Michael Redding , Enrolled Agent
Michael Redding runs a full service tax resolution firm, comprised of enrolled agents and tax professionals. Our staff has over 25 years of experience working with the IRS and State Tax Agencies.
News Flash from IRS ! Expect more audits?
On Jan. 6, the IRS released its latest measurement of the tax gap, a staggering $450 billion a year, 30% more than the previous tax gap study five years earlier. The tax gap is the amount of taxes that are owed but not paid to the US Treasury by individuals, businesses, employers, estates and other taxpayers. The IRS last measured the tax gap in 2005, using data from 2001 tax returns. The most recent update is a measurement of 2006 return data that was compiled from IRS data and the examination of 14,000 random tax returns.
Offer in Compromise
Now is the time to consider filing an Offer in Compromise. Conditions favor the offer in compromise or OIC. Many individuals find themselves owing back taxes. The IRS will allow you to settle your tax debt for less than the total amount due. Michael Redding was interviewed by radio & TV personality Mr. George Chamberlin concerning the financial ramification of IRS and State tax collection issues. Problems with Federal and State taxes will not "just go away". The State and Federal agencies have a great deal of power when it comes to collecting tax. They can take money out of paychecks, bank accounts and refunds. They can and will send a W-4 to your employer changing your witholdings to single zero without your consent. It is very, very important to have a skilled and knowledgeable tax expert on your side. Our fees are very reasonable and we offer payment plans!! Contact us today for more information!
Everyone will see an increase in taxes by at least $400.00.
The Making work pay credit is gone. This credit was $400.00 for singles and Head of Households and $800.00 for Married filing jointly.