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  • Daniel Layton
  • January 10, 2019 01:36:39 AM
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Newport Beach tax attorney Daniel Layton defends Orange County clients in IRS and FTB audits & collections, criminal tax defense, tax fraud & evasion cases, FBAR penalty defense, and foreign account disclosures (e.g., streamlined procedures).

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IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts

In a press release last updated November 4, 2020, the IRS made the following statement: WASHINGTON — The Internal Revenue Service today announced a number of […] The post IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

In a press release last updated November 4, 2020, the IRS made the following statement:

WASHINGTON — The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS.

The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and alternatives to resolve balances owed.

“The IRS understands that many taxpayers face challenges, and we’re working hard to help people facing issues paying their tax bills,” said IRS Commissioner Chuck Rettig. “Following up on our People First Initiative earlier this year, this next phase of our efforts will help with further taxpayer relief efforts.”

“We want people to know our IRS employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills,” said Darren Guillot, the IRS Small Business/Self-Employed Deputy Commissioner for Collection and Operations Support. Guillot discussed the new relief options in a new edition of IRS “A Closer Look.”

Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief Initiative is expanding on those existing tools even more.

The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Among the highlights of the Taxpayer Relief Initiative:

  • Taxpayers who qualify for a short-term payment plan option may now have up to 180 days to resolve their tax liabilities instead of 120 days.
  • The IRS is offering flexibility for some taxpayers who are temporarily unable to meet the payment terms of an accepted Offer in Compromise.
  • The IRS will automatically add certain new tax balances to existing Installment Agreements, for individual and out of business taxpayers. This taxpayer-friendly approach will occur instead of defaulting the agreement, which can complicate matters for those trying to pay their taxes.
  • To reduce burden, certain qualified individual taxpayers who owe less than $250,000 may set up Installment Agreements without providing a financial statement or substantiation if their monthly payment proposal is sufficient. 
  • Some individual taxpayers who only owe for the 2019 tax year and who owe less than $250,000 may qualify to set up an Installment Agreement without a notice of federal tax lien filed by the IRS.
  • Additionally, qualified taxpayers with existing Direct Debit Installment Agreements may now be able to use the Online Payment Agreement system to propose lower monthly payment amounts and change their payment due dates.

Additional details on the Taxpayer Relief Initiative

The IRS offers options for short-term and long-term payment plans, including Installment Agreements via the Online Payment Agreement (OPA) system. In general, this service is available to individuals who owe $50,000 or less in combined income tax, penalties and interest or businesses that owe $25,000 or less combined that have filed all tax returns. The short-term payment plans are now able to be extended from 120 to 180 days for certain taxpayers.

Installment Agreement options are available for taxpayers who cannot full pay their balance but can pay their balance over time. The IRS expanded Installment Agreement options to remove the requirement for financial statements and substantiation in more circumstances for balances owed up to $250,000 if the monthly payment proposal is sufficient. The IRS also modified Installment Agreement procedures to further limit requirements for Federal Tax Lien determinations for some taxpayers who only owe for tax year 2019.

In addition to payment plans and Installment Agreements, the IRS offers additional tools to assist taxpayers who owe taxes:

Temporarily Delaying Collection — Taxpayers can contact the IRS to request a temporary delay of the collection process. If the IRS determines a taxpayer is unable to pay, it may delay collection until the taxpayer’s financial condition improves.

Offer in Compromise — Certain taxpayers qualify to settle their tax bill for less than the amount they owe by submitting an Offer in Compromise. To help determine eligibility, use the Offer in Compromise Pre-Qualifier tool. Now, the IRS is offering additional flexibility for some taxpayers who are temporarily unable to meet the payment terms of an accepted offer in compromise.

Relief from Penalties — The IRS is highlighting reasonable cause assistance available for taxpayers with failure to file, pay and deposit penalties. First-time penalty abatement relief is also available for the first time a taxpayer is subject to one or more of these tax penalties.

All taxpayers can access important information on IRS.gov. Many taxpayers requesting payment plans, including Installment Agreements, can apply through IRS.gov without ever having to talk to a representative.

Other requests, including this new relief, can be made by contacting the number on the taxpayer’s notice or responding in writing. However, to request relief, the IRS reminds taxpayers they must be responsive when they receive a balance due notice.

“If you’re having a tax issue, don’t go silent. Please don’t ignore the notice arriving in your mailbox,” Guillot said. “These problems don’t get better with time. We understand tax issues and know that dealing with the IRS can be intimidating, but our employees really are here to help.”

Throughout COVID-19, the IRS has continued to adjust operations to help ensure the health and safety of employees and taxpayers, including the extensive and temporary relief of the IRS People First Initiative. More information and background on the collection relief and procedures can be found in “A Closer Look.”

“While it’s been important for us and the nation to resume our critical tax compliance responsibilities, we continue to assess the wide-ranging impacts of COVID-19 and other difficulties people are experiencing,” Guillot said.

The post IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


DWL Tax Law’s New FAQ’s – July 2020 Edition

Will the US Tax Court Stay Proceedings If There Is a Potential Criminal Case Pending? If there is a legitimate fear that a criminal case could […] The post DWL Tax Law’s New FAQ’s – July 2020 Edition appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

Will the US Tax Court Stay Proceedings If There Is a Potential Criminal Case Pending?

If there is a legitimate fear that a criminal case could be impacted by ongoing civil proceedings, many courts, including the United States Tax Court, may stay the civil case, at least temporarily. Click here for more…

Doctor, Doctor, Give Me the News: Handling IRS Summonses for HIPAA Medical Records.

Although doctors, dentists, and others in the medical profession are familiar with the requirements of HIPAA, some IRS Revenue Officers and Revenue Agents are not well-versed in the privacy protections of the act. When a doctor, dentist, or psychiatrist receives a request for medical records (e.g., by way of an IRS summons) it will be incumbent on the health care professional to ensure that the IRS request complies with the disclosure requirements for HIPAA or to educate the agent on the acceptability of alternative (or redacted) records. Click here for more…

The post DWL Tax Law’s New FAQ’s – July 2020 Edition appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


CSED – IRS Collection Statute Expiration Date

CSED (IRS)- Understanding the IRS Collection Statute Expiration Date. What is CSED (IRS)? CSED is the IRS acronym for Collection Statute Expiration Date as it appears […] The post CSED – IRS Collection Statute Expiration Date appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

CSED (IRS) Computation

CSED (IRS)- Understanding the IRS Collection Statute Expiration Date.

What is CSED (IRS)? CSED is the IRS acronym for Collection Statute Expiration Date as it appears in many IRS internal computer transcripts of taxpayer accounts, which tells the IRS collections officer what the IRS system has computed as the statutory expiration date for collection of the tax. Although the computer’s CSED date is sometimes inaccurate, it is still generally relied on by IRS employees in practice.

Almost any time the IRS is prevented from collecting by law, time is added to extend the IRS’s statute of limitations period (the allowed time per law) to collect.  Some common actions extending the IRS’s time to collect include Requests for IRS Installment Agreement or Payment Plan, requesting an Offer in Compromise, requesting a Collection Due Process Hearing, or filing Bankruptcy.

The IRS CSED Will Generally Expire 10 years From the Tax Assessment Date, With Some Actions Extending the CSED for the IRS.

The general rule is that the IRS must collect taxes within 10 years of the date of assessment.  The assessment date is the date of the filing of the return (or 4/15 if later) or the date audit/exam liabilities are entered as assessments in the IRS’s records.  However, bankruptcy and requests for installment agreement, among other things, can extend the statute of limitations pursuant to Section 6503 of the Internal Revenue Code.  Certain actions extending the CSED, IRS favorably, are discussed below.  For more specific information, a tax professional should be contacted.

Installment agreements:   Section 6331(k) of the Internal Revenue Code prevents the IRS from enforced collection actions while the installment agreement is pending and for 30 days after denial or termination.  The collection statute expiration date is tolled (extended) during the “pending” period plus 30 days.

Offer in Compromise based on Doubt as to Liability, Effective Tax Administration, or Doubt as to Liability:  The statute of limitations for the IRS to collect is extended for the amount of time the Offer in Compromise is “pending” plus 30 days.  For this reason, if a taxpayer’s account is not under immediate threat of collection, it may be preferable for some taxpayers to pursue either audit reconsideration, file an amended return, or file a claim for refund instead of an OIC based on doubt as to liability.

Collection Due Process Hearing (CDP):  The CSED for the IRS’s collections is extended from the date the request for a Collection Due Process hearing is received by the IRS for as long as it is pending.  If it is withdrawn, the date of the withdrawal is the last date for computing the extension.  If a determination is made by the IRS, the last date for computing the period of extension is when it goes “final.”  The filing of a Tax Court petition keeps the determination from going final until the Tax Court case is resolved.  The final day is generally the date of the determination letter plus 30 days.  One exception is where there is less than 90 days left on the limitations period when the CDP determination becomes final, then they get 90 days regardless.

Bankruptcy: With respect to a bankruptcy proceeding under Title 11 U.S.C., the running of the CSED period is suspended for the period during which the government is prohibited from collection (the duration of the bankruptcy proceeding unless a stay is lifted by motion of a creditor) plus 6 months thereafter.

Before the Expiration of the CSED, IRS Can File an Action to Extend the Time.

The IRS can file suit to foreclose or reduce a tax liability to judgment at any time before the end of the IRS’s collections period.  For that reason, waiting out a CSED for the taxes to expire is a risky proposition.  In any event, the law requires taxes to be paid and, if possible, full payment (including through payment plans or offer in compromise) is the one way to make sure the balance due disappears forever.

The above is not an exhaustive list of the statutory collection time extension or tolling rules, but are applicable in many cases, but not to all cases.  This can be a very technical area of law, with serious repercussions if the precise rules applicable to a taxpayer’s case are not personally evaluated and applied with great attention to detail.  A tax professional should be consulted before making any decision that relies on or may affect the IRS’s CSED.

Daniel W. Layton, Esq., is a former IRS trial attorney, former federal prosecutor, and currently the principal of DWL Tax Law in Newport Beach, Orange County, California.

Posted 04/06/2020 by Daniel Layton.

The post CSED – IRS Collection Statute Expiration Date appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


What You Need to Know About IRS Corona Virus Relief (03-31-2020)

What You Need to Know About IRS Corona Virus Relief (03-31-2020) The various news releases for IRS Corona Virus relief, as they are updated, from the […] The post What You Need to Know About IRS Corona Virus Relief (03-31-2020) appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

tax attorney newport beach

What You Need to Know About IRS Corona Virus Relief (03-31-2020)

The various news releases for IRS Corona Virus relief, as they are updated, from the IRS can be found at https://irs.gov/coronavirus. Among those are the tax return extension and tax payment extension deadlines to July 15, 2020, for 2019 returns. A list of the IRS corona virus releases to date can be briefly summaries as follows (in order of most generally applicable first):

IR-2020-58 – Tax Day is now July 15: Treasury and the IRS have extend filing deadline and federal tax payments for 2019 individual and corporate returns to July 15, 2020, as part of the corona virus relief, regardless of the amount due.

IR 2020-61 – This is the economic impact payments for eligible taxpayers of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The full release should be read because it details the income limits, what happens if you did or did not file a return for last year or this year, getting the payment by direct deposit or by mail.

IR-2020-59 – This release details the IRS’s temporary “People First Initiative” (were they not first before?). This is applicable to those who currently owe the IRS. The release is a long one and should be read by anyone in danger of liens, levies, garnishments, or other enforcement actions and by anyone who is in danger of defaulting on a current payment plan or offer in compromise.

IR-2020-57 – Treasury, IRS and Labor announced a plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.

Payment Deadline Treasury News Release – Treasury and IRS issued guidance that Form 1040 filers owing under $1 million and corporate filers owing under $10 million for their 2019 returns could wait until July 15, 2020 to pay. The filing deadline was later extended to the same date by IR-2020-58.

IR-2020-54 – The IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP.

IR-2020-62 -IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19

IR-2020-57 – Treasury, IRS and Labor plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses. This is long one. The key takeaways are:

  • Paid Sick Leave for Workers – For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable.
  • Employers receive 100% reimbursement for paid leave pursuant to the Act.
    • Health insurance costs are also included in the credit.
    • Employers face no payroll tax liability.
    • Self-employed individuals receive an equivalent credit.
  • Fast Funds Reimbursement -An immediate dollar-for-dollar tax offset against payroll taxes will be provided and, where a refund is owed, the IRS says it will send the refund as quickly as possible.
  • Small Business Protection – Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.
  • These requirements are subject to a 30-day non-enforcement period for good faith compliance efforts.

https://irs.gov/coronavirus should be checked for updates after March 31, 2020.

Posted on 03/31/2020 by Daniel Layton.

https://youtu.be/T_TjsXdfPEQ

The post What You Need to Know About IRS Corona Virus Relief (03-31-2020) appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


Corona Virus Economic Impact Payment: How Do You Get It, When Is it Coming, and Where Is It?

The Corona Virus (Covid-19) economic impact payments: What you need to know The IRS has issued the following press release (as of 3/31/2010 still up but […] The post Corona Virus Economic Impact Payment: How Do You Get It, When Is it Coming, and Where Is It? appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

The Corona Virus (Covid-19) economic impact payments: What you need to know

The IRS has issued the following press release (as of 3/31/2010 still up but check https://irs.gov/coronavirus for any update) about what you need to know about the corona virus economic impact payments:

Check IRS.gov for the latest information: No action needed by most people at this time

IR-2020-61, March 30, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

The post Corona Virus Economic Impact Payment: How Do You Get It, When Is it Coming, and Where Is It? appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 Corona Virus

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 Corona Virus The IRS has issued the following press release: IR-2020-62, March 31, 2020 […] The post IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 Corona Virus appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax...

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 Corona Virus

The IRS has issued the following press release:

IR-2020-62, March 31, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Does my business qualify to receive the Employee Retention Credit?

The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.

Qualifying employers must fall into one of two categories:

  1. The employer’s business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
  2. The employer’s gross receipts are below 50% of the comparable quarter in 2019. Once the employer’s gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.

These measures are calculated each calendar quarter.

How is the credit calculated?

The amount of the credit is 50% of qualifying wages paid up to $10,000 in total. Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. Wages taken into account are not limited to cash payments, but also include a portion of the cost of employer provided health care.

How do I know which wages qualify?

Qualifying wages are based on the average number of a business’s employees in 2019.

Employers with less than 100 employees: If the employer had 100 or fewer employees on average in 2019, the credit is based on wages paid to all employees, regardless if they worked or not. If the employees worked full time and were paid for full time work, the employer still receives the credit.

Employers with more than 100 employees: If the employer had more than 100 employees on average in 2019, then the credit is allowed only for wages paid to employees who did not work during the calendar quarter.

I am an eligible employer. How do I receive my credit?

Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees’ wages by the amount of the credit.

Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns or Form 941 beginning with the second quarter. If the employer’s employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Eligible employers can also request an advance of the Employee Retention Credit by submitting Form 7200.

Where can I find more information on the Employer Retention Credit and other COVID-19 economic relief efforts?

Updates on the implementation of this Employee Retention CreditFrequently Asked Questions on Tax Credits for Required Paid Leave  and other information can be found on the Coronavirus page of IRS.gov.

The post IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 Corona Virus appeared first on Tax Attorney Orange County| Newport Beach, CA| DWL Tax Law.


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