Landmark Tax Group - June 2020

Landmark Tax Group - June 2020

Landmark Ledger

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

June 2020

Make the Most Out of Tax Relief Options

As I write this, many of us are adjusting to a new

financial hardship and cannot pay your full debt to the IRS, then this may be your best option. The IRS may expedite the resolution of your tax case if you fall into one of these situations: if your expenses exceed your income, your work hours are reduced or you lose your job, or you’ve been required to leave the workplace due to COVID-19. If you’re experiencing any of these financial situations, you may qualify, but you must report the hardship you’re facing to the IRS immediately for consideration. The next step is to speak with a licensed tax professional. Don’t take your case to any company claiming to relieve your tax situation overnight. Right now, a lot of scammers out there are preying on those who are scared and unfamiliar with the tax system. To ensure you don’t fall victim to these scams, ask your potential tax representative about their credentials and experience. If they’re claiming anything too good to be true, then chances are it is. At Landmark Tax Group, our entire staff cares about our community, which is why if you need a review of your tax situation, it’s completely free. If you just received an IRS notice or tax letter, then we can review that for free as well. During times like these, we need to be there for each other more than ever. Reach out to us today to get your IRS issue resolved so you can focus on the important things like your family and your health. You can call us anytime at (949) 260-4770 or visit our website at LandmarkTaxGroup.com .

“normal”: working from home, managing education for our kids, and venturing

to essential places with masks and gloves. But just as we are adjusting, so are businesses both big and small, including the IRS. Because our new situation makes life uncertain, many people are worried about what’s going to happen next, and it’s for this reason that I want to break down just how COVID-19 affects your taxes. In response to the pandemic, the IRS is releasing several new tax amendments and relief opportunities, such as extending the tax filing date to July 15. Installment payments, lien or levy actions, audits, and passport holds are also suspended in most cases until that date, and requirements for payment plans and tax breaks are being loosened. Taxpayers who owe the IRS should take advantage of this open window now while they still can. If you owe money to the IRS, now is the best time to act. You might be able to defer your IRS back taxes in full if you qualify for a hardship approval. If you’re experiencing a

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“In response to the pandemic, the IRS is releasing several new tax amendments and relief opportunities, such as extending the tax filing date to July 15.”

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Turn Your Vacation Into a Staycation

3 Ways to Replace a Canceled Vacation

Vacations provide opportunities for families to spend time together in a relaxed environment, get away from the routines of everyday life, and create meaningful memories. If you’ve recently had to cancel a trip but still want to create the experience of a vacation for your family, then a staycation is just what you need.

them to get creative and make their own contributions, too. Have everyone create art, take photos, or write about their prized possessions. Display these masterpieces around your home and let their creators take you on a tour. Learning more about one another builds meaningful bonds.

TRANSFORM YOUR BACKYARD

BRING YOUR TRIP HOME

When you’re trying to recreate a vacation, the outdoor areas of your home present a variety of possibilities. You can turn a sandbox into a relaxing beach, complete with a kiddie pool “ocean.” If you have trees, then set up a zip line or obstacle course. You can even stimulate summer brains with a scavenger hunt around the backyard with hidden clues in the dirt or bushes. The ultimate prize can be something you would have purchased on your original vacation, like a souvenir you can find online.

You probably chose your original vacation destination in order to experience new and different cultures and activities. But just because you’re no longer traveling to that location doesn’t mean you can’t experience some of what it has to offer! Research popular local cuisine, activities, and history of the area, then create ways to experience them with your family. Cook a traditional meal, recreate a scenic location through photographs, or share a story about local lore and history. Your changed plans will no longer feel like a missed opportunity. Staying at home doesn’t mean your family can’t have the fun of a vacation. All it takes is a little creativity and innovation to build an experience that will bring your family closer together.

CREATE A ‘FAMILY MUSEUM’

Many vacations include an educational aspect in order to enrich our understanding of the place we’re visiting, and museums are a great way to accomplish that. If you’re confined to the house, then teach your kids about your own knowledge and interests and encourage

The Extended Date HOW THE PANDEMIC IS AFFECTING TAXPAYERS AND THE IRS

T hough the IRS is usually an additional source of stress, they’re working on ways to ensure they’re a source of relief during the COVID-19 pandemic. Here is what you need to know about how the IRS is trying to help taxpayers. The new all-important tax date in 2020 is not April 15 — it’s July 15.

Installment Agreement Payments Suspended

Currently, all preexisting tax debt payment plans are suspended until July 15. If you’re on one of these payment plans, then it’s important to save the allotted amount you would have normally paid. Unless the IRS announces otherwise, payment plans resume on July 16.

No New IRS Liens or Levies

Tax Deadline Changed

If you’re currently working out a payment plan with the IRS, then no liens or levies will be issued until after the extension date of July 15. However, if you still haven’t come to an agreement with them by that time, then they may take action. If you owe the IRS, now is the best time to set up a resolution. The IRS understands the unique situation we’re all in and is doing their part to adapt to the new needs of taxpayers. If you have any questions or concerns regarding these changes, reach out anytime. You can call us at (949) 260-4770 to speak directly to one of our former IRS agents.

Beforehand, you were only able to file your tax returns later than April 15 if you filed a timely extension request. With a new filing date of July 15, the IRS has granted everyone an additional 90 days to file and pay taxes. So, if you feel that you haven’t been saving enough for tax season, now is the time to evaluate what you may owe.

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HELPING OUR COMMUNITY ONE CASE AT A TIME

A Glowing Review

A t Landmark Tax Group, we’re always excited to highlight our clients’ IRS success stories! This one was especially stressful for all parties involved. Jane’s husband hired us in late 2018 to help with four years’ worth of unfiled tax returns. Her husband paid their taxes every year, but due to health issues, he couldn’t finish the IRS paperwork. The penalties were outrageous, but once the family’s returns were filed, I started working immediately to resolve their case. Sadly, while I was assisting them, Jane’s husband passed away. Knowing that taxes should be the last thing on her mind, I quickly taught Jane what she needed to learn about the IRS collections process and

explained that we’d be by her side until the IRS issue was resolved. Understandably, she was stressing a lot about her situation, but walking her through the IRS process reassured her that the tax matter was going to be okay. After working with the IRS for some time, we were able to secure tax relief for Jane by preventing IRS tax liens, protecting her assets, and getting the IRS to remove 100% of the penalties that had accrued from 2013 to 2017. She was so happy with our work that she gave us a glowing review on Yelp! Here is just a brief snippet: “He was very reassuring, which helped with the stress at an awful time. Three of the years were processed quickly. The last year took the IRS 10 more months to complete. He kept me informed every step of the way. His skills got 100% of my penalties removed. Michael is extraordinary, both in business and in humanity. Hire him!” If you have any specific tax questions or if you owe any amount of back taxes, then feel free to contact me directly at (949) 260-4770 or [email protected] .

S UDOKU

TAX QUOTES

“This is too difficult for a mathematician. It takes a philosopher.”

– Albert Einstein, on his tax returns

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Inside This Issue Make the Most Out of Tax Relief Options 1 3 Enriching Staycation Ideas

Sudoku Answer Key

IRS COVID-19 Amendments 2 Helping Our Community One Case at a Time

Tax Quotes 3

Botanical Gardens in the U.S. 4 Living Museums

Our Nation’s Botanical Gardens

Chicago Botanic Garden

In 1842, the Wilkes Expedition returned from its trek across the Pacific Ocean on behalf of the United States government, having visited parts of Portugal, Brazil, Antarctica, and Fiji. Among the specimens the explorers brought back from their travels were collections of plants gathered from around the world — just what the young nation needed to start its very first botanical garden. George Washington, Thomas Jefferson, and John Adams had a shared dream of creating a national botanical garden, but the idea didn’t really get off the ground until the Wilkes Expedition brought back the garden’s first plants. The United States Botanic Garden (USBG) was established in Washington, D.C., and four of the plants on display there today are part of the original collection brought back from the expedition. Since it’s not always possible to go on vacation and visit far-off gardens, many botanical gardens around the world have started bringing the flora right to you with virtual tours. In addition to the USBG, which offers virtual tours at USBG.gov/take-virtual-tour, check out these other gardens that allow you to explore without having to leave your home.

In the spring, the Chicago Botanic Garden staff invited virtual visitors to join them for a nature moment. Garden staff shared images from around the 17 gardens kept

there. The Chicago Botanic Garden continues to wow with virtual tours that, thanks to Google’s technology, make you feel as if you’re really there. Start your tour at ChicagoBotanic.org.

Waddesdon Manor and Gardens

This historic site across the pond in England gives visitors detailed virtual views of the Waddesdon Manor and its stunning gardens. Each day at Waddesdon Gardens, the staff designates a specific area as a “Silent Space,” where visitors can go to disconnect and find peace. The Gardens also created a special message for their virtual visitors that we can all take to heart: “We encourage you to find a space in your garden or in your home that feels peaceful and designate a time each day to enjoy a quiet moment of reflection.” To see this historic site for yourself, visit Waddesdon.org.uk.

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