We Will Deal With The IRS And State Taxing Agencies To Release You From Tax Burdens
The myth goes that the Internal Revenue Service (IRS) is the most powerful agency in the entire structure of the Federal government. There is a truth to the myth because since the IRS' main task is to collect taxes, it is equipped with all the tools and power of the government to make sure that they get that money from you. If you do not know how to deal with the IRS and you are not represented by a professional, it can make your life miserable.
In addition to the IRS, there are the fifty-one (51) state taxing agencies or the so-called mini-IRS, which can add stress if you owe taxes. These state taxing agencies have their own set of rules different from that of the IRS and more often than not, these state taxing agencies are tougher to deal with.
To collect taxes, the IRS and the states use different methods such as bank levies, wage garnishments and federal tax liens to name a few. In addition, these taxing agencies will send you notices or you will receive telephone calls which oftentimes are threatening. In some cases, IRS revenue officers will personally visit you at your home or work.
But what most people do not know is that there is such thing as Taxpayer's Bill of Rights which give people the opportunity to go through a process before collection or drastic action is taken against you. But the process can be complicated and intimidating to the regular person. Unfortunately, the law does not excuse no one for not knowing the rules. Without the assistance of a professional like an attorney or an enrolled agent familiar with tax practice, serious consequences could occur like your property being seized, your wage being garnished or your bank account being levied.
Here at Tax Release (TR), we have attorneys and enrolled agents who are familiar with the complex process followed by the IRS and the the state taxing agencies who could help you. TR,Inc. can assists you in releasing bank levies or wage garnishments issued by the government. But more importantly, even before these levies or garnishments take place, TR,Inc. can help you avoid them by effectively dealing with and/or negotiating with the IRS and the state taxing agencies.
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NEWS
IRS Increases Mileage Rate to 55.5 Cents per Mile
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "We are taking this step so the reimbursement rate will be fair to taxpayers." While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. The new rates are contained in Announcement 2011-40 on the optional standard mileage rates. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Reprinted from IRS Newswire
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IRS Increases Mileage Rate to 55.5 Cents per Mile
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
"This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "We are taking this step so the reimbursement rate will be fair to taxpayers." While gasoline is a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile. The new rates are contained in Announcement 2011-40 on the optional standard mileage rates. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Reprinted from IRS Newswire
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