Tax Debt Reduction: New Flexibility for Offers In Compromise

New Flexibility for Offers in Compromise

For some taxpayers, an offer in compromise –– an agreement between a taxpayer and the IRS that settles the taxpayer’s debt for less than the full amount owed –– continues to be a viable option. IRS employees will now have additional flexibility when considering offers in compromise from taxpayers facing economic troubles, including the recently unemployed.

Specifically, IRS employees will be permitted to consider a taxpayer’s current income and potential for future income when negotiating an offer in compromise. Normally, the standard practice is to judge an offer amount on a taxpayer’s earnings in prior years. This new step provides greater flexibility when considering offers in compromise from the unemployed. The IRS may also require that a taxpayer entering into such an offer in compromise agree to pay more if the taxpayer’s financial situation improves significantly.

These immediate steps are part of an on-going effort by the IRS to ensure the availability of the Offer in Compromise program for taxpayers.

Contact First Tax Solution to see if you qualify for assistance. With our Professional Personalized Accounting Management Team we can find any tax solution to fit your personal needs.

Our Motto is Accounting and Tax Service When You Need It

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When Did The Inter Net Revolution Really Start?

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The beginning legs actually started back in 1969. Scientists at the University of California, Los Angeles, were ready for a critical experiment. They had a computer and communications node, while colleagues installed similar equipment up the coast in Menlo Park. They planned to test whether they could link the two computers over telephone lines to operate as one system. The researchers began to tap in the message: 'log in' to make the link. The system crashed.

Thus was the beginning of internet revolution. By the end of the month they achieved the link. Of course, the purpose in those days was to ensure that nuclear missile systems could be kept operative even if part of the network was put out of commission in a war.

With the telecom boom and bust of the 90"s. Technology continued to grow and expand world wide.

Fax machines, cell phones, e-mail and hi speed internet service was the norm, smaller and faster the connection to communicate the better.

With Skype and Google Chat and Video we could now see each other while online.

2010 brings another step into the future of technology with the Internet Video phone.

More and More businesses today will continue to use the internet and more will be home based businesses and more will become virtual with the use of advanced technology like the video phone.

Accounting firms historically have always been very conservative and so therefore are behind the 8 ball in the online virtual world, except for First Tax Solution LLC.

First Tax Solution with their sister company started Online Tax Preparation and Filing Services as far back as 2000 and today First Tax Solution is ahead of the accounting industry by offering Virtual Tax Prep, Virtual bookkeeping and Virtual accounting services.

With the use of the video phone, skype and google chat and video individuals and businesses can have all their accounting needs met and never leave home or their office.

First Tax Solution offers Tax Service When You Need It.

contact us today for all your accounting needs First Tax Solution

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CORPORATE TAXES ARE DUE MARCH 15

Corporate taxes are due. Are you a small business? even though you file a corporate tax return.

Your 1120 C or 1120 S corporate return is due on March 15, 2010.

Are you one of the many 1120C's and 1120S corporate tax filers that are required to file electronically?

If you do not meet the requirements to file electronically, small Corporate Business's may elect to file electronically for convenience.

Filing Electronically save a great deal of time and money for you the tax payer. First Tax Solution LLC is a Small Business Accounting Firm; that specializes in Online Business Tax Preparation.

We can help you file you Corporate Business Tax Return in plenty of time to meet the March 15, 2010 deadline.

Our Motto is Accounting and Tax Service When You Need It

Contact First Tax Solution

Tax And Accounting Services When You Need It.

Are you a working mom or dad? or a professional business person consistently on the go?
Do you regret tax season? Do you regret having to gather all your receipts for the entire year?

And gosh where in the world are all your receipts. In the sofa cushions, on the kitchen counter, in the junk drawer, on your desk under all the paperwork that has been laying there for 3 months.

In the ash tray in the car, in the console in the car, in the glove box or stuck in the visor of the car. How many have you washed because you forgot to take them out of your pockets before putting your clothes in the washing machine.

And you look at the calender and see Oh! no it is April 14, and you have not even thought about scheduling an appointment with a tax preparer to file your taxes.

Believe me when I tell you, been there done that and it is no picnic. But, there is a solution. First Tax Solution offers not only full accounting services but Tax Service When You Need It.

First Tax Solution offers Virtual Accounting, Virtual Bookkeeping and Virtual Tax Preparation, while you are in the comforts of your own home. You scan and up load your tax information in our secure on line client portals and walla your taxes are done.

More Americans Considering Community Banks

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“To all those that are saying that small banks concoct schemes to increase bank revenue, unfortunately your are so right, but the big difference is that you know who the people in charge at the smaller banks and you do have a voice.

Unlike Bank of America, Wells Fargo, etc., who could care less that you the customer is unhappy.

Smaller banks care more for the most part, and they do want to keep your business.

I am sure as with everything there are some smaller banks that are not very good.

Do your due diligence when looking for and changing banks.

http://firsttaxsolution.com”