video)

By on

June 2, 2020

- Taxes

Click below to watch our most recent video about what to do if you cannot pay your taxes. If you are unable to pay your IRS tax debt, this video is for you!


In this video, we discuss what options a taxpayer may have if they cannot afford to pay their tax bill. In addition, Gary explains the importance of being in tax compliance when making a deal with the IRS. Similarly, he provides the various steps a taxpayer will need to take in order to be considered in tax compliance. Above all, it is important to remember that not filing a return is NOT a solution, and it will only make the situation worse. 

Finally, Gary discusses the options available to the taxpayer to negotiate with the government.

If you enjoyed this video, check out our YouTube channel to see more of our tax and accounting videos! Be sure to subscribe to see future videos that could benefit you or your business.

For more information about the tax and accounting services we provide, visit our Home Page. If you cannot pay your taxes, call our office today for a free consultation at 678-235-5460!

Founded by Gary Massey, Massey and Company is a boutique CPA firm in located in Atlanta, Georgia. We are dedicated to serving the needs of small businesses and their owners.

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