Los Angeles, California (PRWEB) January 17, 2013
Hurricane Sandy may be a blessing in disguise. The IRS has extended third quarter and fourth quarter filing deadlines, waiving interest and penalties, for business owners still reeling from the effects of the disaster. Owners have until February 1, 2013 to comply.
Certain qualifiers apply, as noted in Business Management Daily, such as the business location that must be within the area struck by Hurricane Sandy, or a business whose records are held in that area. For immediate relief, employees are allowed to take out 'hardship distributions' from 401(k) plans, if they or their immediate family members (spouses, dependent children or parents) work or live in Sandy-affected regions. The IRS also encourages employees to donate to relief organizations via the value of accrued leave time, though there is some confusion regarding 'charitable contributions' versus 'charitable deductions'. Platinum Tax Defenders notes that in this situation, as in many others, it may be valuable to consult with tax resolution services for more detail on how this tax relief may apply.
An opportunity also exists for obtaining help with back taxes, notes a Platinum Tax Defender specialist: “(The IRS is) more than willing to accept various payment arrangements and one time settlement offers in order to get their money”. For businesses and individuals, especially those hard hit by Hurricane Sandy, it may be time to wipe the slate clean.
Though difficult for individuals, a tax relief specialist familiar with complex IRS regulations can navigate the paperwork surrounding Offers in Compromise, IRS payment plans, and penalty abatement. Natural disasters can be a negotiating point for proving that the taxpayer in question is unable to meet the tax burden, and so obtain a monthly payment plan based on current income or one lump sum payment at reduced cost.
Professional tax resolution is key, since the IRS views back tax issues as distinct from simple current tax issues. Since each tax situation differs in depth and severity, Platinum Tax Defenders will continue to offer free, 30 minute phone consultations with experienced tax resolution professionals through the month of January 2013, especially for storm victims of Hurricane Sandy. “The reality is the IRS does want to be paid”, notes another Platinum Tax Defender specialist, “and today more than ever, they are willing to settle back tax and negotiate, as long as the taxpayer takes the initiative to...set up a reasonable payment arrangement”.
Platinum Tax Defenders has a dedicated team of 10 professionals (including tax attorneys, CPA's and former IRS agents) with a ten-year track record of stopping bank levies and removing tax liens. Most initial consultations range from 20 to 45 minutes, in which a qualified tax resolution professional can examine the specifics of the situation and offer strategies for dealing with the IRS.
For more information from Platinum Tax Defenders on stopping property seizure and getting help with back taxes, call 1-877-668-1807 or send an email to info(at)tax-resolution(dot)me.