Certified Tax Resolution Specialist are licensed professionals (tax attorneys, CPAs and enrolled agents) who must take and pass an exam administered by the ASTPS, prove directly related experience in the tax relief niche (two years), and be in good standing with their respective state that licenses/regulates them.

In addition, a Certified Tax Resolution Specialist is uniquely qualified to successfully solve IRS problems – from negotiating tax settlements and IRS payment plans to removing or modifying IRS and bank levies. So whether you are looking for a tax attorney or a firm comprised of attorneys, CPAs, and enrolled agents you can research the ASTPS site and click on Find a Tax Problem Solver (under Contact) to determine if they are Certified Tax Resolution Specialists.

Here are some more resources to help find the right tax professional:
How to Hire a Tax Resolution Company You Can Trust
Tax Problem Resolution Services Coalition Advocates for Industry Best Practices

Our client Bill is a perfect example of how we were able to lift the tax burden from his shoulders so he could get back to living his life without the constant worry of back taxes and penalties. You can listen to Bill’s personal account of how we at Tax Resolution Services were able to restore Bill’s hope:

Tax Resolution Service Client Testimonial: Bill

If you or someone you know has lost hope from IRS tax problems please contact Tax Resolution Services for tax relief today.

Budget cuts are a common topic these days regarding anything surrounding the United States government, so it goes as no surprise to hear that the IRS is next on the list of drastic budget reductions. On the Wall Street Journal’s blog The Tax Blog, Jonnelle Marte keeps us informed on the latest news in her post IRS Cuts: Good News for Deadbeats?

According to the article, Congress plans to reduce the IRS budget by $500 million in 2012. This drastic cut back in governmental funding will likely prove to be a huge problem for the IRS, which impacts taxpayers across the nation.

Marte summarizes a quote from commissioner Douglas Shulman in which he says the budget cuts “would lead to a 5% to 8% decrease in collection efforts, including audits, which would reduce revenue by about $4 billion.”

And while slacker taxpayers may find a secret joy in the budget cuts, the rest of us can expect sluggish customer service, account resolution slow down and issues organizing payment plans etc.

As we always advise our readers, staying up to date on tax news and laws is a great way to stay ahead of tax problems in the future, especially during a time in which taxpayers can be expecting great delays in the IRS processing.

• The miscellaneous deduction: A write off go-to for job seekers that includes travel, entertainment, business cards and other costs related to job the job search. The drawback is the limit of the deductions; they can also exceed up to 2% of the taxpayers adjusted gross income.
• Sole-proprietorship: Another means for deductions for job seekers is to set up a Schedule C sole-proprietorship and begin to look for side work as a consultant or independent contractor. Now deductions are no longer limited as long as they are aligned with the income reported on your Schedule C. However, it must be noted that the IRS is happy as long as you are making a profit and you must show a profit in at least three years out of five.
• Medical expenses: Medical expenses are deductible to those who itemize (Hello, sole-proprietors) but only up to 7.5% of the taxpayers adjust gross income
• Home office: The home office is a great deduction, but the rules are stiff: the home office must be used regularly and exclusively for business!
• School: American Opportunity Tax Credit is provided to those working on their first time degree. So if you are going back to school this credit can be a big help and is granted regardless of income of the taxpayer.

To see other great tax relief tips for job seekers check out Saunders’ full article Write Off Your Job Hunt!
Staying educated on tax news and tips is a great way to stay ahead of tax problems before they begin. For more information on tax help visit our website at www.taxresolution.com.

In a recent informative blog post on how to prevent tax liens, I thought it was important that consumers facing IRS collection know what the consequences are and focused on three key topics:

In the post called How to Prevent Tax Liens I cover:

• What is a tax lien?
• How does a tax lien affect a business or individual?
• How can tax liens be resolved?

The good news is that there are experts who can help but you must act quickly. Securing the right tax attorney or Tax Resolution Specialist with knowledge and expertise with tax liens can help put this situation securely behind you.

When searching for a tax resolution firm, only consider ones who are part of the Tax Problem Resolution Services Coalition (TPRSC). Tax Resolution Services (www.taxresolution.com) is part of the (TPRSC) professional community Tax Problem Resolution Services Coalition and known for being the most credible firm providing incredible results.

The IRS is dedicated to tougher regulation on misclassification as the number of independent contractors has increased significantly during the recession. With this voluntary program, employers can correct any misclassified employees or independent contractors and prevent a costly future audit or penalty.

Find out more about the program and the skepticism of business owners at The Wall Street Journal article, the Price of Reclassifying Workers, written by Sarah E. Needleman and Emily Maltby.

For help with back taxes or payroll tax problems, contact a tax attorney today for immediate assistance.

For more information on this IRS tax relief extension visit Tax Relief in Disaster and the IRS website at IRS.gov.

Check irs.gov to see tax relief announcements for your area to see if you qualify for the extension and check the website here for more information about tax relief in disaster areas and how to claim a disaster loss.

While the IRS objectives on this subject are simple; collect every cent of taxes owed as soon as possible, it appeared some important information was missing from the helpful tips in the newsletter. Such missing information included a taxpayer’s ability for immediate repayment and an introduction to other programs that might save taxpayers money such as Partial Pay Installment Agreements (PPIAs – regular payments over a set time), and Offers in Compromise (OIC).

If you have unresolved tax debt, it is important you seek advice from a certified tax resolution specialist who can discuss an IRS payment plan and help you take advantage of the IRS programs available to you. Know your options!

An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks.  An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day (Wikipedia).  ETF’s are becoming a more popular form of investing, but the structures of the funds can be taxed very differently from your normal run-of-the-mill mutual funds. Laura Saunders and Jason Zweig of the Wall Street Journal outline some very important answers to questions regarding your income investments in What to Ask Before Buying. Knowing the rules and staying savvy to investments can save you some serious tax relief when it comes time to file your tax returns. Here are few great tax tips and examples from the article to help you stay on your toes and away from IRS Tax Problems:

• Does this investment have tax quirks? There are many in the world of exchange-traded products. For example, investors in precious-metals ETFs organized as trusts (SPDR Gold Trust, iShares Silver Trust) often are surprised that long-term gains are taxed at 28% rather than 15%—because the metals are deemed “collectibles.”
• How will I know the ‘cost basis’ of my investment? When you sell an investment in a taxable account (as opposed to a tax-sheltered one like an individual retirement account), the taxable gain or loss is measured from the purchase price, known as the “cost basis.”Tracking basis is notoriously difficult for taxpayers, especially when there are adjustments common with ETFs such as reinvested dividends, which raise basis, or return of capital, which lowers it. If you make mistakes, you can end up wildly overpaying or underpaying tax.
• Might I have to make multistate tax filings? If you own a publicly traded partnership, you may have to file a tax return in one or more states where you don’t live if income generated in those states—say, from an oil well—is above a certain level. Even if the payout on one investment is below a state’s threshold, the total from two or three may put you over the limit.
• When will I find out about taxable income each year? Mutual funds must usually send out 1099 forms by Feb. 15, but ETF partnerships often get extensions until the following Sept. 15. Some report results to investors by March 15 and others send a letter or post a website notice before the April due date with estimates of income, but often there is no requirement to do so, according to an IRS spokesman.

To read more tax tips when it comes to the complicated world of investing you can read the whole article here.