Landmark Tax Group - September 2020

Landmark Tax Group - September 2020

Landmark Ledger

(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

September 2020

What Is IRS Tax Relief And How Can It Help You? Y ou may hear the term “IRS tax relief,” but do you know what it means? The truth is that IRS tax relief comes in many forms, so it can be hard to tell what it means. It can mean one thing for one individual or business and something completely different to the next.

to July 15. While this was beneficial for some taxpayers, it was complicated

for others. Many taxpayers had to navigate these changes along with other life events, like job loss or illness. Taxes may have taken a backseat to other concerns. Before the July 15 deadline, an estimated 14 million taxpayers were in IRS collections. After that date, the number jumped to 20 million, a number that may grow. Right now, millions of Americans are receiving bills and notices from the IRS. These taxpayers are having to face the reality of dealing with the IRS and this year, they might not be in a good position to deal with the IRS and they need help — they need tax relief. Landmark Tax Group exclusively specializes in tax relief matters. That is 100% what we do. We help you achieve the most favorable tax outcome and tax savings. We help you get back on track, and we do it because we know how hard it can be to do it alone. It also helps that we have been on the other side and have worked for the IRS. If you have questions or you need tax relief, you don’t have to wait or worry any longer. For immediate assistance with your tax matter, contact us now at (949) 260-4770 for a FREE, no-obligation consultation with ex-IRS agents and fully-licensed tax resolution specialists.

One form of tax relief is short term. This can include the release of a bank levy, wage garnishment, or tax lien. This relief can be either temporary or permanent depending on circumstances. That said, there are more permanent forms of tax relief that include penalty removals, installment agreements, and tax settlements (also known as offers in compromise). Taxpayers with outstanding back taxes can qualify for relief by meeting certain rules and procedures set by the IRS. Some forms of relief can be obtained by properly communicating to the IRS in a timely fashion. Others may be achieved by filing a timely appeal. Then there are forms of relief that rely heavily on a full understanding of IRS policies and procedure in addition to the tax law. As one person, you may ask yourself, “How am I supposed to know all of this?” The answer is that you’re not. The IRS knows, as we all do, that the average taxpayer does not have the time or resources to read through or understand the nuances of IRS policies or complicated tax law. This is where having an experienced Tax Representative can make all the difference. The purpose of having a Tax Representative is to protect your assets and income from the IRS. They serve as an advocate on your behalf and work to achieve the most favorable outcome — and tax savings — possible.

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This has been a strange year for taxpayers. Earlier this year, the traditional tax deadline of April 15 was pushed

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Enjoy Your Favorite Films Earlier Streaming Services Change the Face of Entertainment

of “Hamilton” was filmed in 2016 in just over three days. The resulting movie creates an opportunity for everyone to see the show, regardless if they were able to catch it live on stage. Disney bought the rights to the film last year and announced this February that it would be released on Oct. 15, 2021 in theaters. However, due to the pandemic, Disney decided that what people needed most was something they could enjoy, even if they couldn’t leave their homes. On May 12, the studio announced the film would be available to stream on Disney+ starting on the July Fourth holiday. “Hamilton” fans and those who’ve never seen the play are thrilled to watch the film 16 months in advance of the originally scheduled release. Streaming services have changed how people consume their entertainment, and the pandemic has changed how streaming services offer it. Both changes are helping people get through these difficult times.

The way we watch our favorite shows and movies has changed drastically in recent years and even more so this year. With the pandemic impacting the world, people found themselves stuck inside their homes looking for new sources of entertainment, and many found exactly what they were looking for through the numerous streaming services available to us. The pandemic made time for people to watch their favorite shows again and again, and it also changed the way businesses, such as Disney and Universal Studios, release their movies. Throughout the spring, many movies were released early and some skipped theater showings all together. “Trolls: World Tour” was released through video-on-demand and earned nearly $100 million in rental fees on its April 10 debut, grossing far more than the first “Trolls” movie debut in 2016. Other movies, such as “Onward” and “Frozen II,” were released early on different digital platforms for purchase or rent. One of the most anticipated early releases under this new system is “Hamilton.” This hit Broadway show has drawn thousands of people to the theater since its debut in 2015. A stage performance

5 SERIOUS MISTAKES TAXPAYERS MAKE WHEN IT COMES TO BACK TAXES

Mistake No. 1: Delaying to Act A lot of taxpayers think if they ignore the IRS, the IRS will move on. In fact, the longer you delay, the more serious your situation will become and the more fines and penalties you will incur. The IRS has the power to issue bank levies and garnish your wages if you do not make an attempt to resolve the situation. Mistake No. 2: Not Knowing Your Rights as a Taxpayer The IRS can be intimidating and difficult to work with. However, you have the right to be treated with professionalism and courtesy, the right to privacy, and the right to pay only the amount that you actually owe. You also have the right to seek professional representation, such as help from an Enrolled Agent, CPA, or tax attorney. If you disagree with the outcome of your case or a proposed action the IRS wants to take, you can ask for an appeal within a certain timeframe. Mistake No. 3: Paying Off Your Tax Bill on A High-Interest Credit Card You may be worried about penalties and fees if you do not pay the IRS back in full. Yes, they charge penalties and interest, but it may be less than the high interest rates of most credit cards. If you can reach a favorable payment agreement with the IRS, you may be better off paying the IRS instead of a high-interest credit card.

Mistake No. 4: Failing to Document Everything It’s imperative that you keep copies of any and all correspondence and documentation to and from the IRS. Make notes of all interactions, including telephone conversations. Always ask for the full name of the person you were speaking to as well as their direct phone number and badge ID number. Keep a record for your files, as you never know when you will need it. And always make sure to get any agreement with the IRS in writing. Mistake No. 5: Failing to Seek Assistance from a Tax Relief Professional If you owe back taxes to the IRS and you cannot fully pay within 30 days, get professional help from a qualified tax relief specialist. The laws are constantly changing, so what may have worked last time might no longer be applicable. There are so many variables and making simple errors while trying to navigate tax law and IRS rules yourself could result in unnecessary enforcement action by the IRS, additional fees and penalties, and paying more to the IRS than you have to.

Have an IRS issue? Start with helpful FREE guidance at LandmarkTaxGroup.com/Free or call us at (949) 260-4770 .

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LANDMARK RESULTS The COVID Crisis Hit This Business Hard — Here’s How We Helped!

N ot only do we at Landmark Tax Group help individual Debt can be overwhelming for a business. Business owners work hard to avoid losing their business as a result of tax debt, and we work right beside them to ensure that doesn’t happen. taxpayers across the U.S. resolve their back taxes to the IRS, but we also save businesses from their IRS tax debt.

During the ongoing COVID-19 crisis, we had one client come to us with a $414,992 tax bill. This client, a clothing manufacturer, was being hit hard by the pandemic, as supply chains had been disrupted worldwide. Here’s what we did: In negotiating with the IRS, we quickly took over all communications with the IRS, protected the business’s income and assets from the IRS, and were able to get the agency to approve a financial hardship closure, meaning no payments were required! The result was that the company was able to survive the initial COVID-19 crisis, stay in business, and keep its employees. On top of all that, they were able to continue serving their community during a very challenging time. Want to view the IRS approval letter for this case? Simply visit LandmarkTaxGroup.com/Results . For assistance with your IRS matter, get in touch at ( 949) 260-4770 .

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TAX QUOTES

The Taxpayer’s Prayer:

“Oh, Mighty Internal Revenue Service, who turneth the labor of man to ashes, we thank thee for the multitude of thy forms which thou hast set before us and for the infinite confusion of thy commandments, which multiplieth the fortunes of lawyer and

accountant alike.” —Russell Baker

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2030 MAIN STREET, STE. #1300 IRVINE, CA 92614 www.LandmarkTaxGroup.com (949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

Inside This Issue What Exactly Is IRS Tax Relief? 1 Streaming Services Change Entertainment

Sudoku Answer Key

Serious IRS Mistakes You Don’t Want to Make! 2 How We Helped This Business Beat the COVID Crisis! Tax Quotes 3 Is Stress Making You Forgetful? 4 Is Stress Harming Your Memory?

How to Cope With Daily Triggers

Stress can cause more than just a bad mood and low energy. Over time, mental exhaustion from stress can lead to forgetfulness and reduced cognition. This can hamper your ability to do your job and enjoy life. Though stress is unavoidable, there are steps you can take to mitigate some of the negative effects of mental exhaustion, including forgetfulness. First, consider the source of your stress. These days, a common stressor is social media. If your feeds are full of bad news and negativity, shut them down. Many researchers suggest that spending less time on the internet leads to better health. Several studies have found that constant internet use, including time spent on social media, is negatively impacting our memories. Research from Harvard, Oxford, King’s College London, and Western Sydney University all confirm this: Too much internet use is a bad thing. Of course, it can be easier to delete a social media app than it is to eliminate other types of stressors. Coping with a stressful coworker, for example, can be difficult. You have to figure out why they’re causing you stress and how the situation can be remedied. Dealing with a work-

related confrontation can be hard, but having that difficult conversation and resolving the problem can ultimately lead to less long-term stress and improve your mental health.

Another thing you can do to reduce stress is avoid multitasking. Taking on multiple projects or doing too much in too little time can leave you feeling overworked. Plus, studies have found that multitasking is not effective. You cannot deliver the same results when your attention is scattered as you can when you are focused on one thing. To make matters worse, multitasking takes a major toll on memory and cognition, according to a study from Proceedings of the National Academy of Sciences. If stress is impairing your memory, judgment, or cognition, take the above steps to reduce it. If you find your memory and cognition aren’t improving, consider speaking with a mental health professional to discuss your best next steps. Mental health and stress management are important, and the more we do to improve these areas of our lives, the healthier and happier we will be.

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