Los Angeles, California (PRWEB) February 03, 2013
Platinum Tax Defenders reports: IRS acting Commissioner Steven Miller has stated that “We have worked hard to open tax season as soon as possible” after ensuring that processing systems were in place to handle the increased flow of tax returns. However, this only applies to the majority of 1040 filers of personal tax returns. There are further delays for those filing forms affected by the new January 2nd regulations, as the IRS is required to making revisions to internal processing systems, and update existing guidelines. Platinum Tax Defenders anticipates both greater willingness on the part of the IRS to accept payment plans (such as penalty abatement and Offers in Compromise), as well as increased mistakes in tax return reviews. For both those reasons, Platinum Tax Defenders encourages taxpayers with back taxes issues to research tax return services for professional help in reducing tax liability, if possible.
Delays will most affect individual taxpayers with specific credits, such as the Education Credit (Form 8863), Residential Energy Credits (Form 5695), the Work Opportunity Credit (Form 5884), and the Alternative Motor Vehicle Credit (Form 8910). (See here for a full list of all credits and worksheets affected.) Businesses will be affected by the General Business Credit (Form 3800), the Depreciation and Amortization credit (Form 4562), and the New Markets Credits (Form 8874). The IRS has stated that it may take until mid-February, or even March, before taxes with these forms can be processed.
Many taxpayers may take this as an opportunity to file an extension rather than filing tax returns, thus pushing forward the filing until October. This can be helpful for buying time, but Platinum Tax Defenders reminds taxpayers that filing returns with tax amounts owed can incur penalties. Quarterly tax estimates and tax balances are still due on April 17th, whether or not the return has been filed. If a taxpayer has owed on prior year taxes, and fails to file for the current year's taxes, the IRS can issue a bank levy or file a “substitute for return”, which essentially rules out all credits and allowances, placing the taxpayer at the highest rate possible and subject to increased penalties. Tax resolution services can be helpful in avoiding this scenario.
Tax resolution may be also be helpful when dealing with back taxes, since penalty abatement can be accomplished under a payment plan with the IRS, or in certain situations requiring an Offer in Compromise that allows for a reduced payment amount. However, it's even more necessary to have current tax returns filed in order to successfully negotiate an Offer in Compromise, which is a good reason to file before October 2013.
Platinum Tax Defenders offers a free consultation by phone, without further obligation, so that taxpayers can be informed of their rights and possible solutions. 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 firstname.lastname@example.org.