Atlanta Tax Resolution Co

Options for addressing Back Taxes with the IRS File for Currently Not Collectible If you simply don’t have the means to pay what you owe, Currently Not Collect...ible status is what you need to file. Instead of trying to avoid the IRS, you tell them up-front that you’re not in a position to pay. They will review your financial situation, so you must provide proof that your household income is only enough to cover basic living expenses. Set up an Installment Agreement Installment Agreements are the most common way to pay back taxes to the IRS. You can use an IA to pay back one or more years of back taxes in a single payment plan. The total amount of back taxes you owe is divided into monthly payments set over a certain term. You negotiate with the IRS to determine how much you can afford to pay each month. It’s in your best interest to make the payments as big as possible so you can eliminate the back taxes as quickly as possible. Penalties and interest assessments don’t stop just because you agree to pay the IRS back. Even as you make payments, new penalties are assessed each month that you have an outstanding balance. Make an Offer in Compromise An Offer in Compromise is the IRS’ version of a tax debt settlement plan. With an IA you repay everything you owe. With an OIC, you pay a portion of what you owe in exchange for a discharge of the remaining balance. Ask for Penalty Abatement If you had a good reason why you didn’t file or didn’t pay what you owed when you filed, then you can apply for penalty abatement. This doesn’t reduce the back taxes you owe, but it minimizes the penalties applied to that debt. The IRS will either reduce or remove penalties if you’re approved for penalty abatement. Atlanta Tax Resolution services can help you find the best way. Let us know if you liked the post. That’s the only way we can improve. Phone: 404-585-1040

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List of events that can impact your Tax Liability: Getting married or divorced, or becoming widowed Changing jobs or your spouse starting to work Having a substantial increase or decrease in income Having a substantial gain from the sale of stocks or bonds... Buying or selling a rental property Starting, acquiring, or selling a business Buying or selling a main or vacation home Retiring or going to retire this year Being the beneficiary of an inheritance Giving birth to or adopting a child Making significant business purchases Having substantial investment income or gains from the sale of investment assets Making unplanned withdrawals from an IRA or pension plan We are here to help! If you have any tax questions or considering opening a business, buying a home or cashing out your 401k, please call us at 404-585-1040 for phone or in person tax consultation. atltaxcpa.com See more

8 Common Life Events That Affect Your Taxes Introduction If one thing in life is certain, it's that your taxes will never stay static. Events in your own life as well as frequent adjustments by legislation can be cause for either increasing or decreasing your taxes. Here are a few life examples that can significantly adjust your tax outcome....Continue reading

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A Broward County, Florida, father and daughter claimed the government owed them $175 million in tax refunds on their lottery winnings. The IRS paid them $3.4 million before the agency realized the pair had never purchased a winning ticket, prosecutors say. Court documents allege that Danielle Takeila Edmonson, 35, of Boynton, and Kenneth Roger Edmonson, 51, of Oakland Park, began filing a series of bogus tax returns in 2015. That year, prosecutors allege, Danielle Edmonson cl...aimed an unspecified amount of lottery winnings, and managed to get the IRS to pay her $239,700. With her allegedly ill-gotten refunds, Danielle Edmonson bought a BMW and took out $60,000 from the bank in cash. The following year, the woman - who court filings describe as a master's in business graduate - decided to ask the IRS to pay her over $80 million in returns on over $141 million of supposed income. "Your demand has no legal validity and is not payable through any federal agency," the IRS replied in a letter quoted in court documents. "Your scheme appears to be akin to a fraud." But the revenue service's remonstrance didn't slow Dainelle Edmonson. The following year, 2016, she got almost $2.5 million out of the agency in what prosecutors allege are fraudulent filings. And the following year, 2017, she asked for $9 million. Court documents explain that the IRS paid her father three quarters of a million dollars in 2018 in what prosecutors allege was a similar scheme. Agents for the IRS raided Kenneth Edmonson's home in March 2018, but the raid did not apparently keep him from filing a second fraudulent amended return soon after, according to the allegations in court documents. The fez-wearing man was held in contempt of court on Monday morning, and he and his daughter listened in to jury selection by video conference after being removed from the courtroom by U.S. Marshals. If convicted, the father-daughter pair face a maximum sentence of 20 years in prison each for mail fraud, and five years in prison for lying on government filings. Opening arguments in the jury trial are scheduled for Tuesday afternoon, and the trial is expected to last three days. What amazes me is not only the brazen filings of the father and daughter but that they were able to secure over seven million dollars in refunds from the IRS. There is never a reason to cheat on your taxes, the IRS gives you hundreds of legal ways to obtain large refunds.

Most over the road truck drivers don’t fully understand what accountants really do. That’s okay, because most accountants don’t know how to drive a truck. So working together to maximize both areas of expertise can be a real benefit. At Atlanta Tax Resolution we work exclusively with the Trucking industry. We will keep track of your revenues and expenses and prepare financial statements so you can be more profitable when you file your over the road Tax return. Do you know why... most successful businesses work with an accountant? It is to ensure that their business is running effectively. There are many reasons to team up with an experienced Trucking Accountant. We can help you establish a budget which will help put more money in your pocket. Atlanta Tax Resolution Phone: 404-585-1040 www.atlantataxresolution.com

Across the country, the Tax and Accounting office of Nicholas Trishin, CPA and his Certified QuickBooks advisers and Enroll Agents has helped owner operators, over-the-road commercial drivers, and small emerging trucking companies with their specific accounting, Tax and consulting service needs. Besides his dedication to the truck driving industry, he serves as a strong advocate in successfully resolving IRS and state tax debt resolutions and audits. www.atlantataxresolution.com P: 404-585-1040

Tax Problems Resolution for Truckers. Comply with Tax Law and Pay Less Legally! 404-585-1040. www.atlantataxresolution.com

Truck drivers and owners- Running a long-distance or local trucking company has its own unique set of financial and operational issues. Our experience with general freight companies, for-hire carriers, and independent owner-operators can help you with better financial information which can lead to better decision-making. www.atltaxcpa.com P:404-585-1040

We are Tax consultants to: Truck drivers big or small rigs Fleet owners Truck stop owners and employees... Dock crews and managers Fuel stop owners Big rig mechanics No matter how much or how little time you have to devote to minimizing your Tax obligations, we are ready to Help you. Call us at 404-585-1040 www.atlantataxresolution.com