all i can say is WOW

[wombat52]

Well just got off the phone from the IRS and all i got to say is this ok got tax installments ok trying like anyone to pay my back taxes but what hope have i got at a interest rate of 23.5% cal daily i will be doing this for the rest of my life in paying this back at this current interest rate dam a credit card company don,t even charge that much WOW
pete

any suggestions ?

 

[moose]

Yes ,get help .
Don't call the IRS directly .
find a certified CPA that is specialized in Trucking .
his fees are a good investment .
sign a power of attorney ,(very EZ to do) ,and let the professionals handle your case .
if you owe back taxes ,there are professionals that will negotiate the terms for you .
in most cases ,unless negligent ,the IRS is not after putting you out of business . and will work a payment plan for you ,so you can keep on paying taxes for many years to come .

 

[Fkatz]

all i can say is WOW


Well just got off the phone from the IRS and all i got to say is this ok got tax installments ok trying like anyone to pay my back taxes but what hope have i got at a interest rate of 23.5% cal daily i will be doing this for the rest of my life in paying this back at this current interest rate dam a credit card company don,t even charge that much WOW
pete

any suggestions ?
__________________

Have you checked or gone over your tax returns for the years in question, or are you just letting the return sit and plan on paying what they are chargingyou monthy.

I should suggest to do the following.

You can send me the copies of the tax returns in questions years 2007-2009, naything return older than that the 3 years Statute Of Limitations has run out and they cannot be amended.

WE Still can amend your 2007 up unitl April 15 2011, and Amend your '08and ' 09 either with the '07 or whenever you are ready even though the penalities and interest will to continue to accrue,

Your saying that you going to pay 23.5% Daily, that is not a year, that's a Quarter, 94% per year. and it could go up or down
The interest rate alone for the first quarter for 2011 is 3% down 1% from 4% this current year.

Here is how it is BASICLY figured starting January 1, 2011 but not exact

3% on unpaid bal compounded Daily Quarterly
3% penalty on interest compounded Daily Quarterly
3% penalty on on the complete balance
1% on unpaid balance penalty compounded daily
Late payment fees added ???? percentage

If you did not pay your initial tax when due April 15 of each year. 22-25% tax penalty on unpaid balance, if you filed for an entension the 25% is waived, but if you do not pay with the exension the the penalty is added back, meaning you had to pay 90% of the tax owed, it is based on the previous year tax owed. along with the application for extension on April 15, extending it to October 15.
Plus if you were required to file estimated taxes April 15th, June 15th, Sept 15, and Jan 15 of current year, you are also penalized.

I do not know who you brought your Tax Preparation to, but, I would suggest having someone like me who knows the trucking industry, and by being a former truck driver who has been perparing trucker taxes since
1998, but also I have been preparing Income taxes for individuals, Individual Small Businesses Partnerships, and Corporations since 1975

I will go over your tax return and see if you received the correct deductions, how the deduction were taken,and iF was it done correctly, and IF I see any problems we CAN AMEND YOUR TAX RETURNS BACK TO 2007
OR IF YOU FEEL THAT YOU NEED A CPA TO DO IT, THAT IS UP TO YOU, THERE IS A $50.00 CHARGE PER TAX YEAR, WHICH WOULD BE CREDITED AS A DEPOSIT TOWARDS YOUR AMENDED RETURN. PAYABLE BY CHECK OR CHARGE CARD ( VISA, MC ONLY) wHITH YOUR INFORMATION THE AMENDED RETURN FEE IS $ 100.00 FOR FEDERAL AND $50.00 FOR YOUR HOME STATE.


tHE FIRST THING i WOULD CHECK IS THE Per Diem line 24 under meals and entertainment, Did you get the correct amount allowed
Total Day logged or (cargo Van trip sheet)
amount for 2007- 52 per day at 75%
2008- 52 per day at 80%
2009 52 per dya to Sept 30 at 80%
2009 59 per day from oct 1- 12-31-2009

2nd: if you use a cargo van you are allowed to use the mileage rate, but limit you mileages to under 100,000 miles Max. if you can,
And it cannot be used with the following:
fuel, truck insurance, collision, liability, and cargo. Repairs, maintenance, tires additives, and depreciation.

iF YOU HAVE ANY QUESTIONS PLEASE DO NOT HESTITATE TO CONTACT ME VIA E-MAIL, PHONE CALL
ALL CORRESPONDANCE IS STRICTLY CONFIDENTIAL

THANK YOU FOR YOUR INQUIRY

Franklin Katz, RTP, ATP ,PA, PB,
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]

Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.