To listen to the podcast version of memo click here —> Podcast Version
You may have read in the news lately that the IRS is going to be stepping up visits to homes and businesses, for taxpayers who have returns that haven’t been filed and taxes that haven’t been paid.
Many taxpayers don’t know that the IRS can invalidate your passport if your balances due are too high.
Of course this is meant to be intimidating, but there are things that you can do ahead of time to mitigate the worry.
First, if you have prior year tax returns you have not filed, call me on 732-673-0510. Being a delinquent filer, meaning you have not filed, is much worse than having unpaid back taxes.
If you owe back taxes, it is time to get your head out of the sand, and call me to set up a payment plan. Also, they have loosened the rules related to taxes being discharged in bankruptcy. If you have many prior years of balances due, this might be a great option for you, especially if your current taxable income is low.
Many taxpayers are not aware that you can give a CPA such as myself, a power of attorney using form 2848. There is also a similar form for NJ and other states.
This is not a sweeping and wide power of attorney that you may have heard of. It is a limited one that simply allows me to discuss your tax situation with the IRS and any state. Many of my clients have me complete these forms, then they sign them, and I file them with the IRS and the state. Then I am listed as an official representative for you. This means that the IRS and states need to contact me, and not you directly, in most situations.
Having a power of attorney on file might stop them knocking on your door at 6am, as they would usually need to contact me, and not you, after you have made me your official representative.
So, if a tax agent does knock on your door, immediately let them know that I am your representative, and that we have filed the applicable powers of attorney. Then give them my phone number and shut your door and go back inside.
The other good thing about completing a power of attorney, is that any notices that you might get are also sent to my office at the same time. That’s a very good feature about having a power of attorney.
To summarize:
If you have unfiled prior returns, call me.
If you have back taxes you have been avoiding, call me.
If you want me to have power of attorney, for your peace of mind, call me.
Questions? Concerns? Call me on (732) 673-0510.
Get my memos in your inbox by clicking here —> http://eepurl.com/7rJdT
Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
#turbotax #hrblock #smallbusinessowners #SmallBusinessSaturday #smallbusinessowner #businessmarketing #businessowner #yearend #jerseyshore #cpa #taxplanning #Accounting #incometaxes #incometax #TedTalk
