Prospective ways to make an Offer in Compromise 27 November 2012 by Mitch Helfer

The IRS or Internal Revenue Service launched the Offer in Compromise program for the best interest of the government and the taxpayer. It supports voluntary agreement with potential tax payments and filing necessities. If you owe taxes that you won’t be able to pay either in a single disbursement or in installments, see if you qualify for an Offer in... Read More

IRS Audits of QuickBooks Users 27 November 2012 by Mitch Helfer

Companies using QuickBooks, Peachtree or other popular accounting software have greater risk in IRS audits, or IRS examinations than ever before. Previous IRS Examination Procedures Previous to new IRS procedures, IRS examinations of Company records would generally be limited to the year of the examination. Prior year summary accounting information (income, expenses, assets, liabilities and equity by major classification) would... Read More

Do You Make Over $200,000? Avoid Getting Hit With the 3.8% Medicare Surtax 27 November 2012 by Mitch Helfer

Back in 2010,  Congress enacted a 3.8% surtax to cover the cost of health care reform that takes effect in 2013 no matter what lawmakers do on the Bush tax cuts.  The betting right now is that this will not be delayed when Congress agrees to extend the expiring tax breaks.  So as you contemplate our year-end tax planning, keep... Read More

The Real Cost of Tax Preparation 27 November 2012 by Mitch Helfer

A really funny thing happened to me today in a tax audit. I’m a CPA who does much of his work solving IRS problems most any day of the week. Our firm represents taxpayers with tax problems before the IRS whether its correcting tax returns, settling back tax problems or representing taxpayers in an IRS audit. Today, I was representing... Read More

New Voluntary Disclosure of Offshore Accounts 27 November 2012 by Mitch Helfer

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline IR-2011-14, Feb. 8, 2011 WASHINGTON — The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary... Read More