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Protect Yourself

8/9/20161:42 AM(View: 13157)
Protect Yourself

With the recent 2008 recession, large Federal deficit, and multiple states on the brink of bankruptcy, many tax authorities have increased their efforts to collect unpaid taxes. Not surprisingly, there has been an increase of tax settlement companies that have flourished. Unfortunately, many of these companies (eg.TaxMasters, JK Harris, and American Tax Relief) have also been closed down by the state authorities or FTC due to their deceptive advertising claims and practices.

To avoid being misled, make sure you initially consult a qualified tax attorney, certified public accountant, or enrolled agent and NOT a "salesperson", "tax analyst", or "case manager". Many companies will promise to reduce your tax liability and lead you to believe that they are "negotiating" with the IRS and state authorities. However, the IRS should not be perceived as a street vendor who can be negotiated with. The Taxperts' goal is to provide our clients with an affordable payment plan to help settle and/or reduce their tax debt by using applicable tax laws and legal actions.

Most tax resolution firms will offer free consultations. However, taxpayers should be aware who their consultations are with. Many of these firms use “boiler rooms”, or salespeople with fictitious titles such as “tax analyst”, “case manager”, …
To help struggling taxpayers settle their debt during these tough economic time, the IRS initiated the Fresh Start Program which implements policy changes to penalty abatements, Offers in Compromise, installments agreements, and...
With unpaid taxes, the IRS will attach a tax lien to your assets. The tax lien can be “released”; however, the history of the tax lien will cripple your credit score for seven years. A “withdrawal” will expunge it from record as if it never happened…
Here are some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Keep the following in mind when you sell your home.