Tag Archives: Tax Problem Solutions

IRS Summons

Posted on 03/19/2013 by Sandy Suchoff

At Lefstein-Suchoff CPA & Associates, we are committed to providing useful information that helps those faced with a situation requiring tax help for: tax settlements, tax debt, back taxes, IRS tax debt, an IRS levy, IRS tax audits, Offer in … Continue reading →

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New 1099-K Forms may Lead to Enhanced IRS Collections

Posted on 03/19/2013 by Sandy Suchoff

What do you need to know about Form 1099-K? Form 1099-K is an information return that reports payment card and third party network transactions for the calendar year.  1099-K forms are giving IRS new collection leads. A memo to IRS … Continue reading →

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Gift Tax Returns More Likely to be Subject to IRS Audits

Posted on 03/14/2013 by Sandy Suchoff

The Internal Revenue Service is likely to step up audits of gift tax returns, it may appear. Fewer estate tax returns are being filed because of the increased estate tax exemption, so the agency has more staff and resources to … Continue reading →

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Voluntary IRS Correction Program can Help Avoid IRS Penalties

Posted on 03/12/2013 by Sandy Suchoff

IRS is expanding its voluntary correction program for retirement plans.  Sponsors of 403(b) plans can now participate. Under these procedures, employers that discover minor mistakes in their plans’ operations can report them to IRS, fix the errors and pay a … Continue reading →

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IRS Expands Eligibility for Worker Reclassification Program

Posted on 03/05/2013 by Sandy Suchoff

On Dec. 18, 2012 the IRS announced a revision to its voluntary classification settlement program (VCSP) that provides partial relief from federal employment taxes for eligible taxpayers who agree to prospectively treat workers as employees. The original program, established in … Continue reading →

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IRS Practice and Procedure Change: Identity Theft

Posted on 02/26/2013 by Sandy Suchoff

Tax identity theft continued to be a concern for the IRS in 2012. In the first 10 months of the year, the IRS identified 1.2 million incidents of tax identity theft. The IRS inventory of tax identity theft cases increased … Continue reading →

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IRS Practice and Procedure Change: Voluntary Compliance Programs

Posted on 02/21/2013 by Sandy Suchoff

On Jan. 9, 2012, the IRS provided another opportunity for taxpayers to disclose previously unreported offshore accounts: the 2012 Offshore Voluntary Disclosure Program (OVDP). OVDP is the third voluntary foreign bank account reporting (FBAR) program from the IRS in four … Continue reading →

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IRS Practice and Procedure Change: IRS Matching Programs

Posted on 02/19/2013 by Sandy Suchoff

2012 was a breakthrough year for IRS automated matching programs. In 2012, it’s likely that the IRS exceeded the 4.7 million individual CP2000 (under-reporter) notices that it sent in 2011. In 2012, this was the only major IRS compliance program … Continue reading →

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IRS Practice and Procedure Change: Collection

Posted on 02/14/2013 by Sandy Suchoff

In 2012, the IRS instituted additional Fresh Start initiatives to help struggling taxpayers pay their taxes. As part of these initiatives, the IRS relaxed streamlined installment agreement rules for individuals by increasing the threshold from $25,000 to $50,000, and the … Continue reading →

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IRS Practice and Procedure Change 2012 & 2013

Posted on 02/12/2013 by Sandy Suchoff

While 2012 was a down year for IRS enforcement revenue, look for a rebound in 2013, when the IRS should receive a significant budget increase. In February 2012, President Obama proposed an IRS budget increase of $944 million, with more … Continue reading →

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