http://advancedtaxsolutions.com/ Advanced Tax Solutions - Blog RSS Feed 2.0 en-us Mon, 06 Apr 2026 04:06:20 GMT Mon, 06 Apr 2026 04:06:20 GMT http://advancedtaxsolutions.com/blog/16097/-New-Year--New-Start--How-to-Get-Ahead-of-the-IRS-in-2026--And-How-Advanced-Tax-Solutions-Can-Help-You-Do-It-the-Right-Way- blog As we step into 2026, millions of Americans are setting goals to improve their finances, reduce stress, and create more stability. But for many, there is one issue that follows them into every new year: IRS debt. If you are entering 2026 with unfiled tax returns, past-due balances, unpaid notices, or concerns about IRS enforcement, you are not alone. The good news is that the beginning of a new year is one of the most strategic times to finally resolve your tax problems. The IRS restarts automated systems in January, notices begin generating again, and enforcement often resumes as the agency works through backlogs from the holidays. Acting early in the year gives you a significant advantage. With professional guidance, 2026 can be the year you regain control.   Why January Is One of the Most Important Months for Tax Debt The IRS operates on predictable cycles, and early January is when activity increases significantly. Here is what you can expect: 1. A Surge in IRS Notices CP14 balance-due notices, CP501 reminders, CP504 levy warnings, and Final Notices often begin issuing in larger volumes as systems reset. 2. Wage Garnishments and Levies Often Resume If your case was delayed during year-end or the shutdown period, enforced collections can begin again in Q1. 3. Tax Season Begins, but Collections Do Not Pause Even during filing season, the IRS continues its collection efforts. Taxpayers who wait until February or March often face longer delays and fewer resolution options. 4. Early Action Leads to Better Outcomes Starting the resolution process in January typically results in more flexible payment options, reduced risk of enforcement, and better overall outcomes.   Why 2026 Is the Right Time to Resolve Your IRS Issues The start of a new year brings a fresh financial slate. You have access to year-end statements, updated income information, and a clear window to resolve tax issues before the IRS systems escalate notices or enforcement. Addressing tax debt early in the year gives you: A chance to fix issues before additional notices arrive Time to prepare and file old or missing returns The ability to negotiate before tax season overwhelms the IRS Control over your situation instead of reacting under pressure Taking action now can prevent unnecessary penalties, interest, and enforced collections.   How Advanced Tax Solutions Helps You Start 2026 Strong Whether you are dealing with IRS notices, back taxes, unfiled returns, or the threat of wage garnishment, you need more than a basic tax preparer. You need a tax resolution specialist. Advanced Tax Solutions provides comprehensive support to taxpayers nationwide.   1. Full IRS Account Review With No Pressure to Sign Up Advanced Tax Solutions provides a detailed review of your IRS situation without sales pressure. You will learn: What you owe Why you owe it Which notices matter most What the IRS can legally do next What realistic resolution options look like You receive clear, honest information before making any decision.   2. Completion and Correction of Unfiled or Incorrect Returns Nothing progresses until your tax filings are compliant. Advanced Tax Solutions prepares and submits past-due returns accurately and strategically. This often leads to: Reduced tax balances Correction of IRS errors Removal or adjustment of substitute returns Improved eligibility for relief programs   3. Protection From Wage Garnishments, Levies, and Liens If you are at risk of enforcement, Advanced Tax Solutions acts quickly to help protect: Your paycheck Your bank accounts Your property Your business assets The team handles direct communication with the IRS to stop or prevent enforced collection activity.   4. Skilled Negotiation of IRS Relief Programs Advanced Tax Solutions negotiates and handles all available relief options, including: Installment agreements Offers in Compromise Penalty abatement Currently Not Collectible status Appeals for levy and lien notices These resolutions require specialized experience and are not services that basic tax preparers typically offer.   5. Guidance to Prevent Future Tax Problems Advanced Tax Solutions provides proactive strategies to help you stay compliant and avoid recurring issues. This includes withholding planning, estimated tax guidance, and long-term financial stability planning.   Why Taxpayers Choose Advanced Tax Solutions Over National Chains Advanced Tax Solutions stands apart from national 1-800 "tax relief" companies in several key ways: Experience That Matters Over 30 years in business and more than 50 years of combined tax resolution experience. Transparency and Integrity Clear pricing, clear communication, and complete honesty about your options and likely outcomes. No High-Pressure Sales Tactics You will never be pushed into signing the same day. You are encouraged to think it over and decide when you are ready. Direct Access to Real Tax Professionals Your case is handled by experienced specialists, not call-center salespeople. Nationwide Service Although headquartered in Colorado, Advanced Tax Solutions supports clients in all 50 states. A Reputation That Speaks for Itself No complaints, no lawsuits, no scandals — just decades of ethical and effective tax resolution work.   Make 2026 the Year You Resolve Your Tax Problems for Good Tax issues become more stressful the longer you wait. Addressing them early in the year gives you the best chance of success. If you are starting 2026 with IRS notices, past-due returns, back taxes, or the threat of enforced collections, now is the time to take control. Advanced Tax Solutions will help you: Understand your IRS situation Protect your income and assets Stop aggressive IRS actions Resolve your tax debt Create a plan for long-term compliance Contact Advanced Tax Solutions today for a confidential, no-pressure consultation. Begin 2026 with clarity, confidence, and a trustworthy partner committed to your financial peace of mind.   Mon, 08 Dec 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/16097/-New-Year--New-Start--How-to-Get-Ahead-of-the-IRS-in-2026--And-How-Advanced-Tax-Solutions-Can-Help-You-Do-It-the-Right-Way- http://advancedtaxsolutions.com/blog/15001/The-IRS-CP2000--When-Your-Tax-Return-Gets-a-Second-Look blog Has an official-looking envelope from the IRS containing a CP2000 notice just landed in your mailbox? Before panic sets in, take a deep breath. While correspondence from the tax authority rarely brings joy, a CP2000 isn't necessarily bad news. This notice is actually one of the most common communications the IRS sends out each year to millions of taxpayers. What Exactly Is a CP2000 Notice? The CP2000, formally titled "Notice of Proposed Adjustment for Underpayment/Overpayment," is essentially the IRS's way of saying, "We think there might be a mismatch between what you reported on your tax return and what others told us about your income." This notice is generated when the IRS's automated system detects discrepancies between the income you reported and information submitted by third parties like: Your employer (via W-2 forms) Banks and financial institutions (via 1099-INT forms) Investment companies (via 1099-DIV or 1099-B forms) Gig economy platforms (via 1099-K forms) Other income sources (via various 1099 forms) Importantly, a CP2000 is not an audit. It's simply a proposal that something might need adjustment on your return. Strategic Steps to Take When You Receive a CP2000 1. Don't Ignore It, Don't Panic The worst response is no response. The IRS gives you a specific timeframe to address the notice (typically 30 days), and ignoring it only leads to automatic assessment of the proposed changes, along with additional penalties and interest. 2. Compare the Details Carefully Line up the CP2000 with your tax return and supporting documents. The discrepancy could be as simple as a forgotten 1099 from a small investment account or as complex as incorrectly reported stock transactions. Sometimes, the information the IRS received was incorrect, not your return. 3. Evaluate Your Response Options The CP2000 gives you three main options: Agree completely with the proposed changes Disagree partially and provide documentation for disputed items Disagree completely and provide comprehensive evidence supporting your position 4. Gather Your Supporting Evidence If you're disagreeing with any part of the notice, documentation is your best friend. This might include: Missing tax forms Proof of reported income Evidence of deductions claimed ●     Documentation showing the third-party information is incorrect 5. Draft a Clear, Concise Response Your response should reference the specific items you're addressing and include copies (never originals) of your supporting documentation. Remember to include the response form that came with your notice. 6. Consider Professional Representation At Advanced Tax Solutions, we've helped hundreds of clients navigate CP2000 notices successfully. The complexity of tax law often makes professional representation the most cost-effective approach, especially when substantial amounts are at stake. The Hidden Opportunities in a CP2000 Interestingly, not every CP2000 results in additional tax owed. In some cases, our review process has uncovered: Deductions that were missed on the original return Credits that weren't claimed Reporting errors that, when corrected, actually result in refunds Why Timing Matters The 30-day response window moves quickly. Each day of delay can limit your options and potentially increase your financial exposure. At Advanced Tax Solutions, we can quickly analyze your situation and formulate the optimal response strategy. The Path Forward Receiving a CP2000 notice doesn't mean you've done anything wrong – tax reporting is complex, and discrepancies are common. What matters most is how you respond to protect your financial interests and resolve the matter correctly. Our team of tax resolution specialists has decades of combined experience handling CP2000 notices. We understand the nuances of these cases and can guide you through the process with confidence. Don't let a CP2000 notice cause unnecessary stress or financial damage. Contact Advanced Tax Solutions today for a free consultation and put our expertise to work for you.     Thu, 03 Apr 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/15001/The-IRS-CP2000--When-Your-Tax-Return-Gets-a-Second-Look http://advancedtaxsolutions.com/blog/15000/When-the-IRS-Marks-You-for-Collection--Understanding-the-CP504 blog Opening your mailbox to find a CP504 Notice of Intent to Levy means one thing: you've moved from the IRS's "gentle reminder" phase to their active collection target list. This critical notice signals a turning point in your tax situation. While the clock is ticking, you still have valuable options—but only if you act promptly. The strategic approach is two-fold: first, attempt to resolve the issue directly while you still can. If that doesn't yield an acceptable solution, you'll have another opportunity when the next notice arrives with formal appeal rights. This two-step approach gives you maximum leverage. Wait too long, however, and you'll find yourself with just one final chance in the appeals process—succeed or face immediate collection actions. Should you miss that final appeal window, the IRS wastes no time. They'll begin seizing funds directly from your paycheck and bank accounts without further warning. The moment to address this situation is right now, not tomorrow. Hundreds of taxpayers in your situation have found relief through our specialized services. Don't face this challenge alone—contact our office today for expert guidance through this complex process.   What Does a CP504 Notice Mean? The Notice CP504 (also referred to as the Final Notice) is mailed to you because the IRS has not received payment of your unpaid balance. This notice tells you: How much you owe, including additional penalties and interest When payment is due How to pay before further collection action takes place This notice is your Notice of Intent to Levy (Internal Revenue Code Section 6331 (d)). If the IRS does not receive the amount due within 30 days from the date of this notice, the IRS can levy your state tax refund. The IRS may also serve a Disqualified Employment Tax Levy or a Federal Contractor Levy, as explained in Publication 594, "The IRS Collection Process." In most other situations, before the IRS issues a levy on your property or rights to property, they will send you a notice that gives you the opportunity to request a Collection Due Process (CDP) hearing, unless you have already received one. Serious Consequences of Ignoring a CP504 If you choose not to respond to the Notice CP504, the IRS may send you a collection notice requiring payment with your right to request a Collection Due Process hearing (your appeal rights via a Notice of Intent to Levy and Your Notice of a Right to a Hearing), before taking further action to collect the balance due. This further collection action could include the IRS levying or seizing: Your wages and other income Bank accounts Business assets Personal assets (including your car and home) Retirement accounts (including the Thrift Savings Plan) Alaska Permanent Fund Dividends Social Security benefits up to the amount you owe If you have not paid the debt already, a federal tax lien has arisen as a claim against all your property. If you don't pay the amount due immediately or make payment arrangements, the IRS can file a Notice of Federal Tax Lien (NFTL) publicly establishing their priority with your creditors or the IRS may levy (subject to any applicable Collection Due Process rights). If the IRS files the NFTL, it may be difficult to sell or borrow against your property. This notice also explains the possible denial or revocation of your United States passport for serious tax delinquencies. How Advanced Tax Solutions Can Help with Your CP504 Notice Receiving a notice from the IRS can be daunting, and understanding the specifics of each notice is crucial to effectively addressing it. The CP504 Notice demands immediate attention. How Advanced Tax Solutions Can Guide You Through This Process When facing a CP504 Notice, timing is everything. Our specialized team at Advanced Tax Solutions stands ready to help: Comprehensive Tax Analysis: We'll conduct a thorough review of your CP504 notice and complete tax history to determine exactly what you're dealing with. We'll translate the IRS jargon into clear terms so you fully understand your situation. Customized Resolution Planning: Every tax situation is unique. We'll create a tailored strategy that might include installment agreements, offer in compromise applications, currently-not-collectible status requests, or penalty abatement applications—whatever best fits your financial reality. Professional IRS Advocacy: Let us handle the stressful interactions with the IRS. As your representatives, we'll communicate directly with IRS agents, file necessary paperwork, and fight to protect your financial assets from seizure. We'll negotiate aggressively on your behalf to reach the most favorable outcome possible. Our experienced tax professionals know how to navigate the complex IRS collection system. With Advanced Tax Solutions in your corner, you'll have an expert team working to resolve your tax issues while minimizing financial damage. The High Cost of Inaction Turning a blind eye to your CP504 Notice is a risky gamble that rarely pays off. The IRS has powerful collection tools at their disposal—bank account seizures, wage garnishments, and property liens among them. These actions can devastate your finances and take years to recover from. At Advanced Tax Solutions, we've spent decades helping taxpayers regain control of their financial lives. Our proven strategies and deep understanding of IRS procedures can make the difference between financial disaster and manageable resolution. Time is a critical factor in tax resolution cases. With each passing day, your options narrow while penalties and interest continue to grow. By contacting Advanced Tax Solutions immediately, you maximize your chances for a favorable outcome with terms you can live with. Don't let fear or confusion paralyze you into inaction. Reach out to our team today at [phone number] for a confidential consultation, and take the first step toward putting these tax problems behind you for good.   Thu, 03 Apr 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/15000/When-the-IRS-Marks-You-for-Collection--Understanding-the-CP504 http://advancedtaxsolutions.com/blog/14377/Business-Back-Payroll-Taxes--Trust-Fund-Accounts-and-Personal-Liability blog When you withhold taxes from employee paychecks, you're handling trust fund taxes—money that legally belongs to the government the moment it's withheld. These include federal income tax, Social Security, and Medicare withholdings. As a business owner or responsible party, you're personally liable for these funds, regardless of your business structure.   The Trust Fund Tax Recovery Penalty Here's the hard truth: The IRS can hold you personally responsible for 100% of unpaid business trust fund taxes through the Trust Fund Recovery Penalty (TFRP). This isn't just another business debt—it's a personal liability that: Survives bankruptcy Follows you even after leaving the business Controllers, CFOs, and even bookkeepers with check-signing authority can face personal liability. When trust fund taxes go unpaid, the IRS moves aggressively to collect, often pursuing multiple responsible parties simultaneously.   The Reality of IRS Enforcement The IRS won't hesitate to demolish corporate protections when pursuing payroll tax funds. They'll assess penalties up to 100% of unpaid taxes, effectively doubling your debt. Your corporate structure provides no protection. Personal assets—including homes and savings—become fair game for collection.   Critical Warning Signs You Can't Ignore Two red flags demand immediate attention: Missing multiple deposit deadlines IRS notices about deposit discrepancies When these appear, the clock is ticking. Many owners make a fatal mistake: using withheld taxes as working capital. It's tempting to think, "I'll catch up next quarter." That thinking leads to devastating consequences. Taking Action: What Works and What Doesn't Stop accumulating new tax debt immediately. Contact a tax resolution specialist before the IRS escalates. The IRS can seize assets without court approval and shut down your business overnight. How Advanced Tax Solutions Gets Results Our Denver team specializes in emergency tax resolution. We handle: Emergency IRS negotiations Personal liability defense Trust fund recovery penalty mitigation Installment agreement structuring Next Steps Don't wait for the IRS to make its move. Let Advanced Tax Solutions analyze your situation and develop a protection strategy. Every day of delay increases your risk and limits your options. Contact us now for a confidential consultation. The IRS treats business trust fund taxes differently than any other obligation, and so should you.   Wed, 08 Jan 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/14377/Business-Back-Payroll-Taxes--Trust-Fund-Accounts-and-Personal-Liability http://advancedtaxsolutions.com/blog/14376/Individual-Back-Payroll-Tax-Debt--Critical-Facts-About-Personal-Liability blog Personal liability for payroll tax debt creates a unique and often overwhelming burden. Whether you're self-employed or held responsible for business tax obligations, understanding your situation is crucial for protecting your financial future. The IRS treats payroll tax collection with unprecedented aggression, using powerful tools that bypass normal collection procedures. The Double Burden of Self-Employment Self-employed individuals face a harsh reality: responsibility for both employer and employee portions of payroll taxes. This double obligation amounts to 15.3% of net earnings, plus income tax. Many entrepreneurs don't realize this until they're deep in tax debt, often discovering their liability only after receiving aggressive collection notices. The burden compounds quickly, as penalties and interest accrue daily, often doubling or tripling the original tax amount. This dual responsibility covers Social Security and Medicare taxes, essentially requiring self-employed individuals to pay both sides of these mandatory contributions. Critical IRS Collection Tools The IRS uses two powerful methods to recover back payroll taxes: Bank levies and asset seizures without court approval Wage garnishments up to 75% of your net income These collection actions come swiftly and without warning. The IRS can empty bank accounts overnight and seize future deposits as they arrive. Unlike other creditors, they don't need judicial approval to take these actions. Resolution Pathways That Work The IRS offers several resolution options, but timing is critical. Waiting limits your choices and increases penalties. An Offer in Compromise might settle your debt for less than owed, while the Currently Not Collectible status provides temporary relief. Every situation requires a customized approach based on your specific circumstances and ability to pay. The key is understanding which program fits your situation. Some options reduce the total amount owed, while others provide breathing room to reorganize your finances. Success often depends on proper documentation and negotiation strategy. How Advanced Tax Solutions Protects You Our Denver team specializes in emergency tax resolution and strategic IRS negotiations. We develop customized solutions that protect your assets while resolving your tax debt. Our approach considers your complete financial picture to create sustainable payment arrangements. We handle all communication with the IRS, preventing costly mistakes and ensuring your rights are protected. Our team's deep understanding of IRS procedures allows us to anticipate and prevent aggressive collection actions while working toward permanent solutions. Next Steps Don't risk wage garnishment or asset seizure. Contact Advanced Tax Solutions's tax preparation professionals now for a confidential consultation. Our experienced team will analyze your situation and develop a protection strategy that works for your specific circumstances. The longer you wait, the fewer options remain available. Remember: With payroll tax debt, the IRS has extraordinary collection powers. Professional guidance isn't just helpful—it's essential for protecting your financial future. Every day of delay increases your risk and potential liability.   Wed, 08 Jan 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/14376/Individual-Back-Payroll-Tax-Debt--Critical-Facts-About-Personal-Liability http://advancedtaxsolutions.com/blog/14375/Why-Reputable-Tax-Resolution-Firms-and-Services-Matter blog Why Trust Matters in Tax Resolution: Avoiding Common Pitfalls with 800-Number Firms Reputable tax resolution firms offer the expertise and ethical practices needed to resolve IRS issues effectively.    Many 800-number firms use misleading tactics, prioritizing sales over genuine client solutions.   Local, trustworthy firms provide direct access to licensed professionals, ensuring transparency and accountability.   Clients working with reputable tax resolution experts avoid risks associated with unqualified or out-of-state providers.      When it comes to how to resolve tax issues, trust is a non-negotiable. As someone who's spent years working with clients facing IRS problems, I've seen firsthand the harm caused by firms that prioritize sales over service. So many people come to us after bad experiences with national 800-number companies, frustrated and anxious because they were promised the moon and ended up empty-handed. Let's talk about why trust matters and how reputable tax resolution firms like Advanced Tax Solutions set the bar higher when it comes to IRS services.   The Risks of Relying on Deceptive Marketing     Unfortunately, the tax resolution industry isn't always as transparent as it should be. Some national firms present themselves as well-established experts with decades of experience. In reality, these companies often buy out older business names to capitalize on a history they didn't build. This can create a false sense of security, making clients think they're working with seasoned professionals. At Advanced Tax Solutions, we've witnessed cases where clients thought they were in good hands only to find out that the "expert" they spoke with had little experience or training.     Adding to the confusion, many 800-number firms employ "closers" — sales professionals, not tax resolution experts — who work on commission. Their role is to sign clients up at any cost, sometimes even claiming IRS relief programs that don't apply to the client's situation. This sales-driven approach lacks accountability. Once the sale is made, clients are passed on to lesser-known staff members, often with little to no real qualifications to help with IRS problems effectively.     Legal and Financial Repercussions     Another pitfall with untrustworthy firms is the legal risk they expose clients to. When a firm lacks the proper credentials, mistakes are common, but it's the client who ultimately bears the consequences. By signing a Power of Attorney, clients authorize the firm to act on their behalf, which can lead to unintended legal jeopardy if the firm cuts corners. Firms that operate across state lines also make it difficult for clients to pursue legal action if things go wrong. We've seen high-profile cases like JK Harris and Tax Masters, which went bankrupt, leaving countless clients in a lurch with no refund and unresolved cases.     Choosing a Trustworthy & Reputable Tax Resolution Company     So, how do tax relief companies work when done right? For one, our process is transparent from day one. We don't rely on salespeople. When you reach out to us, you'll work directly with tax resolution experts who are highly credentialed and experienced. We believe in being open about who will handle your case and ensuring you have direct access to professionals who understand the ins and outs of IRS resolution.     Our professionals are paid for their expertise, not their sales figures, which keeps your interests front and center. Every member of our team, from CPAs to enrolled agents, is deeply committed to finding the right solution for your situation. And because we're based locally, clients have the opportunity to meet face-to-face with those handling their case, providing a level of accountability and trust that 800-number firms simply can't offer.     The Value of Experience and Integrity in Tax Resolution Services      For over 30 years, we've built a reputation based on integrity and results. Unlike the big national firms, we don't need to inflate our experience. Our team holds unique qualifications, including the rare ability to practice before the United States Tax Court. This level of expertise isn't just rare; it's invaluable in reputable tax resolution services.   Our team understands that tax issues are more than just numbers — they're personal and often stressful. Every client receives individualized guidance from experienced professionals, not empty promises from commissioned salespeople. We're here to restore peace of mind, with a commitment to ethical, transparent service from start to finish.     Trust as the Foundation of Success     Choosing the right firm for tax resolution is about more than just credentials; it's about finding a team that has your best interests at heart. If you're asking yourself, how do I resolve an issue with the IRS, it's important to choose a partner who prioritizes transparency, professionalism, and real solutions over flashy marketing tactics.    When it comes to how to resolve tax issues, nothing matters more than trust. Working with a local, experienced team means you're not just another file on a desk. You're a person with unique needs and challenges, and that's exactly how you'll be treated. With Advanced Tax Solutions, you'll know from day one that your case is in good hands — because trust isn't just a slogan; it's the foundation of everything we do.    Wed, 08 Jan 2025 06:00:00 GMT http://advancedtaxsolutions.com/blog/14375/Why-Reputable-Tax-Resolution-Firms-and-Services-Matter http://advancedtaxsolutions.com/blog/14261/Choose-the-Right-Tax-Resolution-Firm---Avoid-Costly-Mistakes blog How to Choose the Right Tax Resolution Firm and Avoid Costly Mistakes      A reliable tax resolution firm provides transparency, direct access to professionals, and proven success in IRS resolutions.   Licensed professionals, like certified tax resolution specialists, ensure accurate, ethical IRS solutions without sales-driven tactics.   Avoiding high-pressure IRS tax resolution companies helps you prevent costly mistakes and prioritize your financial well-being.   Advanced Tax Solutions offers clients direct access to licensed tax experts from start to finish, not commissioned salespeople.     When you're facing IRS problems, choosing the right tax resolution firm is a critical first step. The wrong choice can lead to wasted money, prolonged issues, and even more stress. We've helped thousands of taxpayers successfully resolve their IRS tax issues, and in our experience, these five steps are essential to making the best choice.     Step 1: Verify Credentials and Professional Experience     When you're in tax trouble, you want experienced, licensed professionals like CPAs, EAs, or USTCPs on your side. Certified tax resolution specialists bring the training needed to effectively work with the IRS and keep your best interests in focus. Unfortunately, some companies claim extensive experience but are less than transparent about it. Some firms buy old companies just for their "established" name, while others exaggerate the years of experience of their staff.     At Advanced Tax Solutions, our professionals are fully licensed, and we welcome you to verify our credentials. You can see our team's experience and qualifications right up front, giving you confidence in the expertise we bring to your case.     Step 2: Avoid Commission-Based Salespeople     The tax resolution industry has some big players with high-pressure sales tactics, often led by commissioned salespeople. These sales reps, or "closers," are focused on signing you up for expensive packages but often lack any real tax resolution expertise. Here's the truth: These commission-based firms want to sell, not necessarily to solve.     With Advanced Tax Solutions, no middleman is pushing for a commission. You work directly with licensed tax professionals from day one. Our focus is entirely on resolving your IRS tax issues and providing clear, practical solutions that fit your needs — not a one-size-fits-all sales goal.     Step 3: Ensure Transparency and Direct Access to Professionals     When choosing between IRS tax resolution companies, transparency is non-negotiable. A reputable firm will make it clear who will handle your case, including their qualifications and experience. Beware of companies that avoid these details—or worse, leave you in the dark until you've paid.     Transparency is at the core of our service at Advanced Tax Solutions. We believe you should know who you'll be working with and clearly understand the path forward. You'll have full confidence in our expertise, with clear access to each professional's credentials and experience before any commitment.    Step 4: Check for Legal and Ethical Integrity     A certified tax resolution specialist should uphold the highest ethical standards. Many large, national 800-number tax resolution firms have faced serious legal issues due to unethical business practices. These firms may promise much but often deliver little. If a firm has a history of legal action, it's usually a red flag.     Advanced Tax Solutions has a long-standing reputation for ethical service. Founded in 1989, we practice open communication and professional integrity and focus on providing IRS tax resolution services that give clients peace of mind.     Step 5: Look for Proven Success and Client Satisfaction     Finally, a successful track record speaks volumes. Positive reviews and a proven history of successful case resolution set trustworthy firms apart. Be cautious of firms carrying over irrelevant reviews or using testimonials that have little to do with IRS tax resolution services.     We've helped many clients with everything from back taxes to audit support, payroll tax issues, and more. With over three decades of service, Advanced Tax Solutions has built a reputation for success in IRS resolution, backed by genuine client reviews and a history of delivering ethical, reliable results.     Why Advanced Tax Solutions?     At Advanced Tax Solutions, we take a personal, direct approach to resolving IRS tax issues. Our team isn't made up of high-pressure sales reps; it's a team of licensed, credentialed tax professionals dedicated to helping you move forward with confidence.     Choosing the right tax resolution firm can make all the difference, and with Advanced Tax Solutions, you're choosing trusted experience, ethical practices, and a team committed to helping you achieve real results.    Thu, 05 Dec 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/14261/Choose-the-Right-Tax-Resolution-Firm---Avoid-Costly-Mistakes http://advancedtaxsolutions.com/blog/14226/Our-Difference--Why-Advanced-Tax-Solutions-Stands-Out blog Why You Should Be Careful with National 800 Number Tax Firms  Many national 800 number tax firms use aggressive marketing to appear experienced and reliable, but the reality is often different. These companies are designed to prioritize sales over service, leaving clients with unexpected costs and poor results. Here are a few deceptive practices we've seen from these firms:  Exaggerated Claims of Experience: Many firms buy out unrelated companies to appear older and more experienced. They may claim "decades of experience" when, in reality, their tax resolution practice is just getting started.  Sales-Driven Model: Clients often speak with "Closers" — highly trained salespeople with no tax or accounting credentials. These Closers earn high commissions based on the fees you're willing to pay, not the solution you need.  Limited Transparency: Once you've paid, your case is passed to an unknown professional who may lack the experience needed to handle complex IRS issues. You often don't know    What Makes Us Different: Real Experience, Real Results  At Advanced Tax Solutions, we believe in doing things the right way. Our approach is built on decades of expertise, complete transparency, and a commitment to your success.  Licensed Professionals from Start to Finish: From your first consultation to the final resolution, you'll work with certified CPAs, Enrolled Agents (EAs), and Certified Tax Resolution Specialists — no unlicensed salespeople in sight.  No Salespeople or Commissions: Our team isn't motivated by commission — they're motivated by results. Every professional here is focused on resolving your tax issues effectively and ethically.  Full Transparency: We openly share the credentials and experience of our professionals. When you schedule a consultation, you'll know exactly who you're meeting with and what qualifications they hold.  Proven IRS Resolution Expertise: Led by Todd Whalen, one of the country's few United States Tax Court Practitioners (USTCPs), our team brings over three decades of IRS resolution experience to every case.    Get to Know Our Licensed Professionals  At Advanced Tax Solutions, transparency isn't just a word — it's a core principle. We believe you should know exactly who's working on your case. Our team is composed of licensed professionals with deep experience in IRS resolution. Here, you're not just meeting any tax professional — you're meeting an expert with proven credentials and real-world experience.  When you work with us, you'll know your professional's name, background, and qualifications before your first meeting. We stand by our team's experience and are proud to showcase their achievements.   Why Integrity Matters in IRS Resolution  When it comes to IRS issues, integrity is critical. By law, any representative you choose will have the power to act on your behalf with the IRS, which makes transparency and ethics essential. At Advanced Tax Solutions, we prioritize honesty and professional ethics in everything we do. Here's how our approach protects you:  Your Case Strategy Is Handled by Licensed Professionals Only: No salespeople set your course with the IRS — only experienced, licensed professionals.  You Know Who's in Charge: We're upfront about who is handling your case, so you'll never be left wondering who's working on your IRS issues.  Clear Communication, Every Step of the Way: Our professionals keep you informed and updated throughout the entire process.  Backed by Credentials You Can Trust  At Advanced Tax Solutions, we don't just say we're experienced — we back it up with credentials. Our founder, Todd Whalen, holds rare and valuable certifications, including CPA, EA, and USTCP. This USTCP designation allows Todd to represent clients in Tax Court, a credential that most CPAs and EAs don't have. This unique combination of qualifications means we can handle cases other firms can't.  Our expertise isn't limited to one person — every professional on our team holds significant experience and certifications. From CPAs to Certified Tax Resolution Specialists, you can rest assured that your case is in capable, knowledgeable hands.  Get the IRS Off Your Back and Regain Peace of Mind  IRS problems can be incredibly stressful, but you don't have to face them alone. With Advanced Tax Solutions, you'll experience the relief that comes from knowing your case is in experienced hands. Our proven strategies and client-first approach allow you to focus on your life while we handle the complexities of your IRS situation.  Whether you're dealing with tax debt, an IRS audit, or late filings, our team is here to provide solutions and peace of mind.  What Our Clients Say About Us  Our clients' stories speak for themselves. Advanced Tax Solutions has helped countless individuals and businesses resolve complex IRS issues with honesty, expertise, and integrity. Here's what some of them have to say:  "Advanced Tax Solutions was very professional, concise, and courteous. They removed the stress and burden from my mind about dealing with the IRS." – Lance C., Aurora, CO  "Absolute trust that my taxes are being done correctly by qualified people, which has taken a great load off my mind." – Lorraine S., Denver, CO  "ATS successfully negotiated an Offer in Compromise for a tax assessment from six years ago I would never have been able to pay." – Mitch S., Loveland, CO    Ready to Experience the Advanced Tax Solutions Difference?  Don't leave your IRS resolution to chance. Work with a trusted, experienced firm that prioritizes your success. Our licensed professionals are here to help you find a real, lasting solution — without the deceptive practices of national firms.  Experience the difference of working with licensed experts who care about your outcome, not just your payment.     Mon, 02 Dec 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/14226/Our-Difference--Why-Advanced-Tax-Solutions-Stands-Out http://advancedtaxsolutions.com/blog/13874/What-to-Do-If-You-Receive-IRS-Letter-1058--A-Guide-to-Protecting-Your-Assets blog Getting a letter from the IRS can be nerve-wracking, particularly when it's a Letter 1058. As the IRS continues to enforce tax laws strictly in 2024, this is one of the more serious notices you might receive. If you find this letter in your mailbox, it's crucial to understand its significance and what actions you need to take to safeguard your assets. Advanced Tax Solutions is ready to assist you in navigating this challenging situation and guiding you through the necessary steps. What Is IRS Letter 1058? Letter 1058, also referred to as the "Final Notice of Intent to Levy and Notice of Your Right to a Hearing," is an official communication from the IRS that signals an outstanding tax debt. This notice serves as a final warning, indicating that the IRS is preparing to levy, or seize, your assets, which could include bank accounts, wages, or other property. The letter also informs you of your right to request a Collection Due Process (CDP) hearing, giving you a chance to contest the levy or explore alternative solutions. Key Details of Letter 1058 When you receive Letter 1058, it's crucial to pay close attention to the following details: Amount Owed: The letter will specify the total amount of tax debt you owe, including penalties and interest. This figure represents what the IRS expects to collect if you don't take action. Timeframe for Action: You generally have 30 days from the date on the letter to request a CDP hearing. Failing to act within this window could result in the IRS moving forward with the levy. Right to a Hearing: The letter emphasizes your right to request a CDP hearing. This is a critical opportunity to present your case, propose a payment plan, or explore other resolution options to avoid asset seizure. What Should You Do If You Receive Letter 1058? Receiving IRS Letter 1058 is a serious matter that requires immediate attention. Here's what you should do: Don't Ignore the Letter: The worst thing you can do is ignore a Letter 1058. The IRS is serious about collecting the outstanding tax debt, and inaction could lead to the seizure of your assets. Review Your Tax Situation: Take a close look at the details in the letter and compare them with your records. It's essential to understand the nature of the debt and confirm whether it's accurate. Request a CDP Hearing: If you believe there's an error, or if you need more time to pay, request a CDP hearing within the 30-day window. This hearing is your chance to prevent the levy from taking place and to negotiate a more manageable solution. Seek Professional Help: Dealing with the IRS can be complex and overwhelming. This is where Advanced Tax Solutions can provide invaluable assistance. How Advanced Tax Solutions Can Help At Advanced Tax Solutions, we specialize in resolving tax issues, including those involving IRS Letter 1058. Here's how we can assist you: Expert Review and Analysis: Our team will carefully review your Letter 1058 and your overall tax situation to ensure everything is accurate and to determine the best course of action. CDP Hearing Representation: If you request a CDP hearing, our experienced professionals can represent you, helping to present your case effectively and negotiate with the IRS on your behalf. Negotiation and Resolution: We will work directly with the IRS to explore options such as installment agreements, offers in compromise, or other resolutions that can prevent a levy and help you manage your tax debt. Long-Term Compliance Support: Beyond resolving the immediate issue, we offer ongoing support to help you stay compliant with tax laws and avoid future IRS actions. Uncollectable Status: If financial hardship is preventing you from paying your outstanding tax debt, we can help you apply for "Currently Not Collectible" (CNC) status. This status temporarily halts collection efforts, including levies or garnishments, providing you with relief until your financial situation improves. Why Choose Advanced Tax Solutions? Facing a Letter 1058 can be daunting, but you don't have to go through it alone. Advanced Tax Solutions is dedicated to providing personalized, expert guidance to help you protect your assets and find a resolution that works for you. Our deep knowledge of tax laws, proactive approach, and commitment to our clients' success make us the trusted choice for navigating IRS challenges. Take Action Today If you've received an IRS Letter 1058, it's critical to act quickly. The sooner you address the issue, the better your chances of avoiding a levy and finding a manageable solution to your tax debt. Contact Advanced Tax Solutions today to learn more about how we can help you respond to a Letter 1058 and secure your financial future. Remember, in the world of tax compliance, taking prompt, informed action is essential. Let ATS be your partner in navigating the complexities of Letter 1058 and beyond.   Thu, 22 Aug 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13874/What-to-Do-If-You-Receive-IRS-Letter-1058--A-Guide-to-Protecting-Your-Assets http://advancedtaxsolutions.com/blog/13873/Understanding-IRS-Letter-LT11--What-this-Notice-Means-and-How-It-Differs-from-Letter-1058- blog Getting a notice from the IRS can be quite stressful, particularly when it involves possible actions against your assets. In 2024, the IRS remains diligent in its enforcement, and one of the more serious notices you might receive is Letter LT11. If this letter lands in your mailbox, it's essential to grasp its significance and how it differs from other IRS notices, such as Letter 1058. Advanced Tax Solutions is here to help you navigate this process and protect your financial well-being. What is IRS Letter LT11? IRS Notice LT11, officially called the "Final Notice of Intent to Levy and Notice of Your Right to a Hearing," is a serious notification from the IRS indicating their intent to levy your assets because of unpaid taxes. This letter is usually sent after several attempts by the IRS to collect the debt have gone unanswered. The LT11 is essentially your final warning to address the issue before the IRS starts seizing your property, which could include bank accounts, wages, or other valuable assets. Key Features of Letter LT11 When you receive Letter LT11, it's important to pay attention to the following details: Final Warning: The LT11 is a final notice, meaning the IRS has likely already contacted you several times regarding the outstanding debt. The letter indicates that the IRS is serious about taking action. Right to a Hearing: Similar to Letter 1058, the LT11 informs you of your right to request a Collection Due Process (CDP) hearing. This hearing is your chance to challenge the levy, dispute the debt, or negotiate an alternative payment plan. Deadline for Action: You have 30 days from the date of the LT11 letter to request a CDP hearing or take other action to prevent the levy. Ignoring this deadline can result in the IRS proceeding with asset seizure. How is IRS Letter LT11 Different from Letter 1058? While both IRS Letter LT11 and Letter 1058 serve as final notices of intent to levy, these forms have some differences: Issuance Authority: The key difference between the two letters lies in the issuing office. Letter 1058 is typically issued by a Revenue Officer, while Letter LT11 is often sent by the IRS's Automated Collection System (ACS). This distinction might influence how your case is handled and who you'll need to contact for resolution. Content and Tone: While the content and legal implications of both letters are similar, the tone and structure might vary slightly depending on the issuing office. However, both letters require the same immediate attention and response. Processing and Follow-Up: The follow-up process after receiving either letter may differ slightly depending on whether it's handled by the ACS or a local office. Understanding this can help in planning your response strategy. What Should You Do If You Receive Letter LT11? If you receive IRS Notice LT11, it's essential to act quickly to protect your assets and resolve your tax debt: Review the Letter Thoroughly: Make sure you understand the details of the debt, including the amount owed and the timeline for taking action. This will help you prepare for the next steps. Request a CDP Hearing: If you believe the debt is incorrect or need more time to pay, request a Collection Due Process hearing within the 30-day window. This hearing can prevent the IRS from levying your assets while you work out a solution. Consult with a Tax Professional: Navigating IRS procedures can be complex, and a tax professional can help ensure you take the right steps to protect your interests. Why Partner with Advanced Tax Solutions? At Advanced Tax Solutions, we specialize in assisting taxpayers with serious IRS issues, including those involving Letter LT11. Here's how we can support you: Detailed Case Analysis: We'll review your Letter LT11 and your tax situation to ensure everything is accurate and to develop a tailored strategy for your case. Representation at CDP Hearings: Our experienced team can represent you during a CDP hearing, helping you present your case effectively and explore options like installment agreements or offers in compromise. Negotiation with the IRS: We'll work directly with the IRS on your behalf, aiming to negotiate terms that protect your assets and resolve your tax debt in a manageable way. Long-Term Tax Compliance: After resolving the immediate issue, we provide ongoing support to help you remain compliant with tax laws and avoid future IRS actions. Uncollectable Status: If financial difficulties make it impossible to pay your debt, we can help you apply for "Currently Not Collectible" (CNC) status. This status temporarily pauses collection efforts, such as levies or garnishments, offering relief until your financial situation gets better. Respond Without Delay If you've received an IRS Notice LT11, don't delay in taking action. The sooner you address the issue, the better your chances of protecting your assets and reaching a favorable resolution. Contact Advanced Tax Solutions today to learn more about how we can help you respond to a Letter LT11 and secure your financial future. In the world of tax compliance, prompt and informed action is essential. Let ATS guide you through the complexities of responding to a Letter LT11 and beyond.   Thu, 22 Aug 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13873/Understanding-IRS-Letter-LT11--What-this-Notice-Means-and-How-It-Differs-from-Letter-1058- http://advancedtaxsolutions.com/blog/13853/IRS-Passport-Revocation-for-Back-Taxes---How-to-Address-It blog Did you know that the IRS can revoke your passport? Or prevent you from getting one? Unfortunately, many Americans who owe high back taxes do not know that something has happened with their passport until after they plan their trip. If you receive a notice from the IRS about massive tax debt, understanding the implications and taking prompt action is crucial. Here's what you need to know about IRS passport revocation for unpaid taxes and how to address it. What Is IRS Passport Revocation? If you owe substantial back taxes, the IRS can certify you as having a "seriously delinquent tax debt." This certification can lead to the State Department denying your passport application or revoking your current passport. As of 2023, a seriously delinquent tax debt is defined as owing more than $59,000 in back taxes, penalties, and interest, and the IRS has either filed a Notice of Federal Tax Lien or issued a levy on your property or wages. Understanding the Certification Process The process begins when you meet the criteria for seriously delinquent tax debt. The IRS will send you a CP508C Notice, indicating your certification. You have a 90-day window to resolve your issues before the State Department takes action and your passport is revoked for back taxes. It's critical to respond to this notice promptly. Exceptions to Certification Not all taxpayers with significant tax debt will experience IRS passport revocation. Exceptions include those who are: In bankruptcy. Victims of tax-related identity theft. Determined by the IRS as currently not collectible. Living in a federally declared disaster area. Having a pending installment agreement or an Offer in Compromise. Serving in a designated combat zone or contingency operation. Resolving Your Tax Debt To avoid or reverse passport certification, you can: Pay Your Tax Debt in Full: Clearing your balance immediately removes the certification. Negotiate an Installment Agreement: Set up a payment plan with the IRS. Submit an Offer in Compromise: Settle your tax debt for less than the full amount owed. Prove Certification Error: Demonstrate that the certification was made in error, or your tax debt is not seriously delinquent. Expedited Reversal for Urgent Travel If you need your passport urgently, the IRS can expedite the reversal process within 14 to 21 days if you have imminent travel plans (within 45 days). You'll need to provide proof of travel and a copy of the denial or revocation letter from the State Department. Next Steps and Getting Assistance Receiving an IRS notice about your passport can be daunting, but quick action can prevent travel disruptions. If you resolve your tax debt, the IRS will send a CP508R Notice, indicating the reversal of your certification. Keep this notice for your records and continue to comply with any agreements to avoid future issues. Navigating IRS procedures can be complex, but we're here to help! Consulting with an IRS tax resolution firm like Advanced Tax Solutions can provide the necessary guidance and support to manage your situation effectively. We can help negotiate with the IRS and ensure your travel plans remain intact. Take control of your tax issues today and secure your passport for future travel. For professional assistance, contact Advanced Tax Solutions at 303-753-6040.  Want to learn more? Read this CNBC article with insight from Todd Whalen, Founder of Advanced Tax Solutions.   Thu, 15 Aug 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13853/IRS-Passport-Revocation-for-Back-Taxes---How-to-Address-It http://advancedtaxsolutions.com/blog/13854/Understanding-IRS-Notice-CP90-and-CP91--What-These-Letters-Mean-for-You-in-2024 blog In 2024, the IRS remains vigilant in enforcing tax laws, and one way it does so is by issuing CP90 and CP91 letters. If you find one of these in your mailbox, it can be quite unsettling, but knowing what they mean and how to respond can make all the difference. Advanced Tax Solutions is here to help you navigate these challenging situations and protect your financial well-being. What are IRS CP90 and CP91 Letters? The CP90 and CP91 letters are formal notices from the IRS indicating that you have an outstanding tax debt, and the IRS intends to take action to collect it. Here's what each letter involves: CP90 Letter (Intent to Seize Your Assets and Notice of Your Right to a Hearing): This letter informs you that the IRS plans to levy your assets—such as bank accounts, wages, or other property—to cover your tax debt. It also lets you know that you have the right to request a Collection Due Process (CDP) hearing, where you can contest the levy or propose alternative solutions, like an installment agreement. CP91 Letter (Final Notice Before Levy on Social Security Benefits): If you receive a CP91 letter, the IRS is warning you that it intends to levy up to 15% of your Social Security benefits to cover your unpaid taxes.  This letter usually follows unsuccessful attempts to resolve the debt. Like the CP90 letter, it also offers the opportunity to request a CDP hearing. What Should You Do If You Receive a CP90 or CP91 Notice from the IRS? Getting a CP 90 or CP 91 letter is a serious matter that requires immediate attention. Here's what you should do: Review the Letter Carefully: Understand the specifics of your tax debt, including the amount owed and the deadlines for action. The letter will also outline your rights and options for responding. Respond Promptly: You typically have 30 days from the date on the letter to request a CDP hearing or pay the debt in full to avoid a levy. Time is crucial in these situations. Seek Professional Assistance: Dealing with the IRS can be overwhelming, especially when facing potential asset seizures. This is where Advanced Tax Solutions can assist you. How Advanced Tax Solutions Can Help At Advanced Tax Solutions, we specialize in tax resolution services, including assistance with CP90 and CP91 letters. Expert Analysis: We will thoroughly review your tax situation, the IRS notice, and any supporting documentation to understand your specific case. CDP Hearing Representation: If you choose to request a Collection Due Process hearing, our experienced team can represent you, helping you present your case effectively and explore options such as installment agreements or offers in compromise. Negotiation with the IRS: Our team will communicate directly with the IRS on your behalf, working to negotiate terms that are manageable for you while protecting your assets from seizure. Uncollectable Status: If you're facing financial difficulties that make it impossible to settle your debt, we can assist you in applying for "Currently Not Collectible" (CNC) status. This designation temporarily stops collection actions, including levies or garnishments, giving you relief until your financial situation improves. Ongoing Support: Even after the immediate issue is resolved, we provide ongoing support to help you remain compliant with tax laws and avoid future IRS actions. Why Choose ATS? Dealing with the IRS can be daunting, especially when facing potential asset seizures or levies on Social Security benefits. Advanced Tax Solutions is committed to providing personalized, expert support to help you navigate these challenges. Our deep knowledge of tax laws, proactive approach, and dedication to our clients set us apart. Act Now If you've received a CP90 or CP91 letter from the IRS, don't wait. The sooner you address the issue, the better your chances of protecting your assets and reaching a favorable resolution. Contact Advanced Tax Solutions today to learn more about how we can help you manage this process and secure your financial future. Remember, when it comes to tax compliance and IRS notices, taking prompt, informed action is key. Let ATS guide you through the complexities of responding to a CP90 or CP91 letter.   Thu, 15 Aug 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13854/Understanding-IRS-Notice-CP90-and-CP91--What-These-Letters-Mean-for-You-in-2024 http://advancedtaxsolutions.com/blog/13258/Tax-Consultation-in-Denver--Colorado blog As tax season approaches, many individuals navigate the complex terrain of tax filings and IRS notices, often overwhelmed by the daunting task ahead. Advanced Tax Solutions (ATS) recognizes the stress and confusion that tax season brings, especially for those dealing with IRS notices dating back to 2022. To alleviate this burden and provide much-needed guidance, ATS is excited to announce a special offer that demystifies the tax process and empowers taxpayers to take control of their financial health. This initial tax consultation in Denver, Colorado, is at the heart of ATS's commitment to taxpayer support. This no-obligation meeting is designed to provide individuals with professional insight into their tax situation, offering clarity and direction. During this consultation, ATS's seasoned tax experts will review your case, offering personalized advice tailored to your unique circumstances. Whether you're facing IRS notices, dealing with tax debt, or simply looking for assistance filing your taxes, ATS' experts are here to help. We encourage you to visit Advanced Tax Solutions' website to learn more about our services, and how we can assist you this tax season. Remember, early action can make all the difference in managing your taxes and dealing with IRS notices. Book your consultation with our tax preparation professionals and take the first step towards a stress-free tax season.   Wed, 17 Apr 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13258/Tax-Consultation-in-Denver--Colorado http://advancedtaxsolutions.com/blog/13256/Employee-Retention-Credit--ERC--Audit---How-We-Can-Help blog In the tumultuous economic landscape of recent years, many businesses have turned to Employee Retention Credit (ERC) is a lifeline to help navigate the challenges. However, with the IRS Intensifying its scrutiny on ERC claims through audits, businesses must understand what this means and how Advanced Tax Solutions (ATS) can support you if your business is targeted. Understanding ERC Tax Credit Audits The government designed the ERC to motivate businesses to maintain their workforce on the payroll during the COVID-19 pandemic. While many companies benefited from this credit legitimately, the IRS has identified many claims that may need to meet the program's requirements. As a result, the IRS is expanding its efforts to audit these ERC claims to ensure compliance and deter fraud. An ERC audit involves thoroughly reviewing your business's financial records and documentation related to the ERC claim to verify its accuracy and legitimacy. If your business receives a notice from the IRS regarding an ERC audit, it's a serious matter. The audit process can be complex and demanding, requiring a thorough understanding of tax laws and documentation standards. This is where Advanced Tax Solutions comes into play. How ATS Can Assist with ERC Advanced Tax Solutions specializes in providing expert tax resolution services, including assistance with ERC audits. Here's how we can support your business if you find yourself facing an audit:   1. Expertise and Guidance: Our team has deep knowledge of the ERC program and the audit process. We can guide you through the complexities of the audit, helping you understand what to expect and how to prepare. 2. Documentation and Preparation: Proper documentation is critical in an ERC audit. ATS can help you gather and organize financial records and documentation to support your ERC claim. 3. Representation: Facing the IRS can be daunting. ATS offers representation services, meaning we can interact with the IRS on your behalf, advocating for your interests to achieve the best possible outcome. 4. Resolution and Compliance: Our goal is to assist you through the audit and ensure your business remains compliant with tax laws moving forward. We provide insights and strategies to avoid future issues with the IRS.   Why Choose ATS? The IRS's vow to audit ERC claims has created a new landscape for businesses that received this credit. Advanced Tax Solutions is committed to being the company known for successfully guiding businesses through these audits. Our expertise, personalized approach, and dedication to our clients' needs set us apart. Act Now If your business receives an Employee Retention Credit (ERC) audit notice, the best step you can take is to seek professional assistance immediately. Advanced Tax Solutions is here to help you navigate this challenging process, ensuring your business remains on solid ground. Contact our tax preparation professionals to learn more about how we can support your company through an ERC audit and beyond. Remember, in the realm of tax compliance and audits, being proactive is vital. Let ATS be your ally in navigating the complexities of the ERC audit process. Wed, 17 Apr 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13256/Employee-Retention-Credit--ERC--Audit---How-We-Can-Help http://advancedtaxsolutions.com/blog/13024/What-is-the-IRS-Fresh-Start-Program-and-Who-Qualifies- blog A lot of people are asking me about the New Fresh Start Program created by the IRS. Even people who are not clients are calling and asking questions about the New IRS Fresh Start Program. I will give a summary, so you have a basic understanding of the Fresh Start Program. However, I want to point out a few things first. The first thing you need to understand is that the Fresh Start Program is NOT NEW. The IRS set up this program in 2011. That's right, that is 13 years ago. That being said, tricky marketers are making this sound like something new and that they have special knowledge about this New Fresh Start Program. So, beware. If they really believe this is new, they are very incompetent in this field. They should have known about it 13 years ago. I know that I was implementing it, in great detail, that long ago. How they could have missed this for 13 years is a gap of incompetence beyond my comprehension.  Another potential for this gap is deception. If a business is regularly deceiving you into calling them based on this "new super program" of the IRS, can you trust them at all? Now that we know that let's talk about what the Fresh Start Program is. What is the IRS Fresh Start Program? The IRS Fresh Start Program was introduced in 2011 by the Internal Revenue Service (IRS) to help taxpayers who are facing difficulties in paying their taxes. The IRS Fresh Start program was set up to make it easier for individuals and small businesses to have solutions available to resolve their back taxes and debts and get a fresh start financially. However, many people have asked me if, under the Fresh Start program, the IRS will waive my debts so I can start over. The general answer is no, unless you qualify for an Offer in Compromise, which is touched on below. It is far from arbitrary and is based on your ability to pay. Here are a few key components of the IRS Fresh Start Program: Installment Agreement: Setting up a payment plan under this option allows taxpayers to pay their tax debts over time through monthly installment payments. The streamlined program under the Fresh Start Program has expanded the eligibility criteria, making it easier for more taxpayers to qualify for a payment plan without having to provide elaborate financial information that would otherwise be required Offer in Compromise (OIC): Under the Fresh Start Program, the IRS has made it easier to get a settlement, and more people qualify than prior to the Fresh Start Program. It is more flexible for taxpayers to qualify for an OIC. An OIC allows taxpayers to settle their tax debts for less than the full amount owed, based on their financial ability to pay. I emphasize here that it is based on financial information, and much information must be submitted and proved before an Offer is accepted by the IRS. It is a great program, and the rules are much more relaxed, but it's not for everyone.  Penalty Relief: There is also great news for taxpayers seeking relief from certain penalties, such as the failure-to-file and failure-to-pay penalties, if you are an eligible taxpayer. The IRS has made certain penalties much easier to qualify for relief, and they have streamlined the process a bit, so more people have access to penalty relief. Having the penalties waived will help reduce the overall tax liability. It's important to note that while the IRS Fresh Start Program offers valuable options, certain qualifications, eligibility requirements, and specific terms may vary. It's always recommended to consult with a tax professional or visit the official IRS website for the most accurate and detailed information tailored to your specific situation. I hope this explanation helps! If you have any further questions, feel free to contact me at Advanced Tax Solutions. 303-753-6040  Todd Whalen, CPA, CTRS, EA, USTCP Founder of Advanced Tax Solutions, CPA PC Tue, 26 Mar 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13024/What-is-the-IRS-Fresh-Start-Program-and-Who-Qualifies- http://advancedtaxsolutions.com/blog/13015/CP504-Notice--What-It-Is-and-How-to-Respond blog Receiving a notice from the IRS can be daunting, and understanding the specifics of each notice is crucial to effectively addressing it. The CP504 Notice, or the Notice of Intent to Levy, is one such notice that demands immediate attention. In this post, we'll break down what the CP504 Notice entails and how Advanced Tax Solutions (ATS) can assist you in navigating this challenging situation. Understanding the CP504 Notice The CP504 Notice is a serious alert from the IRS, indicating that you have an unpaid tax balance that has not been settled despite previous notices. This notice is not the final notice before the IRS takes action, but it's a critical step in their process to collect the owed taxes. It signifies the IRS's intent to levy, or legally seize, your assets if the balance is not paid. This can include garnishing wages, taking funds from your bank accounts, seizing property, or intercepting your state income tax refund. Receiving a CP504 Notice means you're at a pivotal point where the IRS is escalating its efforts to collect the debt you owe. It's a clear indication that ignoring this notice could lead to significant financial and personal stress. Next Steps with Advanced Tax Solutions If you've received a CP504 Notice, it's essential to act quickly and strategically. Here's how ATS can help: 1. Immediate Assessment: Our team will review the notice and your tax situation to understand the full scope of the issue. We'll ensure you comprehend what the IRS claims you owe and why. 2. Exploring Resolution Options: There are several ways to address the unpaid balance, including setting up a payment plan, offering in compromise, or disputing the amount if it's incorrect. ATS will guide you through these options to find the best solution for your situation. 3. Representation and Negotiation: Dealing with the IRS can be overwhelming. ATS will represent you in negotiations with the IRS to prevent levies on your income, bank accounts, or property. Our goal is to protect your assets and reach a favorable resolution. Act Now to Protect Your Assets Ignoring the CP504 Notice can lead to severe consequences, including the loss of your property or funds. Advanced Tax Solutions has the expertise and experience to help you navigate this process and work toward a resolution. Don't face the IRS alone; contact us today for support and guidance. Remember, the sooner you address your CP504 Notice, the more options you'll have to resolve your tax issues. Let Advanced Tax Solutions be your ally in settling your tax debts and securing your financial future. Mon, 25 Mar 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13015/CP504-Notice--What-It-Is-and-How-to-Respond http://advancedtaxsolutions.com/blog/13014/LT38-Notice--What-to-Do-and-How-Advanced-Tax-Solutions-Can-Help blog If you've recently received a LT38 Notice in your mailbox, you're likely experiencing a mix of confusion and concern. This notice serves as a clear signal from the IRS that they are resuming their normal collection activities, and it's essential to understand what this means for you and how Advanced Tax Solutions can assist in navigating this situation. Understanding the LT38 Notice The LT38 Notice is, in essence, a "warning shot" from the IRS, indicating that you are on their radar for having an outstanding tax balance. During the pandemic, the IRS's collection efforts, including the sending of notices to taxpayers with balances due or to non-filers, were significantly delayed. However, as the IRS moves toward resuming its standard operations, the LT38 Notice is being dispatched to remind taxpayers of their obligations. This notice includes a deadline by which the owed amount must be settled or an agreement entered into with the IRS. Failure to respond by this deadline could result in the IRS proceeding with the next steps in their collection process, essentially picking up where they left off before the pandemic-induced pause. How Advanced Tax Solutions Can Help At Advanced Tax Solutions, we understand the stress and anxiety that can come with receiving a notice from the IRS. Our team of tax experts is here to provide the guidance and support you need to address this situation head-on. Here's how we can help: 1. Assessment and Clarification: We start by assessing your specific situation, helping you understand the LT38 Notice and what it means for you. Our experts will clarify the IRS's demands and the potential consequences of inaction. 2. Resolution Planning: We work with you to develop a tailored plan to resolve your tax issue. Whether it's negotiating a payment plan, settling a lesser amount than what's owed, or exploring other resolution options, ATS has the expertise to guide you through. 3. IRS Negotiation: Our team will negotiate with the IRS on your behalf, aiming to secure the best possible outcome. With our extensive experience in dealing with tax matters, we know how to navigate the complexities of the IRS's systems and procedures. Take Action Now Receiving a LT38 Notice is a clear indication that action is needed. The deadline specified in the notice will not wait, and the consequences of inaction can be severe. Advanced Tax Solutions is here to assist you in resolving your tax issues and moving towards financial stability. Don't navigate this challenging situation alone. Contact Advanced Tax Solutions today, and let us help you find a way forward.   Mon, 25 Mar 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/13014/LT38-Notice--What-to-Do-and-How-Advanced-Tax-Solutions-Can-Help http://advancedtaxsolutions.com/blog/12848/Employee-Retention-Credit--ERC----Eligibility---Qualifications blog Unlocking the Benefits of Employee Retention Credit: A Comprehensive Guide The Employee Retention Credit (ERC) is an essential tool that encourages businesses to keep employees on their payroll. Understanding the nuances of ERC eligibility and the process of claiming this benefit is vital for businesses seeking to bolster their financial resilience. To fully leverage it, businesses must undertake a detailed analysis of their operations, comparing their current earnings to previous years and assessing any pandemic-related disruptions to their business activities. The aim is to ensure that every eligible employer not only understands the Employee Retention Credit but also harnesses its full potential. By doing so, companies can secure a lifeline that mitigates economic strain and supports the sustained employment of their workforce. What Is the Employee Retention Credit? The Employee Retention Credit emerged from the COVID-19 pandemic as a cornerstone policy to incentivize employers to retain staff amid challenging economic climates. It is a refundable tax credit that qualifying businesses can claim on eligible wages, including certain health insurance costs paid to employees. This critical financial relief is not a deduction from income but a credit against payroll taxes, resulting in direct savings for eligible businesses. Understanding ERC Tax Credit Eligibility Determining ERC eligibility is a multi-faceted process. Eligible employers are those who have experienced either a significant decline in gross receipts or were subjected to full or partial suspension of their operations due to governmental orders from the pandemic. Specific conditions apply, including distinct thresholds for decline in gross receipts and varying definitions of operational suspension. The ERC is available for small and large employers, albeit with different qualifying criteria. Small businesses can claim the credit for wages paid to all employees, while larger ones can only claim it for wages paid to employees when they are not providing services. How to Check for ERC Eligibility Checking for ERC eligibility requires a detailed assessment of your business's financial records and operations. Employers should: · Review their gross receipts on a quarter-by-quarter basis against the same quarter in the previous year to determine if they meet the decline criteria. · Assess whether government orders affected their operations, fully or partially, limiting the capacity to conduct business as usual. · Determine the number of employees and distinguish between full-time equivalents and part- time workers to identify the applicable credit calculation per the business size. Claiming the Employee Retention Credit Claiming the Employee Retention Credit necessitates a strategic approach. Eligible employers can claim the ERC for wages paid during the designated timeframe, as outlined by the relevant tax provisions. To claim the ERC, employers should:   Accurately calculate the credit by evaluating the total qualified wages paid to employees during the eligible quarters. Amend their quarterly employment tax returns using the designated IRS form to account for the credit. This includes adjusting the total employment taxes due and the amounts already deposited. Maintain thorough documentation to substantiate the claim, including proof of gross receipts for each quarter and evidence of any government orders impacting operations.   Employers should also consider the interaction of the ERC with other credits and relief provisions, ensuring they maximize their benefits without double-dipping. Navigating the ERC Qualification Process Employers wanting to claim the ERC are encouraged to seek guidance to navigate the process. While the process can be intricate, understanding the full extent of Employee Retention Credit (ERC) eligibility and the claiming process can provide substantial economic relief. Engaging with a subject matter expert or a dedicated service will streamline this process, ensuring all eligibility factors are considered and compliance requirements are met. Tax professionals or specialized consultants who are well-versed in the intricacies of the ERC can offer indispensable advice. We help ensure that businesses capitalize on all aspects of the credit you qualify for, mitigating the chance of overlooked opportunities or, conversely, non- compliance with IRS regulations. Our in-house experts can assist in the initial eligibility assessment, provide insights on maximizing the credit amount, and aid in meticulously preparing the necessary documentation. We also offer ongoing support by keeping businesses informed about changes in legislation that may affect future claims. The Employee Retention Credit is a valuable business opportunity to receive financial support during challenging times. By closely examining ERC eligibility, meticulously checking qualifications, and carefully claiming the credit, employers can secure essential funds that support their workforce and contribute to the economic recovery and stability of their businesses. Thu, 01 Feb 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/12848/Employee-Retention-Credit--ERC----Eligibility---Qualifications http://advancedtaxsolutions.com/blog/12847/Demystifying-the-IRS-CP2000-Letter--What-It-Means-and-How-to-Respond blog Have you ever received a CP2000 letter from the IRS in your mailbox and wondered what it meant? Don't worry; you're not alone. The IRS CP2000 letter is commonly sent by the Internal Revenue Service (IRS), and understanding its purpose and the necessary steps to take is crucial to preventing expensive problems down the road. What is the IRS CP2000 Letter? The CP2000 letter, also known as the Notice of Proposed Adjustment for Underpayment/Overpayment, is sent by the IRS when they believe there is a discrepancy between the income you reported on your tax return and the information they received from third-party sources, such as employers, financial institutions, or other payers. It is not necessarily bad news! This letter essentially serves as a proposed adjustment to your tax return, indicating that you may owe additional taxes or, in some cases, are eligible for a refund. Steps to Take if You Receive a CP2000 Letter: 1. Review the Letter Carefully: Carefully read through the CP2000 letter, including the proposed changes to your tax return and the supporting documentation. Ensure that the information matches your records and understand why the IRS believes there is a discrepancy. 2. Gather Supporting Documents: Collect all relevant documents, such as W-2s, 1099s, and receipts from the filing year that the CP2000 letter is referring to so that you verify the accuracy of your tax return. Compare these documents with the information in the CP2000 letter. 3. Reach Out To A Specialist: If you have any concerns, make sure to reach out to a tax professional who specializes in IRS resolutions. At Advanced Tax Solutions, we have over 20 years of experience fixing IRS problems and overcoming tax debt in the Denver area. Schedule a consultation with one of our CPAs - it's free! 4. Respond Within the Deadline: The CP2000 letter includes a response deadline, typically 30 days from the date of the letter. It's essential to meet this deadline. If you need more time, you can request an extension in writing. 5. Complete and Return the Response Form: The CP2000 letter will include a response form where you can either agree or disagree with the proposed changes. If you agree, follow the instructions to sign and return the form. If you disagree, provide a detailed explanation along with supporting documents to substantiate your position. 6. Contact the IRS if Necessary: If you have questions or need clarification, you can contact the IRS using the contact information provided in the CP2000 letter. Be prepared to provide additional information or documentation as requested. 7. Pay Any Owed Amount: If you agree with the proposed changes and owe additional taxes, make arrangements to pay the amount due to avoid penalties and interest. 8. Wait for a Response: After you respond, the IRS will review your submission and send you a notice of their final determination. If you disagree with their decision, you have the right to appeal. Receiving an IRS CP2000 letter - or any letter from the IRS - os daunting, but it's important to respond promptly and especially accurately. By carefully reviewing the letter, gathering supporting documents, and following the necessary steps, you can resolve the issue with the IRS and ensure your tax affairs are in order. Remember that seeking professional tax advice may also be beneficial if you have complex tax issues or are unsure how to proceed. Our specialists are standing by to help! Thu, 01 Feb 2024 06:00:00 GMT http://advancedtaxsolutions.com/blog/12847/Demystifying-the-IRS-CP2000-Letter--What-It-Means-and-How-to-Respond http://advancedtaxsolutions.com/blog/11710/What-are-IRS-Transcripts---Why-Work-With-Tax-Professionals- blog Are you curious what the IRS knows about you? Tax time can be very stressful, especially if you've struggled with previous filings or are currently going back and forth with the IRS. IRS transcripts can be extremely valuable in understanding exactly where you stand with the IRS and all the options you might not have known were possible. Here's everything you should know about IRS transcripts for taxes, why you should work with a tax specialist, and what you can expect when you do: What Are IRS Transcripts for Taxes? IRS transcripts for taxes are documents that you can request from the IRS, which have a summary of return information, a record of past tax returns, and a variety of other information. They're basically a peek at what the IRS knows about you and any potential tax problems, including: When taxes will expire. If the IRS thinks you didn't file a return. If the IRS filed a return for you. If the IRS has deemed you uncollectable, it leaves you alone from the risk of levy. If you are in the IRS Garnishment and Levy Bullseye. Can a Tax Preparer Get My Transcripts? IRS transcripts for taxes can be very hard to get on your own, and you will have to confirm your identity when requesting them from the IRS. A tax specialist can obtain your online transcript discreetly without the IRS knowing and will even find missing W-2s and I-9s if you don't know where they are or how to retrieve them. Additionally, tax specialists can streamline this process so you can get your transcript quickly. Tax transcripts can be confusing, especially for those who have any post-filing compliance activity, like tax notices and back-and-forth correspondence with the IRS. A tax specialist will help you make sense of it all and explain all the options and solutions available. The tax specialists at Advanced Tax Solutions will also use their experience and expertise to mine more information from the IRS, so your transcripts are more thorough and detailed. What to Expect When working with a tax specialist at Advanced Tax Solutions to get your IRS transcripts for taxes, a secure and confidential online portal will be created that is specific to you and only you. After entering the required information in this portal and signing the 8821, which allows us to retrieve information from the IRS, you'll specify whether you would like us to call and get the information or request a written file from the IRS. From there we will schedule a one-on-one consultation Let Us Help You Get Your IRS Online Transcripts for Taxes Advanced Tax Solutions has been consulting clients on their IRS transcripts and solutions for decades. Get the reliable help you need to tackle your tax problems professionally and confidentially. Give us a ,call today to learn more or don't wait, visit our secure and confidential online portal to sign up today and finally get the tax answers you've been waiting for.   Get Started Today!  Fri, 14 Apr 2023 06:00:00 GMT http://advancedtaxsolutions.com/blog/11710/What-are-IRS-Transcripts---Why-Work-With-Tax-Professionals- http://advancedtaxsolutions.com/blog/11534/How-to-Pay-Back-Payroll-Taxes-You-Owe-to-the-IRS---Are-Behind-On blog Are you an employer who has recently discovered you're behind on payroll taxes to the IRS? You are probably feeling overwhelmed by the gravity of your situation. You're also probably confused as to how to start the process of resolving this issue. Both of those feelings are completely normal. Fortunately, Advanced Tax Solutions has extensive experience dealing with the IRS on all kinds of back payroll tax issues. No matter how dire your situation might feel today, we can provide you with the back payroll tax help you need. Call Now for Payroll Tax Relief Understanding Back Payroll Taxes Back payroll taxes are taxes withheld from employee paychecks but never properly submitted to the government by the employer. Because these taxes do not belong to the employer in the first place, they are typically referred to as a "Trust Fund." An employer that intentionally fails to pay the taxes they withhold can be held liable for a "Trust Fund Recovery Penalty." That offense can include criminal charges in addition to the penalties and interest that come with regular back taxes, as the IRS sees these types of infractions as stealing from both the employees and the government. Steps to Settling Your Back Payroll Tax Problems The first step in resolving your back payroll taxes is to understand the complete scope of the problem, which means pulling together records of all payroll taxes withheld and documentation of all employees, including their W-2 forms. Next, you will want to figure out exactly how the problem occurred in the first place.  These issues are typically the result of a lack of funds, poor record-keeping, or an honest oversight. Once you have all the details on exactly what went wrong, the next step is to contact the IRS, state tax agency, or local tax agency to ask for help resolving the issue. In most cases, they will be willing to work with you to put together a payment plan to keep your operation current. With a plan in place to settle the account, the last step will be to implement internal controls to ensure that it never happens again. You will also want to make all employees aware of the situation and your efforts to address it. If you have any problems along the way, a tax professional's assistance can be a tremendous help. Expert Help With Back Payroll Tax Issues Having a professional tax service in your corner can help you with everything from calculating what you owe to dealing with government agencies on your behalf. They will also have plenty of experience to draw on to help you understand what to expect, and in some cases, might even be able to help you qualify for payroll tax debt relief assistance. If you are currently dealing with unpaid payroll taxes, contact a specialist at Advanced Tax Solutions today for help to get your business back on track. Wed, 15 Feb 2023 06:00:00 GMT http://advancedtaxsolutions.com/blog/11534/How-to-Pay-Back-Payroll-Taxes-You-Owe-to-the-IRS---Are-Behind-On http://advancedtaxsolutions.com/blog/11497/What-is-IRS--Beast-Mode---and-Does-it-Apply-to-You-- blog The IRS can be a daunting entity to deal with, especially when it comes to taxes. As a taxpayer, you may have heard the term "Beast Mode" thrown around in reference to the IRS—and it sounds pretty scary. But what exactly does it mean? In short, IRS "Beast Mode" really means that the IRS is taking an aggressive stance on enforcing tax laws and collecting unpaid taxes or unfiled tax returns. This can include actions such as wage garnishments, bank levies, and even criminal prosecution for tax evasion. That may sound a little intimidating, but the truth is, the IRS just wants to make sure everyone is paying their fair share. It's important to note that the IRS doesn't take kindly to taxpayers who ignore their tax obligations. If you have unfiled tax returns or owe back taxes, the time to address these issues is now before the IRS comes knocking. And that's where Advanced Tax Solutions comes in. But it's not just about dealing with existing problems; the team at Advanced Tax Solutions are experts in dealing with IRS problems with decades of experience. No matter what your specific tax needs are, we've got you covered. Whether you need to file missing returns, set up a payment plan, or resolve disputes, our tax experts are here to help. They can also negotiate with the IRS on your behalf, to work towards resolving any disputes or reducing penalties. With our help, you can rest easy knowing that your taxes are in good hands. So, don't let the idea of IRS "Beast Mode" keep you up at night. Contact Advanced Tax Solutions today to get started on getting your taxes in order, and you'll be able to relax and enjoy tax season. No need to be intimidated, let our team take care of it, so you can focus on the things you love. Tue, 31 Jan 2023 06:00:00 GMT http://advancedtaxsolutions.com/blog/11497/What-is-IRS--Beast-Mode---and-Does-it-Apply-to-You-- http://advancedtaxsolutions.com/blog/10618/IRS-Substitute-for-Return--Explanation---Next-Steps blog Did you know that the IRS has the authority to file a tax return on your behalf if you fail to do so on your own? It's called a Substitute for Return (SFR), and it could be a problem for anyone that doesn't have a strong track record of filing their returns on time. Advanced Tax Solutions as experience dealing with SFR situations, and we can help you understand exactly what tax relief services you may need in your specific situation. What is a Substitute for Return? If you neglect to file a tax return for a specific year and the IRS has third-party information like a W-2 or 1099 for your earnings in that year, they can file an SFR on your behalf to calculate the amount of taxes you owe for that year. When the IRS files an SFR on behalf of a late taxpayer, they use married filing separately, or single filing status and the standard deduction, which means that the average SFR could show significantly more taxes owed than a properly filed return would have calculated. When Can the IRS File This on Your Behalf? The IRS can file an SFR on behalf of any taxpayer once the tax return that should have been filed is more than 12 months late. Once the tax return reaches this point and the SFR is filed, the IRS will also add penalties and interest and begin the collection process. IRS Process The SFR process always starts with a simple notice from the IRS that they have information about your tax filing obligations but do not have a return. This is a friendly request. If you fail to respond to the initial request, the IRS can file an SFR once the return passes 12 months unfiled. From that point, the taxpayer will have 30 days to either file a correct return, call the IRS and explain why they aren't filing a return, or agree to pay the amount owed. Failure to respond to an SFR writhing the 30-day window will lead to a "Notice of Deficiency" after 90 days. This notice will come through certified mail and use much stronger language. If the taxpayer still doesn't respond, the IRS can move forward with tax liens, levies, and wage garnishments until the debt is settled. Next Steps When This Happens to You If you receive a notice from the IRS about an SFR, your best bet is usually to file a tax return for the year in question. This will be your best chance to settle the taxes for the lowest amount possible but there are other options so consulting with a tax professional is a good idea. Searching the web for "back taxes help near me" is a good place to start, but an even better approach is to simply contact us, and take the first step towards a solution. Your initial consultation will always be free with a licensed professional who is also a Certified Tax Resolution Specialist. SFR notices and dealing with the IRS can be intimidating, but it doesn't have to be. Our experienced team at Advanced Tax Solutions has over fifty years of combined experience providing tax relief and strives to be your resource, partner, and advocate, no matter your situation.   Thu, 01 Dec 2022 06:00:00 GMT http://advancedtaxsolutions.com/blog/10618/IRS-Substitute-for-Return--Explanation---Next-Steps http://advancedtaxsolutions.com/blog/10092/What-is-The-Difference-Between-an-IRS-Agent-and-Tax-Revenue-Officer- blog What is The Difference Between an IRS Agent and Tax Revenue Officer? While they might sound similar and are often misused in place of each other, the positions of IRS tax agent and tax revenue officer are actually quite different. Understanding the critical differences between these two positions could help you better understand your situation should one of them show up at your office one day. What is an IRS Tax Agent? An IRS tax agent is a government official tasked with examining tax returns and conducting in-person audits to determine the correct amount owed by the taxpayer in question. In most cases, IRS tax agents must have at least a basic background in accounting. What is a Revenue Officer? A revenue officer is a government official who handles the task of collecting the amount owed from the most challenging cases where traditional methods like letters and phone calls have not worked. These officers may need to conduct interviews with taxpayers in order to determine the amount they can reasonably be expected to pay. They also have the authority to set up payment plans or garnish wages. How Are They Similar? IRS tax agents and revenue officers are both government agents tasked with getting residents to pay their fair share of taxes. At the end of the day, they are on the same team. They just have different positions and expectations on that team. What Are the Biggest Differences? While IRS tax agents and revenue officers both work for the government, it is important to note that IRS tax agents are solely focused on determining the correct amount owed. On the other hand, revenue officers play no role in determining how much is owed and are exclusively focused on collecting the determined amount as efficiently as possible. If you have additional questions about IRS tax agents, revenue officers, or any other aspect of your personal or business taxes, don't hesitate to contact a specialist at Advanced Tax Solutions today!   Wed, 05 Oct 2022 06:00:00 GMT http://advancedtaxsolutions.com/blog/10092/What-is-The-Difference-Between-an-IRS-Agent-and-Tax-Revenue-Officer- http://advancedtaxsolutions.com/blog/9779/What-To-Do-If-You-Owe-The-IRS-And-Can-t-Pay blog What To Do If You Owe The IRS And Can't Pay Owing a significant amount of money to the Internal Revenue Service (IRS) is frightening, especially if the amount owed is more than you can afford to pay. Should you ever find yourself in that position, always consult with a qualified tax specialist before making any payments. You probably have more options than you realize. Request an Installment Agreement The most common way to deal with an outstanding balance owed to the IRS is to set up an installment agreement where you agree to pay the amount before a specified time. The IRS offers a short-term installment agreement option for anyone owing less than $100,000. These agreements are typically for 120-180 days to pay a debt in full. Anyone owing less than $50,000 may qualify for a long-term installment agreement that allows them to make monthly payments for a period longer than 120 days. These long-term agreements come with a reduced setup fee if you let the IRS automatically deduct the monthly payments from your bank account. Qualify for an Offer in Compromise Another option is what is known as an "offer in compromise." In these situations, the taxpayer offers an amount that is less than the total balance, and if it is approved, the IRS will forgive the remaining balance. Unfortunately, there are rules and regulations to qualifying for an offer in compromise. The IRS will consider everything from your income and expenses to your current assets before letting you off the hook for a portion of the amount owed to them. If you have an experienced tax professional on your side that understands the details of the process, this can be an excellent way to settle your debt to the IRS. Other Options to Consider Other options like the first-time penalty abatement program or requesting penalty relief through a reasonable cause can both reduce the amount owed. Get together with a qualified tax specialist to go over your specific case, and you might be surprised to learn that there is more help available than you realize.   Mon, 11 Jul 2022 06:00:00 GMT http://advancedtaxsolutions.com/blog/9779/What-To-Do-If-You-Owe-The-IRS-And-Can-t-Pay http://advancedtaxsolutions.com/blog/6972/Federal-and-State-Tax-Preparation blog Tax Preparation Preparing your taxes can be highly stressful if you attempt to do it on your own, but it doesn't have to be that way. Advanced Tax Solutions can help with Colorado State Tax Preparation and Federal Tax Preparation in a way that allows you to feel confident, accomplished, and completely free of any stress. Tax Preparation Services One of the most significant issues that the average person has with tax preparation is that they don't understand the deductions and credits available to them. By reaching out to Advanced Tax Solutions for tax preparation help, you can feel confident that you are paying the correct amount of taxes. We can help the average taxpayer with either paper or online filing, as either might be a better option depending on your situation. Past Years and State Taxes Advanced Tax Solutions can help anyone struggling to file or amend returns from past years. Getting those prior returns back on track is the first step in making progress towards properly preparing this year's taxes. We can also help you prepare and file your state taxes, particularly here in Colorado. This step always comes after determining your federal taxes but often goes overlooked by DIY tax filers. Consequences of Not Paying Taxes Failure to pay your federal, state, or local taxes from any current or previous tax year can result in a long list of fines and penalties. However, almost any tax situation can be made good with the right effort. Advanced Tax Solutions can help with tax resolutions by negotiating discounted payments or getting you onto an IRS payment plan. Whether you are attempting to dig yourself out of a tax hole or want to make sure you don't start a new one this year, Advanced Tax Solutions can help ensure that you get the tax preparation help you need. Contact us today to start a conversation about your specific situation and what we can do to assist you! Fri, 19 Nov 2021 06:00:00 GMT http://advancedtaxsolutions.com/blog/6972/Federal-and-State-Tax-Preparation http://advancedtaxsolutions.com/blog/6575/What-To-Do-If-You-Owe-The-IRS-And-Can-t-Pay blog What To Do If You Owe The IRS And Can't Pay Owing a significant amount of money to the Internal Revenue Service (IRS) is frightening, especially if the amount owed is more than you can afford to pay. Should you ever find yourself in that position, always consult with a qualified tax specialist before making any payments. You probably have more options than you realize.  Request an Installment Agreement The most common way to deal with an outstanding balance owed to the IRS is to set up an installment agreement where you agree to pay the amount before a specified time. The IRS offers a short-term installment agreement option for anyone owing less than $100,000. These agreements are typically for 120-180 days to pay a debt in full.  Anyone owing less than $50,000 may qualify for a long-term installment agreement that allows them to make monthly payments for a period longer than 120 days. These long-term agreements come with a reduced setup fee if you let the IRS automatically deduct the monthly payments from your bank account. Qualify for an Offer in Compromise Another option is what is known as an "offer in compromise." In these situations, the taxpayer offers an amount that is less than the total balance, and if it is approved, the IRS will forgive the remaining balance. Unfortunately, there are rules and regulations to qualifying for an offer in compromise. The IRS will consider everything from your income and expenses to your current assets before letting you off the hook for a portion of the amount owed to them. If you have an experienced tax professional on your side that understands the details of the process, this can be an excellent way to settle your debt to the IRS. Other Options to Consider Other options like the first-time penalty abatement program or requesting penalty relief through a reasonable cause can both reduce the amount owed. Get together with a qualified tax specialist to go over your specific case, and you might be surprised to learn that there is more help available than you realize.     Fri, 09 Jul 2021 06:00:00 GMT http://advancedtaxsolutions.com/blog/6575/What-To-Do-If-You-Owe-The-IRS-And-Can-t-Pay http://advancedtaxsolutions.com/blog/5154/What-to-Do-if-You-Cannot-Pay-Your-Taxes- blog What to Do if You Cannot Pay Your Taxes? Even before the coronavirus pandemic, about 20% of Americans owed additional money on their tax bill. And even if it was difficult, most people could pay their taxes, even if it meant making payments to make things right with the IRS. We're now dealing with the financial implications of the pandemic, which has seen over 100,000 small businesses close their doors forever. The distress from the economic meltdown is far reaching. Many people are struggling financially and have not paid their tax bill for 2019. Making matters worse, if you haven't paid your taxes you may not be able to claim government relief, including past and future stimulus checks. That's just one reason why it's so important to fill out the proper paperwork with the IRS. Can't Pay Your Taxes? File a Return Anyway If you're unable to pay your taxes, rest assured you're not alone. Don't panic. Understand that you have options to resolve the problem. Perhaps the worst thing you can do is procrastinate on filing your taxes. The longer you wait to file, the more you will have to pay the IRS. Conversely, your best option is to file your taxes, even if you cannot pay the full amount on the taxes you owe. If you're able, pay as much as you can to minimize penalties and interest. Remember, if you owe taxes but you do not file a return, the IRS could hit you with a failure-to-file penalty, adding an additional fee of 5% to 25% of your unpaid tax burden. However, if you file your taxes – even if you don't pay your tax bill - the penalty the IRS issues will be a much smaller 0.5 percent of your tax bill. In many cases, the IRA will grant a waiver on penalties. However, the agency will not waive the accrued interest on unpaid tax bills. That means, the longer you wait, the more interest you'll have to pay. Don't wait another day. Our certified tax professionals can help you resolve your tax bill while paying the least amount of money to the IRS. Let Advanced Tax Solutions Help You Whether you haven't filed in one year or 15 years we can help you get your taxes on track and get the IRS off your back. Let us help you select the right solution for your tax issues. Hey, we get it. No one likes paying taxes and dealing with the IRS is even worse. That's where we come in. Resolving tax issues and working through the complexities of the process with the IRS is what we do. If you need help solving your IRS problems through certified tax filing services, call Advanced Tax Solutions today and speak to a licensed professional. We'll review your tax situation and identify your best options so you can put all your tax issues behind you.   Tue, 22 Dec 2020 06:00:00 GMT http://advancedtaxsolutions.com/blog/5154/What-to-Do-if-You-Cannot-Pay-Your-Taxes- http://advancedtaxsolutions.com/userfiles/2219/images/neonbrand%2DJW6r%5F0CPYec%2Dunsplash%2Ejpg http://advancedtaxsolutions.com/ http://advancedtaxsolutions.com/blog/4832/IRS-Payment-Plans--4-Must-Know-Options-for-Covid-Tax-Relief blog This year, the Internal Revenue Service (IRS) tax deadline was extended from April 15 to July 15 to help those who are financially affected by the coronavirus. And, despite requests from taxpayer unions, small businesses and taxpayers to further stretch the deadline again to September 15, the IRS announced they will not extend the July 15 tax deadline. Naturally, this is bad news for the millions of Americans facing financial strain in the wake of the coronavirus pandemic. A recent Tax Audit survey reports that 37% of taxpayers are unable to pay their 2019 taxes owed, even with the July 15 deadline, and a whopping 61% of Americans fear they will be forced into tax debt due to the financial ramifications of COVID-19. If you don't have the financial resources to pay your tax debts right now, it's important to know you do have options. 1. File for an Extension Postponing your payment may be a viable option. Of course, the IRS will charge you for penalties and also for interest accrued after the deadline. Still, it can be an effective option to keep the IRS at bay while you financially recover. 2. Enroll in an IRS Installment Agreement You can also address your tax liability through an installment agreement which could draw out payments for up to six years. You may be able to extend payments beyond six years if your debt is more than $50,000. Be aware, however, that the rules and regulations can be confusing. We strongly advise that you contact one of our skilled tax specialists who understands the rules and regulations and can help you set up a tax installment agreement with the IRS. 3. Consider an IRS Offer in Compromise In many instances, taxpayers can pay less than the amount they owe the IRS through an Offer in Compromise. Consult our tax professionals now to see if you qualify to reduce your tax obligation. 4. Look into Currently Not Collectible (CNC) Status You may be able to avoid any tax payments right now if you qualify as "Currently Not Collectible." You may qualify for this status if you can show the IRS that your monthly expenses exceed the amount of your monthly income. Of course, you must provide the IRS with supporting documents in this case. The IRS Is Back at Work During the early weeks of the coronavirus pandemic, the IRS was forced to close its doors. That is no longer the case.  Currently, the IRS is open, and they are actively processing taxes every day. Further, they are accepting applications for installment plans and reduced payments to help those who need it. Not surprisingly, the department is also contacting taxpayers about their tax burden. If you owe taxes to the IRS, now is the time to get your tax situation in order. The Bottom Line According to the TaxAudit survey, nearly half of all taxpayers (49%) are fearful of the IRS contacting them about their tax debt.  That's understandable, but it doesn't have to be that way. Rather than waiting for the IRS to contact you, you can be proactive and take matters into your own hands. After all, you could receive immediate relief through an installment plan or lower payments. You may even qualify to avoid making any payments at this time if you are designated as "Currently Not Collectible." Best of all, you may not even have to contact the IRS. Reach out to Advanced Tax Solutions now, and let us help you deal with the IRS and get you the tax relief you deserve. Our goal is to reduce your tax burden as much as legally possible so you can get back to your life.   Tue, 25 Aug 2020 06:00:00 GMT http://advancedtaxsolutions.com/blog/4832/IRS-Payment-Plans--4-Must-Know-Options-for-Covid-Tax-Relief http://advancedtaxsolutions.com/blog/4827/Understanding-IRS-Wage-Garnishment blog What is Wage Garnishment? A wage garnishment is a type of levy where every time you get paid, your employer is required by law to send a portion of your wages to a creditor or person to whom you owe money. Common reasons for wage garnishment include unpaid child support, consumer debts, student loans, and tax levies. If you have failed to pay your taxes, you could be at risk for IRS wage garnishment. If this happens, the IRS will not take all of your pay, but anything over and above a small exemption amount determined by how often you are paid, your filing status, and your personal tax exemptions will be turned over to the IRS to pay down your debt. Your wages are garnished until the debt is paid in full. If you cannot pay your tax debt, establishing a payment plan with the IRS for repayment of your tax debt is one way to stop IRS wage garnishment and can leave you with more of your paycheck to pay bills and maintain a normal lifestyle. IRS Garnishment Rules Before an IRS levy or garnishment can be made: You will receive a Demand for Payment of the amount due. If you fail to pay this invoice, you will receive a letter (known as Form 1058) entitled "Final Notice of Intent to Levy and Your Rights to a Hearing." You will have 30 days to file an appeal. If you do not file an appeal within this time frame, the IRS must wait an additional 15 days to ensure the appeal isn't in the mail. Once this time has passed, the IRS can seize your assets, bank accounts, and wages without further notice. A garnishment can do significant damage to your credit report and will impact your income, so it's always a best to avoid IRS wage garnishment if possible. If you receive a Demand for Payment, it is important to quickly take steps to fix your tax problems. How to Stop IRS Wage Garnishment Establishing a payment plan for repayment of your tax debt is one way to stop an IRS wage garnishment. Appealing the decision is another way to avoid garnishment, but there's no guarantee your appeal will work. If you are already experiencing a wage garnishment, you still have some options, including: Borrowing money to pay your tax debt. There is a process called a lien subordination, where IRS has the ability to remove a lien long enough for you to borrow money if it is in their best interest. Having the debt placed as uncollectable under the IRS's Fresh Start program. Depending on the amount of tax debt you owe, you may be able to get a lien released. Submitting an Offer in Compromise. An OIC permanently settles the debt for less than you owe. It is best to have a tax professional handle this process for you. Advanced Tax Solutions has extensive experience negotiating deals with the Internal Revenue Service. We will be able to determine the best method of dealing with the IRS for repayment of your tax debt. We are adept at getting the best deal for our clients and giving them peace of mind by knowing their tax debt situation is being handled by professionals. If you are facing IRS wage garnishment, get in touch with our experienced team of Denver tax professionals today for help. Dealing with the IRS can be stressful and complicated, which is why Advanced Tax Solutions offers IRS garnishment help to ease your burdens. Call our office in Denver any time at (303) 753-6040, and let us help you find the solution. Our goal is to help you put your tax problems far behind you as quickly as possible. Contact us today, and let's get started.   Talk with a Tax Resolution Specialist Thu, 22 Aug 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4827/Understanding-IRS-Wage-Garnishment http://advancedtaxsolutions.com/blog/4826/What-Payroll-Taxes-Do-Employers-Pay- blog What is a Payroll Tax? Payroll taxes are levied as a percentage of what employers pay their employees (or as a total percentage of a self-employed person's income). In the United States, payroll taxes are split evenly between employers and employees, with employers paying their percentages and employees seeing their percentages deducted from their paychecks. These taxes include both Medicare and Social Security, which fund programs to supply health coverage and monthly income in retirement. Because the employer payroll taxes are charged directly to the business, it is wise to budget for your hiring salaries and wages based on more than just the gross income of your employee. Rather, you'll need at least 7.65% more based on federal payroll taxes alone. What Payroll Taxes do Employers Pay? Employers are responsible for federal, state, and local payroll taxes, as applicable in the area where they are located. Federal employer payroll tax rates currently stand at 6.2% for Social Security and 1.45% for the employer for Medicare. For each of these categories, your employee pays the same percentage, to bring the total payroll taxes to 12.4% and 2.9%, respectively. There are also federal and state unemployment taxes paid by the employer. To read more about what payroll taxes employers pay, visit the IRS website. How Much is Colorado Payroll Tax? Colorado has its own employer payroll taxes as well, which are based on the wages of your employees and can change every few years. To keep track of your current obligations for Colorado payroll taxes, visit Colorado's tax website or contact Advanced Tax Solutions with your questions.     Get Payroll Tax Help   Advanced Tax Solutions Payroll Tax Help Advanced Tax Solutions understands that payroll tax liabilities can be a bit confusing and require the assistance of a professional who can help you file quickly and accurately. The difficulty of payroll tax processing can lead to expensive IRS payroll tax penalties. Many time. there are ways to have the IRS abate some of these penalties. If you have unwanted IRS payroll tax debts or payroll tax penalties our experts can assist you. If you need payroll tax help, reach out today to Advanced Tax Solutions! Our experienced Colorado payroll tax specialists can help you understand your payroll tax liabilities as an employer. Fri, 12 Jul 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4826/What-Payroll-Taxes-Do-Employers-Pay- http://advancedtaxsolutions.com/blog/4824/Notices-from-the-IRS-Denver-residents-should-be-on-the-lookout-for blog Denver tax season is coming to a close, and next year's taxes are probably the furthest thing from your mind. However, it's important to remember that you can receive additional notices from the IRS throughout the summer for a number of situations. While this isn't an exhaustive list of the notices you might receive from the IRS, it's a good starting point and something to keep in mind as the summer goes on. Refund hold/offset notices  Most of the time if you file prior to the IRS refund deadline of April 15 you will receive your refund. However, there are a few instances in which you might not receive your refund, instead they will be held or "offset." This might occur if you are expected of fraudulent activity, owe the IRS money, or have additional outstanding obligations such as child support or past-due student loans.  Past due/collection notices This notice is more common than you would think. If you have yet to set up a payment plan, or some sort of arrangement with the IRS you might be getting these notices throughout the summer. It's important that you set up a payment plan as soon as possible after receiving these notices. It's okay if you can't pay what you owe them immediately, but it's extremely important that you at least reach out. Just as a reminder, it is possible to set up the following payment plans:  Long-term repayment plans: Your taxes, penalties, and interests total less than $50,000 or less  Short-term repayment plans: Your taxes, penalties, and interests total less than $100,000 Setting up a payment plan will depend on your current tax situation. You can apply online for a payment plan, but be sure you have all personal information such as your name, address, contact information and social security number.  If you don't set up a payment plan, you might get a collection notice from the IRS. If you have ignored all notices prior, the IRS is within their rights to place a tax lien or levy against you. The IRS can also garnish wages, acquire property and even withhold your passport. Do not ignore any attempt to collect tax debts from the IRS.  Underreported notices  It is the job of the IRS to check to see if tax filers are reporting income as required. If the IRS has noticed that you might have underreported your income, you will receive an underreported income notice which might result in you paying fees and additional taxes. It's important to know that if you receive an underreported notice, it's not from the most recent tax filed but from the year prior. If you receive any additional notices throughout the summer that don't fit in to the above categories, please contact our Advanced Tax Solutions team. Any notifications from the IRS will always come in the mail. If you receive any phone calls from representatives claiming to be the IRS, do not engage and do not provide any personal information. It's been reported that many scammers pretend to be the IRS via phone calls asking for social security information and requesting payment for overdue taxes. Always reach out to the IRS directly if you believe that you owe taxes, and contact your attorney general if you have received one of these calls. Always remember that you can reach out to our Advanced Tax Solutions for additional information or to have your tax questions answered. We are here to help you get started on the path to success when it comes to your taxes. If you have received a notice from the IRS, contact us for IRS tax lien help.   Wed, 29 May 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4824/Notices-from-the-IRS-Denver-residents-should-be-on-the-lookout-for http://advancedtaxsolutions.com/blog/4822/Steps-you-can-take-to-prepare-for-next-year-s-taxes blog Denver tax season is coming to a close, and next year's taxes are probably the furthest thing from your mind. Many of our tax clients from the Denver, Aurora, Littleton and surrounding areas wait until weeks before their taxes are due to even think about the upcoming tax year. But there are always things you can start doing ahead of time to make next year's tax season quick, easy and efficient. Let's start with some general maintenance. The first thing you should do is check on your current paycheck withholdings. The 2018 tax changes have most likely affected your paycheck by giving you more take home pay now, but this might mean you aren't paying enough in taxes. Take a look at your paycheck to see if you should adjust your withholdings, and if you should take time to complete a new form W-4 and Employee's Withholding Certificate. If you do not check your paycheck now, you might be setting yourself up for a shock when you realize you owe the IRS money and won't be getting a refund. Something else that you should consider is what you will do financially if you don't get a refund. With hundreds of families counting on refunds every year, it's never too early to start budgeting and preparing for a lesser refund, or greater refund if you have made the adjustments needed! Counting on tax refunds to pay necessary expenses is never a good idea, and if you find yourself doing that year after year reach out to your financial planner - they are here to help. If you are planning on freelancing during the year, get a system in place now. If you are looking into grocery delivery, a ride sharing service, or something similar - get a mileage tracker going now so that you can claim it on your taxes. Take a few hours out of each month to make sure everything is recorded, so that once it comes time to file your taxes you can pull everything at once. When it comes to your wages, start putting away 30 percent of your wages (if you can) to prepare for what you might owe the IRS. While 30 percent might seem like a lot, we recommend saving more so that you are fully prepared for your tax bill when April comes around. If you are self-employed, the same advice applies. Set up a system early in the year to track any deductible expenses. Typically, if you are self-employed you can claim travel expenses, office expenses, and additional business-related expenses. However, you must have the documentation to back up any expenses you are attempting to claim. This is why setting up a tracking system is extremely important. What's more, is if you are self-employed you might have to pay estimated taxes quarterly. These deadline are roughly the 15th of April, June, September, and January of the next tax year. If you have any questions regarding quarterly taxes, or what you should be planning for, feel free to reach out to our Advanced Tax Solutions team.  Set a lunch-time appointment sometime in the next few months with your tax preparer. This is your chance to get their help on adjusting your withholdings, and your chance to get all of your necessary questions answered prior to starting the tax season. Meeting with your tax preparer would also allow you to ask questions about your retirement accounts - something we strongly recommend doing each year. The IRS limits on taxable IRS contributions can change from year to year, and while it might not always change it's important to take a look at that each year. Do you make charitable donations each year? If so, the beginning of each year is the perfect time to start planning when you will make your charitable donations and how much they will be. By making a plan, you are far more likely to give as planned and have the documentation needed to claim charitable giving on your taxes.  Perhaps the easiest thing for you to do throughout the year is to collect tax documents and other important documents as you have them throughout the year and collect them in a centralized place as your employer(s) begin sending them your way. Below is the basic personal information you will need when preparing your taxes, be sure to have this information on standby: Bank account information for direct deposit if you'd like your refund deposited in your account Last year's tax return for comparison Dates of birth for all dependents, and social security numbers Now you'll also need to keep track of your income documents throughout the year such as any jury duty documents, gambling winnings, medical expenses, education expenses, alimony received, and scholarship awards. All of this information should be claimed on your taxes. Also, when it comes time to file your taxes you will need additional documents such as: W-2 forms 1099 forms Any income/expenses from rental properties  Also be sure to keep an eye on your mail for the following documents. You will need these when filing your taxes:  1098 forms Records of IRA contributions made throughout the year  Medical Savings Account (MSA) contributions Good news? You have plenty of time to prepare for filing next year's taxes. However, we do recommend getting a plan in place earlier than expected. Reach out to your local tax representatives and get on their schedule for tax preparation assistance. This can provide you with an opportunity to ask some of the questions you will need to know the answer to ahead of tax season. Preparing for next year's taxes ahead of time can save you massive amounts of time down the road.  Always remember that you can reach out to our Advanced Tax Solutions for additional information or to have your tax questions answered. We are here to help you get started on the path to success when it comes to your taxes. If you have any additional questions or requests, even unrelated to tax preparation we are always here to help.    Wed, 15 May 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4822/Steps-you-can-take-to-prepare-for-next-year-s-taxes http://advancedtaxsolutions.com/blog/4821/Tax-season-is-over---now-what- blog Tax season is coming to a close, and you might be wondering what records should you keep and which you should destroy. Many of our clients from the Denver, Aurora, Littleton and surrounding areas have questions about what tax documents they should keep, and for how long. We've put together the following Denver tax guidelines to help you, and our clients, determine what they should and shouldn't keep when it comes to tax documentation.  Why You Should Keep Tax Documents You want to keep tax documents in case you are audited by the Internal Revenue Service (IRS) - failure to produce documents in the event of an audit can cause pretty major issues for you and your financial state. If you are looking to purchase property anytime soon you might also need to produce tax returns from previous years to give the lender an idea of your financial standing. If you are looking to send your children to college, you might also need to use your previous year's tax returns on the Free Application for Federal Student Aid (FAFSA).   What You Should Keep  It's important to keep all documents related to filing your tax return. This would include W2s, 1099s, mileage tracking documents, receipts, and additional paperwork that was used when determining your deductions and tax claims. If you are unsure whether you should keep the document or not, check with your creditors and insurance agencies.  If you made any significant home improvements - keep these records as well. Home improvements can raise the value of your home, and you might be able to write some improvements off on your tax return. Investment records, as well as real estate records, should also be kept. If you decide to store these documents electronically, make sure they are stored on a hard drive that is password protected. Anytime you open these documents, make sure you do so on your own personal computer and when you are connected to your personal secured wifi. It's also beneficial to avoid storing important financial documents on a computer that is consistently connected to wifi - it gives hackers a greater chance of breaking into your documents.  How Long Should You Keep These Documents You should plan to keep tax documents for three years after your filing year. Three years is the statute of limitations for the IRS. The three year statute of limitations is the time you have to claim any refunds owed to you, and the time the IRS has to collect any debt from you.  However, there is a caveat to the three year rule. Always keep tax documentation related to retirement accounts for at least seven years, and any tax documentation related to property needs to be kept up until the third year after you've sold the property. If you're filing a claim for a worthless securities or bad debt deductions, save records for seven years.  There are some tax professionals who advocate for keeping your tax documents forever. This can be because if the IRS doesn't think you filed a return for any given year, you will need to provide proof that you did. However, this can cause a major problem if you aren't able to file taxes in a safe/secure location. When filing hard copies of tax documents at home, we recommend storing them in a fireproof safe - keeping them safe from thieves and protected in case of an emergency. What You Should Toss There are a few documents you might have been saving that you don't necessarily need to save for a long period of time. You are completely safe to dispose of ATM receipts, bank deposit statements, credit card statements, and other financial records. If you'd like to keep these for your own personal reasons that is completely okay - just know you won't need them for taxes. You can toss any utility bill records (unless you claim your office as a home office), paycheck stubs (once compared with your W2), and credit card statements unless you used them for tax purposes. Unless you used receipts for filing your tax return, you are also welcome to throw away your box of receipts at the end of the year.  How You Should Dispose of the Documents When disposing of the hard copies of documents we strongly recommend using a shredder. Throwing your documents into a trash can is definitely not the safest way of doing so and gives people the opportunity to steal your data. Anything with a social security number, birth date, or account number automatically falls within the shredding category. If you'd like to be extremely careful when it comes to disposing of your documents, you can even shred documents in two different waste baskets. You can purchase shredders that cross shred, making the documents almost impossible to re-piece together. If you have a lot of documents to dispose of and don't have ready access to a shredder, talk with your tax preparer or bank. Often times these are valuable resources you can turn to when in need of help or when you need additional assistance with these minor tasks. Just be careful when disposing of tax documents, particularly if you store all documents within the same place. You don't want to accidently shred birth certificates, marriage certificates, house deeds, life insurance policies, or wills. These documents aren't easily replaced, if at all, and are needed in making most major purchases. Determining what documents to save when filing taxes can be tricky, but it doesn't have to be. The guidelines we have provided aren't necessarily the only things you should consider, but they are a good starting point. If you are unsure of what documents you should save, or if you have any additional questions please reach out to our Advanced Tax Solutions team today. We are here to help you determine what tax documents you should be saving and how to best store them. If you have any additional questions or requests, even unrelated to tax document disposal or storage, we are always here to help.    Thu, 09 May 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4821/Tax-season-is-over---now-what- http://advancedtaxsolutions.com/blog/4820/What-you-need-to-know-about-amending-your-tax-return blog You've realized you've made a mistake on your tax return, but what do you do now? An amended tax return is your chance to correct any mistakes you might have made, and you aren't in trouble if you have to do so! Many of our clients from the Denver, Aurora, Littleton and surrounding areas express concerns about filing an amended tax return, but with the proper guidance it can be a painless process that might result in bigger benefits for you!  Do I have to complete an amended tax return?  There are some mistakes that the IRS will correct for you, these might include minor math mistakes or missing information from a W2. In this case, the IRS will correct the mistake you've made or send you a letter requesting for more information. However, if you realize the mistake you've made will affect your tax obligation you do need to complete an amended tax return.  Examples of this include:  You've filed your taxes under an incorrect filing status Forgetting dependents Forgetting tax credits/deductions Receiving additional tax documents after you've filed  Just because you file an amended tax return doesn't mean you'll get audited by the IRS. This is a common misconception, and in fact if you file your amended tax return correctly you should be completely fine. Attaching the supporting documents (we will cover this in a bit) will also help keep you from getting audited after you file your amended return. When should I file?  The answer depends on how your mistake will affect your refund and tax obligation. If you are going to be getting a larger refund after you correct your mistake - wait to file your amended return until you receive the initial refund. If you are going to owe the government money, or it will shrink your refund, you'll want to file the return as soon as possible! You have 2-3 years to file an amended tax return, after three years the IRS will typically not allow you to file an amended return. Remember, you can't e-file an amended return, so that might affect your timeline if you are looking to get this handled sooner rather than later. While popular softwares can help you complete the paperwork, you'll still need to print out the return and mail it in. You are always welcome to contact our Advanced Tax Solutions team today to help with an amended tax return. Why should I file?  There are a few things you need to consider when thinking about your amended tax return. You should always amend your tax return if you know a considerable mistake has been made. If your tax return mistakes result in you owing the IRS, and they catch it first, you might have to pay additional interest on the tax due. It's important to also know that the interest will accrue as the IRS takes time to find your mistake, so it could be more than you anticipate. But that could be the least of your problems. If the IRS determines you purposely made a mistake, they could file a tax evasion case against you.  If you amend your return and end up owing the IRS more than initially thought, you might have to pay some penalties. How much you owe is calculated by how much is owed, and how long it has been since you filed the original tax return. To learn more about what you owe and what actions the IRS can take against you, contact our tax professionals at Advanced Tax Solutions. What are my steps?  First you'll need to gather all tax documents, including your the original tax return you are looking to amend. If you need help determining what documents you will need contact us, we are here to help! When filing an amended tax return, you'll need to file with a 1040X, or an Amended U.S. Individual Income Tax Return form. If you've used a software to fill out your initial taxes, most of the time you won't have to fill in any original information just an explanation of the mistake you've made.  Remember to add any documents you have used in preparing your amended tax return. For example, if you forgot a W2 on the original tax return, be sure to make a copy of the W2 and include it when you mail your amended tax return. No matter if you've used software, or our services, we can help you file your amended tax return quickly and correctly. When you are ready to submit your amended tax return, gather all supporting documentation and attach them with your amended tax return before placing it in the mail. Be sure that you only include copies of your supporting documentation - do not include originals! We also recommend making a second copy of your amended return to keep for your records prior to mailing it to the IRS.  When am I able to check on it?  It can take up to three weeks before you are able to check the status of your amended return on the IRS website. Once your amended return is listed, it can take an additional 16 weeks to fully process and receive a resolution. Stay patient, and don't worry! You've taken the correct step in remedying your mistakes.  If you are filing an amended tax return from a different tax season, chances are you will be in it for the long haul. Traditionally, the older the amendment the longer it will take to process and you could be looking at waiting the full 16 weeks to receive a resolution. If you are unsure if you have to file an amended tax return, please contact our Advanced Tax Solutions team today. We are here to help you determine if you need to file an amended tax return, and to help you successfully navigate the amended tax return process. If you have any additional questions or requests, even unrelated to the amended tax return process we are always here to help.    Wed, 01 May 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4820/What-you-need-to-know-about-amending-your-tax-return http://advancedtaxsolutions.com/blog/4819/How-long-does-an-offer-in-compromise-take-- blog How long does it take to get an Offer in Compromise accepted? { "@context": "http://schema.org/", "@type": "Blog", "headline": "How Long Does An Offer In Compromise Take In Denver? ", "url": "https://advancedtaxsolutions.com/blog/19241/How-long-does-an-offer-in-compromise-take-", "datePublished": "04-24-2019", "dateModified": "04-24-2019", "publisher": { "@type": "WebSite", "url": "https://advancedtaxsolutions.com/", "name": "Advanced Tax Solutions" }, "description": "Find out more information regarding all frequently asked offer in compromise questions. In this blog we cover all things from how long an OIC takes to be accepted to what actually is an offer in compromise to begin with. For additional information, get in contact with our Denver tax resolution specialists today!" } When it comes to the IRS offer in compromise processing time, the time frame can vary. Your IRS Offer in Compromise could possibly be accepted by the IRS in as little as four weeks but will likely take from 6 to 8 months. Once the IRS determines you have met all the qualifying criteria and your request can be processed, which usually takes 3 to 6 weeks, your OIC is delivered to an IRS Offer in Compromise Examiner. The Examiner will determine what your Reasonable Collection Potential (RCP) is by analyzing the supporting documents your tax resolution service sent in and auditing your assets to determine their worth. Your proposed repayment amount will either be accepted or rejected by the Examiner. You should have an answer within 6 to 8 months if your OIC is accepted. If your OIC is rejected, you can appeal the rejection to the IRS Office of Appeals. Taking this action will likely extend the entire IRS Offer in Compromise processing time to approximately 14 to 24 months. What is an IRS Offer in Compromise? An IRS Offer in Compromise is a program offered by the Internal Revenue Service that allows qualified tax paying individuals with an unpaid tax debt in the U.S. to negotiate a settlement amount that is less than the total dollar amount owed to the IRS to clear the debt. Many American taxpayers are faced with a tax debt they are not prepared for, not equipped to pay in full, and unsure what to do about it. If you find yourself in this situation, there's no need to panic. Too many people are unaware of the IRS program that makes it easier to pay a tax debt. It's called an IRS Offer in Compromise, and there are professional OIC tax services which are well versed in how this IRS debt repayment program works. They can handle all the necessary details for you so that you can rest easy knowing your tax debt responsibility is taken care of the right way.   Contact Advanced Tax Solutions for OIC Help How does an Offer in Compromise Work? In short, if you lack the ability to pay your tax debt in full, you can work out a compromise to pay less than the full amount owed by applying for the IRS Offer in Compromise program. Once you have filed all required tax returns, the IRS has determined that you meet all the qualifying criteria, and you have been deemed eligible for this program, you may need to make an initial payment. The IRS will apply all payments submitted to reduce the taxes owed. Check out the IRS website's instructional page at https://www.irs.gov/payments/offer-in-compromise for a detailed explanation of all the facets of the program. How much will the IRS settle my debt for? The IRS has an Offer in Compromise Pre-Qualifier tool on their IRS.gov website which offers an estimate of an acceptable offer amount. Taxpayers can go through the steps outlined to find out if they meet the basic qualifying requirements. The IRS makes a final decision on whether to accept the offer based on the submitted application. Where can I go for help with an IRS Offer in Compromise? There are tax resolution services that can help you with the mechanics of submitting an Offer in Compromise. These OIC tax services utilize tax attorneys, Certified Public Accountants, and other tax professionals who understand the Offer in Compromise guidelines, rules of submission, and acceptable practices. They can provide you with professional tax relief by negotiating on your behalf to reduce your tax debt with the IRS. Where can I get reputable OIC tax services? Advanced Tax Solutions is here to offer you the perfect solution to your tax preparation and IRS Tax Problems. If you live in the Denver area, feel free to stop by our local office and meet with one of our experienced tax professionals. Meeting with our licensed tax professionals can help you find answers and give you peace of mind. We offer every new client an initial consultation at no charge. If you have questions about an IRS Offer in Compromise or other tax questions or issues, give us a call at 303-753-6040 or use our convenient online contact form to get the tax help you need today from a qualified tax resolution service. We understand the fear, frustration, and financial ruin an IRS tax problem can cause.  Advanced Tax Solutions is equipped to solve your IRS problem. We have helped thousands of clients just like you; why not be our next great story?   Get Professional Offer in Compromise Help   Wed, 24 Apr 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4819/How-long-does-an-offer-in-compromise-take-- http://advancedtaxsolutions.com/blog/4818/What-are-your-options-for-dealing-with-tax-debt blog After a busy 2019 tax season, some of our clients from the Denver, Aurora, Littleton and surrounding areas owe the Internal Revenue Service (IRS) versus getting a refund. While a large tax bill can certainly be overwhelming, Advanced Tax Solutions is here to give you the IRS debt repayment assistance you need.  No matter what, always remember to file your taxes even if you think you can't pay what you owe. Not filing your taxes can result in even larger fees and penalties. Once you are informed that you owe, you do have a few options to help pay down your IRS tax debt. We always recommend that if you are financially able you pay off the tax debt immediately, but in which case you can't you can enroll in a short-term or long-term repayment plan.   Short-Term Repayment Plan: 120 Days in Full If you can't pay your tax bill immediately, you can opt to pay your tax bill in full within 120 days. Start by paying as much as you can, then arrange this repayment with the IRS. The 120 days in full option does not accrue a fee, but it does accrue interest and penalties.  Short-term repayment plans are a great option - as long as you are sure that you can afford them. Try to avoid emptying all of your accounts to pay back an IRS debt, by doing so you can put yourself in a sticky financial situation and that is the last thing you want to do. If you are ever unsure of what the best option is for you, contact us at Advanced Tax Solutions. We are here to help.   Long-Term Repayment Plans: Installment Agreements If you are in need of more time than 120 days (four months), than you can opt to utilize an installment agreement to help pay your tax debt. There are a few different options you have in terms of long-term repayment plans, including:  Automatic Withdrawals: These plans are designed to be automatic withdrawals through directly debited from your bank account.  General Repayment: You will owe similarly to the automatic withdrawal plan, but for this installment agreement you need to pay with card, check, or money order. You are able to restructure or reinstate your installment agreements after setting up an initial agreement, but small fees might apply.   Enrolling in a Payment Plan Your eligibility for payment plans will depend on your current tax situation. Generally, you can qualify for the short-term and long-term repayment plans based on the following: Long-term repayment plans: Your taxes, penalties, and interests total less than $50,000 or less.  Short-term repayment plans: Your taxes, penalties, and interests total less than $100,000. When applying for an online payment plan you will need to gather all of your personal information including name, address, social security number, and additional contact information. If you are not applying for a payment plan as an individual, but instead as a business or as Power of Attorney you will need additional information that can be found here.   Offer In-Compromise An offer in compromise allows you to settle your debt for less than what you owe. You might get approved for this if you have financial hardship, or can't pay your full tax liability. In order to apply for an offer in-compromise, you do have to have filed all previous taxes. It is important to note that offer in-compromise is very rarely approved and should be viewed as a last resort.    Penalties and Interest No matter what you decide, if you do not pay off your debts right away they will accrue interest rates, and some penalty rates. Penalties are accrued for a number of different things, the most common of which being failure to file, failure to pay, failure to pay the proper amount, and a bounced check. It is possible that you may qualify for relief from penalties - learn more about penalties and interest by visiting the IRS website.    Can't pay? If you can't make payments on your IRS tax debt, you do have another option. It's possible to apply for a leniency due to hardship. In order to apply for this, you will need to demonstrate that paying your tax debt would cause enormous burden to yourself and your family. You could also look into a no interest credit car, personal loan, but don't feel the need to take drastic measures. You don't, and shouldn't, feel the need to declare bankruptcy to help repay the IRS.  You can request a payment deferment which will move your account into a currently not collectible status (CNC) - which will keep your account on pause until you are able to resume making regular payments. The IRS will continue to reach out to you and keep in contact until you are able to make your payments.   Can I just ignore the IRS? In short, no. Do not ignore the IRS' request for tax debt repayment. When you ignore the IRS request, your account will become delinquent. Delinquent accounts will often be turned over to the IRS' Automated Collection Systems (ACS) and they will attempt to collect payment from you. If the IRS is unable to collect on your account, they might pursue a federal tax lien. A federal tax lien lowers your credit score and if you decide to sell property gives the IRS the first change to purchase your property.  If you don't resolve anything, or set any type of repayment arrangement within 30 days, the IRS will start their collection process. The IRS has the right to levy your bank account, garnish your wages, acquire your property and even withhold your passport. Tax repayments will depend on your individual situation and depend on how quickly and timely you reach out to the IRS. The IRS might even recommend refinancing your home in situations where you are unable to pay your debt. If you are ever unsure of what your best option is, contact our Advanced Tax Solutions team today to learn how you can successfully navigate tax repayments. We are ready to provide tax debt help and answer any of your questions and requests.   Wed, 24 Apr 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4818/What-are-your-options-for-dealing-with-tax-debt http://advancedtaxsolutions.com/blog/4817/Need-tax-audit-help--We-can-help-- blog Many of our clients from the Denver, Aurora, Littleton and surrounding areas have a fear or uncertainty of being audited. But getting an audit notice from the Internal Revenue Service (IRS) doesn't have to be overwhelming. We are here to give you the tax audit help you need:   Why have I been selected for a tax audit? The first thing to remember is that just because you have been audited by the IRS does not mean there is a mistake on your taxes, there are several reasons you may have been audited including: ·      Failure to report all income: Failure to report any income from side jobs or major gifts ·      Math errors: Accounting errors such as the miscalculation of total income ·      Deducting too many work expenses: Expenses deducted must be ordinary and necessary for your scope of work ·      Using round numbers: Typically numbers from your tax forms are not whole, round numbers – using whole round numbers on your tax forms could trigger an audit ·      Too many charitable deductions: Only claim what charitable deductions you have actually made if you are claiming a large amount in comparison to your salary it is likely to raise a few concerns with the IRS While these are a few of the most common, they do not represent all reasons that the IRS might audit you. Professionally filed tax returns are also not immune to tax audits, so keep that in mind if you have been audited after using a tax preparation service.   How will I know? The IRS will only notify you via mail if you've been selected for an audit. Audits are not initiated through telephone calls. If you receive a call, text, or email from anyone claiming to be the IRS demanding money, it is a scam and you should avoid providing any personal information. Typically, you have thirty days to respond to an IRS audit. It's important to not ignore the IRS. If you ignore their request for an audit, the IRS is within their rights to immediately adjust tax liability and deliver you with a tax bill.   What do I need to have ready? When notified of an audit, the IRS will also provide you with a written request for whatever documentation they might need. However, the documents that might be requested include: ·      Receipts ·      Bills ·      Cancelled checks ·      Employment documents ·      Legal papers ·      Loan agreements It is helpful that whatever documents you send, or take, to the IRS are neatly organized chronologically.  Remember, the law requires that all documents used for tax returns should be kept for three years after the filing of your tax return so you should have the documentation requested.   What if I don't have my documentation? Expenses such as medical bills can be recreated through bank statements, or you can reach out to your doctor's office or pharmacy to get the necessary receipts. Unfortunately, expenses such as charitable contributions, travel/entertainment expenses, and even mileage are difficult to recreate. If you are unable to provide proof of this documentation, the IRS can disallow you from claiming it on your taxes. If you are unsure of how to provide or find proper documentation, reach out to your tax professional.   What can I expect? You can visit the IRS yourself, or have a tax professional go in your place. Your tax professional might also agree to go with you as well. It's important to do whatever you're most comfortable with, but if you do go to the IRS they might ask you questions to put you on the spot. The IRS is always seeking additional information from you – each question they ask has a purpose.   No matter who goes, make copies of all documentation that is requested. Never provide the original copy of your documentation, and only provide the documentation that is requested by the IRS. When answering questions, always be honest and upfront with the IRS – but keep it concise.   Always be friendly, and keep your calm with the IRS representative. The IRS representative has to deal with hundreds of tax issues every year – staying calm and respectful will go a long way with your representative.   How long will it take? Auditing duration can vary in time based on a number of things, including the availability of requested information, complexity of the issues, and what type of audit it is.   What if I have a tough auditor? If you have found yourself with a tough auditor – it is okay. You have several options, including delaying the audit or requesting a new auditor. If you are in the middle of your audit and realize you need a break, you are within your rights to request a recess and resume at another time. If you are interested in speaking with a new auditor, you will need to request to speak with an IRS manager. You are always welcome to stand up to your auditor, but be polite when doing so. You are also within your rights to record the IRS audit, as long as your provide notice to the IRS ten days prior to your appointment with the auditor.   What if I disagree? If you disagree with audit findings you are allowed to file an appeal, participate in mediation, or conference with an IRS manager. When going through any of the aforementioned processes, it can delay your refund or tax resolution. If you agree with the findings of the IRS, you might be asked to sign an examination report or similar form.   What's next? After finalizing your taxes - you'll either owe money to the IRS, will be given a refund, or will break even. If you owe money to the IRS, you have several options including installment plans or extensions. It's important to remember that no matter what you choose, failure to pay the IRS can result in seizing property/assets and garnishing wages.   Contact our Advanced Tax Solutions team today to learn how you can successfully navigate the tax auditing process. We are always here to help with any of your questions and requests.   Wed, 17 Apr 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4817/Need-tax-audit-help--We-can-help-- http://advancedtaxsolutions.com/blog/4816/Four-Key-Tax-Tips-to-Remember-this-April-15th blog You promised yourself that this would be the year you wouldn't file for an extension with the IRS, resounding to get your taxes done on time before the April 15th deadline —but commitments to family, work and friends have you behind the eight ball again. At Advanced Tax Solutions, we pride ourselves on our ability to help local businesses from in and around Denver, independent contractors from Aurora and families from Littleton with all their tax filing needs. With the April 15 filing deadline fast approaching —you can't afford to wait to file any longer! Whether you choose to file with our team of tax pros or you're going it alone, here are some important things to remember when filing your federal taxes.  Get Your Paperwork Ready As you well know, there's a variety of forms and other documents you'll need to file your taxes promptly, and the best way to be prepared to file is to have all of that information readily on-hand. Salaried employers will need to have their IRS W-2 form from their employer which summarizes their income and taxes paid throughout the year. Any and all income earned on the side from a job, bank account or financial investment will require the submission of relevant 1099 forms. If you are a homeowner, you'll also need a variety of documents to give the IRS proof of how much property taxes you paid in 2018. You'll need to log on to your lender's website to obtain your mortgage interest statement. If you're itemizing business expenses, such as cost of mileage on your vehicle, job-related supplies, or work-related travel, you'll need receipts and credit card statements showing what you spent. Depending on the nature of your business you'll also need a Schedule C to file business expenses. Similarly, those claiming medical expense deductions need to show receipts for co-pays and out-of-pocket expenses related to your care.  Report All Your Income —Don't Cut Corners When it comes to filing taxes with a limited amount of time remaining, it's easy to be tempted to cut corners. If you only did what you perceive to be a little paid freelance work here or there, forget your login to your mortgage lender's website, or misplaced your W-2, it can be tempted to just omit these items from your return. And while you might overlook the absence of these documents as no big deal, it's a big deal to the IRS. Firstly, for every 1099 form you've completed via an employer, the IRS receives a copy directly from that employer stating what you earned.   Failure to report any and all sources of income can lead to an IRS audit of your finances, additional fees, and potential financial penalties down the road. It's worth it to take the extra effort to ensure that all of your paperwork is accounted for and organized, and that your entire year's financial picture is available come tax time.  Do Not Fudge Deductions Whether it be due to haste, or the inability to arrive at precise figures, many of those who rush their taxes to meet the April 15th don't just make a habit of supplying insufficient documentation, they also fudge their deductions. This is also a major mistake. The IRS utilizes a variety of algorithms to compare your deductions to previous years, so any erroneous or awkward information made on your return is almost always red flagged. Hastily documenting deductions with large, round numbers is another way to alert the IRS of potential purposeful errors. Take the time to document all of your income and deductions carefully, and accurately.  Fudging deductions won't just get you in trouble with the IRS, it can also harm your financial future. When it comes time for mortgage company or to banks review your application for a business or personal loan, they'll often request copies of your tax returns from the IRS to verify your total income. If there is any misinformation about your income in IRS records, you may be denied for the loan you need.   Wed, 10 Apr 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4816/Four-Key-Tax-Tips-to-Remember-this-April-15th http://advancedtaxsolutions.com/blog/4815/What-are-your-tax-repayment-options-- blog Realizing that you might owe taxes this year can be overwhelming, but remember no matter what you need to file your taxes. By not filing on time, and by not paying taxes by the owed deadline you will be subject to penalties enforced by the Internal Revenue Service (IRS). If you are unable to pay taxes by the requested due date, you will owe a late fee and may be enforced penalties.  No matter the tax bill, you always have options in terms of tax repayments. While they will greatly depend on your financial situation and tax owed, it's important to discuss your options with your tax representative. Options might include:    Request an Extension If you can gather the money needed to pay your tax bill, it might be in your best interest to file for a six month extension. Six month extensions must be filed as soon as you are able through a tax professional or the IRS. If you wait too long to request a six month extension, then you will only be able to file for a 60 day extension.    Monthly Payments If you owe less than $50,000, you are able to request a monthly payment plan up to 72 months. If you file for a streamlined monthly payment, there is typically less paperwork, and no federal tax lien will be filed by the IRS. Streamlined agreements can be set up by calling the IRS, setting up an online payment agreement application, or using the tax professionals.  Owing more than $50,000 or do not qualifying for a streamlined monthly payment can result in a complicated payment plan that is based on your "ability to pay." A complicated payment plan requires you to submit documents the prove you are unable to pay the full amount requested from the IRS at once. Any tax owed that amounts to larger than $10,000 will result in the IRS filing a tax lien. If you are interested in filing for a complicated payment plan you will need to call, visit, or write the IRS to request one. When making your monthly payments, pay at least the amount due and make all scheduled payments on time. It is important to stay in contact with the IRS, and when paying by check include important information such as name, address, social security number, and tax year. Always confirm your payment information and date prior to starting your monthly payments and be sure to send them to the correct address, the one listed in the correspondence with the IRS. In general, you'll pay approximately $50 for setting up a debit agreement with the IRS or $105 for setting up a standard/payroll deduction agreement. If you are unable to afford the fee, and are a lower-income taxpayer, you might be able to apply for a reduction in fees.     Payment Deferment   In select cases, you might not be able to pay the IRS - and that is alright. If you are unable to pay the IRS you can request a CNC status, or currently not collectable status. This puts a "pause" on your tax bill collection until you financial situation becomes better. However, there are a few caveats to a CNC status including the IRS checking back in every year on your financial situation and limiting your expenses to strictly those that are necessary. If you owe more than $10,000 the IRS will file a tax lien. As with the other payment arrangements, you will need to call, write, or visit the IRS in person to request a status.   Offer in Compromise If there is no hope for improvement in your financial prospects, you can request something known as an offer in compromise (OIC). OICs are ways to settle debt owed to the IRS for less or for the full amount you owe. Qualifying for an OIC is rare, and you will only qualify if you can't pay all the taxes you owe through your assets or a monthly payment plan. OICs are for those who are not temporarily distressed, but those who are unable to pay with no hopes of improvements. OICs must be accepted by the IRS and will depend on doubt as to liability, doubt as to collectibility and effective tax administration. OICs can be paid in a lump-sum payment, short-term payments and long-term payments. Contact Advanced Tax Solutions for IRS Offer in Compromise help in Denver.    What about penalties and interest?   Tax bills can accrue penalties and interest just as other bills can. If you find yourself struggling with an unusual event, made a mistake or have illnesses in the family you can write a letter to the IRS requesting an "abatement." Abatements are ways to reduce or remove penalties or interest. Late fees can be assessed on tax repayment when not paid by the due date. Generally, you may owe approximately 0.5% per month of taxes owed when you are overdue. However this may depend on what type of taxes you are paying back.  You are able to remove penalties or qualify for relief from penalties through reasonable cause, first time abatement or statutory exception. Reasonable cause might include death or additional life-altering situations such as a severe illness. Where as statutory exception can be filed when you have received incorrect advice or instructions from the IRS. The first time penalty abatement can be utilized when it is the first time you have undergone a penalty or issue.    Avoid... Paying a tax bill can be a little overwhelming, but be sure not to use a credit card to pay debts or take out a high interest loan. High interest credit cards or loans can create more debt than you owe and cause greater problems. Also, it is important to avoid removing money from your retirement accounts to pay a tax bill - you have options. Tax repayments will depend on your quick and timely action and your individual situation. The IRS might even recommend refinancing your home in situations where you are unable to pay your debt. If you are ever unsure of what your best option is, contact our Advanced Tax Solutions team today to learn how you can successfully navigate tax repayments. We are always here to help with any of your questions and requests.   Wed, 03 Apr 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4815/What-are-your-tax-repayment-options-- http://advancedtaxsolutions.com/blog/4814/Watch-Out-for-These-Red-Flags-to-Avoid-an-IRS-Audit blog Many clients from across Denver, Aurora, Littleton and surrounds come to us here at Advanced Tax Solutions during tax time in fear of being audited. Truth be told, the IRS does not now nor has never revealed it's auditing criteria. That said, many of the supposed reasons individuals and business have been audited in the past are shrouded in rumor, urban myth, and straight out fiction.  The fact remains that if you have nothing to hide in your tax returns, than you should have nothing to fear. At Advanced Tax Solutions, we'll tackle your 2019 tax returns with the benefit of several years of experience assisting Denver-area businesses in maximizing their returns, and filing their taxes in a concise, professional and organized manner. What are some of the things that audited tax returns have in common? Read on to find out. Many of these issues may seem obvious, but you'd be surprise about the lengths some people go to to manipulate the IRS —even with the best intentions in mind.  Overtly High Deductions. Inflating figures and taking rare deductions are a surefire way to have your return flagged at the IRS. It may seem like common sense, but do not unnecessarily inflate figures such as mortgage interest or charitable donations. Firstly, the IRS receives documentation regarding the interest paid on your mortgage from your mortgage broker. Secondly, overstating charitable donations is a mistake since the IRS does not receive information about donations from charities. As such, outlandish donations or donation amounts that are obviously not in line with your income can stand out.  That said, the IRS utilizes confidential, automated statistical algorithms to analyze deductions in comparison to income. Any red flags that these algorithms spark may need to be backed by proof of the individual or business entity via an audit.  Unreported Income If you have a full-time job, but maybe do a handful of "consulting" projects on the time throughout the tax year, you might be tempted to omit this "side income" form your tax return. After all, you reason with yourself, it's not your "actual" job. Nevertheless, this course of action is always a mistake. When your federal income tax stipulates that you must report all income —it means all income.  The IRS receives copies of your W-2 and 1099 forms from each of the companies or clients you worked for, and this information is, in, turn, compared to the data you file in your tax return. If that data doesn't line up, then the possibility of your return being red flagged for an audit drastically increases.  Foreign Financial Accounts Many individuals, whether on purpose or by accident, fail to report foreign financial accounts in their U.S. tax returns, whether they be bank accounts, brokerage accounts or mutual funds – you may need to report it to the IRS when you file your taxes. Failure to disclose foreign accounts isn't just a red flag for an IRS audit, it could also result in fines of up to $10,000.  Erroneous or Aggrandized Business Expenditures The pitfalls of making false claims about your business expenditures on your tax returns are numerous and varied. Businesses that claim more deductions than profits, post rounded numbers for expense values, write off personal expenses such as vehicles or cellphones as businesses expenses, or report a profit loss for their business for too many consecutive years are all flashpoints for both the IRS and their return evaluation apparatus. In addition, as the "gig economy" grows in scope, the IRS is continually monitoring cash-only businesses, such as restaurants and car share driving firms.  Claiming Non-Existent Dependents Whether by simple mistake, or as one of the more dubious strategies to garner deductions, many split households make the choice to claim children as full-time dependents, even though they no longer file taxes with their child's parent. Given the fact that child custody cases are difficult in their own right, such mistakes are often submitted without nefarious intent, but nonetheless, they are still a routine cause for an IRS review of your tax return. While an official IRS review is not an audit, it could, in, fact lead to an audit if further discrepancies are uncovered.  How Advanced Tax Solutions Can Help At Advanced Tax Solutions, we're proud to be one of the Denver, Aurora, Littleton region's most  trusted tax preparers and tax advisors. Our team will carefully and confidentially evaluate your business tax situation and guide you through any potential challenges that arise during the filing both your business and professional tax returns. Whether you have many millions of dollars and assets or simply run a Denver-area small business, our goal is always the same: to minimize your tax liability so that you can keep more of your hard-earned money. Throughout the calendar year, the knowledgeable and experienced team of tax experts here at Advanced Tax Solutions make it their job to stay up-to-date on current federal and state tax laws through continuing education. That way, we can take advantage of the latest tax codes when we prepare your business tax returns, so you won't miss out on any tax credits and deductions that you and your family are entitled to.  Contact the the Advanced Tax Solutions team to day to learn how you can avoid an IRS tax review or audit for the 2019 tax season by taking advantage of our many tax filing and tax preparation services for both individuals and businesses.   Wed, 20 Mar 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4814/Watch-Out-for-These-Red-Flags-to-Avoid-an-IRS-Audit http://advancedtaxsolutions.com/blog/4813/Why-Hire-Professionals-for-Unfiled-Tax-Return-Help- blog If you owe the Internal Revenue Service for unpaid taxes, you could be making the situation worse by failing to file. Do you need unfiled tax return help? If it's been a while since you filed a tax return, or perhaps you've never filed, you need the help of unfiled tax return services from a professional for the best outcome. Unfiled tax return professionals deal with people every day who have either never filed a tax return or haven't filed for a year or more, and they have the training, experience, and skills to handle your situation. You may be due a refund, but you only have three years to file a return and claim it. However, the Internal Revenue Service has 10 years to request an unfiled tax return. The IRS will assess a 5% penalty to your unpaid tax liability each month it is not paid after the filing deadline. If penalties are being assessed against you for not filing your tax return, the amount you owe could be growing larger every day. Don't let that thought overwhelm you. Advanced Tax Solutions in Denver can help you resolve any issues with our tax filing services so you can breathe easier. Many consumers who owe the IRS back taxes are unaware of the fact that the penalty for failure to file a tax return is often higher than the penalty for failure to pay those back taxes. Even if you owe a tax debt, you should always file and the IRS will work out a deal to determine how much of your tax bill you can afford to pay. You may even qualify for IRS debt forgiveness program. Many thousands of citizens have a tax bill they cannot pay, so the IRS has developed something called Reasonable Collection Potential, or RCP for those who can prove they truly can't afford to pay their tax debt in full. This entails allowing you to pay for necessary living expenses first, and whatever is left goes to pay off your debt. It is always in your best interest to file your tax returns, but it is in the best interest of the IRS to negotiate with you so that they get at least a portion of what you owe. Don't try to negotiate your tax debt repayment plan by yourself! Advanced Tax Solutions understands the intricacies involved in negotiating deals with the Internal Revenue Service, and we're here to help you get out from under the burden of an ever-increasing tax debt. We are skilled at getting the IRS to accept the lowest possible RCP for our clients, and our unfiled tax return services can offer you the peace of mind that comes with knowing your tax debt situation is being handled professionally and in your best interest. We will be able to determine if a payment plan, Offer in Compromise, penalty abatement, or another method will work best for your unique situation. If you're trying to get out from under a tax debt burden, get in touch with us today for unfiled tax return help, and get our experienced team of unfiled tax return professionals working for you right now! Dealing with IRS problems can be very difficult, and at Advanced Tax Solutions we realize that no two problems are identical. Call our office for unfiled tax services in Denver any time at (303) 753-6040 and let us help you find the solution to your unfiled tax return problems. Our goal is to help you put your tax problems far behind you as quickly as possible. Contact us today, and let's get started.   Mon, 18 Mar 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4813/Why-Hire-Professionals-for-Unfiled-Tax-Return-Help- http://advancedtaxsolutions.com/blog/4812/Top-Nine-Reasons-to-Utilize-a-Tax-Preparer-This-Tax-Season blog Boxes of receipts, a confusing pile of forms from work, letters from charities you're affiliated with —when tax time comes along, confusion can rule the day. That's why the professionals here at Advanced Tax Solutions encourage families from Denver, small business owners from Aurora, and self-employed individuals from Littleton to trust us to prepare their tax return right the first time. Having a team of experienced, professional, and knowledgeable tax professionals in your corner can go a long way toward maximizing your 2019 tax return while staving off errors that commonly occur when you go it alone.  9. Avoid Confusion - Let's face it, not all of us are numerically inclined. But that's okay. If paperwork, and perhaps more importantly, financial-related mathematics aren't your strong suit, having a tax preparer who is well versed and savvy with the latest IRS forms and documentation requirements is the perfect ally to quell your fear of numbers. Our team of tax professionals to take you through the process in a calm and organized fashion and happily answer all the questions you have along the way.  8. Free Up Your Schedule & Avoid Procrastination - Sometimes when it's up to us as individuals to get our taxes done, they simply don't get done. Whether it's fear of making a mistake, failure to carve out time for your hectic schedule, or simply a lack of desire to unpack your financial year, procrastinating on your taxes can cost you thousands of dollars down the road. When Denver-area taxpayers prepare their returns with Advanced Tax Solutions, they do so in accordance with their obligations to work and family while getting their returns filed well before IRS deadlines.  7. Keep Up with IRS Changes - Unbeknownst to many taxpayers, IRS rules and tax-related laws change year after year. And while it's nearly impossible for non-tax professionals to keep abreast of all the changes, at Advanced Tax Solutions, it's part of what we do everyday. With a tax professional who is up to date on changes to personal income tax law in 2019 in your corner, you can stay ahead of the curve and possibly even take advantage of new routes for tax savings.  6. Avoid Potentially Costly Errors - While pricey computer software and online vendors have greatly reduced the chance of making errors when self-filing your tax return, they haven't eliminated the risk entirely. Errors in your tax return don't just have the potential to delay your return —they can actually end up costing you money. Advanced Tax Solutions prides itself on accuracy and transparency when we work with you to file your income tax return, all in effort to all-but-reduce errors that will delay your return and potentially cost you time and money down the road.  5. Maintain Representation - Advanced Tax Solutions won't just be with you throughout your filing process, we'll stay with you long after. If in the event you're audited at a later date, Advance Tax Solutions will stand by both our work and you as our client, helping you to navigate your audit as quickly and conveniently as possible. The team here at Advanced Tax Solutions in greater-Denver has successfully represented hundreds of local individuals and business through the IRS audit process, meaning you'll have experience and professionalism in your corner.  4. Make Smarter Tax Decisions - When you work with Denver's Advanced Tax Solutions to file your 2019 personal income tax, you don't just get organized, professional service. Our team can also steer you towards myriad tax breaks and specialized programs you may have been previously unfamiliar with. The IRS offers a variety of tax breaks and exemptions for self-employed professionals, families, and those who donate to charity. With Advanced Tax Solutions by your side, you'll be able to spot opportunities to save you may have never knew existed.  3. Plan for Future Tax Years - Making smarter tax decisions doesn't have to be about just this year —but future years as well. At Advanced Tax Solutions, the conclusion of your 2019 income tax filing doesn't have to mean an end to our partnership with you. Our team will give you sound advice to approach future tax years as well as pertinent information related to federal and state programs and exemptions to be on the lookout for for future tax years.  2. Gain Peace of Mind - No more stress! When you have your federal income tax filing handled by Advanced Tax Solutions, you can cast away all the anxiety you have related to procrastinating on your taxes or fretting about potential errors. We have years of experience helping families, individuals, and small businesses from across Denver stay proactive about their federal income tax filing and make sure their taxes are filed correctly and on time each year they work with us.  1. Save Money - Paying a reasonable fee for a tax professional to review and submit your taxes is far more affordable than what might happen when you submit a tax return late or rife with errors —especially when you're not sure of the potential cost-saving measures you can take by utilizing special tax programs and exemptions.  There's a reason why Advanced Tax Solutions has been the among the greater-Denver region's most trusted names in tax preparation year after year, and it's time for you to find out why. Contact our team today to set up a free consultation and to learn more about how we can take the stress out of tax season while maximizing every possible angle to ensure your 2019 federal income tax return is as robust as possible. At Advanced Tax Solutions, we offer advanced solutions to complex tax problems.   Wed, 06 Mar 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4812/Top-Nine-Reasons-to-Utilize-a-Tax-Preparer-This-Tax-Season http://advancedtaxsolutions.com/blog/4810/Things-to-Consider-When-You-Can-t-File-Your-Federal-Taxes-On-Time-in-Denver blog Whether you're an individual taxpayer from Aurora, married filing jointly in Denver, or a small business owner in Littleton, April 15, 2019 should be a date that's circled on your calendar. That's the deadline for filing your income taxes with the IRS. Whether it's from procrastination, laziness, or simply waiting to get all of your 2018 paperwork in order, not all Denver area taxpayers are always ready to go when it comes time to file by the April 15th deadline.  When getting ready to prepare your federal income taxes this year, it's important to understand that the recent government shutdown has not impacted this required filing date, and that the date will remain intact even if future government shutdowns arise —so don't use that as an excuse to file late!  Whether you're a Denver-area taxpayer who is currently living abroad, have yet to organize the appropriate forms and paperwork, or simply need more time to file your federal income taxes, Advance Tax Solutions is here to help you navigate the process quickly and confidently without falling subject to fees or audits that can arise when taxpayers or small businesses miss the April 15th deadline. Here are some brief tips on navigating your taxes if you won't be able to file before the deadline.  Tax Refund vs. Owing Taxes If you're expecting a return from your 2018 income taxes, you're in luck. Tax returns that are due a refund have until April 14, 2022 to be filed with the IRS before the statute of limitations on your tax return refund runs out. If you file an extension to file, this deadline can be put off until as far as October 15, 2022. If you don't file by these dates, the U.S. Treasury simply keeps your refund as a "donation," and you waive your right to the refund forever. Individual tax filers and students are encouraged to avoid missing the April 15th filing deadline, not only because it can delay a sizeable refund check, but also because it sets up good taxing paying habits that will serve you well (and prevent you from having to pays fees and interest to the IRS) throughout your adult life and career.  However, if you believe you will owe taxes from 2018, the situation is an entirely different ball game. The team of tax professionals here at Advanced Tax Solutions suggests you file as soon as possible —even if you can't pay. The IRS' late-filing penalty can be as much as 10 times higher than the late-payment penalty, and the longer you wait, the more it has the propensity to increase. In fact, one of the key problems folks don't realize is the very act of procrastinating about filing your taxes can only add to the amount you owe. Putting off your income taxes doesn't ignore your tax problems —it magnifies them.  Filing for a Tax Extension If you're a Colorado resident who knows that they won't be able to file their income taxes on time, you should apply for an extension to avoid any future fees. IRS form 4868 —Application for Automatic Extension of Time To File U.S. Individual Income Tax Return— is the form you need to submit to apply for a filing tension. Form 4868 can be submitted to the IRS in either paper form or online. Individuals who utilize tax processing software services such can often a way to file through your chosen program or tax advisor as well. Filing a tax extension is, and in most cases, an extension is automatically granted. There are no special qualifications, exemptions or circumstances that need to be met in order for you to file form 4868. Both personal and business taxpayers who request an extension are almost always granted one. Keep in mind, however, when filing for an extension you are asked to estimate how much you owe the IRS.  An extension can also be applied for using the IRS's online filing program. You can get an automatic extension of time to file your tax return by filing Form 4868 through the IRS website. You'll receive an electronic acknowledgment once you complete the transaction, which you'll want to keep with all your  applicable with your 2018 tax records and formds. If you complete Form 4868 online, there's no need to additionally mail a physical copy, unless you're making a payment on your estimated IRS balance with a check or money order. What an Federal Tax Extension Provides It's important to understand that an extension only gives you an extended period of time to file your 2018 income taxes. It does not grant you an extension on any prearranged payment plans or future tax payments owed —it merely gives you more time to file your 2018 return. If you owe the IRS for 2018, your tax debt is still due by the April 17, 2019 deadline. Any unpaid balance to the IRS that is in place after the April 17 deadline will accrue interest and penalty fees of 5% per year, compounded daily.  If you have concerns about your ability to file your 2018 Federal Income Taxes in a timely manner, the team here at Advanced Tax Solutions is here to help. Not only will our friendly associates walk you through your extension application process, we can also provide you with myriad tax filing techniques and advice to set you up for success in this and every tax year.    Wed, 06 Feb 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4810/Things-to-Consider-When-You-Can-t-File-Your-Federal-Taxes-On-Time-in-Denver http://advancedtaxsolutions.com/blog/4809/Eight-Tips-Denver-Taxpayers-Can-Utilize-to-Understand-the-Shutdown-s-Impact-on-the-IRS blog Whether you're currently paying an IRS installment plan, concerned about IRS wage garnishment in 2019 or simply a Denver resident looking for tax help, the most recent government shutdown has both individual taxpayers, large corporations and small business owners equally concerned. After all, isn't Tax Season stressful enough?   Initial reports indicated that the IRS would be slow in offering returns in the shutdown's wake —even that it would take weeks or months to receive your return. In fact, as of this writing, the IRS will in fact process returns as normal while the shutdown continues. Denver-area taxpayers are encouraged to follow these seven tips to make their filings run as smooth as any other tax season.   1. Tax filing season will begin as normal on January 28, 2019. Federal officials have already begun informing segments of IRS employees to return to work on dates on or near this date so that paperwork and filings can be processed accordingly. IRS employees who remain at work do so under the auspices of a contingency plan that is initiated to keep key facets of the federal government open during shutdowns.   2. The IRS has retained most of its workforce during the shutdown. Over 45,000 IRS employees —nearly sixty-percent of the organization's entire staff —have been retained throughout the shutdown. While the majority of these workers are currently working without pay, they will receive back wages once the government reopens.   3. File your taxes as early as possible. While this is advice Denver residents and small businesses are encouraged to follow every tax filing season, it's crucially important this year given the potential likelihood of delays the longer the shutdown drags on. Even if the IRS shutters for a period of time, returns that were received earliest are likely to be processed first once the agency reopens. If you are normally a procrastinator when it comes to filing your federal return, this, of all years, is the time to put an end to conventional delays.   4. Work with a tax professional to reduce the potential for errors in your return. During a time where even properly completed returns have a potential to be delayed, taxpayers in Denver are encouraged to work with a tax professional to ensure that any errors or discrepancies that could further delay your return are caught as soon as possible —even if their accustomed to filing their taxes on their own.   5. Paper returns *with payments* still be processed as normal. If you are an independent contractor, or have an estimate that indicates you will owe the IRS for 2018 taxes, keep in mind that posted, paper returns that include payments to the IRS will be processed as normal.   6. Keep organized archives. Just because the government is lost in a sea of red tape doesn't mean you have to be. Keep copies of all submitted returns as well as all your W-2, student loan, and other tax-related documents organized throughout your filing process —a sound tip for tax filing ever fiscal year. Keeping detailed records doesn't only mean that you'll be prepared to submit an audit, it also means that you'll be better able to track discrepancies if your return has an error or you if you feel your tax return is erroneous.   7. Pay your IRS settlement as normal. If you are a Denver taxpayer who has already entered into a settlement agreement with the IRS regarding debt for a previous tax year, continue to make your monthly installment as normal. The government shutdown and reduction of staff at the IRS will not affect your installment in anyway, and you are still beholden to the schedule of payments you made at the time the agreement was constituted. Translation: don't skip your monthly payment the IRS because you're tempted to think that no one is home.   8. Don't assume a return amount until your check is in hand. Perhaps the soundest financial advice we can give is don't count your chickens before they hatch. Do not assume what your return will be or implement into your budget until your check is in hand or your return deposit has been made —particularly in a tax season where limited resources and a taxed (no pun intended) staff may make the propensity for filing errors larger than in "normal" tax seasons.   The most important thing for Denver area taxpayers to remember as the government shutdown continues is that the situation is constantly in flux. No one can know how long IRS employees will be willing to work without a paycheck, just as no one can predict the potential for sudden legislative action to take place that spurn a reopening of the federal government.   By following these tips, you can assume the best outcome —a timely, correct tax return —while being prepared for the worst-case scenario —a massive IRS backlog or total shutdown. Here at Advanced Tax Solutions, we understand how the latest government shutdown can add anxiety and a sense of chaos to what is already a stressful time of year for Denver tax payers. Whether you're seeking IRS tax debt, are eager to remove a levy on your paycheck, or are looking to setup an IRS installment plan, we welcome you to contact us today.   Our team of hardworking and amicable professionals will work to answer all your questions about how the government shutdown could affect your 2019 IRS tax return and to help with all of your state and federal tax needs.   Thu, 24 Jan 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4809/Eight-Tips-Denver-Taxpayers-Can-Utilize-to-Understand-the-Shutdown-s-Impact-on-the-IRS http://advancedtaxsolutions.com/blog/4807/How-to-Deal-With-an-IRS-Filing-Error-This-Tax-Season blog Receiving a tax filing error from the IRS in Denver is the last thing you want to deal with during the busy tax season this year. Although they may seem hard to prevent, there are many ways you can avoid these annoying errors while filing taxes. To learn more about what tax errors are and how you can prevent them this upcoming tax season, follow the guide below.    What is a Tax Filing Error A tax filing error is pretty self-explanatory, it happens when you accidentally file an error on your taxes, which can be anything from a misspelled name or misplaced digit. Although they may be annoying to deal with, they happen to a large percentage of tax filers every year. However, it certainly doesn't mean it's the end of the world. To fix the error, all you have to do is refile with the mistake remedied. Usually, this process only takes minutes to do.    What to Do When a Tax Error Gets Reported   Look Over Your Taxes When a tax error gets reported, the first thing you should do is look over your taxes. In case you're unsure how or where the error occurred, it's best to go straight to the source to identify the problem and fix it to refile. For most individuals, this process typically doesn't take too long to do. However, keep in mind that your tax forms may be long, so identifying this error can take some time and effort if you're doing this on your own.     Try Fixing the Problem on Your Own If you enjoy filing taxes on your own, the best person to fix the filed error is yourself. After all, you might remember accidentally misplacing a decimal or any other error that could have caused your taxes to be sent back. Also, fixing the tax filing error on your own is entirely free of charge, so why not try diagnosing your own issues first? However, if you are having a hard time finding the error or figuring out how to fix the problem, you should consult a tax professional in Denver for help.    Consult a Tax Professional to Fix the Problem If you can't fix the tax filing error on your own or just want someone else to handle the problem, you should consult a tax professional either in-person or online to remedy the issue. Fortunately, a tax filing specialist has plenty of knowledge and hands-on experience to fix the error on your taxes and swiftly get them back on their route to the IRS so that you can get your refund as soon as possible. Although tax professionals can cost quite a bit of money, they will ensure no other errors have been filed and can even offer you some tips for preventing the error in the future!    Request Help from our Tax Filing Specialists   How to Avoid Tax Errors in the Future There are plenty of ways you can avoid tax errors in the future. By looking over your paperwork before filing, taking plenty of time to file correctly, and hire a tax preparer during tax season, you can avoid any problems during the upcoming tax season. However, since not every initiative is cost-free, you should consider your budget when filing taxes to see if you can hire a preparer or not.    Look Over Your Taxes Before Filing Them One of the easiest (and most affordable) ways to avoid tax errors in the future is to look over your taxes before filing them. Although this may seem obvious enough to do, most people are in a rush to get their refund they overlook the simplest of mistakes. However, you can avoid these mistakes from ever happening by looking over your taxes at least twice and having a trusted family member take a look at your information to ensure everything is correct.     Take Plenty of Time to Do Your Taxes Another way you can easily and affordably avoid tax errors in the future is to take plenty of time to do them. As mentioned before, many people are in such a rush to get their refund, so they rush through the filing process, which can lead to a variety of errors that could have easily been avoided if taken enough time. When filing your taxes, you should choose a day that you have a few things planned, such as a weekend, so you can sit down and carefully file your taxes. You typically shouldn't try taking care of the filing process over a few days, since you can lose place of where you ended or began and potentially cause an error.    Hire a Professional Tax Preparation Service During Tax Season If you have the budget and/or don't want to file taxes on your own, you should consider hiring a tax preparer during the tax season to avoid errors. Often, it can feel pretty intimidating to file taxes entirely by yourself. By having a professional tax specialist on your side, you can ensure your taxes are filed properly without any errors. Plus, with fewer errors on your tax report, the quicker you can get your refund in your bank account. However, do keep in mind that tax preparers can cost a little bit of money, but they usually take their fee out of your refund, so you don't need to worry very much about their charges. For most people, the $30 to $70 is worth the lack of mistakes and quicker filing process.  Filing taxes this upcoming tax season doesn't have to be as complicated as it sounds. Even more so to avoid tax errors from the IRS in Denver this year. Hopefully, the guide above could offer you enough insight into tax avoidance and the benefits of hiring a tax preparer for the 2019 tax season. To start giving you a hand on your tax filing or help you correct any mistakes that you might have made, feel free to contact Advanced Tax Solutions at 303-753-6040. Our experienced team of tax experts is here to help you any way they can.  Wed, 16 Jan 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4807/How-to-Deal-With-an-IRS-Filing-Error-This-Tax-Season http://advancedtaxsolutions.com/blog/4806/How-to-Find-Reputable-Tax-Help-in-Denver-This-Winter blog Tax season is only a few months away, if this is the first time doing taxes, you might need more tax help in Denver than the average adult. However, that certainly isn't a bad thing! Most adults require professionals to prepare their taxes for them or fix accidentally filed errors in their state or federal taxes every April. To help you find the best tax professionals in the Denver area, follow this guide during the 2019 tax season! Know What You Can Afford One of the most important things to keep in mind when finding local tax help is your budget. Even if you think you're getting a significant refund back this year, you should keep in mind that tax professionals can charge quite a bit of money. When browsing the best tax accountants in Denver, you should know what your budget is and use that to refine your search. Fortunately, creating a budget is relatively easy to do on your own, but if you need help, you can always reach out to your local bank branch for assistance before tax season commences. Search For Local Help in Your Area To get a good idea of the variety of tax specialists in your local area, you should look up tax accountants or tax resolution specialists in Denver. Fortunately, all this typically requires is an easy Google or Yelp search, but you should also plan on taking full advantage of personal recommendations as well. After all, what's better than using a referral discount to cut down on how much your accountant will take out of your tax refund this year? Plus, using recommendations can help build a lasting relationship with a local tax accountant for your annual tax needs.  Figure Out What You Need Help With To find the best tax help in Denver, you should figure out what kind of guidance you need. For example, do you need help preparing and filing your taxes or do you require assistance fixing an error you caused? No matter the problem, a tax accountant can help, but it's often best to know what you need help with before contacting local tax specialists to set up an appointment to file or fix an error on your taxes for the new year.  Get a Few Local Quotes After you know what your budget is, know what you need help with, and have plenty of tax help options on the table, you should begin getting a few local quotes. Fortunately, many tax help providers allow you to obtain quotes directly from their website, but for some, you might have to call or email them to get an estimate. With these quotes, you should begin comparing them to see which are more affordable for your budget and start narrowing down your options based on the estimates you receive. With the remaining tax specialists that you're considering, you should plan on booking consultations to help you figure out who you want to hire for tax help this year. After scheduling a few meetings, you'll be able to have all your questions answered and can start preparing for the 2019 tax season.  Book Consultations with Local Tax Experts If you still have a few tax specialists which you're unsure who to hire over the other, booking consultations are a great idea to compare the few remaining options you have to determine who you want to hire to solve any of the tax problems you may have in 2019. Fortunately, most accountants won't charge you a dime for a consultation, and they typically don't last longer than twenty minutes. Following the few consultations you book, you should know exactly who you want to hire for tax help in Denver this year. Set Up a Date to Do Taxes Although taxes are due in April, you don't necessarily want to wait until the last day to get them done, unless you want to get in trouble with the IRS. It's essential you set up a date to do taxes sometime in February or March, which will give you plenty of time for you to get ready and book a date with a tax specialist since this is quite a busy season for them. Just remember, the earlier you book, the more availability you can take advantage of and the more affordable it will be for you. When comparing dates to choose to get your taxes taken care of, you should pick a date for the weekend, since preparing and filing your taxes can take quite some time to do. After all, this is not a process you typically want to rush and not one you want to use vacation time to do.  Prepare for Getting Taxes Done in 2019 Once your tax filing date is set up, you should prepare for getting your taxes taken care of in 2019. You should do this by ensuring you have all the necessary tax paperwork from your employer, but keep in mind; you might not get this paperwork until late February. However, this entirely depends on your employer and how quickly HR operates at your workplace. Just keep in mind, if you have any questions about preparing your taxes this year, your tax specialist is only one call away. There is a lot you should know about finding the best tax help in Denver this winter, from knowing what you can afford and booking consultations with tax experts to preparing the appropriate paperwork for getting your taxes done in 2019. If you need help getting taxes prepared for the new year or worried about having issues during this year's tax season, feel free to give Advanced Tax Solutions a call today at (303) 753-6040. Or, stop by their office today at 3801 East Florida Avenue in Denver, CO. Advanced Tax Solution's tax-exert staff will be more than happy to answer any financial question you have for your 2019 filing. Plus, their affordable rated and flexible availability is desirable for just about any new tax filer.   Wed, 09 Jan 2019 06:00:00 GMT http://advancedtaxsolutions.com/blog/4806/How-to-Find-Reputable-Tax-Help-in-Denver-This-Winter http://advancedtaxsolutions.com/blog/4803/Who-is-Serving-you- blog Who is Serving you? A Certified Tax Resolution Specialist is the highest designation the American Society of Tax Problem Solvers offers when it comes to showing proficiency for fixing tax problems.   A NAEA fellow is the highest designation the National Association of Enrolled Agents offers that shows competency for a licensed professional in dealing with IRS tax problems.  Alex Petrosyan has been a Certified Tax Resolution Specialist for a couple of years now, but earlier this month completed all the prerequisite training and has earned his NAEA fellow designation! Learning about and staying abreast of the always changing IRS rules and regulation is a lifetime journey.  Congrats Alex for your hard work and dedication to our company and the pursuit of fixing tax problems!  Alex's hard work will pay off big dividends for our clients! PS  We have 4, soon to be 5 Certified Tax Resolution Specialists on Staff,  3 of which are NAEA fellows! These are the professionals you will meet for our initial consultation. We are committed to offering advise based on the highest level of skill and care.  We offer real tax solutions, not high-pressure closing tactics.  Check our reputation and testimonials!   Fri, 30 Nov 2018 06:00:00 GMT http://advancedtaxsolutions.com/blog/4803/Who-is-Serving-you- http://advancedtaxsolutions.com/blog/4798/What-You-Need-To-Know-About-IRS-Collections--Liens-vs--Levies blog The IRS uses many collection tactics to collect tax debts, but most people don't understand what the IRS is doing or threatening.  The main items that people frequently don't understand are the differences between levies, garnishments, and liens.  What is an IRS Levy Collection & How Does it Work? What does a levy from the IRS mean? A levy is when the IRS seizes something, and it means they can take Accounts Receivable, Bank Accounts, physical assets, inventory, and even your wages.  A levy against any one of these items is a one-time hit (except wages).  This doesn't mean the IRS can't levy it again, but to do so, they have to issue another levy.  For example, many people wonder how often and how much the IRS can levy from a bank account. The answer is that if the IRS levies your account, they are entitled to all the money that is in the account on that day.  If you make a deposit next week, the new deposit is not subject to the levy.  Only the money that was there on the day the bank received the levy notice has to be turned over to the IRS.  The next week's deposit is exempt from the levy.  That is, exempt until the IRS issues another levy.  Unlike a garnishment, there is no exemption amount (see below) on a bank levy or an accounts receivable levy; the IRS gets 100% of what is there. When the IRS seizes wages, it is a recurring event and happens as often as you get paid.  This is called a garnishment, and is a type of levy.  Once the IRS notifies the employer of the garnishment, the employer has no choice, by law, but to honor the levy and, from that point on, turn over to the IRS funds that are withheld from your pay.  A garnishment doesn't take 100% of your pay. There is an exemption amount that the employer has to continue to pay the employee, and then anything above that goes directly to the IRS.  The exemption amount is very small and varies depending on a few factors, such as how often you get paid, your filing status, and personal exemptions.  Anything above this small exemption amount is sent to the IRS.  A lot of people think a garnishment amount is a percentage of your pay, which is not true.  Whether you make $2,000 per month or $20,000, the IRS will allow you to keep the same exemption amount, and the rest goes to the IRS until the debt is fully paid.  The exemption amount for a single person with one exemption is $845.83 per MONTH.  That is the amount you keep; the IRS gets that rest, whether you earn $2,000 per month or $20,000.  Imagine trying to pay your mortgage (or rent), utilities, car payment, and groceries on $845.83 per month.  I see a lot of car payments in the $500 range, and I see rent in excess of $900 all the time.  It's hard to live like that.  Generally, a payment plan with the IRS will let you live a much better lifestyle than that, as they do factor in allowed expenses such as car payments, rent, etc. Before the IRS can levy or garnish, they have to issue a letter called Form 1058, "Final Notice of Intent to Levy and Your Rights to a Hearing". This is a very important letter and comes with some great appeal rights.  You have 30 days to file an appeal. If you miss the deadline to file an appeal, the IRS must wait an additional 15 days to make sure the appeal isn't in the mail.  After that, the IRS has all levy powers and can seize your assets, bank accounts, and wages without further notice.  If you receive a Final Notice of Intent to Levy, it's definitely time to quit procrastinating, as things get serious really fast if you ignore it. It's always best to get into a solution before the IRS levies. A lien is very different from a levy or a garnishment.   A lien is not considered a collection activity.  It is a notice of an already existing lien. How this works is that when you file a tax return with a balance due, a lien automatically arises, and the term is 'statutory lien'.  It would be unfair to enforce the lien against 3rd parties, so the IRS has to file a Notice of Federal Tax Lien before it can be enforced. That is the letter that you get in the mail. After the IRS files the Notice of Federal Tax Lien, it shows up on your credit and attaches to personal and real property (for it to attach to real property, it must be filed in the county of the property). This doesn't mean the IRS will take the property; it only means it has a lien. So, just like a mortgage, it must be satisfied (paid or released) before ownership can transfer.   What happens is that the lien can be seen on your credit report, and it fairly well destroys your credit. This is because liens are paid in the order filed.  Therefore, if a bank wanted to loan you money (for example, to buy a house), then the IRS lien would come before the bank. So if the bank later wanted to foreclose on the property, the IRS would have to be paid before the bank.  The bank simply won't go for that, and it becomes all but impossible to get a loan with a tax lien on your record. The second result is that if you have property (such as a house) and the lien is filed, you cannot sell the property and receive any equity until after the IRS is paid.  Generally, the proceeds go to the bank first to satisfy their lien, then any second liens, and then to the IRS, and if there is anything leftover, to the homeowner. As a final note of interest, sometimes the IRS will remove a lien long enough for you to borrow money.  This process is called a lien subordination.  However, it has to be in the IRS's best interest to do so.  Generally, this would be done so you could borrow money to pay the IRS. The difference between a levy vs. a lien is that a lien ruins your credit and prevents you from accessing any equity in the assets, either by borrowing or sale; a levy, on the other hand, is where the IRS actually takes something from you (seizing assets). A garnishment is a recurring levy, generally on wages. For more information on levies, liens, and garnishments, you can find more on the IRS website at https://www.irs.gov/levy   There are many solutions to a tax problem that can stop a levy or garnishment. The solutions range from making a payment plan with them to having the debt placed as uncollectable (depending on the amount owed, under the IRS's Fresh Start program, you may be able to get the lien release). You may even qualify for an Offer In Compromise, which permanently settles the debt for less than you owe. If you want to discuss these issues with a professional who understands these complicated rules or need help with a tax problem, please call the office at 303-753-6040. Mon, 01 Oct 2018 06:00:00 GMT http://advancedtaxsolutions.com/blog/4798/What-You-Need-To-Know-About-IRS-Collections--Liens-vs--Levies http://advancedtaxsolutions.com/blog/4799/How-does-an-Offer-In-Compromise--OIC--work- blog A lot of people ask me if the IRS REALLY does compromise IRS debts.  The answer is a resounding YES!  We do lots of them with great success.  But you need to understand how they work.  Here's a BRIEF (and incomplete) overview of how it works. The IRS wants you to include the value of two things in an Offer In Compromise.  They want to know the value of your assets (adjusted value) plus the future value of your income.  They add them together to determine your "reasonable collection potential".  The RCP is the amount they think they could collect over time.  Following is a quick example of how these two items are calculated for the purposes on an Offer In Compromise. Value of your assets (adjusted value). Things to consider when determining the adjusted value of your assets is that you get to reduce the assets to "quick sale value". Items like houses and cars are reduced by 20% right off the bat, and then you reduce it further by any debts outstanding against the asset.  An example would be a house, Fair Market Value of $250,000 with a mortgage of $190,000.  Without knowing the rules, you may assume your net equity in the house is $60,000.  But really, it's $10,000 in the IRS's eyes.  This is calculated by taking $250,000 times 80% (20% reductions) which equals $200,000.  Then subtract the mortgage of $190,000 and the IRS values your house at $10,000 for the Offer.  Any cash you have can be adjusted too.  The cash you have is allowed to be reduced by a $1000 exemption as well as one-months' worth of living expenses.  For example, if you have $3,500 in the bank and your normal living expenses are $2,000 per month you could value the Cash at $500.00.  This is calculated by subtracting one month's household expenses ($2000) and the $1000 exemption from the $3500.00 which least $500 that has to be included in the Offer.  If there were no other assets (but things like IRAs, cars, and such would all have to be similarly valued), then the ASSET part of the Offer would be a total of $10,500.  ($10,000 for the house but $500 cash). Value of your Income  The IRS also wants to see what they can collect over time.  Let's say you make $3000 per month.  If your monthly living expenses (subjects to caps, or maximums allowed) were $2500 per month (for housing, food, cars entertainment etc.)  then there would be $500 left over each month that could be paid to the IRS.  The IRS would place a value on that $500 per month by using a "factor".  Right now, the IRS uses a factor of 12 for a cash settlement (paid 5 months after the Offer is accepted), or a factor of 24 if you pay over two years.  Most people do cash offers as they are a much better deal.  Therefore, for the purposes of this example, the IRS would value the $500 per month in a cash offer at $6000.  This is calculated by taking the left-over income of $500 multiplied by the Factor of 12 which is $6000. Value of your offer As mentioned prior, the IRS wants the value of your assets, plus the future value of your income stream.  In this example the assets, as adjusted, totaled $10,500.  The future value of the income stream was $6,000.  Add those together and the total is $16,500.  This is what you'd offer the IRS.  So, if you owed $100,000 in back taxes the $16,500 would be a great deal! However, if you only owed $12,000, you would not want to make an offer.  Perhaps a payment plan would be a better solution! Caveat! This is a very big simplification to just help you understand how an Offer In Compromise works. It's not intended to be everything you need to know about submitting an Offer.  The IRS has caps (maximums that they will allow) that need to be factored in.  There are other ways to value assets.  Valuing retirements plans would include subtracting the taxes and penalties for withdrawing the funds.  If the IRS could collect the entire balance over the remaining statute of limitations for collections, then you would not qualify for an Offer at all. Because of theses things, and more, you can't assume because of the example above you know everything you need to know to submit an Offer In Compromise.   However, this might be helpful to settle your mind that they do indeed work, and maybe even help clarify whether you potentially qualify for an Offer (or not).  I hope it helps!  If you need additional IRS offer in compromise help, contact Advanced Tax Solutions. Fri, 21 Sep 2018 06:00:00 GMT http://advancedtaxsolutions.com/blog/4799/How-does-an-Offer-In-Compromise--OIC--work- http://advancedtaxsolutions.com/job/272/Certified-Public-Accountant---IRS-Resolution job Our company is seeking a CPA to provide Business and Individual Tax Preparation, Tax Representation, the ability to Review and Sign Tax Returns, and Support for our clients. We are looking for someone to join our firm that works well both as a part of a team and individually. This position is ideal for someone with Business and Individual Tax Preparation background that wants to assist individuals and small businesses with getting on track and staying on track with their tax responsibilities. Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution, tax preparation services, and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and two work from home days (after 6 months) Job Responsibilities: Meet with prospective clients to match their needs with our services. Prepare price quotes and engage clients for our services. Work with various IRS departments (Collections, Audits, & Appeals) to address & resolve client's problems with the IRS. Negotiate with IRS Officers in all aspects of Collections. Assisting with initial organization of tax materials and client information and processing completed tax returns and materials for clients. Assisting with tax preparation of Business and Individual tax returns and related monitoring and record-keeping requirements through our tax software program. Review and sign completed tax returns. Work in a team environment to manage a caseload of clients and attempt to reach the most beneficial resolution for your clients with the IRS. Oversee the work of EAs and Tax Resolution Associates in the preparation of tax returns. Review and sign completed tax returns. Oversee EAs and Tax Resolution Associates in the preparation of client financial information (Forms 433-A & B), Offers in Compromise, and audit materials to be submitted to the IRS. Manage caseload to ensure IRS deadlines are met and retainers are monitored. Work with other CPAs to make sure the firm is on track with the company goals and budget. Qualifications: Active CPA license required. 3 years of experience with Business & Personal Tax Preparation required. Master's Degree in Tax preferred. Certified Tax Resolution Specialist (CTRS) certification preferred. Excellent customer service, communication, and organizational skills required. Strong ability to prioritize and manage multiple tasks required. Knowledge of a client management database, tax preparation software, and QuickBooks preferred. Salary: $88,000 - $105,000. Dependent on Qualifications and Experience   Wed, 07 Jan 2026 04:03:55 GMT http://advancedtaxsolutions.com/job/272/Certified-Public-Accountant---IRS-Resolution http://advancedtaxsolutions.com/job/273/Certified-Public-Accountant---Tax-Preparation job Our company is seeking a CPA to provide Business and Individual tax preparation, tax representation, and administrative support for our clients. We are looking for someone to join our team that works well both as a part of a team and individually. This position is ideal for someone with an IRS representation or tax preparation background that wants to assist individuals and small businesses with getting on track and staying on track with their tax responsibilities. Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution and tax preparation services and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and two work from home days (after 6 months) Job Responsibilities: Assisting accountants and supervisors with initial organization of tax materials and client information and processing completed tax returns and materials for clients. Assisting with tax preparation and e-filing of tax returns and related monitoring and record-keeping requirements through our tax software program. Assisting with the preparation of client financial information (Forms 433-A & 433-B, Offers in Compromise, and Audits) to be submitted to the IRS. Contacting the IRS for client transcripts and representation.  Qualifications: Active CPA license required. 3 years of experience with Business & Personal Tax Preparation required. Master's Degree in Tax preferred. Excellent customer service, communication, and organizational skills required. Strong ability to prioritize and manage multiple tasks required. Knowledge of a client management database, tax preparation software, and QuickBooks preferred. Salary: $85,000 - $105,000. Dependent on Qualifications and Experience   Wed, 07 Jan 2026 04:03:47 GMT http://advancedtaxsolutions.com/job/273/Certified-Public-Accountant---Tax-Preparation http://advancedtaxsolutions.com/job/274/Enrolled-Agent-I job We are searching for an Enrolled Agent to provide tax preparation, tax representation, and administrative support for our clients. We are looking for someone to join our team that works well both as a part of a team and individually. This position is ideal for someone with an IRS representation or tax preparation background that wants to assist individuals and small businesses with getting on track and staying on track with their tax responsibilities. Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution, tax preparation services, and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and two days' work from home (after 6 months) Job Responsibilities: Assisting accountants and supervisors with initial organization of tax materials and client information and processing completed tax returns and materials for clients. Assisting with tax preparation and e-filing of tax returns and related monitoring and record-keeping requirements through our tax software program. Assisting with the preparation of client financial information (Forms 433-A & 433-B, Offers in Compromise, and Audits) to be submitted to the IRS. Contacting the IRS for client transcripts and representation.  Qualifications: Required: EA Certification or candidates must be in the process of getting EA certification. EA certification required within six months of hire. NTPI Fellow preferred. Certified Tax Resolution Specialist (CTRS) certification preferred. Excellent customer service, communication, and organizational skills required. Strong ability to prioritize and manage multiple tasks required. Knowledge of a client management database, tax preparation software, and QuickBooks preferred. Salary: $65,000.00 to $90,000.00 Dependent on Qualifications and Experience.   Wed, 07 Jan 2026 04:03:40 GMT http://advancedtaxsolutions.com/job/274/Enrolled-Agent-I http://advancedtaxsolutions.com/job/275/Enrolled-Agent-II job We are searching for an Enrolled Agent to provide tax preparation, tax representation, and administrative support for our clients. We are looking for someone to join our team that works well both as a part of a team and individually. This position is ideal for someone with an IRS representation or tax preparation background that wants to assist individuals and small businesses with getting on track and staying on track with their tax responsibilities. Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution, tax preparation services, and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and two days' work from home (After 6 months). Job Responsibilities: Meet with prospective clients to match their needs with our services. Prepare price quotes and engage clients for our services. Work with various IRS departments (Collections, Audits, & Appeals) to address & resolve client's problems with the IRS. Negotiate with IRS Officers in all aspects of Collections. Work in a team environment to manage a caseload of clients and attempt to reach the most beneficial resolution for your clients with the IRS. Oversee the work of EAs and Tax Resolution Associates in the preparation of tax returns. Review and sign completed tax returns. Oversee EAs and Tax Resolution Associates in the preparation of client financial information (Forms 433-A & B), Offers in Compromise, and audit materials to be submitted to the IRS. Manage caseload to ensure IRS deadlines are met and retainers are monitored. Work with other CPAs to make sure the firm is on track with the company goals and budget. Qualifications: EA or CPA Certification. NTPI Fellow preferred. Certified Tax Resolution Specialist (CTRS) certification preferred. Excellent customer service, communication, and organizational skills required. Strong ability to prioritize and manage multiple tasks required. Knowledge of a client management database, tax preparation software, and QuickBooks preferred. Salary: $85,000.00 to $105,000.00 Dependent on Qualifications and Experience. Application: Interested candidates should send a cover letter and resume to ats@advancedtaxsolutions.com.   Wed, 07 Jan 2026 04:03:31 GMT http://advancedtaxsolutions.com/job/275/Enrolled-Agent-II http://advancedtaxsolutions.com/job/277/Paraprofessional job We are a fun-loving professional company that helps people who have gotten into trouble with the IRS. We are searching for a Paraprofessional to provide support for our professionals. We are looking for someone to join our team that works well both as a part of a team and individually. This position is ideal for someone who has a desire to learn and expand their horizons. If you have experience working for an IRS resolution firm the experience is a plus but not a requirement. We are willing to train the right candidate. We are looking for someone who is bright and motivated. A lack of experience is OK, if you are willing and able to grow and learn.  Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution, tax preparation services, and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and work from home (one day a week after 6 months). Job Responsibilities: Filling out basic personal client information to be used by professional staff. Assisting with the preparation of client financial information (entry onto forms) Following up with clients to gather information. Requesting information from the IRS Assisting accountants and supervisors with organization of client information. Assisting with easy and basic tax return preparation that will be reviewed and completed by a professional (no tax experience necessary). Researching for CPAs and EAs Qualifications: Excellent customer service, communication, and organizational skills. Strong ability to prioritize and manage multiple tasks required. A willingness to learn and grow in your responsibilities. This position is an entry level position that has opportunity for advancement. If you have the desire and aptitude, you could become an Enrolled Agent and launch this into a new career with significant advancement opportunities in your qualifications and compensation. We train and like to promote from within. Salary: $50,000.00 to $55,000.00 Dependent upon Qualifications and Experience.   Wed, 07 Jan 2026 04:03:07 GMT http://advancedtaxsolutions.com/job/277/Paraprofessional http://advancedtaxsolutions.com/job/276/Tax-Preparer job We are searching for a Tax Preparer to provide tax preparation services, tax representation, and administrative support for our clients. We are looking for someone to join our team that works well both as a part of a team and individually. This position is ideal for someone looking for experience in IRS representation or tax preparation. Our firm has a great reputation and has been locally owned and operated for over thirty years. We specialize in IRS resolution, tax preparation services, and take a compassionate approach to helping people get on track with their taxes. We are located by City Park in Denver, Colorado. Benefits include 100% paid medical insurance for the employee; 401(k) with 5% matching; three weeks of paid time off; seven paid holidays; and work from home (one day a week after 6 months). Job Responsibilities: Organization of client tax materials and client information. Preparation of Individual/1040 tax returns and 1120 (C Corps), 1120S (S Corps) & 1065 (Partnerships) Contact clients to follow up for missing information. Monitoring of client caseload. Tax information record-keeping through our client database program. Qualifications: Prior tax preparation experience required. Experience with Drake tax preparation software strongly preferred. Excellent customer service, communication, and organizational skills required. Strong ability to prioritize and manage multiple tasks required. Knowledge of a client management database, tax preparation software, and QuickBooks preferred. Salary: $50,000 to $55,000 Dependent on Qualifications and Experience.   Wed, 07 Jan 2026 04:01:19 GMT http://advancedtaxsolutions.com/job/276/Tax-Preparer