President Donald Trump's Tax Returns
The recent story in the N.Y. Times about President Donald Trump's taxes has caused a stir to say the least. Some people are asking about Net Operating Losses (NOLs), Cancellation of Debt and the tax implications, depreciation of assets, abandonment of property, refund audits, and other tax questions. But this is interesting because combined with IRS initiatives to go after non-filers and get more aggressive against tax abuses this could lead to more pressure on and funding for the IRS to pursue these initiatives. The U.S. government needs money and it would not be surprising to see the IRS becoming more aggressive about pursuing taxes that rightfully should have been paid.
The IRS has made it known that they are pursuing high income non-filers and they even warned that if you have not filed back tax returns that they are planning to send Revenue Officers to people's homes to get those tax returns. Now there could be even more action and more funding.
It seems to me like a storm of circumstances leading to a situation where taxpayers need to make sure they have their taxes in order. I help people file back tax returns and also help them negotiate payment arrangements with the IRS. I am working on several of these right now and it looks like there may be a wave coming of more of this type of work.
Back Tax Returns and Tax Debts
If you need to file back taxes, clean up over aggressive tax returns, or need help with your tax debts, now is the time to act. Contact me today using my email address below to setup an initial consultation.
The IRS is sending agents to your home - If you are a high-income taxpayer who has failed to timely file tax returns
IRS Passport Certifications - IRS People First Initiative
Anxiety and Tax Problems - The CPA Superhero
Negotiating With the IRS to Work Out Tax Settlements - The CPA Superhero
Need to File Years of Tax Returns - The CPA Superhero
Can I Get an Installment Agreement for My Tax Debt? - The CPA Superhero
Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.