MyIRSRelief

JANUARY 12, 2024

An Offer in Compromise (OIC) is a lifeline for taxpayers who are unable to pay their tax debt in full. It’s an agreement between a taxpayer and the Internal Revenue Service (IRS) that settles the taxpayer’s tax liabilities for less than the full amount owed. However, getting an OIC accepted by the IRS is not a walk in the park. The IRS accepts only a fraction of the OIC applications it receives each year.

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MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. The EDD is responsible for administering unemployment and disability insurance, payroll tax collection, and job training/workforce services in California. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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MyIRSRelief

DECEMBER 29, 2023

Employment taxes can be a complex area for businesses, especially when it comes to Form 941, the Employer’s Quarterly Federal Tax Return. This form is used to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax. However, mistakes can happen, and when they do, they can lead to significant tax problems.

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MyIRSRelief

DECEMBER 15, 2023

Top 10 Tax Planning Concepts for W-2 Earners As a W-2 earner, understanding tax planning concepts can help you maximize your tax savings and ensure you’re making the most of your income. Here are the top ten tax planning concepts you should know. 1. Understanding Your W-2 Form Your W-2 form is a crucial document that outlines your income and the taxes withheld from your paycheck.

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MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable. However, our representation firm led by experienced EAs, tax professionals specialize in these very problems.

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MyIRSRelief

DECEMBER 1, 2023

C Corporations are a common choice for many businesses, offering a range of tax benefits that can lead to significant savings. This article will answer some of the most frequently asked questions about C Corporation tax savings. What is a C Corporation? A C Corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.

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MyIRSRelief

NOVEMBER 17, 2023

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. What is an S Corporation? An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements. The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through t

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MyIRSRelief

OCTOBER 30, 2023

Form 1041, U.S. Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed). Trust tax preparation can be a challenging task, even for experienced tax preparers.

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MyIRSRelief

OCTOBER 16, 2023

When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. Tax deductions and credits are powerful tools that can help individuals and businesses reduce their tax liabilities, putting more money back in their pockets. In this comprehensive guide, we will explore a wide array of deductions and credits available to individual and business taxpayers, shedding light on the financial opportunities they

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MyIRSRelief

JULY 17, 2023

Tax planning is a vital aspect of financial management, both for individuals and businesses. It involves a proactive approach to legally reduce tax liabilities by optimizing financial decisions throughout the year. In this comprehensive guide, we will explore various tax planning techniques and strategies that can empower you to keep more of your hard-earned money while staying in full compliance with the tax laws.

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MyIRSRelief

OCTOBER 2, 2023

Starting a new business in Los Angeles area is an exciting time, but it can also be overwhelming. There are so many things to think about, from developing a business plan to marketing your products or services. One of the most important things to consider is accounting and bookkeeping. If you’re new to business, you may be wondering why accounting and bookkeeping are so important.

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MyIRSRelief

SEPTEMBER 1, 2023

Life has a way of throwing us unexpected challenges, and for many individuals and businesses, tax problems are among the most daunting. The mere mention of “Tax Audits,” “Unpaid Back Taxes,” “Unfiled Tax Returns,” “941 Payroll Problems,” “Tax Levies,” and “Tax Liens” can send shivers down your spine.

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MyIRSRelief

SEPTEMBER 15, 2023

1. What is an IRS bank levy? An IRS bank levy is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. When the IRS levies your bank account, they freeze the funds in it and eventually withdraw the amount owed to satisfy your tax debt. 2. Why would the IRS levy my bank account? The IRS may levy your bank account for various reasons, including: a.

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MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the helpful steps you can take to release them.

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MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the steps you can take to release them.

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MyIRSRelief

AUGUST 1, 2023

Trucking companies form the backbone of the transportation industry, ensuring that goods are delivered efficiently and promptly across the country. However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Non-compliance can lead to severe penalties and financial setbacks, posing a significant threat to their operations.

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MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit. In this FAQ article, we dive into the intricacies of ERC IRS audit representation , answering common questions and shedding light on the audit process, rights

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MyIRSRelief

JUNE 23, 2023

Tax matters can be complex and daunting, and navigating the ever-changing tax landscape can be a challenge. In such a scenario, having a qualified tax professional on your side is invaluable. The Enrolled Agent (EA) – a tax specialist authorized by the U.S. Department of Treasury to represent taxpayers before the Internal Revenue Service (IRS).

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MyIRSRelief

JUNE 16, 2023

Welcome to our comprehensive FAQ guide on the IRS Fresh Start Program ! Dealing with tax issues can be overwhelming, but the Fresh Start Program is designed to provide taxpayers with a second chance. In this article, we’ll answer your most pressing questions about this initiative, explaining its purpose, eligibility requirements, benefits, and how to apply.

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MyIRSRelief

MAY 24, 2023

What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.

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MyIRSRelief

JUNE 9, 2023

I have to start by stating that this “Final Notice notice of intent to levy and notice of your rights to a hearing, please respond immediately” is one of the most important and urgent IRS notice a taxpayer may receive, and although it is so important as it would lead to levying your bank accounts, paychecks etc., many taxpayers unintentionally ignore it.

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MyIRSRelief

JUNE 1, 2023

Tax problems can be a nightmare for individuals and businesses. It can cause stress, anxiety, and even serious seizure issues if not handled correctly. Tax audits, unpaid back taxes, and unfiled tax returns are just some of the most common tax-related issues that can arise. While dealing with these problems on your own can be overwhelming, hiring a professional tax firm can provide you with a peace of mind and efficient resolution.

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MyIRSRelief

MAY 24, 2023

What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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MyIRSRelief

MAY 19, 2023

New York is known for being a hub of commerce, culture, and innovation, attracting businesses and individuals from all over the world. With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems.

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MyIRSRelief

MAY 15, 2023

If you receive a notice of an IRS or state FTB-CDTFA-EDD tax audit, it’s important to understand your rights and options. Tax audits can be stressful and intimidating, but with the right representation, you can navigate the process with confidence. Here are some of the key things you need to know about IRS and state tax audit representation: Why You Need Audit Representation If you’ve been selected for an IRS or state FTB-CDTFA-EDD tax audit, it’s essential to have professiona

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MyIRSRelief

MAY 1, 2023

If you’re facing an IRS audit or dispute in Los Angeles, you need a fierce tax representative who can protect your rights and defend your interests. One such representative is Mike Habib, EA, a tax professional based in Los Angeles who has a track record of success in helping clients achieve the best possible outcome in their tax matters. Mike Habib is an enrolled agent with over 20 years of experience in tax representation.

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MyIRSRelief

APRIL 14, 2023

Tax disputes can be a headache for individuals and businesses alike. If you are facing a tax dispute in Los Angeles, you need a skilled tax representative in your corner who can help you navigate the complex world of tax law and achieve a favorable outcome. One such representative is Mike Habib, EA, who has over 20 years of experience helping clients resolve their tax disputes with the IRS and state tax agencies and various state tax agencies such as FTB, EDD and CDTFA.

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MyIRSRelief

APRIL 3, 2023

Small business owners often find themselves juggling multiple responsibilities, from managing employees to overseeing operations to marketing and sales. Amidst all these demands, managing finances can easily become overwhelming, especially for those who lack a strong financial background. That’s where an accountant (EA or CPA) can help. A Los Angeles, CA accountant can provide essential financial expertise and support to small business owners, helping them make informed decisions and manag

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MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action. If you are struggling with back taxes, it is essential to seek professional help to avoid further financial hardship.

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MyIRSRelief

MARCH 1, 2023

Fresh start – tax forgiveness program – as advertised on radio, TV, internet Taxation can be a complicated and stressful matter, particularly when it comes to tax levies and liens. If you are facing a tax issue, it is important to understand your rights and how to navigate the complex tax system. In this comprehensive FAQ, we will explore the ins and outs of tax levies and liens, and how Mike Habib, EA a tax relief professional can help you resolve your tax issues.

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MyIRSRelief

SEPTEMBER 16, 2022

Receiving an IRS Notice of Deficiency, also known as a “90-day letter,” is a serious matter that requires prompt attention. If you receive this notice, it means that the IRS has determined that you owe additional taxes and that you have 90 days to either pay the amount in full or file a petition with the U.S. Tax Court. If you need tax representation, call us at 1-877-78-TAXES [1-877-788-2937].

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MyIRSRelief

FEBRUARY 8, 2023

Tax Preparation, Tax Planning, and Tax Representation: Understanding the Importance of Professional Assistance Tax preparation, tax planning, and tax representation are all crucial components of managing your finances and ensuring that you meet your tax obligations. In this article, we will delve into what these terms mean, why they are important, and how to choose the right professional to help you.

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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost. One of the biggest advantages of using a tax preparation service is the level of expertise they bring to the table.

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MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. If the IRS finds errors or discrepancies in the tax return during the audit process, it may result in an adjustment to the tax liability and possibly additional taxes owed, penalties

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MyIRSRelief

DECEMBER 15, 2022

How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. Here are some steps you can take to tackle the task: Take an inventory: First, make a list of all the records you have, including bank/credit card statements, invoices, receipts, and other documents.

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MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes.

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