Reports about the new overtime rules have been scattered across news outlets and social media. But what exactly is changing? And how will it affect small business owners (and their employees)? Read on to learn more and to see what you’ll need to do to prepare.
Carly* was overwhelmed. She found herself owing over $32,000 in back taxes, penalties, and fees to the IRS. She feared the destruction to her personal credit that a tax lien would cause, and she couldn’t handle the loss of income she’d face if the IRS decided to garnish her wages.
Unfortunately, the term “debt relief” has become synonymous with scams. There are a multitude of companies – dealing in tax debt relief and in debt consolidation – that have taken advantage of consumers by over-promising and under-delivering.
While the number of small businesses continues to shrink, much of it due to astronomical taxes and other fees, tax protections and loopholes for big corporations continue to go unchecked. Between 2008 through 2012, corporations have paid an average of 14 percent of profits in taxes.
A report shows less than half of taxpayers know they have rights before the IRS. Direct Tax Relief assists clients that have audits or balances due with the IRS and educate them on their taxpayer's rights
The Internal Revenue Service Data Book (Publication 55B issued March, 2013) for the Fiscal Year, 2012 noted that for the fiscal year (October 1, 2011, through September 30, 2012) the number of offers submitted rose 8% from 59,000 in the fiscal year 2011 to 64,000 for the fiscal year 2012.
Many taxpayers that are new to self-employment don’t have the proper guidance from their accountant or CPA and incur a large tax liability when it’s time to file their tax return.
An Offer in Compromise is a formal agreement between a taxpayer and the IRS that settles the taxpayer’s debt for less than the full amount owed.
Direct Tax Relief can successfully negotiate with the Internal Revenue Service (IRS) to have penalties removed from your account. The Internal Revenue Code allows penalties and the associated interest to be abated by the IRS if the taxpayer can show reasonable cause.
One of the main functions of the IRS is to assess and collect all federal income taxes due. The IRS has substantial authority and power that was given to it by Congress to carry out its goals.
