Are you one of the millions of Americans who owe the IRS taxes? Have you missed some of your business tax filings or payments and are getting weighed down by notices, bills and aggressive enforcements from your state taxing authority or the Internal Revenue Service?

If there is one resolution that you should keep in the New Year it is this: vow to tackle this scary problem now! Know that you are not alone; many small businesses and individuals have been overwhelmed in the past few years by increasing expenses, a downturn in the economy and confusing tax laws.

If you have been struggling just to stay in business or keep your family fed, it can be difficult, to say the least, to make tax payments on time. And each time you fall behind, the penalties and interest just keep accruing… Ack! You probably feel like hiding and have an overwhelming sense of doom when trying to undertake this problem. Dealing with the IRS or your state tax department is nerve-wracking and you need to have the experience and knowledge of a professional. That is why we’re here! Larson Financial understands the unique challenges that your business faces when it comes to taxes. Whether you are an individual who missed filing taxes for years or a restaurant, day care, trucker, farmer or real estate agent, we have the expertise that it requires to negotiate a reasonable solution.

Don’t let another day go by before contacting one of our licensed tax resolution experts. We strive to save our clients time, money and stress and we can help you get a fresh start now!

Larson Financial is A+ rated with the BBB and has helped clients in all 50 states. Make your New Year’s Resolution now: no more tax troubles! www.larson-financial.com 888-589-0955.

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Beginning in 2013, all employers who are required to withhold Medicare tax from their employees’ wages will need to be aware of Additional Medicare Tax and how it might impact them. The Internal Revenue Service has issued a set of frequently asked questions to help employers understand their tax obligations:

1) When does Additional Medicare Tax go into effect: 

Additional Medicare Tax applies to wages and compensation above a threshold amount received after December 31, 2012 and to self-employment income above a threshold amount received in taxable years beginning after December 31, 2012.

2) What is the rate?

The Additional Medicare Tax rate is 0.9%.

3) What wages will be subject to Additional Medicare Tax and what are the threshold amounts? 

The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.

The threshold amounts are:
$250,000 for married taxpayers who file jointly,
$125,000 for married taxpayers who file separately, and
$200,000 for all other taxpayers.

Additional information is available at www.irs.gov.

The Internal Revenue Service recently announced that interest rates will remain the same for the calendar quarter of 2013 that begins January 1, 2013. Current rates, which will remain unchanged, are:

• three (3) percent for overpayments [two (2) percent in the case of a corporation];
• three (3) percent for underpayments;
• five (5) percent for large corporate underpayments; and
• one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

If you are a taxpayer with an unpaid tax liability, or if you have not stayed current in your personal or business tax filings, remember that penalties and interest continue to accrue and can add up quickly! If you owe tax and don’t file on time, the total late-filing penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to five months. If your return is over 60 days late, the minimum penalty for late filing is the smaller of $135 or 100 percent of the tax owed.

Have you received a notice about a tax liability or missed filing? Whether you owe $10,000 or $10 million, we can help. If you have a tax lien, been garnished or bank levied, we can help. If you haven’t filed tax returns and don’t know what you owe, we can help.

Some of the most common services we provide every day include: Installment Agreements, Offer in Compromise, Currently Not Collectible Status and much more. There are many different options for tax resolution; contact us today at 888-902-0778 for a free consultation. The licensed tax resolution experts at Larson Financial make sure you don’t pay a penny more than you legally owe – and on a schedule that works for you. We are A+ rated with the BBB and operate in all 50 states. www.larson-financial.com

Larson Financial initiated a partnership program with tax professionals across America earlier in 2012. In this economic environment, businesses are facing multiple challenges to stay operating profitably and keeping their doors open. One of the big obstacles is what to do when they fall behind on State and Federal tax deposits.  The Larson Financial Tax Professional Partnership Program provides a solution tax professionals can offer their clients.

The Tax Professional Partnership Program creates a unique opportunity for Tax Professionals to outsource their tax resolution/ collections work to a trusted partner allowing them to focus on their core business of preparing financials and tax returns. As a next step, Larson has included the ability of Tax Professionals to earn free or reduced CPE credits for our partners. The first of the CPE series will be an 8 hour course on January 18^th at the Metro North Chamber and cover the topic of “2012 the Tax Year in Review.” Additional offerings will follow, including a 4 hour course covering “Ethics”, a 4 hour course on “Leadership/Time Management”, an 8 hour course covering “Pass Through Entities” and a final 8 hour course on “2013 Tax Year in Review”.

Larson Financial is a family owned business with 100 dedicated tax professionals including attorneys and Enrolled Agents whose sole mission is to resolve back tax liabilities. We have an “A+” rating with the BBB and are a respected part of our business community. Over the past 7 years we have helped over 7,000 businesses with their back tax issues.

For more information: Jeffrey Van Putten

Phone: 720-836-4145

http://www.larson-financial.com

jvanputten@larson-financial.com

Unfortunately, in the aftermath of major disasters scam artists start to come out of the woodwork, attempting to get money or private information from innocent taxpayers. In the wake of Hurricane Sandy, the Internal Revenue Service has issued a warning to taxpayers to be cautious about possible fraudulent contact by scam artists in the form of phone calls, emails, social media or in-person solicitations.

Tips include:

Donate to recognized charities and do your research on charities before giving money

Be cautious about charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. You can even search at IRS.gov to find Exempt Organizations Select Check, which allows people to find legitimate, qualified charities to which donations may be tax-deductible. Legitimate charities may also be found on the Federal Emergency Management Agency (FEMA) Web site at fema.gov.

Do not give your social security number, credit card number or bank account number or passwords to anyone who solicits a contribution from you.

Send or give a check or contribute by credit card rather than sending or giving cash. This also ensures that you have records for your taxes, documenting the gift.

If you are a hurricane or disaster victim, contact the IRS toll-free disaster assistance telephone number, 1-866-562-5227 to get specific answers about tax relief or disaster-related tax information.

If you suspect that you have been a victim of disaster related fraud or identity theft, contact the IRS to report the activity. Information can be found on the IRS website using keywords “phishing and scams”.