Tax Relief Strategy

12/20/2023

IRS waives penalty fees for almost 4.6m taxpayers
The IRS has announced that it will waive penalty fees for taxpayers who owe less than $100,000 in back taxes for the years 2020 and 2021. This relief will benefit around 4.6m individuals, businesses, and tax-exempt organizations, totaling about $1bn. The decision to forgive the failure-to-pay penalties is attributed to the temporary suspension of automated reminders during the pandemic. The IRS plans to resume sending collection notices but considers this a one-time relief due to the unprecedented circumstances caused by COVID-19. Taxpayers who meet the eligibility criteria will automatically receive the relief without needing to take additional action. Those who have already paid the failure-to-pay penalty will receive a refund.

10/31/2022

How many times have you been?

09/21/2022

Resolve IRS Tax Problems. Owe $10k-$200k in back taxes? Check your tax settlement eligibility today. Overcome your tax problems & successfully get on with your life. Lower business tax debt. Speak with an enrolled agent. Qualify for tax relief. Review tax eligibility. Serving All 50 States.

09/14/2022

6 Reasons Why You Shouldn't Represent Yourself In Front Of The IRS? https://taxreliefstrategy.com/6-reasons-why-you-shouldnt-represent-yourself-in-front-of-the-irs/ If you are faced with tax problems, you'll need to determine if you want to seek professional help when dealing with the IRS. You always have the option of representing yourself in front of the IRS, but there are many disadvantages to you representing yourself.

Working with a professional may be a much better option! The IRS is allowed to forgive all or part of your tax liability and reach a settlement with you that is less than what you owe. An offer in compromise, or OIC, is what we use for this. The IRS Offer in Compromise (OIC) program ... Read more

07/13/2022

If you didn't pay the taxes you owe when you filed your return, you you'll get a notice from the IRS requesting your payment: the CP14, Balance Due. These notices explain that you owe a penalty for not paying your taxes by the filing deadline. Find out what to do next here >> https://taxreliefstrategy.com/cp14-notices-for-taxpayers-who-have-an-unpaid-balance/

The IRS has begun mailing out CP14 notices to millions of taxpayers who have an unpaid balance for the last tax year. If you receive IRS Notice CP14 read it carefully. The notice will tell you how much the IRS says you owe, when the IRS expects you to pay, and what to do if ... Read more

06/17/2022

Do you need help with a tax lien? IRS Tax Lien Release Fact: Did you know that the IRS may release a Federal Tax Lien is if payment of the lien is guaranteed by a bond? This is a complicated process.
As an enrolled agent, I can help.
Contact me, Gary Canonico at https://taxreliefstrategy.com
or call 732-240-1787

03/09/2022

Your virtual CFO is an independent sounding board, someone with whom you can discuss the issues you face. As your virtual CFO, Gary Canonico is available for advice whenever you need him. https://taxreliefstrategy.com/why-hire-a-virtual-cfo-for-your-business/ Consider him to be the Chief Financial Officer of your company that can look with fresh eyes, complete objectivity, and provide an honest assessment with no other considerations except the advancement of your business.

02/22/2022

90% of all Agents in are independent contractors with their brokers. Commissions on the sale of homes and property are subject to a variety of . These lead to many finding themselves in trouble with the . https://taxreliefstrategy.com/are-you-a-realtor-who-owes-back-taxes/ Call Now 732-240-1787 for a free consultation.

90% of all Real Estate Agents in New Jersey are independent contractors with their brokers. Commissions on the sale of homes and property are subject to a variety of taxes including federal income tax, self-employment taxes, and state taxes. These two things lead to “the perfect storm‘ and many ...

02/10/2022

Now that your tax lien has been filed with the County you will get up to 100 letters from tax resolution companies across the country. https://taxreliefstrategy.com/has-a-federal-tax-lien-has-been-filed-against-your-assets/ Tax resolution is a personal service business. I am located in Toms River, New Jersey. We can meet face to face and you can come to talk with me in my office, which is in my home. It doesn’t get any more personal than that.

02/08/2022

Do you qualify for currently not collectible status with the IRS? This ultimately comes down to your disposable income. An experienced Enrolled Agent like myself can help determine what qualifies as “income” and “necessary living expenses” under the tax law. Find out if you qualify! Learn more here: https://taxreliefstrategy.com/non-collectible-status/ and call me at 732-240-1787 to find out how I can help.

What is Currently Not Collectible status? If you’re unable to make tax payments due to financial hardship, you can postpone them until you’re able to do so. When your account is placed on currently non collectable status, the IRS has agreed to stop attempting to collect unpaid taxes. This occurs...

01/13/2022

An offer in compromise permits you to pay less than the full amount of your tax debt. https://taxreliefstrategy.com/offer-in-compromise/ You have the option of paying a large sum over five months or making monthly payments over a 24-month period. In exchange for a lower payment, you commit to file and pay your taxes on time for the next five years.

Representation for Offer In Compromise Through the Offer In Compromise program, Tax Relief Strategy supports taxpayers in resolving tax debts. An offer in compromise, or OIC, is a method of settling a federal tax liability with the Internal Revenue Service (“IRS”) for a lower sum than you owe. A...

01/06/2022

A partial payment installment agreement, or a , is an settlement that allows you to pay your taxes by making monthly payments over time, but you will not be required to pay off your whole tax burden. https://taxreliefstrategy.com/partial-payment-agreement/ It’s an agreement between you and the Internal Revenue Service that can result in significant tax savings. Here’s what you need to know if you think a PPIA is right for you.

PPIA (Partial Payment Installment Agreement): A partial payment installment agreement, often known as a PPIA, is an IRS settlement that allows you to pay less for your taxes by making monthly payments over a predetermined period of time. It’s an agreement between you and the Internal Revenue Servi...