Believe it or not, even the IRS realizes they make mistakes. Any taxpayer has the right to appeal an IRS decision. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. We have helped many clients appeal their tax liabilities, often reducing or even eliminating the entire tax debt. Call us today to get help with the IRS.
If you are unable to meet the April 15th deadline for filing your tax return, you can get an automatic six-month extension of time from the IRS. However, while the extension will give you extra time to file the return, it does not extend the time you have to pay any taxes that are owed. You will owe interest on any tax amount not paid by the April 15th deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.
We always advise our clients to make an accurate estimate of any tax due when requesting an extension. Although it is not mandatory, you may send a payment for the estimated balance due in order to avoid the addition of any penalties and interest.
Although a tax return can be amended within three years from the date of the original return or within two years from the date a tax was paid, the best time to file an amended return varies according to whether you owe additional tax or are due a refund.
If you are looking for a tax specialist, the Certified Public Accountants and Enrolled Agents at Haster & Lampson will provide you with the help you need. Our seasoned professionals are experts in the field of tax law and have extensive experience helping business grow and negotiating with the Internal Revenue Service. With these qualifications, our clients can be assured that they will receive the best tax preparation, tax planning and tax settlement assistance available. Visit us today to learn more about our full range of tax services. To receive a free consultation with a licensed tax specialist, call us at email us today.
A Certified Public Accountant is authorized and empowered by the state in which they are licensed. A CPA has unlimited practice rights with the Internal Revenue Service. This means that a Certified Public Accountant is authorized to represent taxpayers before all levels of the Internal Revenue Service for all tax matters including audits, tax debt resolution and appeals. In order to become licensed as a Certified Public Accountant, an individual must pass the Uniform Certified Public Accountant Examination. This examination is set by the American Institute of Certified Public Accountants and administered by the State Board of Accountancy. In addition, Certified Public Accountants must meet certain education and experience requirements specified by the state which grants their license.
Although the continuing education requirements for Certified Public Accountants vary by state, most states require 120 hours of continuing education every three years, with a minimum of 20 of those hours to be completed each year. The Internal Revenue Service has no continuing education requirements for Certified Public Accountants. Although a Certified Public Accountant may specialize in a particular area of accounting, they have expertise in all areas. These areas of expertise can include, but are not limited to, assurance services, corporate finance, financial accounting, management consulting and income tax planning and preparation.
An Enrolled Agent is an expert in the field of taxation. They are qualified to advise, represent and prepare tax returns for any individual, corporation, partnership, estate, trust or other entity that is required to report taxes. An Enrolled Agent is authorized and empowered by the United States Department of the Treasury. An Enrolled Agent has unlimited practice rights with the Internal Revenue Service. This means that an Enrolled Agent is authorized to represent taxpayers before all levels of the Internal Revenue Service for all tax matters including audits, tax debt resolution and appeals. In order to become licensed as an Enrolled Agent, an individual fulfill one of the following licensing requirements: 1) pass a comprehensive Enrollment Exam that covers all aspects of the tax code or 2) work for the Internal Revenue Service for a total of five years in a position where the tax code is regularly interpreted. In addition, all candidates for the Enrolled Agent License must pass a rigorous background check conducted by the Internal Revenue Service.
All Enrolled Agents must adhere to the ethical standards set forth by the United States Department of the Treasury. In addition, Enrolled Agents who are members of the National Association of Enrolled Agents must abide by the Code of Ethics and Rules of Conduct set forth by the Association. Enrolled Agents are required by the Internal Revenue Service to complete 72 hours of continuing education every three years. Agents who are members of the National Association of Enrolled Agents are required to complete 90 hours every three years.
Registered Tax Return Preparers are only qualified to prepare individual tax returns and claims for refund. A Registered Tax Return Preparer is authorized by the Internal Revenue Service. A Registered Tax Return Preparer has limited practice rights with the Internal Revenue Service. This means that a Registered Tax Return Preparer is only authorized to represent taxpayers before the Internal Revenue Service for a tax return that they have signed. They do not have the authority to provide tax advice to a client except as is necessary to prepare a tax return or claim for refund. In order to become a Registered Tax Return Preparer, an individual must obtain a Preparer Tax identification Number and pass the Registered Tax Return Preparer Competency Test establishing minimal competency. Preparers must adhere to ethical standards set by the Internal Revenue Service and must earn two hours of ethics credit as part of their annual continuing education requirement. A Registered Tax Return Preparer is required by the Internal Revenue Service to complete 15 hours of continuing education annually.
When faced with the numerous tasks of operating a small business proper bookkeeping and accounting often becomes an after thought. When done properly, accurate financial records provide the information needed to ensure the success of your small business. With over 100 years in the tax field and experience owning and operating businesses, our licensed professionals understand how to run a business, and can ensure that your business operate effectively and reach its financial potential. With your firm’s accounting needs being handled properly, the time and money you save will allow you to plan for a successful future.
When faced with the numerous tasks of operating a small business proper bookkeeping and accounting often becomes an after thought. When done properly, accurate financial records provide the information needed to ensure the success of your small business. With over 100 years in the tax field and experience owning and operating businesses, our licensed professionals understand how to run a business, and can ensure that your business operate effectively and reach its financial potential. With your firm’s accounting needs being handled properly, the time and money you save will allow you to plan for a successful future. Building a strong foundation of well organized financial records is a key to a successful business. With monthly income and expense tracking, your company will have the ability to make sound management decisions and operate efficiently. Haster & Lampson can provide your company with monthly bookkeeping and accounting services at a cost that is typically less than that of actually hiring a bookkeeper.
You may not know you’re a victim of identity theft until you’re notified by the IRS of a possible issue with your return.Be alert to possible tax-related identity theft if: