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A Financial Service Corporation
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The Internal Revenue Service (IRS) will significantly change the way taxpayers calculate charitable contribution deductions. More substantiation will be required regarding contributed property. The Tax Increase Prevention and Reconciliation Act of 2005 adds new provisions that will make it tougher to file an Offer in Compromise (OIC) with the Internal Revenue Service (IRS). For a lump sum OIC a nonrefundable down payment of 20% is required or for a periodic payment OIC you propose a periodic payment plan in equal amounts. In 2005, they started aggressively pushing for electronic reporting and payments of taxes, hence, the E-File program. Eventually, their goal is to require individuals and businesses to file and pay all taxes electronically. Contact Information
ARMSTRONG ASSOCIATES, INC. IVAN D. ARMSTRONG, JR., CPA 170 Broadway Suite 401 New York, NY 10038
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