Online Tax The New Rules & Laws Will They Affect Your Business?

On February 15, 2019 the Internal Revenue Service announced that 26 new members were selected to serve the Taxpayer Advocacy Panel (TAP). Taxpayer Advocacy Panel is a federal consultative board that provides taxpayer proposals to develop Internal Revenue Service customer service. Online tax returns are more cost-effective, faster and trending with most small business click on the link above to find an expert online tax accountant.

The 26 new TAP members will join the already existing and returning 51 members. These 26 members were selected from 400 interested nationwide candidates. TAP members are United States citizens that voluntarily serve TAP for a three-year period. TAP members are expected to dedicate approximately 200 to 300 hours of time per year to board activities.

IRS Acting Commissioner Steven T. Miller said “TAP members provide an important voice for taxpayers and provide valuable insights to help run the nation’s tax administration system,”

TAP members take the suggestions of taxpayers and deliver it to the Internal Revenue Service in an effort to improve IRS customer service and overall customer satisfaction. The idea here is to eliminate taxpayer problems and provide suggestions to evade potential problems.

“It is critical that the IRS listen to the needs and preferences of America’s taxpayers,” said Nina E. Olson, National Taxpayer Advocate. “The vital work of these citizen volunteers helps the IRS provide all taxpayers with the top-quality service they deserve.”

Failing To Provide The Right Information On Updated Tax

So you have filed your taxes and you realize that you can’t afford to pay your tax debt, what do you do? The IRS has different programs set up to help with you paying your tax liability. One would be an installment agreement. Through installment agreements you can make monthly payments to the IRS. The only way you can qualify for this is if the IRS deems that you are not financially able to settle your tax liability. The downside to installment agreements is that the IRS will impose both penalties and interest on your current tax liability. Prior to applying for an installment agreement you must file all required tax returns, determine the largest monthly payment you can make with $25 being the minimum, be aware that all future refunds are forfeited until your liability is paid off and you must be able to show that you do not have alternative ways to pay off your liability like taking a loan or using credit cards.

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Another alternative is applying for an offer in compromise. An offer in compromise will allow you to settle your tax liability less than the full amount that you owe to the IRS. The IRS will consider many factors prior to accepting or denying this request. For instance they will look into your ability to pay, how much income you net, what your expenses are and if you have asset equity that will help pay off your liability to the IRS. For this option you must also be current with all your tax returns and you are not in an open bankruptcy.