Did you know that if you owe the IRS more than $52,000 they can, with cooperation from the State Department, have your passport revoked? IRC Section 7345 authorizes the IRS to certify that you owe over $52,000 and the State Department will not issue a passport to you, and can revoke your present passport. There […]
The offer-in-compromise program is of great help to taxpayers who owe the IRS. It allows them to settle their outstanding tax debts for a lesser amount, as determined by a formula. Savings can range from thousands to hundreds of thousands of dollars. Power Tax Representation in Breckenridge, Colorado specializes in preparing offers-in-compromise. Terrence Power, CPA, […]
The focus of my practice is taxpayer representation. As with any endeavor, knowledge is power. Understanding a bit about how IRS collections works will hopefully help guide you through the process and alleviate unnecessary stress and anxiety. At present, the IRS has over 14,000,000 accounts in collection. If you, or your business, are one of […]
I recently completed assisting one of my clients with an IRS audit of their small business. The clients worked with the auditor for several months before engaging me. At the time I was engaged the IRS was proposing an assessment of close to $90,000 for the tax year 2014, including penalties and interest. The IRS […]
The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences. The IRS expects it to be especially useful for taxpayers located far from an IRS Appeals office. Each year, the Office of […]
Starting in April of this year, the IRS began using 4 private debt collection agencies to go after taxpayers who have outstanding balances. The companies are CBE, ConServe (how’s that for a horrible name?), Performant, and Pioneer. This isn’t the first time the IRS has gone to private debt collection. A 1996 program cost the […]
Most people hate the IRS, and for good reason. They can be scary, they want your money, they can seize your assets, and even put you in jail if the facts justify it. With almost 40 years of experience dealing with them, I think I’ve seen just about everything including taxpayers going to jail (not […]
At Power CPA Tax Representation, we are dedicated to providing our clients with top-notch, always-present, quality service. Because of this, we have updated our website, bringing our clients closer to us, thus enabling clearer communication and faster response times. We hope you enjoy the updated site. As always, THANK YOU, from Power.