Business Strategy

  • Part I: Representation- Questions from the IRS

    © Ben A. Tallman EA  If you think about the characteristics and skills that separate Circular 230 Practitioners from the rest of the tax industry; representation is near the top of the list.  Even if you are not credentialed, you still have the right to represent your client in the initial examination or audit of…

  • Payday Loans and Tax Preparers

     Each year, 12 million borrowers spend approximately $7.4 billion on payday loans.  But the payday lenders have come under growing scrutiny in recent years, as regulators and think tanks such as the Pew Charitable Trust consider the impact of such loans on low-income families.  Pew has released a series of research reports on payday loans, focusing…

  • The IRS Office of Appeals

    People sometimes disagree on tax matters, and the decision of a tax examiner may not always be the final word.  For this reason, the Internal Revenue Service created an independent appeal system that seeks to settle differences without going to court.  Every year, this Office of Appeals helps over 100,000 taxpayers resolve their tax disputes. …

  • 10 Rules for Filing an Amended Tax Return

    As of the 18th of April, the IRS had received more than 131 million returns, of which 88 percent were e-filed.  The agency projects that almost five million taxpayers, however, will need to file an amended return during 2014.  The reasons for an amended return can vary widely – an error in the original return,…

  • If the Customer Can’t Pay The Tax VI If You Receive an IRS Notice, Here’s What to Do

    Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the IRS: Don’t panic. Follow the instructions in the letter. There are many reasons the IRS…

  • If the Customer Can’t Pay the Taxes III-The Collection Process

    If you do not pay in full when you file your tax return, you will receive written notice of the amount you owe, a bill. This bill starts the IRS collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time…

  • If The Customer Can’t Pay The Tax – Part II

     Offer in Compromise  An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible…

  • If the Customer Can’t Pay The Tax – Part I

    There are several different payment programs available for taxpayers who cannot pay the taxes owed by April 15.  Because any balance due is subject to interest and a monthly late payment penalty, it is in the customer’s best interest to pay in full as soon as possible to minimize the additional charges. Penalties are also…

  • The ABCs of Late IRS Payments

    The complexity of the tax laws and the fact that they change from year to year makes it inevitable that some clients will be unable to pay some or all of their bills to the Internal Revenue Service.  Others may be able to afford the bill, but need more time to complete the return or…

  • The Windows 8-back-to-Windows-7 Update Arrives

      So Microsoft announces the end of support for the one-third of the computing world that still uses Windows XP…and magically announces that on the same date they will release an update to Windows 8 that makes it look and work almost exactly like Windows 7.  Along with a hint that they may give the…