Tax Masters Ceases Operations

The once larger-than-life and controversial tax resolution company Tax Masters filed for Chapter 11 bankruptcy on March 18, 2012, but new court records indicate that the U.S. Trustee has effectively shut down the company’s service operations and imply that this business is no longer a going concern. The April 24th motion set forth by Attorney for Trustee, Heather A. Potts, and signed by the U.S. Bankruptcy Judge, indicates that any benefits being derived from the limited operations of Tax Masters is outweighed...

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Delinquent Taxpayers Beware; the IRS Is Getting Smarter and Faster

Delinquent Taxpayers Beware; the IRS Is Getting Smarter and Faster  The IRS is getting ready to roll-out its Real-Time Tax System (RTTS) which promises to catch inaccurate returns and delinquent taxpayers quickly.  In the past, the IRS used a “look back” approach to determine if a return was accurate and filed on time.  Typically, problems with returns were not found and acted upon by the IRS for many months resulting in higher penalty and interest assessments.  Now with RTTS, the IRS will conduct...

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Emancipation Day Extends 2012 Tax Filing Season

2012 Tax Filing Season Similar to calendar year 2011, April 15, 2012 falls on a weekend – Sunday to be specific. The following Monday is Emancipation Day in the District of Columbia. Since D.C. holidays have the same effect as federal holidays, the 2012 tax season is extended making the filing deadline April 17, 2012. For you early-bird filers expecting a refund, the IRS will begin accepting e-filed returns on January 17, 2012. However, unlike last year’s protracted season that largely stemmed from...

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Year End Tax Planning

Year End Tax Planning In the past couple of years, Congress made sweeping changes or last minute extensions to existing tax laws late in the year causing uncertainty as to how best to plan for the upcoming tax season. This year, however, the song basically remains the same. Other than adjustments for inflation, tax laws and deductions for 2011 look much like 2010. Some anticipated changes may occur in 2012 prompting tax and financial planners to advise: take advantage of the certainty you have right now. For...

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You’re a Mean One, Mr. Grinch IRS

You’re a Mean One, Mr. Grinch IRS

You’re a Mean One, Mr. Grinch IRS You may not want to read this as the holiday season approaches, but if you owe back taxes, pay attention.  The Grinch, Mr. IRS, cometh.  He delights in the holiday season and loves to issue bank levies and wage garnishments at this time of the year.   How could he be so heartless at this time of love, joy, and thanksgiving?  You’re a hard one Mr. IRS! Well, it’s not personal, just good business from the IRS’ viewpoint. Many taxpayers receive year-end bonuses,...

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Common Tax Mistakes

Tax Mistakes are Avoidable Below you will find ASAP Tax Relief’s checklist of commonly made tax mistakes.  With a little patience you can avoid these and save yourself time, trouble and aggravation.  When tax filing deadlines approach, most people are anxious to get their tax returns  behind them. However with a little extra patience and the checklist below, you can avoid costly tax mistakes and bigger problems in the future like bank levies, wage garnishments, and other collection efforts against you and...

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