State Accepts Payment Plan in Bosque Farms, NM
State Accepts Payment Plan in Bosque Farms, NM State Payment Plan – 10-19-2009 Taxpayer Situation: Taxpayer owed the New Mexico Taxation and Revenue Department for tax years 2000-2006. The taxpayer had outstanding returns for 2003 through 2005. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the New Mexico Taxation […]
IRS Accepts Offer in Compromise in Albuquerque, NM
IRS Accepts Offer in Compromise in Albuquerque, NM IRS Offer in Compromise – 08-07-2009 Taxpayer Situation: Taxpayers owed the IRS for tax years 1998-2006, totaling $97,445. The taxpayers were current with the filing of all their tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Offer in Compromise with the Internal Revenue Service for […]
Charitable Contributions Deduction Liberalized for 2021
Article Highlights: Charitable Contributions for Non-Itemizers Penalties for Contribution Overstatement Cash Contributions for Itemizers Substantiation Requirements As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those […]
IRS Accepts Installment Agreement in Rio Rancho, NM
IRS Accepts Installment Agreement in Rio Rancho, NM IRS Installment Agreement – 06-23-2009 Taxpayer Situation: Taxpayer owed the IRS for tax years 1999-2006. The taxpayer was current with the filing of all her tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service Installment Agreement for a client in Rio Rancho, NM. […]
IRS Released Levy in New Prague, NM
IRS Released Levy in New Prague, NM Levy Release – 05-19-2009 Taxpayer Situation: Taxpayer owed the IRS for tax years 2003, 2005, and 2006. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated a Levy Release after a small balance due payment for a client […]
How Biden’s Rescue Plan Might Impact Your Taxes
Article Highlights: Economic Impact Payments Unemployment Compensation Minimum Wage Education Assistance Families First Coronavirus Response Act Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Healthcare Coverage Evictions & Foreclosures Homelessness President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact […]
State Accepts Offer in Compromise in Santa Fe, NM
State Accepts Offer in Compromise in Santa Fe, NM IRS Offer in Compromise – 02-08-2009 Taxpayer Situation: Taxpayers owed the New Mexico Taxation and Revenue Department for tax years 1998-2007, totaling $72,128. Initially, they did not qualify for an Offer in Compromise (settlement). But after further discussion with our Certified Tax Resolution Specialist, we formulated a […]
State Accepts Payment Plan in Rio Rancho, NM
State Accepts Payment Plan in Rio Rancho, NM State Payment Plan – 11-17-2008 Taxpayer Situation: Taxpayer owed the New Mexico Taxation and Revenue Department for tax years 2001-2006. The taxpayer had outstanding returns for 2004 through 2007. Resolution Outcome: Legacy Tax & Resolution Services successfully prepared and filed outstanding returns and negotiated with the New Mexico Taxation […]
IRS Offers New Identity Protection for Taxpayers
Article Highlights: IP PIN Identity Verification Opt-in Program Application Process In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit code known only to […]
IRS Accepts Installment Agreement in Farmington, NM
IRS Accepts Installment Agreement in Farmington, NM IRS Installment Agreement – 08-14-2008 Taxpayer Situation: Taxpayer owed the IRS for tax years 1993-1998, 2000-2005. The taxpayer was current with the filing of all his tax returns. Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service payment agreement for a client in Farmington, NM. Legacy […]