Warning: Do Not Be Scammed Into Overpaying Your Taxes

There is a new and quite frightening scam out there to get you to spend even much more of your challenging earned dollars to the IRS.  Unfortunately, I have realized of the actuality of this scam simply because I’m the recipient of a letter from the IRS demanding I pay out $ 2, 226 added taxes based on a bogus Schedule C 1099 filed from a fraudulent organization.

How to Spend Zero Taxes 2014: Your Manual to Each Tax Break the IRS Enables

If you are facing tax headaches due to the fact you received a 1099-C for cancellation of debt income, you are not alone. An estimated six.3 million of people kinds have gone out to taxpayers and they are making all sorts of confusion. It’s a big mess, and the IRS is not exactly handing taxpayers a broom.

1000′s of tax payers are receiving comparable demand letters and have no concept how to deal with them.  The Federal Trade Commission even had to produce a new publication, Time-Barred Debts: Knowing Your Rights When it Comes to Old Debt to aid people involved in this scam.  Less than upright Debt-Collection businesses are selling junk debts to big corporations, who are in turn issuing Schedule C 1099 write offs that are then reported as cash flow for the taxpayer.

When I referred to as Asset Acceptance, LLC which is the business listed on the payment demand discover from the IRS, they could not tell me what the debt was for since they had obtained the debt. They could tell me that it was from 1991!  So I was immediately relieved because even if it was something of mine from the past, the statute of limitations would certainly apply and we’re all set.  Not so fast, it is the IRS we are talking about.  The burden of proof lies on the taxpayer.  I’m supposed to deal with this company to get a revision, 4 telephone calls later to the organization and only acquiring voicemails with no return calls, not very likely to remedy the issue. Include to that the $ 25.5 Million dollar settlement this organization was just lately asked to shell out the FTC for customer deception and it is obviously not simple to operate with them.

Following stage, “simply fill out form IRS.gov 982″ according to several of the tax specialists.  However, this type has even the tax pros scratching their heads and it doesn’t resolve the difficulty at hand.  I contacted a tax attorney and it would be $ 600 first consultation charge to go over this matter additional.  I did discover some great guidance on this situation right here:

http://website.credit.com/2012/02/what-to-do-if-you-get-a-1099-c-for-an-old-debt/

A lot of individuals are so afraid of standing up to the IRS that they will just shell out taxes they really don’t owe for concern of an audit.  I’m surely not creating a examine on one thing I do not owe but nevertheless have to figure out how to make it clear to the IRS that I do not in reality owe them.  This will have an influence on my refund when I file taxes in the subsequent two weeks and we know the issue won’t be resolved quickly.  Life is usually total of surprises and we require to discover methods to stick together and aid one one more out.

Have you or anyone you know obtained equivalent notices?

Be Effectively,

Beth

Pay a visit to 10TopHealthSecrets.com for normal remedies and healthy residing suggestions.

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