IRS Settlement Deadline Approaches
Filed Under Tax News, Taxpayer Rights | Leave a Comment
Have you been naughty boy or girl with your tax??
Well here’s a chance to get it off your chest with a discount because the IRS has given taxpayers until Jan. 23, 2006 to file an election to take part in the global settlement program.
“This is a last-chance opportunity for taxpayers to put these deals behind them,†said IRS Commissioner Mark W. Everson. “A recent tax law change involving interest calculation gives taxpayers an even bigger incentive to come forward.â€
The settlement program covers 21 transactions consisting of both listed and non-listed transactions. With the exception of applicable penalties, which vary depending on the level of abusiveness, the settlement terms are identical for all 21 transactions. Details on the covered transactions as well as the settlement terms can be found in Announcement 2005-80 and FS-2005-17.
This settlement initiative allows taxpayers the opportunity to quickly and efficiently close out a wide range of abusive transactions.
Those taxpayers, who may be tempted to bypass the settlement program, should not expect to receive a better offer in Appeals than the initiative terms and they may, in fact, see a less favorable outcome.â€
Taxpayers who bypass the settlement initiative and go to Appeals will not qualify for this exception but will incur the full interest charge on their tax deficiencies.
So here’s a last chance to clean up your tax with lower interest penalties - sounds too good to miss!
Learn more about tax at www.taxassistonline.com
Help From The IRS
Filed Under Tax Help & Assistance, Tax News, Uncategorized | Leave a Comment
There is a department in the IRS that is designed to help you - it’s called the Taxpayer Advocate Service.
This is an IRS program that provides an independent system to assure any tax problems you have, which have not been resolved through normal channels, are promptly and fairly handled.
The National Taxpayer Advocate, Nina Olson, heads the program. Each state and campus has at least one local Taxpayer Advocate, who is independent of the local IRS office and reports directly to the National Taxpayer Advocate.
The goals of the Taxpayer Advocate Service are to protect individual and business taxpayer rights and to reduce taxpayer burden. The Taxpayer Advocate independently represents your interests and concerns within the IRS.
This is accomplished by:
- Ensuring that taxpayer problems which have not been resolved through normal channels, are promptly and fairly handled;
- Identifying issues that increase burden or create problems for taxpayers:
- Bringing those issues to the attention of IRS management and making legislative proposals where necessary.
Who may use the Taxpayer Advocate Service?
Generally, the Taxpayer Advocate Service can help if, as a result of the administration of the tax laws, you:
- Are suffering, or are about to suffer, a significant hardship;
- Are facing an immediate threat of adverse action;
- Will incur significant cost (including fees for professional representation);
- Will suffer irreparable injury or long-term adverse impact;
- Have experienced a delay of more than 30 days to resolve the issue; or
- Have not received a response or resolution by the date promised.
If you have an ongoing issue with the IRS that has not been resolved through normal processes, or you have suffered, or are about to suffer a significant hardship as a result of the administration of the tax laws, contact the Taxpayer Advocate Service toll-free telephone number: 1-877-777-4778.
Note: The Taxpayer Advocate Service is not a substitute for established IRS procedures or the formal Appeals process. The Taxpayer Advocate Service cannot reverse legal or technical tax determinations.
Find out more about tax assistance at www.taxassistonline.com.











