If you owe more than $10,000 in IRS tax debt, you may qualify for an IRS tax debt relief program.  One tax relief program you may qualify for is an Offer in Compromise OIC.  Qualifying taxpayers may be able to settle their tax debt for a fraction of what they owe.  If you owe back taxes, contact Austin & Larson Tax Resolution to speak with a tax relief specialist to see if you qualify for an IRS Offer in Compromise.   The Offer in Compromise OIC program was established by the IRS to help taxpayers who are experiencing financial hardship due to the tax burdens they have accrued over time.  Taxpayers that owe more than $10,000 to the IRS may qualify for a tax debt relief program.  The Offer in Compromise OIC program takes into account the equity of all of your financial assets and performs a calculation of your future earning potential.  Based on the combination of these two elements, the IRS determines… Read More

The Internal Revenue Service deadline for filing your 2016 tax returns is fast-approaching.   Your 2016 return is required to be filed this year by April 18, 2017.  The original due date of April 15, 2017 was extended due to April 15, 2017 being a weekend and April 17, 2017 being Washington D.C. Emancipation Day.  Taxpayers now have an additional three days to gather the necessary information and file their returns. There is also another deadline approaching that many taxpayers are not aware of that could result thousands of dollars in lost refunds.  The IRS grants a three-year period to file each of your returns to claim any refund you may have. If your 2013 individual income tax return is not filed by April 18, 2017 any refund due on the return will expire (deadline is extended if you timely filed an extension on your 2013 return).  This means that even if you file a return and are entitled to a refund, the IRS will consider… Read More

Tax filing deadlines are fast approaching, which means there are many Americans filing their returns to meet the April 18, 2017 deadline.  Beware that there are many new scams on the rise to try to take your refund due.  These scams may not only cost you your refund, they may result in a balance owed to the IRS and lingering identity theft issues that must be resolved. One of the newer IRS scams is people pretending to be the taxpayer and sending various emails to your tax professional to try to get your refund redirected to a different account.  Once your return has been prepared, these scammers will send an email requesting a last-minute change to where your refund should be sent.  They often will request that the refund be paid out on pre-paid debit cards.  Your tax preparer then makes this change before submitting your return, thinking that this was your request.  It is not until after the refund has been issued and paid… Read More

The deadline for filing your 2016 Individual Income Tax return this year is April 18, 2017.  Generally your return is due on the 15th day of the fourth month of the year (April 15th).  However, this year the 15th falls on a Saturday, which would generally push the filing date back to the following Monday (April 17th).  With the way the dates fall this year, Washington D.C. Emancipation Day will be recognized on April 17th, pushing the return filing due date back to April 18, 2017. There are many important things to know about the return filing deadline.  First and foremost, this is the date that your return must be filed and paid (if a balance is owed).  Failure to timely file and pay your return can result in multiple issues, including interest and penalties being assessed by the IRS and State of Michigan, default of any previously established resolution, and potential issues getting a loan or applying for financial aid. When a return is… Read More

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