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Platinum Tax Defenders Reports On IRS Provision for Late-Payment Penalty Relief


Los Angeles, California (PRWEB) March 25, 2013

Two days ago, the IRS announced that taxpayers would be getting a break on late filings. According to the IRS news release on March 20, requirements for extension requests must be met, but the 1/2% monthly penalty will be waived for those who paid after the deadline. This should not come as too much of a surprise, since the IRS had to delay the acceptance of certain tax forms until February or even March. Taxpayers should know that interest will not be waived for any overage after the estimated payments have been included with the request for extension. Platinum Tax Defenders encourages personal and business tax filers to take advantage of the waived penalties, and suggests that taxpayers burdened under back taxes consider obtaining help from tax resolution services.

Many corporations and business owners may be glad to know that they will not be penalized for forms that could not be filed until recently. Included were such business-related forms as the General Business Credit (3800), Credit for Increasing Research Activities (6765), Indian Employment Credit (8845), and the Credit for Employer Differential Wage Payments. This last, a result of the Heroes Act, sounds quite different from what it is, which is a way for employers to benefit from paying those still under military service contracts when they go on duty. The 20% credit (up to $ 20,000) also helps small business owners to lean toward hiring those who want extra work outside their military duties.

Platinum Tax Defenders explains thats some lately accepted credits apply to startup companies rather than corporations, such as New Markets Credits (8874), or Form 8582 for Passive Activity Loss Limitations. This would apply to beginning real estate workers who haven’t yet reached professional status at the 750 hour mark. Others are found quite commonly on personal tax forms with a Schedule C, such as Depreciation and Amortization (4562), Work Opportunity Credit (5884), and even the Mortgage Interest Credit (8396). Individual filers may not know that although their deadline is April 15th (or the business day soonest after that date), corporations must file by March 15th.

Platinum Tax Defenders: Not surprisingly, current six-month limits still apply on the extensions, and the remaining balances after estimated taxes have been paid. However, since the IRS is still having so much trouble pinpointing identity theft and tax fraud cases, it may be doubly beneficial to have professional eyes look through a business or tax return this year. (The Huffington Post said recently that over 640,000 identity theft issues have been related to tax fraud and the IRS, who paid out over $ 750 million in fraudulent refunds between January and September 2012.) Also, the IRS suggests that taxpayers filing late may still get auto-generated assessment of penalty and payment demands, according to the Journal of Accountancy. Response letters should include a reference to IRS Notice 2013-24, and penalty relief eligibility (such as the name and credit number of at least one of the 31 forms needing to be filed late).

Platinum Tax Defenders suggests that taxpayers with complicated issues, such as those needing back tax help, may want to obtain tax relief via a tax resolution service. Ideally, the service should have significant experience in both business and personal tax concerns, and the ability to successfully negotiate Offers in Compromise and other installment agreements.

Platinum Tax Defenders has a dedicated team of 10 professionals (including tax attorney s, CPA’s and former IRS agents) with a ten-year track record of stopping bank levies and removing tax liens. Most initial consultations range from 20 to 45 minutes, in which a qualified tax resolution professional can examine the specifics of the situation and offer strategies for dealing with the IRS.

For more information from Platinum Tax Defenders on stopping property seizure and getting help with back taxes, call 1-877-668-1807 or send an email to info(at)tax-resolution(dot)me.







Profit Confidential Expert Reports: Downside Selling Expected into 2013 Despite S&P 500s Winning Streak


New York, NY (PRWEB) December 06, 2012

In a recent Profit Confidential article, financial expert George Leong reports that while the S&P 500 recently experienced a five-day winning streak, this is not the beginning of a sustainable rally. According to the Profit Confidential expert, the market is prone to downside selling, meaning that stocks will find it difficult to advance higher going into 2013.

In the article The Stock Market Event You Need to Guard Against Right Now, Leong notes that sales on Black Friday were fine, but not spectacular, and the uncertainty of the fiscal cliff suggests tax increases and budgetary cuts to areas such as government spending will impact the middle class and, ultimately, its ability and desire to spend.

Then theres the big financial mess in the eurozone, adds Leong. Greece has yet to receive its next loan, but the country will need it to pay off its initial loan. A mess is an understatement here. [Theres] also the recession in Spain and an unemployment rate over 25%. Moreover, there are another five eurozone countries in a recession.

In all, this is not a time to get too comfortable in the equities market, states Leong.

Based on what has been seen so far in the third-quarter earnings season, Leong reasons that revenue growth is muted, as America tries to get its consumers to spend. He notes that the holiday shopping season will be critical for the U.S. economy.

In Leongs expert opinion, investors should avoid trying to time the market. Instead, the Profit Confidential expert recommends a prudent investment strategy, suggesting that investors make sure they have some trading plans in place, including an exit strategy through mental or physical stop-loss limits.

Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $ 300 an ounce. In 2006, it begged its readers to get out of the housing market…before it plunged.

Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.

To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.

Profit Confidential is Lombardi Publishing Corporations free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.

Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardis current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.







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Dr. Lawrence Yun, National Association of RealtorsĀ® (NAR) chief economist and senior vice president of research, updated association members on: -recent developments in the housing market (national and local) -the direction of home prices in the next 12 to 24 months -comparisons with past housing cycles -shadow inventory and foreclosure impact -economic backdrop -forecast of economy and housing market Dr. Lawrence Yun is chief economist and senior vice president of research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its one million RealtorĀ® members.
Video Rating: 0 / 5

FTC Completes Rollout of Free Credit Reports Across Eastern States and All U.S. Territories

Lancaster, CA (PRWEB) September 3, 2005

Residents of the eastern states and all U.S. territories joined the rest of the nation on September 1st, 2005 in obtaining easy access to their credit reports as allowed by federal law.

The people of Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, U.S. territories and possessions, and Puerto Rico were granted a right the FTC fought years for ? the right for every US resident to have access to copies of their credit report for free every 12 months.

Consumers worried about identity theft, concerned about loan rejection, or simply curious about what their report says can go online to http://www.annualcreditreport.com. There, within 15 minutes they will be able to view or download their credit report, the document that defines their credit-worthiness, for once without being asked for a credit card.

The rollout of free credit report eligibility that the Fair and Accurate Credit Transactions Act mandated started with the western states in December 2004. There has since been a rush of orders as the rollout continued across the Midwestern and southern states, delaying credit report processing for the first few days of regional eligibility.

Many people are unfamiliar with the implications of the growing speed and ways in which their credit information is used. Some even question the urgency of staying on top of their personal credit reports.

Why the need for a current credit report?


Errors on your credit report ? ?Your credit report has information that affects whether you can get a loan ? and how much you will have to pay to borrow money,? states the Federal Trade Commission. That means that employers, insurers, mortgage lenders, car loan lenders, and landlords all use your credit report to decide whether to accept or reject you. ?79 percent of the credit reports surveyed contained either serious errors or other mistakes of some kind,? states the U.S. Public Interest Research Group, who did a major study on the accuracy of credit reports. ?Twenty-five percent (25 percent) of the credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer.?

Identity theft ? Identity theft has become a rising problem in both the public and private sector. Consumers can become victims without even realizing it. Public Safety and Emergency Preparedness Canada has put out a Public Advisory Special Report warning consumers, ?One reason for the increase in identity theft may be that consumers often become victims of identity theft without having any direct contact with the identity thieves who acquire their personal data. Simply by doing things that are part of everyday routine — charging dinner at a restaurant, using payment cards to purchase gasoline or rent a car, or submitting personal information to employers and various levels of government ? consumers may be leaving or exposing their personal data where identity thieves can access and use it without the consumers’ knowledge or permission.? Thieves gain personal credit information through theft of payment cards and documents, shoulder surfing, skimming, e-mail and website spoofing and theft from company or government databases.

The site http://www.annualcreditreport.com was set up specifically to handle requests for free credit reports from the three major credit reporting agencies: TransUnion, Experian, and Equifax, as mandated by the new law. Reports from each of the three credit bureaus vary because not all creditors report to each of the agencies. Consumers are advised to order their free credit reports from all three of these credit reporting agencies. Credit reports can be ordered by phone toll-free at (877) 322-8228, or by mail at P.O. Box 105281, Atlanta, GA, 30348-5281.

Because some consumers have been misled into signing up for costly ($ 79.95) credit monitoring services by alluring promises of free credit reports, the FTC recently penalized Experian $ 950,000 for using deceptive practices at the website freecreditreport.com. They have warned the public to stay away from ordering any services in exchange for free credit reports. Beware also of pop-up ads that claim to be from http://www.annualcreditreport.com or a soundalike website.

TransUnion, Experian and Equifax all charge fees from $ 9.50 on up to order additional credit reports, but some states have set caps on the fees these agencies are allowed to charge. Thanks to the FTC you are eligible to get free credit reports if:

You have not already ordered a credit report in the previous 12 months

A person has taken adverse action against you because of information in your credit report

You are the victim of identify theft and place a fraud alert in your file

Your file contains inaccurate information as a result of fraud

You are on public assistance

You are unemployed but expect to apply for employment within 60 days

Those who are concerned about their social security numbers getting into the wrong hands can order their free credit report by mail and request that their social security numbers be truncated on the report. When you go to order your credit report, have the following information handy:

Name

Address

Social Security number

Date of birth

Your previous address(es), if you have moved in the last two years

The FTC championed several rights for consumers regarding their credit reports:

You have the right to dispute incomplete or inaccurate information

Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information, within 30 days

Consumer reporting agencies may not report outdated negative information more than seven years old and bankruptcies more than ten years old

Access to your file is limited to those specified by the FCRA (Fair Credit Reporting Act) and you must give your consent for reports to be provided to employers

You may limit ?prescreened? offers of credit and insurance you get based on information in your credit report; you may seek damages from violators

Identity theft victims and active duty military personnel have additional rights. (More information can be found at http://www.ftc.gov/credit and http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm.)

Order your free credit report from http://www.annualcreditreport.com today. If you’ve done anything financial: given permission to an employer or landlord to run a credit check on you; applied for credit cards, a line of credit, a home equity loan, or mortgage; or you think you might do so in the next 6 months to a year, you are going to need it. You might also want to order your credit score, otherwise known as a FICO score. While it’s not free, it is a useful bottom line number to know. It will be what a mortgage lender is looking at when they decide if you are a poor or good credit risk and what interest rate to offer you.

Since credit report disputes often take up to six months or more to resolve, the smart consumer should plan to thoroughly know his or her credit health months ahead of applying for a major loan. Now residents of any U.S. state or territory can get started with a credit report free of charge thanks to the FTC.

About the Author:

L Frizzell writes articles on free credit reports for http://www.CreditStraightTalk.com, a website dedicated to providing consumers with honest and accurate information on how to fix and manage their personal credit.

Contact:

Cheryl J Smith, Director of Public Relations

CreditStraightTalk.com

818-279-1606

Http://http://www.CreditStraightTalk.com

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