Tax Man, Tax Relief Podcast: Recent Episodes
Jonathan Donenfeld
Welcome to The Tax Man, Tax Relief Podcast that helps guide you through the process of resolving your tax debt, taking overall communication with the IRS or the state and finding the best possible outcome for your situation, with your host, CPA, Jonathan Donenfeld.
Have you made a big mistake on your tax return?
In this episode, I explain how a Qualified Amended Return can save you from steep penalties and keep you compliant with the IRS. If the IRS hasn’t yet reached out, you can amend your return to correct it, avoiding the 75% civil fraud penalty and the 25% significant underpayment penalty. As I emphasized, “Taking the initiative to fix your mistakes before the IRS acts is key to avoiding harsh consequences.”
Don’t let tax mistakes weigh on your mind. Tune in now to learn how a Qualified Amended Return could save you money and help you move forward with confidence.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you feeling overwhelmed by tax debt and unsure where to turn? The IRS can seem relentless, but there’s a lesser-known program that might be your answer.
In this episode, I talk about why Partial Pay Agreements are often overlooked but highly effective. Many professionals focus solely on the Offer In Compromise, despite its high rejection rates.
For self-employed individuals and those struggling with significant tax debt, understanding this option is key to finding relief.
Tune in now to learn how Partial Pay Agreements could be the step forward you’ve been looking for. Let’s work together to create a plan that gives you peace of mind and financial freedom.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Is the IRS losing billions to fraud while taxpayers struggle with compliance?
In this episode, I discuss Elon Musk’s recent remarks about government inefficiencies, including how billions are lost annually to tax fraud. From false tax credits to identity theft, the IRS faces significant challenges in preventing fraud. I explore how his vision might lead to enhanced tools that identify fraud faster and help the IRS work more effectively.
We also take a closer look at the timeline for these changes. While immediate improvements are unlikely, Musk’s influence could lead to breakthroughs in the next few years.
Tune in now to learn how Musk’s ideas could help transform the IRS, reduce fraud, and bring relief to honest taxpayers.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
The IRS has started leveraging AI to address inefficiencies, and it’s changing the game for taxpayers.
In this episode, I explore how the IRS is improving its technology to enhance tax compliance and enforcement. They’ve introduced callbacks to reduce wait times and document uploaders to eliminate the need for physical mail.
We also take a closer look at how AI might expand its role in the future. Cryptocurrency traders, for instance, are likely to face increased scrutiny as the IRS taps into more sophisticated technology.
If you’re self-employed or dealing with tax complexities, these updates could directly impact you. Tune in now to learn how these AI-driven improvements could reshape the tax landscape.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Do IRS inefficiencies have you worried about your financial stability? Donald Trump and Elon Musk are making headlines with bold ideas to tackle fraud and revamp the IRS.
In this episode, I break down how Donald Trump and Elon Musk’s proposals could significantly impact the IRS. Elon Musk recently highlighted the role of outdated government technology in enabling financial fraud within the IRS, including false refunds and credits. On the other hand, Donald Trump’s focus on getting IRS employees back into the office full-time could help resolve the delays caused by remote work.
Struggling with IRS delays and inefficiencies? Don’t wait—tune in now to hear how Trump and Musk’s bold strategies could transform the system.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you worried that unresolved tax issues could stand in the way of your dream of becoming a U.S. citizen?
In this episode, I address how tax compliance directly impacts the citizenship process. Many people don’t realize that the IRS plays a significant role in ensuring your eligibility. I explain why filing all tax returns—even from years ago—is essential.
I also share actionable advice for those who may feel stuck. Even if you’re years behind on your taxes, there are solutions. From missed filings to overdue payments, this episode provides a clear roadmap to resolve your issues.
Tune in now to learn the steps you need to take to stay compliant, avoid delays, and achieve your goals.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Is the thought of an IRS audit keeping you up at night? Facing an audit can be intimidating, but with the right records, you can turn it into an opportunity to secure your financial peace of mind.
In this episode, I focus on the audit records the IRS requires and how you can ensure compliance. From bank statements and receipts to credit card statements, I break down the process with practical advice to help you navigate an audit with confidence.
I also discuss solutions for those who lack complete records. If you’re missing receipts, the Cohan Rule could be your lifeline. This rule allows you to demonstrate necessary business expenses even without full documentation
Learn what steps to take today to avoid costly mistakes tomorrow. Click play now to hear my practical, actionable advice that could save you thousands.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
IRS debt can feel overwhelming, especially when you're worried about levies, garnishments, or those constant collection notices. But it doesn't have to be this way.
In this episode, I’m sharing the proven strategies I use to help individuals and small business owners tackle their IRS tax issues head-on. I’ll explain how I work with clients to negotiate settlements, release levies, and create lasting solutions to manage back taxes.
One of the biggest mistakes I see is people focusing on back taxes without staying current on their new obligations, which makes the problem worse. The danger of unqualified advisors who make empty promises leaves you even more stressed.
Join me in this episode and let’s start your journey toward real relief and a lasting solution today.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Financial stress and worries about bank levies or tax liens can feel overwhelming.
In this episode, I take you through to resolving IRS tax disputes for self-employed individuals and small business owners. We help clients handle everything from settlements and protection holds to getting levies released. With so many unqualified advisors offering empty promises, finding a trusted path to real relief may seem impossible. But there are proven solutions that can finally ease that burden and help you move forward.
Tune in and take control of your financial future today. Hear from an expert who understands your concerns and can help you lift that weight off your shoulders!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
The fear of losing control over your finances due to tax disputes is stressful and exhausting.
In this episode, I share how to help individuals and small business owners handle tax disputes with the IRS and state taxing authorities. We know how distressing it is to face collections and potential levies, and the fake promises you see online. Many people are misled by unqualified advisors promising to erase their tax debt for nothing, leaving them feeling even more uncertain. But we give you real, trusted solutions available to help you resolve these issues for good.
Find out how to tackle your IRS problems and secure a lasting solution today! Tune in now to get the honest advice you need.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you up at night, worrying that the IRS might seize your bank account or garnish your wages?
In this episode, we dive into real solutions for the self-employed, middle-aged men and women dealing with IRS issues. I discuss crucial topics like payment plans, penalty abatements, and the strategic options available to resolve these taxing matters. From dealing with wage garnishments to securing a release on a levied bank account, we cover it all with a professional, caring approach.
Tune in to learn from an expert who’s helped countless individuals take control of their financial future. Don’t miss this opportunity to gain the knowledge and relief you need today!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Business tax debt can feel like an insurmountable challenge, but with the right approach, it’s possible to reduce your liability and regain control.
In this episode, we get straight to the point with practical tips and real-life examples of how you can slash your business tax debt and protect your financial future. The most effective strategies for managing and reducing business tax debt broke down the importance of knowing whether you're personally liable for your business’s tax debt. The critical step of getting a collection hold with the IRS, giving you time to figure out your next move.
Tune in to this episode to learn proven IRS strategies for reducing your business tax debt. Listen now and take control of your business tax situation!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
The IRS has brought in a wave of new agents, and while that sounds like it should speed things up, it’s actually causing delays for many taxpayers.
In this episode, Jonathan Donenfeld talks about how the influx of new IRS agents is creating bottlenecks in the system, especially for cases involving more than $50,000. This lack of experience is pushing larger cases to the back burner, and with so many new agents, it’s taking longer to resolve higher-priority cases. He also discusses how new revenue officers are getting smaller cases to start, which means that bigger issues are experiencing delays as well. Another factor contributing to the delay is the IRS’s gradual adaptation to new technology. While the IRS has struggled with technology in the past, they’re making strides, but it’s still a work in progress.
Tune in to this episode to understand why these delays are happening and what you can do about them. Don’t wait for things to get worse—learn how to navigate the IRS and protect your financial future.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
The IRS is relentless when it comes to trust fund recovery penalties, which can leave you personally liable for the taxes you collect from employees but fail to remit.
In this episode, Jonathan Donenfeld discusses the IRS trust fund recovery penalty and how it affects business owners like you. This penalty isn't limited to the business owner alone—if you’re an operator or even a partial owner, you could be held personally responsible as well. The IRS treats unpaid payroll taxes as if you're withholding their money, and in severe cases, this can lead to criminal charges.
The IRS is so aggressive in collecting payroll taxes and how they see it as “their money” that you’re holding on their behalf.
Tune in to this episode for critical advice on how to safeguard your business from IRS trust fund claims and avoid personal liability.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
If you're self-employed or own a small business, you're likely on the IRS's radar.
In this episode, Jonathan Donenfeld talks about why the IRS is targeting self-employed individuals and small business owners, focusing on unpaid payroll taxes. This makes it easier for the IRS to collect. If you’re a business owner, not paying your payroll taxes could result in personal liability under the trust fund recovery penalty. He also explores why most IRS revenue officers are dedicated to cases involving self-employed individuals like us. This shows that no matter your income if your tax filings aren’t in order, the IRS could be coming after you.
Tune in to this episode to get a clear understanding of the risks and learn what you can do to protect yourself and your business.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you losing sleep over the possibility of the IRS draining your bank account? The IRS has been making big moves lately, and it’s essential to stay ahead.
In this episode, I discuss the latest IRS actions, including the reintroduction of LT11 notices. This LT11 is an intent to levy notice, meaning the IRS has the right to seize your bank account or garnish your wages if you don't respond. Another key topic we tackle is how the IRS is targeting non-filers, especially those they believe earn $400,000 or more. The IRS often mistakes your total revenue for your actual income, which means you could be at risk even if your earnings are much lower. We also discuss how the IRS recently collected $172 million from 21,000 taxpayers. That’s an average of $8,100 per person, indicating they're not just focusing on high earners.
Don’t wait until it’s too late. Tune in to this episode for actionable advice on how to handle these IRS changes and avoid the potential seizure of your bank account.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
The IRS Fresh Start Program has been around for over ten years, yet many tax relief firms claim it's a new initiative to attract clients.
In this episode, I address the importance of getting tax advice from licensed professionals. We’ll debunk the myths surrounding the IRS Fresh Start Program and highlight the dangers of relying on unqualified advice. Learn why it’s essential to consult with CPAs or attorneys who are bound by ethical standards to provide accurate and reliable guidance.
Avoid the pitfalls of unqualified advice. Tune in now to identify licensed professionals and get the reliable tax guidance you need.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
You've probably heard the news: the IRS is hiring thousands of new employees. But what does this mean for taxpayers, especially those with complex tax situations?
In this episode, I break down the recent developments at the IRS, focusing on the hiring of new employees across three main areas: general customer service, compliance officers for audits, and revenue officers for collections. We'll explore how these changes are likely to impact you, with an emphasis on increased audits and collections efforts.
Learn what you can do to prepare and protect yourself in this evolving landscape. Don’t get caught off guard by the IRS's increased focus on collections and audits.
Tune in now to understand what these changes mean for you and how to stay ahead.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Why is setting up a payment plan with the IRS incredibly difficult????
In this episode, I explain why setting up a payment plan with the IRS is so challenging. We'll discuss the main issues, including the influx of new and untrained IRS agents, the complexities for those owing significant amounts, and the slow processing times.
Learn practical tips for navigating this bureaucratic maze, including how tax professionals like us can expedite the process.
Tune in now to learn how to effectively manage your tax payments and find relief. JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Did you know that failing to update your address with the IRS could lead to serious issues?
It's a common problem that can be easily avoided with the right steps.
In this episode, I discuss the importance of keeping your address updated with the IRS. We’ll explore a real-life case where a client missed critical IRS notices because they moved and didn't update their address. Learn why it's your responsibility to keep your address current, how to properly update it, and the potential consequences of failing to do so.
Don’t let a simple oversight lead to big problems. Tune in now to learn how to update your address with the IRS and stay compliant.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Has the IRS just levied your bank account? It's a scary situation, but there are steps you can take to address it.
In this episode, I explain what to do if the IRS has levied your bank account. We'll cover the essential actions to take immediately, such as checking your bank account, confirming the levy, and understanding your tax obligations. Learn about the process for removing the levy, including setting up a payment plan, completing necessary forms, and providing substantiation documents.
Get the insights you need to navigate this stressful situation and find relief.
Don’t let an IRS levy ruin your financial stability.
Tune in now to learn the steps to remove the levy and protect your assets.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
An Offer in Compromise is a complex process. Knowing if you qualify before you start is crucial.
In this episode, I discuss the intricacies of qualifying for an Offer in Compromise (OIC). We'll explore why it’s essential to evaluate your eligibility before applying, how the IRS collection statute impacts your case, and what alternatives might be better suited for your situation.
Gain a clear understanding of the OIC process and learn how to make informed decisions about resolving your tax debt. Don’t waste time on an Offer in Compromise if you don’t qualify.
Tune in now to learn how to evaluate your eligibility and explore better options for resolving your tax debt.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Offer in Compromise sounds like a great solution to resolve your tax debt, but the reality is that most people don’t qualify.
In this episode, I discuss why the widely-known Offer in Compromise may not be the best option for many taxpayers and introduce an alternative called the partial payment installment agreement (PPIA). Learn how a PPIA can provide a low monthly payment plan that lasts until your tax debt expires, often resulting in a better outcome.
Discover why this option is often more attainable and faster to implement than an Offer in Compromise. Tune in now to learn about the Partial Pay Installment Agreement and how it could be a better solution for your tax problems.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are rising costs and tax issues threatening your construction business? You're not alone.
In this episode, I discuss the tax challenges that are currently affecting the construction industry. We'll explore why inflation and 1099 payments are causing many construction professionals to fall behind on their taxes, and I also share the crucial steps to take to get your tax situation under control, avoid collections, and create a plan to stay current with your taxes going forward.
For self-employed professionals and small business owners in the construction industry, understanding and managing tax responsibilities is crucial. Listen today to take control of your financial health and keep your business thriving!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
What kind of tax problems do people face and how can a tax resolution specialist help?
In this episode, I share insights into the typical cases I handle as a tax resolution specialist. Discover how self-employed individuals, often hit by divorce, business slowdowns, or medical issues, can find themselves behind on taxes. We'll discuss the steps to take when you’re in a tax bind, how to protect your assets and family and the importance of developing a solid plan to resolve tax issues permanently.
Learn how to navigate your tax issues and develop a sustainable plan for the future. Listen today for expert advice and a clear path forward!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
You've heard the saying: death and taxes are the only certainties in life.
But what happens to your tax debt when you die?
In this episode, I delve into the complexities of dealing with tax debt after death. We'll explore what happens to your taxes when you pass away, the responsibilities of the estate's executor, and how to avoid common mistakes that could leave your family with unexpected liabilities.
Discover what you need to know to ensure that your tax issues are managed correctly and that your loved ones are protected.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Wondering if you could be personally on the hook for your business's tax debts?
The answer isn't always straightforward.
In this episode, we explore the different types of business structures and taxes that can impact your financial responsibility. We’ll discuss payroll tax, sales tax, and the specific liabilities for C corporations, S corporations, and single-member LLCs.
Get the expert advice you need to navigate your tax responsibilities and protect your assets.
Tune in now to gain clarity and expert insights on managing your tax responsibilities.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Ever felt like your tax problems are a shadow hanging over your life? You're not alone. Many people find their IRS issues to be more frightening than anything else they face.
In this episode, I discuss why tax problems are such a burden for so many people. We'll explore common fears, such as the IRS seizing your bank account and the embarrassment of revealing tax issues to loved ones.
Learn about practical steps you can take to resolve your tax issues, establish a payment plan or settlement, and move forward with confidence.
Don't let tax worries control your life. Listen today for expert advice and a clear path forward!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Struggling to file your taxes because you can't find your records?
You’re not alone, and there are solutions to get you back on track with the IRS.
In this episode, I discuss what to do if you don't have your tax records. We'll go over how to obtain IRS transcripts, reconstruct your financial history, and use industry standards to estimate expenses.
For self-employed professionals and small business owners, losing tax records doesn’t have to be the end of the road. Learn how to navigate the complexities of IRS compliance and protect your financial future.
Listen today for peace of mind and a clear path forward!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you aware that the IRS is now leveraging advanced technology to track down unfiled tax returns? The game has changed, and ignoring those letters from the IRS could cost you dearly.
In this episode, we explore how the IRS is using technology to identify individuals with unfiled tax returns. Learn what happens when the IRS files a Substitute for Return (SFR) on your behalf and how you can still file your accurate return to mitigate penalties and interest. Gain critical insights into the steps you need to take to stay ahead of the IRS.
Don't let IRS technology catch you off guard. Listen today to ensure your tax returns are filed correctly and on time!
Feel free to schedule a complimentary consultation with JLD Tax Resolution Group by calling us at 201-479-2572 or visiting our website www.201tax.com.
Feeling cornered by an IRS audit that doesn't seem fair? You're not at the end of your rope. Knowing your rights and options can be your best defense against an aggressive audit.
In this episode, I delve into what you can do if you disagree with the IRS's audit assessment. We'll cover everything from understanding the initial audit process to navigating appeals and other resolution paths. Arm yourself with the knowledge to fight back effectively and secure a more favorable outcome.
Take control of your audit situation! Tune in now for expert insights on challenging unfair IRS audit assessments.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Receiving an audit notice from the IRS can be intimidating, but knowing how to respond can make all the difference.
Are you equipped to handle an IRS audit without fear?
In this episode, I'll guide you through the initial steps to take when you find out you're being audited. From understanding the types of audits to preparing your documentation, learn the crucial actions that can help you manage the audit process effectively and minimize stress.
For self-employed individuals and small business owners, an IRS audit doesn't have to spell disaster. With the right knowledge and preparations, you can face the audit with confidence.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Are you losing sleep over the fear of an IRS audit? You're not alone. With recent increases in audit activities focusing on high-networth individuals and businesses, understanding the IRS's criteria and preparing accordingly is more crucial than ever.
In this episode, I break down the latest IRS tactics targeting those who appear to have high earnings on paper. We'll explore how gross revenue figures could flag you for an audit and what it means for self-employed professionals. Get the insights you need to safeguard your finances from potentially crippling audits.
Stay informed and ahead of the IRS. Tune in to gain the knowledge you need to navigate the complexities of high-net-worth audits with confidence.
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
I am a CPA specializing in saving people from crippling tax debts and problems. Pivotal moments like these are as unexpected as they are life-changing.
In this episode, I dive into the heart of why I started in the tax resolution business—a field where stakes are high, and the rewards are deeply personal.
Discover how a surprising client visit spurred my shift from general accounting to becoming a beacon of hope for those battling the IRS, eventually leading to an emotional journey from a $220,000 tax bill to a life-changing settlement.
Don’t let tax worries keep you up at night. Listen now and take the first step towards securing your peace of mind!
JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
When someone approaches me with a back tax problem, we follow a simple three-step approach to find a resolution.
The initial step, which I like to call 'stop the bleeding,' involves assessing their accounts, determining what filings are necessary, and quantifying the amount owed.
Once we have a clear understanding of the situation, we move on to the second step: finding the solution. We explore various possibilities like an offer in compromise, partial payment, or penalty abatement. There are plenty of options available to tackle the problem effectively.
However, the third step holds utmost importance, which I consider the key to long-term success. It involves developing a plan for the future. Solving the immediate issue is crucial, but it's equally vital to address the root cause.
If you continue with the same habits, you'll likely end up facing a similar situation next year, and that's not what we aim for! Our goal is a permanent resolution, which is why we focus on planning to help you avoid repeating the same mistakes in the future.
If you find yourself dealing with a complex tax issue, fret not! JLD Tax Resolution Group is here to lend a hand. Feel free to schedule a complimentary consultation by calling us at 201-479-2572 or visiting our website www.201tax.com.
Many individuals I come across often feel scared and embarrassed about their tax problems, but let me assure you that you are not alone. Countless people experience issues with the IRS.
There are various reasons why these problems arise, such as family circumstances, medical emergencies, divorce, business setbacks, or even receiving poor advice or not planning appropriately. Falling behind on taxes can easily happen to anyone, and it doesn't make you a bad person.
The crucial part is to take action before the situation worsens and becomes overwhelming. Unfortunately, many individuals tend to let it go, leading to a snowball effect that only exacerbates the problem. If this resonates with you, it's time to stand up and prevent it from escalating any further, allowing yourself to move forward with your life.
Let’s help you get your tax issues resolved with ease! Call us at 201-479-2572 or visit https://fal.cn/3xbM9.
Hello, I'm Jonathan Donenfeld, the President of JLD Tax Resolution Group. I started my own business in 2015 with a focus on helping other small business owners resolve their tax problems. As a business owner myself, I understand the struggles and the overwhelming nature of dealing with the IRS. Many business owners lose sleep, worrying about the IRS instead of dedicating their energy to improving their business.
That's where I come in! I genuinely enjoy helping people find solutions to their IRS problems. Witnessing the relief they experience once the ordeal is over is incredibly rewarding – it's like a huge weight lifted off their shoulders. That's why I am passionate about what I do.
I take pride in the fact that we have assisted thousands of taxpayers, saving them tens of millions of dollars. Each achievement brings me joy and motivates me to continue this path.
Thank you for taking the time to watch my video. To ensure you don't miss out on future content, please click and subscribe. We are always here, ready to assist you.
Schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.
Do you know that the IRS is primarily hiring individuals for three key positions?
Firstly, they're bringing in people to conduct audits on partnerships.
Secondly, they're hiring auditors for s-corp businesses.
Lastly, they're also recruiting revenue officers who will focus on pursuing individuals and companies with unpaid taxes.
In order to enhance their operations, the IRS is investing in advanced training. They're expanding their team with more lawyers, CPAs, and seasoned professionals, aiming to build stronger and more comprehensive cases.
Now, what does this mean for you? Well, it implies an increase in business audits. Hence, the IRS is adopting a more assertive approach, so it's wise to be proactive and prepared.
You can watch ▶ Tax Advisory to learn more about this topic.
AND Let’s help you get your tax issue resolved with ease! Call us at 201-479-2572 or visit https://fal.cn/3xbM9.
Handling an audit and responding to the IRS are crucial steps that require attention. Typically, the IRS will provide you with a list of requested items and the scope of the audit. It is essential to carefully assess what you have and determine what is accurate, incorrect, or improperly filed. Based on this evaluation, you can craft your response accordingly.
Consider avoiding having the person who prepared your tax return represent you in an IRS audit.
The reason behind this advice is quite simple: if there happens to be an error in your tax return, the person handling it might hesitate to admit their mistake, and could even try to hide it. They might prioritize their own interests over yours, which is not what you want.
Hence, I strongly suggest seeking a second opinion if you find yourself being audited. Ensure that whatever information or documents you provide to the IRS are truly in your best interest. Don't rush to give them anything until you are absolutely certain it will benefit you (not the other way around.)
Take care and protect your own interests when dealing with taxes and audits.
Want to discover more and catch some valuable Tax Resolution Tips? WATCH ▶ Tax Resolution Tips
If you're facing a complicated tax issue, don't worry! JLD Tax Resolution Group is here to assist you. Schedule a free consultation by calling 201-479-2572 or visit www.201tax.com. Let us help resolve your tax problems with ease!
Have you heard of the Partial Pay Agreement? It's a little-known yet fantastic way to save a ton of money with the IRS. We refer to it as the back door Offer in Compromise.
The great thing about it is that it's much easier to get accepted and involves way less paperwork. Plus, it takes into account your assets to a lesser extent, making it a truly effective program.
Over the years, we've managed to save our clients millions of dollars through this option. If you're curious and want to learn more, don't hesitate to give us a call. I'd be more than happy to guide you through it. Schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.
▶ What is a Partial Payment Installment Agreement? (PPIA)
Why is the Partial Pay Agreement with the IRS referred to as the 'back door' Offer In Compromise? The reason behind this is simple - it has proven incredibly effective in allowing you to settle your tax liability for less than you owe.
Unlike the offer In compromise - a partial pay agreement is relatively easier to have accepted. It saves you time and reduces the amount of paperwork involved.
Many people are attracted to the idea of an offer in compromise due to its popularity on the internet, radio and TV. However, not everyone qualifies for it. On the other hand, more and more people are finding that they do qualify for the Partial Pay Agreement, making it a fantastic option.
Over the years, we've managed to save our clients millions of dollars through this option. If you're curious and want to learn more, don't hesitate to give us a call. I'd be more than happy to guide you through it. Schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.
Have you recently received a letter from the IRS regarding a proposed adjustment of your income? Wondering how to handle it?
It's important to demonstrate the accurate cost basis for your stock or crypto purchases. The best approach is to submit an amended return through the appropriate channels. Even if you don't owe the tax, failing to address this adjustment may lead to the IRS charging you for the perceived gain.
If you're seeking guidance in resolving such obligations, the friendly professionals at JLD Tax Resolution Group are here to assist you. Book a free consultation by calling 201-479-2572 or visit us at www.201tax.com for more information.
Many lawyers work for themselves, especially if they are a partner or own their own firm, and their income can vary greatly.
Like many other self-employed individuals, they often struggle to withhold enough money for taxes. Issues also arise when lawyers want to maintain a certain image and lifestyle, resulting in high personal expenses and falling behind on their taxes.
It is crucial to address these tax matters promptly since the IRS tends to target professionals like lawyers who fail to fulfill their tax obligations.
[WATCH] Why Lawyers Have Tax Problems ▶ https://youtu.be/bVLDCX7yvbc
Be proactive! JLD Tax Resolution Group is here to make your complex tax problems easier to handle. You can easily schedule a free consultation by calling 201-479-2572 or visit our website at www.201tax.com.
It has been a little over a year since the Senate approved IRS funding of $45.6 billion for enforcement. And what we have noticed is that the IRS has made hiring more higher-level professionals a top priority.
It seems like they are determined to recruit additional accountants, lawyers, and experts with advanced knowledge. This will enable them to conduct audits on a larger scale, focusing on high net worth individuals, businesses, partnerships, and S corps.
To gain a deeper understanding, watch the full video!
At JLD Tax Resolution Group, we specialize in helping individuals overcome complex tax problems with utmost ease. If you're facing any tax-related challenges, we offer a free consultation to discuss your situation. Feel free to schedule your appointment by calling us at 201-479-2572 or visit our website at www.201tax.com.
The IRS is targeting many self-employed individuals who earn six figures or more. It's interesting to note that we're witnessing an increase in audits for small business owners who file Schedule C and fall into the same income bracket.
Among those being audited by the country’s tax bureau are professionals like doctors, lawyers, real estate brokers, and financial advisers, who typically do not maintain proper records. It's hard to believe, but many of them make mistakes on their self-prepared tax returns. As a result, the IRS is finding these cases highly lucrative and worthwhile to pursue.
If you're facing a complex tax issue, don't worry! JLD Tax Resolution Group is here to help you navigate through it with ease. Schedule your free consultation by calling 201-479-2572 or visiting www.201tax.com.
A lot of people want to do an offer in compromise (OIC) but are not qualified to get one. But in fact, it is much easier to qualify for a partial pay installment agreement (PPIA) than OIC.
There are two things to consider before doing either an OIC or a PPIA. First, know your income and expenses and assets and liabilities. Second, check when your tax debt expires.
If your tax debt is expiring soon, do not go for an offer in compromise because it can extend the time for the IRS to collect.
Know your CSED, expirations dates, income and expenses and assets and liabilities before applying for an OIC.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
The IRS only issues a civil fraud penalty when they are certain you owe tax and can prove your intent to fake an expense, a dependent, or a business in an audit.
When you are charged with a civil fraud penalty, you should not fight against it. Instead, focus on getting it removed because it will cost almost the same amount as the tax. Tell the assigned agent that you agree to the tax assessment if they agree not to assess the civil fraud penalty. This method has allowed us a lot of significant penalty abatement.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
We go to appeals on almost all of our tax audits. This is because you normally get a better deal when you file an appeal to tax court.
What happens when you appeal is that the case goes to a settlement officer that will settle the case before it goes to tax court, which the IRS dislikes. Cases in tax court involve more time and money and judges do not usually take these cases.
Even if you don't have any documentation, it is highly recommended to appeal and state that you are going to tax court. Simply ask for penalties to be removed. Take note that the IRS charges interest on penalties as well.
Oftentimes, appealing your tax audits will get you a substantial reduction on both the penalty and the interest.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Getting your lien removed is possible.
If the IRS placed a lien against your account, you need to decrease your tax debt to under $25,000. Then, get into a direct debit installment agreement (DDIA) for the remaining balance. After three payments in your DDIA, apply for lien removal.
Let’s say your property has a lien. If you are trying to refinance your mortgage to get a better rate, apply for a lien subordination. However, the IRS will only grant it if you were going to pay them more money.
For example, if the lower interest rates will reduce your payments to the IRS, they will want you to increase your monthly payments. Another possibility is that they will ask you to pay down a significant portion of your tax if it’s a cash-out refinancing.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
A partial pay installment agreement (PPIA) is what some call the “backdoor offer in compromise.” This involves not paying your tax liability in full.
For most people, a PPIA is a much easier way to get a settlement with the IRS than an offer in compromise (OIC). The reasons include the less time needed to process, the fewer assets it takes into account, and how much easier it is to qualify for.
Remember not to settle for an OIC. Always look out for all options. A PPIA can be a great way to get a good settlement with the IRS, saving you tens or even hundreds of thousands of dollars.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
A revenue officer is an agent responsible for collecting revenue for the IRS.
Their goal is to get as much money as possible. These officers have the power to levy your bank account and garnish your wages.
When a revenue officer is assigned to your case, they will send you an initial document request (IDR). They will ask for bank statements, pay stubs, and a filled-out form 433A, or for business owners, form 433B.
With these documents, the revenue officer will identify how much you can pay. They may want a large down payment or try to borrow against your assets.
It's important that you submit your information to the revenue officer in the most advantageous way for you. The data you provide will be used by the IRS to determine what they think they can collect and what settlement offers you qualify for.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
You can resolve your tax issues in three steps.
The first step is called the “stop the bleeding” phase. If you have back tax issues, it is possible the IRS has collections pending against you, a revenue officer, potential bank levies, and wage garnishments. Control the damage as much as possible by getting a hold of your account. Get in contact with the assigned agent for your case. Check any outstanding balances to avoid the IRS
draining your bank account.
The second step is the resolution phase. Together with your trusted accountant, create a customized plan to resolve your back tax issues. Consider your income, expenses, assets, liabilities, existing liens, a passport that needs reinstating, or even your home ownership plans. For business owners, your business and other assets will also be looked at. Your plan must deal with all
issues that are most important to you.
The third step is the “planning for the future” phase. The goal is to prevent the same tax issues from happening again. Once more, your income and expenses will be considered. The future plan could involve a simple change, such as paying yourself a salary, making estimated payments, an improved bookkeeping entity structure, or better spending habits.
You want your business to have space to thrive and be successful, and tax issues should not get in your way. Having a future plan will help you achieve that. JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
According to the IRS, a high-net-worth individual is one who makes over $100,000. They have a special department that looks into these individuals with unfiled tax returns.
For businesses, the IRS considers gross revenue. If a business has $200,000 worth of revenue after expenses and only $50,000 of income, it is still considered high net worth.
One of the biggest issues preventing people from dealing with unfiled taxes is unorganized books and lost receipts. There are a few simple ways you can get your tax returns done, even if your books are a mess.
Get all of your bank statements, both personal and business. List down your business income deposits and add them up. The total is your gross revenue.
If you are unable to get all of your expenses due to being in different accounts, use the biz standard method. Whether you are a contractor or a restaurant, each industry has different business standards. Take them as criteria in identifying your expenses. This IRS-approved method helps you put your taxes in order, especially for older businesses that urgently need to comply.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
What Issues Are the IRS Looking for When They Audit Small Businesses?
If you happen to be an S Corp, they'll be taking a closer look at your shareholder compensation. If your salary is unreasonable or too low, they might flag you for not paying enough Social Security or Medicare taxes.
They'll also check that you're correctly filing and paying employment tax for your employees, ensuring everyone gets the correct forms like W-2s or 1099s. That's another issue.
We're also seeing a focus on travel and entertainment expenses. These are the three main issues you may overlook inside your business that are getting the IRS’ attention. Get all your receipts in order and be mindful of the following details to avoid getting audited.
Watch this video: What Does the IRS Look for When Auditing a Small Business? https://youtu.be/wZ6SxpRAE5M
Get tax planning help TODAY. Request a free consultation at 201-479-2572 or visit https://fal.cn/3xbM9.
We've noticed quite a few taxpayers receiving letters from the IRS lately, specifically a CP508. This notice is typically sent out when the IRS is certifying your tax debt, usually if you owe $50,000 or more - but in 2023, that threshold will be $59,000.
Essentially, the notice will inform you that the State Department can no longer issue or renew a passport due to your outstanding tax debt. If you have an outstanding passport, they can revoke it as well.
This is a tool that the IRS is being much more aggressive with. So if this happens to you, what you need to do is you need to get into a payment plan or submit an offer offering compromise or currently not collectible status immediately.
Doing so can help you get out of this sticky situation. Keep in mind that before you can enter into that, you need to be in compliance with the IRS, meaning you need to have your last six years of tax returns filed as well.
So if you have a trip planning out of this country and you have tax obligations, make sure that you are compliant and in some type of arrangement because otherwise your passport will be revoked.
Let’s help you get your tax issue resolved. Call us at 201-479-2572 or visit https://fal.cn/3xbM9.
#irs #passport #taxhelp
Hey there, it's Jonathan Donenfeld from JLD Tax Resolution Group, and I have news to share regarding the recent hiring of new IRS agents. From what we've gathered, the IRS has brought on roughly 10,000 agents.
These agents are mainly divided into two groups - one focused on providing uplevelled customer service, while the other concentrates on collections and enforcement.
What should we expect with this latest development?
On the collections and enforcement side, we're seeing them focusing on small businesses, mainly S Corps and LLCs. The issues that they're focusing on are payroll taxes and shareholder compensation, meaning they're looking at S Corps where owners are not taking salaries. They're looking at businesses that aren't paying payroll taxes, Social Security and Medicare tax. If you have outstanding tax issues, make sure you get your on file tax returns filed. If you have outstanding liabilities, make sure you work out a payment arrangement or look to do a settlement because revenue officers are now being assigned to go after small businesses, and they're not messing around - they may resort to bank levies and wage garnishments. Keep your nose clean and your taxes in order!
Need tax planning help? Request a free consultation at 201-479-2572 or visit https://fal.cn/3xbM9.
Many ask what a proven and effective strategy is to build wealth and minimize taxes. The number one strategy that many savvy investors utilize is the Buy, Borrow, and Die method. This approach involves purchasing appreciating assets, such as real estate, and leveraging them through borrowing.
The beauty of this method is that the borrowed funds are not subject to taxation, and any capital gains from the eventual sale of the asset can be deferred through various methods like 1031 exchanges.
As a result, numerous wealthy business owners have been able to amass fortunes while minimizing their tax exposure.
Watch this video: The Tax Strategy That Wealthy People Use
Need tax planning help? Request a free consultation at 201-479-2572 or visit https://fal.cn/3xbM9.
If you're a tax preparer, you need to be aware of the number one reason for audits - the earned income credit. The IRS tends to hone in on this aspect since it's much simpler for them. Rather than going through all of the returns, they'd instead audit the preparer.
The tax bureau is particularly vigilant in areas with many low-income earners, where fraudulent claims are highly likely to be made.
As a tax preparer, you could be held personally liable if you add false or fake credits to a return.
Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3xbM9.
A question or comment we get a lot is: "I have a tax issue. I'm trying to call the IRS and can't get through to them. So what do I do?"
We understand that navigating the process and getting ahold of the IRS can be very difficult.
That's where we come in - as practitioners, we have different lines to call, the necessary access and experience to step up the process and help alleviate your stress.
When you call us – we can help you save time, energy and resolve your tax troubles for you with ease.
Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
#irs #taxhelp #taxes
In this video, Jonathan Donenfeld discusses the impact of SPF bankruptcy on FDX investors. If you had invested funds in FDX or had accounts there, and now it's worth nothing or you're not getting any funds back, you may be able to write that off as a capital loss. Jonathan explains that it's like buying a stock for $5 and selling it for $1 at a $4 loss.
If you invested $10 and now it's worth zero, you have a $10 loss that can offset other capital gains and be carried forward. Additionally, the loss can offset about $3,000 of ordinary income every year, and the rest can be carried forward.
Watch this video to understand how the SPF bankruptcy impacts FDX investors and learn about the options available to you to write off the loss as a capital loss. Don't let the bankruptcy affect your financial goals, take action today!
Key Points: 00:00 Introduction 00:03 Impact of SPF bankruptcy on FDX investors 00:47 Conclusion
Learn more how JLD Tax Resolution Group can help you today: https://201tax.com/
#sbf #bankruptcy #fdx
There has been a great deal of interest surrounding the FTX scandal and the role played by Sam Bankman-Fried.
From a tax and accounting perspective, there are some very interesting things. First, it's evident they had terrible records. For any small business, meticulous record keeping is critical to show your expenses correctly when you're ever audited.
The reason for this is that illegal gains are still considered taxable, and in this case, Fried was allegedly taking money from his company and falsely reporting it as loans. He failed to provide any proper documentation or payment plan, and the lack of proper accounting may add to his infringement.
Along with other charges against the former CEO and founder of FTX, he will most likely be charged with purporting tax fraud related to income that he failed to report.
Jonathan Donenfeld is a Certified Public Accountant (CPA) and Master of Science in Accounting (MSA) with more than a decade of experience in tax, accounting, and finance. After receiving his undergraduate degree from New York University and his Master's Degree from Baruch College, he held positions at leading accounting and consulting firms, most recently in the Private Client Tax Group at FTI Consulting Inc. providing tax and business advisory services to private companies and high net worth individuals. He also worked in the tax department of Rothstein Kass (now KPMG).
Inspired to pursue his dream of starting his own business, Jonathan founded JLD Tax to help other small businesses in Jersey City and Hudson County. He also prepares tax returns for individuals and takes a special interest in Tax Resolution cases, helping people successfully navigate their IRS issues.
Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
#FTX #TaxLaw #TaxExpert
AI Takes Over Taxes - How the IRS Uses Artificial Intelligence
In this episode of Tax Man, Tax Relief Podcast, I discuss how the IRS is utilizing artificial intelligence to improve its auditing and collection efforts. I will share how the IRS is targeting business owners in certain industries with specific expenses, using AI to analyze data and identify potential tax problems.
Key Points:
- [00:00:03] Introduction to the topic of the IRS and AI
- [00:00:55] How the IRS is targeting specific types of businesses with AI
- [00:01:43] The characteristics of taxpayers who are likely to have tax problems
- [00:02:25] How the IRS is using AI to save money and collect more money going forward
Join us for this informative discussion on how AI is changing the way the IRS conducts its operations.
Learn more about how we can help you sleep better at night when it comes to your taxes: https://201tax.com/
#taxresolution #taxhelp #ai
If you're facing a tax problem or are being audited, you don't have to speak to the IRS yourself. It's best to hire a professional, such as a CPA, enrolled agent, or attorney, to represent you.
Remember, what you say to the IRS can be used against you, so make sure you get the help of a professional.
Learn more in this new episode: Hire a Professional When Talking to the IRS ▶️
Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
Jonathan Donenfeld is a Certified Public Accountant (CPA) and Master of Science in Accounting (MSA) with more than a decade of experience in tax, accounting, and finance. After receiving his undergraduate degree from New York University and his Master's Degree from Baruch College, he held positions at leading accounting and consulting firms, most recently in the Private Client Tax Group at FTI Consulting Inc. providing tax and business advisory services to private companies and high net worth individuals. He also worked in the tax department of Rothstein Kass (now KPMG).
Inspired to pursue his dream of starting his own business, Jonathan founded JLD Tax to help other small businesses in Jersey City and Hudson County. He also prepares tax returns for individuals and takes a special interest in Tax Resolution cases, helping people successfully navigate their IRS issues.
Business owners who experience difficulty with payroll taxes generally have difficulty with cash flow. This occurs when they are waiting on payments from others in the business, yet they must continue to engage people to do the work.
Unfortunately, not paying the IRS in anticipation of being able to make the payment at a later time leads to significant penalties, interest, and a cycle of nonpayment.
Business owners and employers should strive to remain current on payments while simultaneously looking at possible payment plans and settlement options for past-due amounts.
Learn more in this new episode: Back Taxes Payroll Issues ▶️
If you need help solving your IRS problem with ease, request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
Jonathan Donenfeld is a Certified Public Accountant (CPA) and Master of Science in Accounting (MSA) with more than a decade of experience in tax, accounting, and finance. After receiving his undergraduate degree from New York University and his Master's Degree from Baruch College, he held positions at leading accounting and consulting firms, most recently in the Private Client Tax Group at FTI Consulting Inc. providing tax and business advisory services to private companies and high net worth individuals. He also worked in the tax department of Rothstein Kass (now KPMG).
Inspired to pursue his dream of starting his own business, Jonathan founded JLD Tax to help other small businesses in Jersey City and Hudson County. He also prepares tax returns for individuals and takes a special interest in Tax Resolution cases, helping people successfully navigate their IRS issues.
What type of tax cases have we seen that have gone criminal?
The Internal Revenue Service (IRS) pays close attention to business proprietors who manage more than one business and move money between their accounts. They also hunt down those that are not paying the corresponding payroll taxes.
This highlights the importance of resolving tax issues appropriately, as even an honest mistake can come across as an attempt to elude these taxes. If funds are being moved to support another business, this may seem innocent to the individual, but the IRS may perceive it differently.
Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
The consequences of not paying your payroll taxes can be absolutely devastating to any business, as the penalties for failure to file, failure to pay, or failure to deposit can quickly add up over multiple payroll cycles.
In addition, payroll taxes are considered trust fund taxes. The owner and those responsible for running the payroll could face personal liability in the form of criminal cases recommended by the IRS if their obligation is not paid over multiple periods and years.
The IRS takes tax fraud very seriously, so if they suspect you of hiding or lying about income or profits, they will investigate you. It is essential, then, that businesses take the necessary steps to ensure their payroll taxes are paid promptly and efficiently.
Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
👉 Did you know that the country's tax bureau is the world's largest collection agency?
The Internal Revenue Service is responsible for collecting the funds necessary for the government to pay for its services. When you call the IRS to report a tax debt owed, you're transferred to the collection division. That person is taking your information to figure out how to collect money from you.
For this reason, it is crucial to be aware of the different options available regarding settlement and penalty abatement before engaging with the IRS. Be proactive and understand that by dealing with the IRS, you are dealing with a professional collection agency that is not acting in your best interest.
Find a friend with the JLD Tax Resolution and solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
Have you been sent letters from the Internal Revenue Service and failed to respond?
Have you accumulated debt from long-standing unpaid taxes?
Has an agent assessed your case but have yet to receive contact?
Then the IRS may impose a levy on your bank account.
To rectify this, one should take immediate steps to become compliant with the IRS' requirements. This would include filing completed tax returns, as well as contacting the assigned agent, and submitting the relevant financial disclosure form (Form 433-A or 433-B, in the case of a business).
From here, options such as payment plans, offer in compromise, partial pay installment agreements, or CNC can be considered.
Let JLD Tax Resolution help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3vqIv.
The negative consequences of tax issues are immense. Not only do they prevent people from achieving security and financial freedom, but these burdens can also creep into every aspect of their lives and severely hinder personal development.
Whether it's having to forgo important life events such as getting married, buying a house, or even finding the courage to discuss the issues with loved ones and employers - the overwhelming tension of tax problems can leave people feeling vulnerable and isolated. But by taking the necessary steps to solve the problem, you can lift that heavy burden and set a new path for opportunity and prosperity.
Allow us to help you remove that heavy burden from your shoulders. Contact JLD Tax Resolution Group at 201-479-2572 or visit https://fal.cn/3uKMh.
How Business Owners Can Resolve Their Back Taxes
How can business owners with substantial back tax problems resolve their issues?
The first thing you need to see is what caused the issue, get ahold of your accounts with the IRS, and get into compliance. You can't do anything with the IRS if you have unfiled returns or are not responsive to them.
The IRS offers various options like Offer in Compromise, Partial Pay Installment, Streamlined Installments, and Penalty Abatements. Whatever your situation is, there is an option to resolve it.
The problem is if you just let it continue, penalties and interest continue to accrue. A big mistake that many people make is trying to pay down their back taxes and not worrying about paying their current taxes.
It would help if you focused on paying your current year's estimated taxes before you pay your back taxes. Many business owners continue to be in the clutches of the IRS because they can't get out of it. They're just paying the wrong years. Resolve your back taxes by properly paying the right taxes. Make the smart decision, and do what is actually right so you can move ahead and get the IRS off your back for good.
Let us help you resolve your tax problems with ease. Reach out to us at 201-479-2572 or visit www.201tax.com.
How The IRS Audits Attorneys
As attorneys are small business owners, it is necessary for them to have a trust account in which client funds are deposited and then transferred to pay for expenses and fees. Since attorneys have not always been great record keepers, the IRS and state governments often audit them, such as in New Jersey, where the bar can undertake audits.
There are stringent laws and regulations regarding record keeping, and experienced professionals must be sure to have their bank accounts reconciled each month. When faced with an audit, the government will mainly focus on whether the attorney has correctly reported, calculated, and used all the funds they have received. Therefore, attorneys must ensure accurate and thorough records are kept to spare themselves any legal reprimand in the future.
Do you need help staying compliant with the necessary regulations? Reach out to us at 201-479-2572 or visit www.201tax.com.
Can the IRS Contact Your Neighbor?
Many people have recently received letters from the IRS saying that the tax bureau may contact their neighbors, people close to them, or people in their business.
As a general rule, the government's tax bureau can only contact third parties, including your neighbors, your company, or your bank, to obtain information or collect the taxes you owe, given that they have already sent an advance notice.
The IRS does this for the following reasons:
1) It's an intimidation factor. It's obviously something people don't like as it scares them.
2) As a source of information. Through your contacts, the IRS mainly observes how you live, what you're doing with your money, and why you're not paying your taxes.
If you get an IRS letter, deal with it immediately despite the numerous reasons you can come up with to put it off. Agents are investigating you; bank levies and wage garnishments can happen before you know it.
It's time to set a sound plan and prepare for the 2023 filing season. Request a free consultation at 201-479-2572 or visit www.201tax.com.
What Are The New IRS Agents Up To?
Taxpayers should prepare for the influx of new revenue officers and collection agents at the Internal Revenue Service, most of whom are in training. They're working with the field agents and slowly learning the ropes.
If you're a business owner and you owe back taxes, don't be surprised if one day you see an agent show up at your place of business due to the increased number of new hires in the IRS. We'll see many more in-person visits as they show their seriousness in getting taxes owed.
Today is the best day to set a sound plan and prepare for the 2023 filing season. Request a free consultation at 201-479-2572 or visit www.201tax.com.
Are You a Business Owner With Years Of Unpaid Tax Returns?
Many people think, "Oh, I didn't make much money. I don't need to worry about the IRS."
Remember, the tax bureau may look at your gross revenue, not your expenses. For example, you took in $100,000. That's the only part the IRS sees because they may see your Form 1099s, where you can get assessed with no deductions.
If you're not paying attention, the next thing you know, the IRS moves your account to collections, and you're getting bank levies and wage garnishments. You have this huge tax problem that you could have avoided just by filing your returns and setting up a payment plan or negotiating a settlement from the beginning.
Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Why Do So Many Real Estate Brokers Have Tax Problems?
Host: Jonathan Donenfeld, CPA, MSA
So many real estate and mortgage brokers have tax problems for two reasons:
1) They operate their businesses as sole proprietorships and are usually overwhelmed in budgeting for expenses and balancing their numbers
2) They have fluctuating incomes every month and every year
Inconsistent commissions require making the necessary adjustments to living conditions and smart estimated tax payments. When looking to become an S-corp from a sole proprietorship, they can take advantage of state PTE elections to deduct state taxes on their federal returns. On top of it is ensuring they're correctly maximizing their deductions, like the car, home office, basic supplies, meals, etc. They can make retirement contributions as well.
The key is to plan correctly, ensure the problem doesn't continue, and get out of the cycle of IRS issues.
Let's get your tax plan in place. Request a free consultation at 201-479-2572 or visit www.201tax.com.
Why Do Successful Business Owners Owe A Lot in Back Taxes?
This is primarily due to the habit of putting off the obligation to keep their books up to date, planning for due dates, and anticipating what is necessary to keep up with employment and sales taxes, especially the most common issue, income taxes. So if you're not taking out enough for estimated taxes, you're not maximizing deductions, or you can't figure out what you're doing wrong— it will continue. You're still going to have the same problems, and you're never going to get out of the IRS cycle.
Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
#taxresolution #taxes #backtaxes
When you owe the IRS back taxes and fail to arrange payments, you risk the seizure of your property. The bureau typically collects payment through a levy or taking the money in your bank account, doing wage garnishments, levy retirement accounts, or Social Security benefits. The tax bureau can also seize your assets, including your home, in the worst circumstances.
The possibility of losing one's house to satisfy tax debts can be a scary thought. While the IRS can get a lien on your residence, they will be required to secure a court approval and foreclosure lawsuit before pursuing your home.
Therefore, it is smart and practical to resolve your obligations earlier and take caution to avoid the unnecessary seizure of your property.
When an IRS notice arrives, let tax professionals find your ideal payment options. Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Do You Owe the IRS over $100,000?!?
A six-figure debt usually causes panic, especially for small business owners. With the IRS, the longer you wait, the more interest, penalties, and potential for collections for actions against you.
There are three things you should do.
First, get a collection hold on your account. See if there's an agent assigned to your case. Get their information.
Second, get into compliance. File any unfiled returns. Determine your current income, assets, and what needs to be protected. Look for a settlement of monthly payment you can negotiate with the IRS.
Third, identify the root cause of your back taxes. This can be improper planning. Unaddressed problems will only continue. To fix this, set an estimated tax payment schedule. Know your estimated income. Sometimes, you can do tax planning or change an LLC partnership to an S-corp. Maximize deductions and improve your bookkeeping.
These simple steps will help you resolve your situation and stop it from happening again.
JLD Tax Resolution Group can help you solve a complex tax problem with ease.
Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Will new IRS agents target small businesses?
With an array of taxes that businesses have to pay, whether local, state, or federal —these can be pretty daunting for the busy and overwhelmed entrepreneur! 😱 What's more concerning is the expected increased crackdown of the Internal Revenue Service on small businesses.
The IRS is poised to come after more non-compliant individuals and companies with the recent bill passed by the US Senate adding billions of dollars of budget for IRS enforcement. More budget means more agents will come after partnerships and S-corporations! What's going to be unfortunate is that many of these agents who are just starting will come out into the field without the experience that many previous agents have. We expect this to be a big challenge for small business owners, so you must start protecting yourself. Get your ducks in a row.
If you have outstanding tax issues, settle them before the onslaught of agents comes.
Save time, money, and energy by tapping tax professionals who help you keep your financials up to date and avoid getting chased by the IRS!
Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Will new IRS agents target the middle class?
With recent development that the IRS will receive increased funding of $80 billion over ten years, $45 billion will go towards enforcement of tax laws with a focus on adding human resources and modernizing technology.
Enforcement can mean more audits of businesses and more collection agents pursuing people who owe taxes or think that they owe taxes.
Unfortunately, the people that the IRS goes after are usually small business owners. They look at people who are self-employed. In most small businesses, the owners are middle-class or upper-middle-class, but they can be considered "not wealthy." That is where the majority of the focus will be. We see that every day, small business owners have a huge burden in reporting income tax, federal and state taxes in addition to payroll taxes, sales tax, unemployment tax, and worker's compensation.
So often, these issues stem from not properly filling out forms, not setting things up correctly, or not structuring their business properly because of all the complexities of taxes — but the IRS will be coming after more small businesses. That's where their bread and butter will be with the potential of getting the most collection.
So if you have tax issues or are a middle-class business owner, you need to get your ducks in order and take preventative actions because they will be pursuing you.
Let us help you solve your complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
As an entrepreneur, understand that tax representation and tax resolution are two entirely different aspects of services you need to ensure the sustainability of your business. Tax preparers look at your financials and keep your books in order. If someone is limited to preparing taxes, they can represent you when problems with the Internal Revenue Service arise, but usually, they will not get you the best resolution because they're not knowledgeable or experienced in that area.
On the other hand, you should call on certified tax specialists to work on resolving back taxes, audits, or notice issues promptly and effectively. We at JLD Tax Resolution Group do not just ensure you are doing your taxes right but also stand as your representative. We communicate directly with the IRS to answer notices you receive and help them resolve them for you.
Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Offer In Compromise vs. Partial Pay Installment Agreement
It's time to settle your tax debt with the IRS, and you have main options for resolution: Offer In Compromise (OIC) and Partial Pay Installment Agreement (PPIA).
Which method should you choose?
We regularly get people that call us wanting to file for an Offer In Compromise (OIC) as an option to settle unpaid taxes. The truth is that most people do not qualify for the OIC, and it is much more challenging to get approved. Even if you qualify for an OIC, it is estimated to take six months for the tax bureau to decide whether to accept or reject your offer, which can take longer.
What most people qualify for and, in many cases, will allow them to get a better deal is the Partial Pay Installment Agreement (PPIA).
Before you make any decision, you need to review your income, assets, liabilities, and collection potential with the tax bureau — that will determine what type of settlement you qualify for, whether an Offer In Compromise or a Partial Pay Installment Agreement.
Seek guidance from tax pros on whether you may be better off with an OIC or other options.
If you need assistance resolving obligations, JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
The IRS is Mailing Millions of Underpayment Reporting Letters
The IRS is finally catching up post-COVID and expanding enforcement. Now, they are sending automated notices to individuals that did not report all of their income on their tax returns.
The most common notice is the CP2000, which is sent if they see that you had a 1099 from sales of a home, stock, cryptocurrency, a type of dividend, or self-employment income that was unreported on your tax return.
The IRS will assume you bought assets for zero. They automatically propose an assessment for the higher amount if it is a business income with zero expenses. They will also include penalties and interest.
If you excluded the income sources above, amend your tax return and submit it with the notice to the proper reporting agency. This will give you the deductions that you should have. The IRS notice isn’t always correct, so you must report your income correctly to get penalties potentially reduced.
JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Is income tax debt dischargeable in bankruptcy?
Should you file for bankruptcy or work out your taxes separately? Before you make any decision, you need to determine two things.
First, you need to know what type of tax debt it is. Trust fund taxes, payroll taxes, and sales taxes are not dischargeable in bankruptcy.
Second, determine when your tax return was filed. This includes the year and the collection statute expiration date. The IRS has a certain time frame to collect a tax debt. If you’re nearing expiration, you can get your tax debt to expire without filing for bankruptcy. If it was filed within the last three years, it will be excluded from the bankruptcy filing.
Filing for bankruptcy stops collections and puts a stay on any statute expiration. This gives the IRS more time to collect on the tax debt, which is why it is important to do the proper analysis and have someone that understands the difference between tax returns and tax debts before you make any decision.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
A Form 433-A is required if a revenue officer is assigned to your case to determine how much you can pay the IRS every month. It is also used if you are applying for an offer in compromise, a CNC (currently not collectible), or any type of IRS settlement arrangement. The IRS can file a criminal case if you provide false information.
In the form, you have to list key information.
First, the people in your household and marital status. Include joint debt, any settlements, and your spouse’s financial information, unless it’s a separate tax liability. Declare if your spouse provides income.
Second, your assets. This includes mortgage, bank accounts, any cryptocurrency, transportation, and valuables like gold. Give a breakdown of your monthly expenses.
The IRS only allows certain expenses based on national standards. If your expenses go above, provide documentation. For example, gas receipts and medical receipts from recurring illnesses or a sick relative.
The revenue officer reviews your form and may ask questions. Include estimated tax payments to receive a lower monthly payment.
Self-employed corporation owners need to fill out Form 433-B for each business they own. They must file all their current tax returns on time.
If you don’t send these forms to your revenue officer on time, they will move to wage garnishments, bank levies, etc. If you're submitting this as part of an offer in compromise or to get a currently not collectible (CNCs), the IRS will disallow your settlement to go forward if any information is inaccurate. If it's an offer in compromise, they will return or reject it. If you are applying for CNC, you can call and fill out Form 433-A with an agent. Have information ready to be faxed if they need it.
Writing false documents to hide existing assets results in paying more than what was set.
JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Why do so many professional athletes have tax problems?
We are currently working with NBA players with various tax issues in different states. These professional athletes are challenged with multi-state tax reporting and filing, having to pay taxes in places where they live and where they work. Having all their focus on the sport they participate in, it can be daunting to be knowledgeable of their federal obligations, pay taxes in 15 or 20 states, and go back and forth to different places where they practice and play.
In some cases, multiple states will want to claim the athlete as a resident for where they spend the most time. Choosing to spend the summer in California, even if the athlete is from Florida, can cost hundreds of thousands of dollars and be double taxed. Sports stars must know their tax consequences to avoid trouble with the IRS.
Talk to us at JLD Tax Resolution Group and allow us to help you solve complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Why do so many celebrities have tax problems?
On a podcast, Steve Harvey recently made a tell-all about how he owed the Internal Revenue Service a whopping $22 million. The comedian, author, and Miss Universe Pageant host shared his harrowing experience and how he worked out a payment arrangement with the IRS.
Steve is one of the many celebrities the agency loves to go after. The IRS wants to make a point that they're not giving breaks to people in the public eye and are impartial to the rich and famous.
Since most of those in the entertainment industry have a highly variable income, they can make more in a year than they did the previous year. They could have good stretches or bad stretches. So from a tax perspective, it's easy to see why many celebrities have tax problems. They live an extravagant lifestyle, and then their income changes.
This can be avoided by taking necessary precautions. If you're in the public eye – an actor, influencer, or professional athlete – it's crucial to handle your tax situation. Properly pay your estimated taxes; if you owe the IRS, proactively reach out to them to work out an arrangement.
Talk to us at JLD Tax Resolution Group and allow us to help you solve complex tax problems with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
What is IRS Form 5471?
If you are an officer, director, or shareholder of a foreign corporation, you may need to file Form 5471 to report the company's income, shares, and shareholder information. Not filing this form and not reporting your interest can lead to significant penalties. The penalties can be $30,000 a year, and hundreds of thousands, depending on how many years you have been filed, the corporation's value, and whether it has foreign bank accounts.
The IRS has voluntary disclosure programs that can allow you to avoid or reduce some of these penalties. It's really important that you get into a program before the IRS reaches out to you.
Get COMPLIANT. JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
What happens if you are not reporting your foreign bank accounts to the IRS?
If you have a bank account in a foreign country, you must report it by filing a Report of Foreign Bank and Financial Accounts (FBAR). The US government created FBAR to discover tax cheats hiding money in offshore accounts.
If you haven't filed your FBAR or submitted it late, there are violations with potentially high penalties, whether it's $10,000 or hundreds of thousands of dollars in your account and the number of years you have in the file.
The IRS has some disclosure programs that allow you to avoid penalties and, most importantly, avoid criminal prosecution. It would be best if you took advantage of these programs before the IRS reaches out to you. Otherwise, you won't be allowed to take advantage of them. The IRS goes after foreign bank account filings more aggressively than other issues. So you must resolve this if this is something that applies to you.
JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
What happens if you don't file your New Jersey sales tax returns?
Like most states, New Jersey relies heavily on their sales tax revenue for funding. If you don't file sales tax, New Jersey will assess the amount that can be wildly higher than your liability, and you can go back and file the returns and reduce that amount. Sometimes it can be lower than what the actual liability is. They can add penalties and interest, for which you can request penalty abatement or work out a payment plan.
You must look at the bill and the numbers and see if it's correct. Take action, negotiate a payment plan and get current because otherwise, you could risk your business license being revoked, voided, or considered inactive.
JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Innocent Spouse Relief: How do you qualify, and when to apply?
When married taxpayers sign a joint tax return, they attest that all the information provided is correct and are equally responsible for their declared income, potential taxes, and penalties to be owed.
In cases where one party needs to prove that they didn't sign the return, signed under duress, or were unaware of the fraud, the Innocent Spouse Rule is a consideration the IRS provides as a relief. This eases a requesting party from tax obligations due to improperly reported income filed with a current or former spouse.
Suppose you request innocent spouse relief, and the IRS determines you do not qualify. In that case, the bureau will consider if equitable relief is appropriate for you.
If you need assistance resolving erroneous joint returns, JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
Did you make a mistake on your tax return?
Have you forgotten to claim a credit or deduction?
If you left out information on your original return or forgot to include income and made errors, fix your returns with Form 1040X with the corrected version. Don't forget that it must be within three years from the date you filed your original return. You want to do this before the IRS realizes you need to file an amended return to avoid the significant charges. The IRS can hit you with a 25% penalty for underpaying taxes.
Need help filing amended tax returns? Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
What happens if you fail to file Form 941 and fail to pay your payroll taxes?
Not paying employment taxes can be the most harmful thing a business can do. The IRS considers payroll tax a trust fund penalty, and it is what the government goes after most. They deem that organizations that fail to pay payroll tax are similar to committing the act of stealing.
Employers can face huge penalties and individual liability for the person running payroll in the business. So making sure that you pay payroll taxes is extremely important.
There are also significant penalties and interest for the failure to file, failure to pay, and failure to deposit. So it would be best if you were on the proper payroll deposit schedule as well.
Have you failed to pay your payroll taxes? Allow us to help you get back on track. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
How Do You Stop An IRS Wage Garnishment?
In dealing with tax debt, you must be responsive to the IRS when they send you letters instead of freezing in shock and causing prolonged inaction.
Normally a wage garnishment happens when an IRS revenue officer is assigned to your case and finds you unresponsive in giving them options to resolve your IRS issues.
You can pay in full if it is workable, set up a payment plan, or apply for an offer in compromise. So it's crucial that you reach out, have a plan of attack, and offer them different payment options. And that's how you can resolve your case.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
How many years of filed tax returns do you need to be considered in compliance?
Taxpayers who have not filed tax returns for a long time ask us this most common question: How many years back should they file to comply with the IRS?
The general rule provided by IRS Policy Statement 5-133 states that taxpayers must file six years of back tax returns to be in good standing with the IRS. Sometimes the bureau will require more if there is an open audit or an assessment, particularly for those with larger liabilities.
Settle your tax debt and allow JLD Tax Resolution Group to assist you with unfiled tax returns and discuss options for coming into compliance with IRS filing requirements.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
What formula does the Internal Revenue Service use to determine whether or not they will accept your Offer in Compromise to settle your tax bill?
The IRS looks at your current income, assets, and liabilities and wants to see if you can pay them in full within the collection statute expiration date. If they determine that you can pay them in full, they will reject your Offer in Compromise.
It's important to do this analysis before applying to determine whether your offer will be accepted. The OIC program is not for everyone; therefore, it is best to seek advice from tax professionals to help assess if you can qualify and file that offer.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
I'm Jonathan Donenfeld, CPA and Certified Tax Resolution Specialist. Many of you are asking if the state of New Jersey has an Offer In Compromise Program. For your information, they do not have an OIC program similar to the Federal Government's, but what they have is a Closing Agreement.
The Closing Agreement is where the taxpayer can ask the state to accept a lesser payment than the total amount of the tax liability. However, it's much harder to get accepted because there are different qualifications, and not everyone qualifies. But if you owe the state of New Jersey, you should definitely pursue some of the other options like Penalty Abatement and payment plans.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
When you owe back taxes, you're often up at night, so worried that you can't sleep. You're embarrassed to tell your family, friends or even your significant other. You're afraid to pursue a relationship. You're scared to tell someone about this problem that you're having. So even though it's hurting you financially, what it does is hurt you mentally. Because you're not resting, you're thinking about other things. Instead of focusing on the important things — your job, career and relationships — it's taking away your mind power from that. Start to resolve your problem and take steps to hire a professional, and you'll feel much better. We see that all the time. People always say they feel this sigh of relief just by signing up. And then once we resolve the problem, it's like this gigantic weight has been lifted off their shoulders, and they can now buy a house, get married, and do all the things they wanted to do that they were worried about previously.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Why do so many successful business owners have tax issues? Entrepreneurs at the beginning wear so many hats. They are doing the actual work, getting the clients, doing the sales and marketing, hiring people, serving as the HR department, doing inventory, getting supplies, materials and MANY MORE. With all these tasks at hand, one thing that can easily fall behind is their taxes.
Keeping books up to date is often put aside, especially if the business owner does not know how to keep a good record. And then, when time becomes tight, and they need to file, they don't have the money to pay. What happens? This starts to create a snowball effect. It can happen one year or two years in a row, and then it becomes a 5-6 figure tax debt. So what do you need to do to resolve it going forward? You need to first come up with a plan to get everything filed and deal with your taxes prior. Most importantly, you need to develop a system to ensure that you don't fall behind.
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Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Why do many real estate agents have tax problems? There are several reasons why they find themselves behind with their books. They mostly file 1099s for commissions, referral fees and other compensations, and it will take much attention for them to get organized, be careful with deductions and file their returns.
As self-employed or independent contractors, they don't have taxes withheld from their paychecks. What happens is they go long periods without paying dues. Also, it may take a while between deals to close, and their income is variable. Lastly, and most importantly, we found that their spending level stays the same. So even though their income level changes, they're still spending the same amount, and when the time comes to pay taxes, they may not have the full amount.
Are you a real estate agent or broker needing help with your books? Save yourself time, money and energy from making tax mistakes and talk to the professionals.
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Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Does New York State have an Offer in Compromise program like the IRS? YES, the State can provide financially distressed taxpayers with the chance to settle their tax debt once considered eligible. According to the NYS Dept. of Taxation and Finance, the following taxpayers can qualify to apply for an offer in compromise:
- Individuals and businesses discharged from bankruptcy
- Individuals and businesses that are insolvent (liabilities, including tax liabilities, exceed the fair market value of assets)
- Individuals (not businesses) for whom paying the debt in full would cause undue economic hardship.
It has different qualifications, and although similar, you need to submit a proposal. You need to show New York state that you can't pay them back in full, and you need to be in compliance.
See https://www.tax.ny.gov/pdf/publications/multi/pub220.pdf
for more details and instructions.
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Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
What are the main causes of an IRS audit?
First and foremost, the IRS looks for out of line factors. They can be based on industry standards, income-based standards or even based on your area. So if they think your deductions are too high for your business, are too high for your income, or if they believe that you're in a cash related business where you have a lot of cash receipts, and you're underreporting your income — these are all things that could make the IRS decide to audit common deductions. Our meals and entertainment travel, charity, or high medical expenses are the main ones, but it could be anything.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Why do so many doctors and medical professionals have tax problems?
We found a number of people in the medical field are not always on salary — they are either on a contract basis or self-employed.
First, they're not having taxes withheld from their check.
Second, their income is variable; they get paid based on procedures and on the number of patients they receive, so that it can change every month, depending on their schedule.
Lastly, many doctors are waiting to be paid by insurance, so they have a cash flow issue because they're seeing patients, submitting insurance claims, and then waiting to be paid out by the insurance, and sometimes that can be delayed. And while that's going on, they still have their regular expenses. These are the main issues that doctors deal with that affect them and make them fall behind on their taxes.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Are you a real estate broker? Quickly go by these few pointers and see if your tax deductions are in place. Make sure you're subtracting your advertising and marketing costs, your mileage for all your business trips, meals, and entertainment expenses. What additional supplies have you incurred, like buying new computers for your home office? And lastly, depending on how much you make, it may make sense to set yourself up as an S-corporation and save on self-employment taxes.
Subscribe and watch my latest YouTube content: https://www.youtube.com/channel/UC2M0aPph4RArTRXqvB_R77A
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
We LOVE helping our clients WIN!
We successfully helped a small business owner in the New York City area who owed the IRS over $60,000, most of it with interest and penalties. Such a tax burden could shut down our client's business. We reduced it to $6,000, eliminating the trouble of losing his capacity to support his family.
Our client was overjoyed, and we're delighted as well that he doesn't have this heavy burden going on over his business in the future.
How did we do it? Watch my video Tax Resolution Success Story on YouTube. ▶️ https://youtu.be/WSa-N2_Gl3U
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with Jonathan Donenfeld at 201-479-2572 or visit us at www.201tax.com.
What is an Offer In Compromise? (OIC)
You can apply for an Offer in Compromise with the IRS to prove to them that:
(1) You're in compliance
(2) You filed all outstanding tax returns
(3) You've made estimated payments for your current liability
(4) Based on your current income, expenses and your current equity in assets, you can't pay your liability in full. THEREFORE, an OIC is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the total amount owed.
You must go over with a trained professional and work through whether or not you qualify. If you apply and they see that you have assets like a house and you could take equity out and pay them back, they'll keep your down payment and application fee even if your application fails. It will cost you more money for applying and not being successful.
Learn more and schedule your free consultation with Jonathan.
https://201tax.com/
Suppose you know that you are not liable for your former spouse or current spouse's tax liability; you may qualify for the Innocent Spouse Relief.
There are several types, but the key thing to realize is that you agree to the whole liability when you sign a joint tax return. For example, if you file a tax return and you owe $50K, but you weren't working, your spouse is working, you are signing that tax return, you're agreeing to it and saying that you're liable for that amount.
In requesting for Innocent Spouse Relief, you have to prove that you didn't sign, didn't have education or knowledge to understand what you were signing, or it's not realistic that you could ever pay that tax back because you were not working and the income was based on your spouse. It can be a tricky situation applying for Innocent Spouse. Meet with professionals who know all of the options and know whether or not you qualify.
Learn in this episode about Innocent Spouse Relief with Jonathan Donenfeld, CPA, MSA.
IRS Back Tax Forgiveness: Fresh Start Program
I'm Jonathan Donenfeld, a CPA and Certified Tax Resolution Specialist. We get a lot of calls asking what the Fresh Start Program is, how to settle back taxes and how they're related.
The Fresh Start Program is an initiative that the IRS has made. They did it about 20 years ago to try to help people settle their back taxes. They created and enhanced their programs like Offer In Compromise Program (OIC), Partial Pay Installment Agreement (PPIA), Currently Not Collectible (CNC) and Penalty Abatement.
This was an initiative to create programs for the IRS to allow people to settle their back tax debt for less than the full amount.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
How to Pay Off Your IRS Tax Debt for Less. These are several options so that you could potentially NOT pay your tax debt in full.
✔️ Offer In Compromise Program (OIC)
✔️ Partial Pay Installment Agreement (PPIA)
✔️ Currently Not Collectible (CNC)
✔️ Penalty Abatement
Depending on your financial situation, the amount of the tax debt, the potential collection statute expiration date, and your financial goals — it's important that you go through these considerations with your representative and make sure you choose the best option for yourself.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
If you owe the IRS money, they're going to start sending you a series of levies; usually, after the third one, you're going to get a notice of Intent to Levy. The IRS is saying that you have not responded to them or haven't made an effort to pay your tax debt. In that case, they are going to pursue what's called a bank levy. They're going to send a letter to your bank saying that they will seize the funds in the bank to use it to pay off your tax debt. So in these situations, there's a small timeframe up to 30 days where you can file a CDP hearing, an equivalency hearing to stop the collections. Potentially, you can set up an installment agreement during this time.
Suppose a revenue officer is assigned to your case. In that case, you need to reach out to the revenue officer, and you may need to submit a financial disclosure to the revenue officer. That's usually for a larger tax debt or tax. That's where the person has been non-compliant and unresponsive for a longer time. But regardless, a notice of intent to levy is very serious. It would help if you took action right away because the IRS can seize money from your bank accounts, and you can wake up one day, and your funds will be gone.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
To get out of IRS Tax Debt, you must first get into compliance and file all outstanding tax returns. Based on your current financial situation, there are several options that we can talk about and will cover in this episode. The main thing is getting in compliance, meeting with the professional, and going through your options to see what you qualify for.
Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.
Can't Pay Your Taxes? Set Up An Installment Agreement with the IRS.
The IRS has several different types of installment agreements that you can set up, and it all depends on what you're able to pay and what you want to pay in your current financial situation.
If you're settling in full, that means you have the income and the equity in your assets to pay your taxes. You're going to be paying what is called the Streamlined Installment Agreement.
If you're unable to pay in full, go for the Partial Pay Installment agreement, an income-based program. You're going to be submitting a financial application to the IRS with Forms 433-A and 433-B, and you're showing how much you can pay. The good thing about the Partial Pay Installment is that your tax may expire, and you may not pay the total amount. So that's an option many people are unaware of and something you should definitely see if you qualify for.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with Jonathan Donenfeld at 201-479-2572 or visit us at www.201tax.com.
If you ever received notice from the IRS, it's imperative to be very responsive and make sure you're providing the necessary documentation. The IRS agents get judged based on the time that they spend on an engagement. So if you are not responsive and you are causing them to miss their deadlines, they get more challenging to deal with.
Also, you want to make sure you provide as much documentation for your expenses as possible. When you submit your information, make it extremely easy for the agent to review it and give them the least amount of work possible. The least amount of work you give them makes their job easier and makes them more friendly and more likely to review everything, and allows you to get expenses included in an audit.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with Jonathan Donenfeld at 201-479-2572 or visit us at www.jldtax.com.
The Offer In Compromise (OIC) program that the IRS has allows you to potentially settle your IRS tax debt for less than the full amount you owe. What you do is propose to the IRS a monthly payment amount for five months or up to 24 months. And the amount you offer is based on your assets and your monthly income.
They will look at your money in your bank accounts, how much money you're making, your monthly expenses, and if you own a home. Depending on where you live and your family situation, you're allowed a different amount of costs. If you have a particular situation like special medical expenses that are required or children that have special expenses, they may allow that, provided that you have documentation.
They also take into account how old your debt is. The IRS only has a certain time frame to collect your tax debt. So the older it is, the better chance you have of getting the offer in compromise accepted. This can be a great way to settle a large tax debt for a lot less than you owe. The OIC program has allowed us to save our clients hundreds of thousands of dollars.
The IRS has a variety of payment plan arrangements that you can make. One of the best ones is called the Partial Payment Installment Agreement. This allows you to pay your tax debt for less than the full amount owed. It's very similar to the Offer In Compromise. What's different is that the IRS won't take into account your assets. So this is an excellent plan for someone with a lower monthly income, but they have assets like a home or retirement account. The IRS will only look at your monthly income and the expiration of the tax debt. So they'll allow you to make a payment on a monthly basis until the tax debt expires for under the full amount.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with JLD Tax and call us at 201-479-2572 or visit us at www.jldtax.com.
When you file a joint tax return, both spouses are liable for the taxes due, and it doesn't matter who earned what money for one of the spouses to get out of that liability.
You need to prove "Innocent Spouse" to achieve tax relief.
There are several ways you can do this.
One is by proving that the other spouse did something illegal or erroneous, and you did not know.
Second, establishing that you did not sign the return, that you never met the tax preparer and that they signed it for you. The third is proving physical or mental abuse and that you had no option but to sign the tax return.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with JLD Tax and call us at 201-479-2572 or visit us at www.jldtax.com.
If you don't file your tax return or pay on time, the IRS will issue significant penalties, up to 25% for failure to file and up to 25% for failure to pay plus interest. If your tax debt is several years old, sometimes the penalties and interest can be an additional 50% of the actual tax liability.
So there are ways to get this removed. If you haven't had a penalty or filed all of your necessary returns for the previous three years, you will most likely qualify for a First Time Penalty Abatement. There are also ways to remove accuracy penalties if you file a return with an inaccurate amount of liability. The IRS may issue a 20% penalty. In that case, there's a reasonable cause, like if it was a tax preparer's fault or if there was a death. There are several other reasons and other ways to get the accuracy penalty waived. Just because the IRS issued a penalty doesn't mean that it's correct and doesn't mean that it can't be removed. So you should speak with a professional to analyze your account to see if you qualify.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with JLD Tax and call us at 201-479-2572 or visit us at www.jldtax.com.
When the IRS audits you and appeals to tax court, it doesn't automatically go to tax court but to an IRS settlement officer.
This is a crucial distinction.
Going to a settlement office or someone more likely to resolve the case will give a proposal or maybe meet you halfway.
So it's a great way to save money on an audit.
Often, people just want to pay the notice or think there are no other options.
But by taking this next step, you can save yourself potentially thousands of dollars.
Let us help you solve your tax problems so you can sleep better at night. Schedule your free consultation with JLD Tax and call us at 201-479-2572.