If you haven’t heard the story yet, you can read an excellent account here https://www.forbes.com/sites/kellyphillipserb/2018/05/16/facebook-loses-bid-to-move-7-billion-tax-case-to-appeals/#38251a017f99. We have mentioned The Taxpayer Bill of Rights before. You can find them on the IRS website https://www.irs.gov/taxpayer-bill-of-rights.
Taxpayer Bill of Rights III
So you may be wondering why their request for appeal was denied. While The Taxpayer Bill of Rights states “Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including many penalties, and have the right to receive a written response regarding the Office of Appeals’ decision. Taxpayers generally have the right to take their cases to court.” Which pretty much says you may or may not get an appeal.
Tax Court and Ernst & Young
Most noteworthy, a previous case before the Tax Court filed June 1, 2017, determined that the taxpayer had reasonably relied on her tax preparer’s advice and did not side with the IRS https://www.ustaxcourt.gov/ustcinop/opinionviewer.aspx?ID=11262. In the article about Facebook, their accounting firm (Ernst and Young) may have undervalued assets.
How Does This Apply To The Average Taxpayer?
An Enrolled Agent can represent you before the IRS in audits, garnishments, and liens https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information. It is essential that do not ignore a letter from the IRS and seek help immediately http://fasttaxhelp.org/letters-from-the-irs/. These letters escalate as time progresses. Enrolled Agents specialize in tax problems. They can negotiate a settlement with the IRS including an offer in compromise, payment plan, currently not collectible, penalty abatement, and more.
Help is Just A Call Away
In conclusion, you are not a giant corporation like Facebook, but you may inadvertently find yourself in hot water with the IRS. Our Enrolled Agents have over 29 years of experience dealing with both the IRS and State Departments of Revenue. Because of that experience, they are strong negotiators and are ready to battle the IRS on your behalf. They look at each case and only charge for the work that is necessary to settle your back taxes for the lowest amount allowed by law. There are no hidden fees. Call 561-293-3135 now for a free consult or http://fasttaxhelp.org/fast-tax-help-form/ if you are shy. For questions about this post, you can contact the author at firstname.lastname@example.org.