Your IRS Tax Appeal Rights

Written by Richard A. Chapo


Continued from page 1
Mediation, during which an appeals or settlement officer attempts to help you andrepparttar IRS reach a mutually satisfactory solution. Most cases not docketed in court qualify for Fast Track Mediation. You may request Fast Track Mediation atrepparttar 148230 conclusion of an audit or collection determination, but prior to your request for a normal appeals hearing. Fast Track Mediation is meant to promoterepparttar 148231 early resolution of a dispute. It doesnít eliminate or replace existing dispute resolution options, including your opportunity to request a conference with a manager or a hearing before Appeals. You may withdraw fromrepparttar 148232 mediation process at any time.

When attending an informal meeting or pursuing mediation, you may represent yourself or you can be represented by an attorney, certified public accountant or individual enrolled to practice beforerepparttar 148233 IRS.

If you andrepparttar 148234 IRS appeals officer cannot reach agreement, or if you prefer not to appeal withinrepparttar 148235 IRS, in most cases you may take your disagreement to federal court. Usually, it is worth having a go at mediation before committing to an expensive and time-consuming court process.

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.


Early Distributions From Retirement Plans

Written by Richard A. Chapo


Continued from page 1

Ifrepparttar early distribution from an employerís plan is paid directly to you, your plan administrator will normally withhold income tax at a 20 percent rate. If you roll overrepparttar 148229 distribution to a new plan, you must replace that 20 percent ofrepparttar 148230 funds that were withheld and deposit that amount inrepparttar 148231 new plan or you will owe taxes on that amount. To avoidrepparttar 148232 inconvenience of this withholding, you can have your old planís administrator transferrepparttar 148233 rollover amount directly torepparttar 148234 new plan or a traditional IRA.

All early distributions must be reported torepparttar 148235 IRS. You will report tax-free rollovers on lines 15a and 16a of Form 1040 along with any taxable distributions, but you will enter on line 15b or 16b onlyrepparttar 148236 taxable amounts you donít roll over.

Early distributions from retirement plans can involve complex tax issues. Make sure you understandrepparttar 148237 issues or get competent tax advice.

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.




    <Back to Page 1
 
ImproveHomeLife.com © 2005
Terms of Use