Redd & Greaves, PC

COMMON MISCONCEPTIONS PRESS RELEASE-NAEA

reddgreaves — Mon, 21 Feb 2011 05:23:09 +0000

WASHINGTON, DC (February 16, 2011)—A recent informal poll of Enrolled Egents (Federally-Licensed Tax Practitioners) revealed many common misconceptions among taxpayers. At the top of the list were:

“I had a really big loss in the stock market this year, so I won’t owe any income taxes.” Deduction of capital losses against ordinary income is limited to $3,000. Also incorrect: “I traded some stocks and have a loss/didn’t make any money, so there’s no need to report those sales.”

“They paid me in cash and I don’t have to report that, right?” If it’s income, you must report it.

“I’m too young/too old to have to pay taxes.” Even your dependent high schooler has to file a return after earning income over $5,700. And, Uncle Sam may still be interested in your return after you’re dead. A personal representative of the decedent is required to file a tax return and the estate tax when due.

“If I didn’t receive a document about it, it’s not taxable.” A good preparer will provide you with a checklist that reveals missing documents, but too often taxpayers who are preparing their own returns or dealing with an unlicensed preparer will fail to include important information simply because they missed something in the mail, or because the document was never mailed.

“Income earned in a foreign country is not taxable.” Taxpayers are required to report all earned income to IRS, no matter where it was earned.

“You don’t have to report gambling income, and besides, I lost.” Gambling losses do not net out against income. For the non-professional gambler, income goes on page one of Form 1040; the losses go on Schedule A and are not subject to the 2% floor, but cannot be greater than the winnings. Therefore, the “net” sheets many casinos provide individual taxpayers are worthless.

“Income from my hobby can’t be taxable.” The operative word here is “income.” It’s taxable.

One of this year’s widest-spread misconceptions came in the wake of the IRS announcement that employers must now report medical insurance paid for employees. Duped by a viral email, taxpayers across the country mistakenly believe that medical insurance must now be reported as income and taxed. Not true. The expense will be reported on the W-2, and not added to income.

Finally, a lot of taxpayers hold misconceptions regarding paid preparers. The notion that all tax preparers do is fill out forms neglects the real value of a paid preparer: they keep up with myriad tax laws and regulations and have the expertise to know how to apply these rules for your benefit. And, no matter who prepares your taxes, you are the one who is legally responsible for what’s on your return, making it a doubly good idea to hire a licensed preparer. This brings us to one more misconception: that all return preparers are federally licensed. In fact, the only federally-licensed tax practitioners are Enrolled Agents (EAs), who must pass competency testing and a background check and complete annual continuing education requirements. To find an EA in your area, go to the “Find an Enrolled Agent” directory at www.naea.org.

About the National Association of Enrolled Agents (NAEA): NAEA is a non-profit membership organization composed of tax specialists licensed by the US Department of the Treasury. C. Collis Redd, EA and Janet N. Greaves, EA of REDD & GREAVES, P.C. are members of NAEA. Both Mr. Redd and Ms. Greaves have passed a sixteen (16) hour exam administered by the IRS for the Department of the Treasury and proudly carry the EA credentials designating Collis and Janet as tax experts and licensing Mr. Redd and Ms. Greaves to practice in all areas of administrative tax law.

The New IRS Preparer Initiative

reddgreaves — Fri, 04 Feb 2011 04:23:48 +0000

If you had someone prepare your tax return last year, they may not be able to perform that service for you this year due to the new IRS preparer initiative. There are estimated to be about 1.2 million unlicensed preparers in the U.S., but now that IRS says all preparers must be at least registered, many may not qualify or may not be able to pass the test or may not be able to meet the continuing education requirements.

If the preparer you used last year is not able to perform this year to prepare your 2010 tax return, we can help. Our Firm of tax professionals are not only registered, but licensed, as well. We can prepare all types of tax returns, both current year and prior years, if you have not filed in a while. If the bookkeeping is holding you back from filing, we can help with that, too. And, if you end up owing the IRS, we will still be there for you, because representing taxpayers before the IRS is our specialty. WE PROVIDE TAX HELP.

Please check out our website and read about the qualifications of my partner, Janet N. Greaves, EA and myself to serve your needs. Give us a call if we can help.

Thank you,

C. COLLIS REDD, EA

PRESIDENT AND CEO

REDD & GREAVES, P.C.

4801 WOODWAY, SUITE 300 EAST

HOUSTON, TEXAS 77056

INFO@RHGEAS.COM

WWW.RHGEAS.COM

PHONE: 713 947 9666

FAX: 713 947 7753

Federal Tax Liens-You’re Sitting on a Time Bomb!

reddgreaves — Fri, 24 Apr 2009 22:31:11 +0000

Even if you have a C.P.A. or Tax Attorney, you may still need us! You want to reduce the amount you owe? You owe large penalties and interest? You want to be protected from a levy? You get no response from the IRS? You want a lien removed? You don’t know which way to turn? You want to bring your tax problems to an end at the least possible cost? You fear seizure of your home or property? You have a business and owe withholding taxes for past quarters? The IRS is threatening to shut down your business and liquidate your assets? Your business went under and you were charged with all the employee withholding taxes? Do you believe your situation is hopeless? Do you believe that you must pay every cent you owe?

THINK AGAIN! The IRS routinely dismisses charges. It has the legal power to forgive the entire amount owed. Using proven methods, we save people substantial dollars. We look forward to developing a strategy that is best for and acceptable to you!

A Tax Lien can result in garnishment of your wages, levy on your bank accounts, or even seizure of your home, car and other assets. Contrary to popular belief, Texas Homestead Laws do not protect your house, your car, or your wages from IRS Collection Laws. Tax Liens recorded at the Court House could affect your ability to get credit, find a job, rent a place to live or sell real property. Ignoring this situation can only make it worse. Our Tax Professionals can give you immediate relief from the IRS. We can help minimize or even avoid the adverse consequences of any such actions. Many tax assessments qualify for abatement, discharge and/or settlement. However, timing is critical. Once you engage us to represent you, you will no longer have to meet or talk with any representative of the IRS. We handle that for you. Representing Taxpayers before the IRS is our primary business. Our Tax Professionals deal with the IRS on a daily basis and have been doing so for years. As a result, we know the rules and are efficient, as well as, organized in providing these services. This translates into savings because there is no added expense for training of someone for your particular situation.

We analyze the facts of your case and apply our knowledge of IRS Collection Law in order to devise a stratey for minimizing your taxes. Then discuss the alternatives with you before proceeding to implement your plan.

We are Enrolled Agents (EA). An Enrolled Agent is a Federally Authorized Tax Practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of Treasury to represent Taxpayers before all administrative levels of the IRS for audits, collections, and appeals.”Enrolled” means EA’s are licensed to practice by the federal government. “Agent” means EA’s are authorized to appear in the place of the Taxpayer or at the IRS. Only EA’s, attorneys and CPA’s may represent Taxpayers before the IRS.

You should be careful when you make the decision to choose a Tax Professional to help you. Check the BBB and other consumer websites before making your choice. There are many businesses who claim they will help you but are scams We have a blog at our website about this issue and much more. Visit our website today at www.rhgeas.com. We’re here to help you so contact us today! We look forward to hearing from you soon. We have two phone numbers (713) 947-9666 or (866) 402-3804 toll free. If you need help call us today.

Thank you,

Janet Greaves, EA

Redd & Greaves, P.C.

8866 Gulf Freeway, Suite #340

Houston, Tx 77017

ENROLLED AGENTS-FEATURED ON NBC TODAY SHOW

reddgreaves — Thu, 02 Apr 2009 01:45:08 +0000

NBC Tax Hotline

This morning at 8:30 am CST, NAEA Panel of Experts Answered Tax Questions on the Today Show.

NAEA’s segment on this morning’s The Today Show was more successful than ever and have shown interest in making this a yearly feature. Members of the expert panel are members of the National Association of Enrolled Agents, Frank Degen, EA, USTCP; Sherrill Gregory, EA, USTCP; Jennifer MacMillan, EA; Sandra Martin, EA; David Mellem, EA; Diana Molina, EA; Jack Wood, EA; Ray LaLuna, EA and David Hatt, EA, president of NAEA.

Early estimates are that the panel of EA’s answered over 500 questions in a two hour period of time and NBC is already talking about next year. The panel answered difficult questions spontanously and NBC was overwhelmed by the number of email questions they received during the piece. Impressed by the Enrolled Agents’ expertise, they asked for the help of the NAEA’s members to answer the emailed questions.

NBC Today Show hit a home run with this featured segment. If you have not seen the segment, cut and paste the link below in your brower and the piece will run after a few minutes.

http://today.msnbc.msn.com/id/26184891/vp/29989285#29989285

Janet N. Greaves, EA

Redd & Greaves, P.C.

Tax Masters-Reports of Poor Tax Representation

reddgreaves — Sat, 02 Aug 2008 20:34:44 +0000

Recently, a former client of Tax Masters came to our office for help to resolve their IRS tax matter and told us to check Ripoff Reports. We were surprised to find that so many clients of Tax Masters are disgruntled. At this point, we can only hope those who see this posting will contact us to give us an opportunity to help them end their IRS nightmare. We stand ready to serve those who will give us the chance. Even though, we do not have their Tax Masters file, there are ways to find out the status of a case with IRS.

We have experienced taxpayers looking for a change of tax professionals. It takes an initial meeting or telephone conference with us to determine what progress has been made on their case and what needs to be done to see the matter to conclusion. Understandably, people are mad at having paid money and feeling nothing was done, but we will able to get past that. They will need to obtain the necessary funds for us to continue the work and see the IRS problem matter to ultimate resolution.

Since we have done this before, we are quite certain that we can help. For tax practitioners who have not done this before, it might seem overwhelming to pick up a case in the middle and know what has happened in the past and know what needs to be done in the future to bring the matter to a successful close. Because we have done this before, and, therefore, have experience, its not so overwhelming and we welcome the opportunity.

We realize that former clients of Tax Masters feel that they have been “burned” and would certainly want to check out anyone they deal with in the future. We welcome that scrutiny. The President and CEO of Redd & Greaves, P.C. has been representing taxpayers in tax controversy matters for 30 years. In that period of time hundreds of clients have been served and the BBB record for Redd & Greaves, P.C. shows only one complaint. The one person who filed a complaint with BBB has also posted a complaint at this website, Ripoff Report. In thirty years of practice, one person retained us with every intention of allowing us to complete the work and then sue us for a refund of his retainer by claiming he never signed the engagement agreement and never intended to do so. However, we think our record of thirty years with one complaint speaks for itself. We are proud of that record.

If the former clients of Tax Masters can find one BBB compliant within acceptable limits, we welcome you to contact us for an opportunity to discuss your IRS problems in a no obligation meeting or telephone conference. We are licensed to represent taxpayers in every state in the U.S.A., so no matter where you are we can help.

There is life after the IRS and we would like to help you get there. We have many satisfied clients that are sleeping well at night because their IRS matters are behind them.

We welcome you to check out our website at www.rhgeas.com for more information about us, biographies on the shareholders and a map to our location. Also, you may check our blog at reddgreavespc@wordpress.com.

Sincerely,

C. Collis Redd, EA

President & CEO

Redd & Greaves, P.C.

8866 Gulf Freeway, Suite #340

Houston, TX 77017

Office phone: (713) 947-9666

Office fax: (713) 947-7753

Email: info@rhgeas.com

JK Harris- Reports of Poor Tax Representation

reddgreaves — Sat, 02 Aug 2008 20:33:24 +0000

Recently, a former client of JK Harris came to our office for help to resolve their IRS tax matter and told us to check Ripoff Reports. We were surprised to find that so many clients of JK Harris are disgruntled. At this point, we can only hope those who see this posting will contact us to give us an opportunity to help them end their IRS nightmare. We stand ready to serve those who will give us the chance. Even though, we do not have their JK Harris file, there are ways to find out the status of a case with IRS.

We realize that former clients of JK Harris feel that they have been “burned” and would certainly want to check out anyone they deal with in the future. We welcome that scrutiny. The President and CEO of Redd & Greaves, P.C. has been representing taxpayers in tax controversy matters for 30 years. In that period of time hundreds of clients have been served and the BBB record for Redd & Greaves, P.C. shows only one complaint. The one person who filed a complaint with BBB has also posted a complaint at this website, Ripoff Report. In thirty years of practice, one person retained us with every intention of allowing us to complete the work and then sue us for a refund of his retainer by claiming he never signed the engagement agreement and never intended to do so. However, we think our record of thirty years with one complaint speaks for itself. We are proud of that record.

If the former clients of JK Harris can find one BBB compliant within acceptable limits, we welcome you to contact us for an opportunity to discuss your IRS problems in a no obligation meeting or telephone conference. We are licensed to represent taxpayers in every state in the U.S.A., so no matter where you are we can help.

There is life after the IRS and we would like to help you get there. We have many satisfied clients that are sleeping well at night because their IRS matters are behind them.

Sincerely,

C. Collis Redd, EA

President & CEO

Redd & Greaves, P.C.

8866 Gulf Freeway, Suite #340

Houston, TX 77017

Office phone: (713) 947-9666

Office fax: (713) 947-7753

Email: info@rhgeas.com

Certified IRS Solutions Closing

reddgreaves — Sat, 02 Aug 2008 20:31:17 +0000

We were surprised recently to find that Certified IRS Solutions (CIS) had closed its doors and gone out of business. The only reason we knew was because a former client of Certified IRS Solutions came to our office for help to resolve their IRS to tax matter. That person had a letter, or rather a posting, to a website advising all clients of Certified IRS Solutions, they had gone out of business and would not longer be dealing with their tax matters. At this point, we can only hope those who see this posting will contact us to give us an opportunity to help them end their IRS nightmare. We stand ready to serve those who will give us the chance. Even though, we do not have their CIS file, there are ways to find out the status of a case with IRS..

We have experienced this before in the mid 90’s when a CPA Firm closed its doors and left its employees unpaid and its clients in a lurch. However, in that case the CPA notified us and in one weekend we received file cabinets full of client files in progress. It took a great deal of time, almost two months, to contact all those clients and have them come into the office and meet with us to determine what progress had been made on their case and what needed to be done to see the matter to conclusion. We met with clients everyday, 12 hours a day, for approximately two months. Understandably, people were mad at having paid money and gotten nothing done by the CPA, but we were able to get past that. They were able to obtain the necessary funds for us to continue the work that the CPA had not done and see the IRS problem matters to ultimate resolution.

Since we have done this before, we are quite certain that we can help those former clients of Certified IRS Solutions. For tax practitioners who have not done this before, it might seem overwhelming to pick up a case in the middle and know what has happened in the past and know what needs to be done in the future to bring the matter to a successful close. Because we have done this before, and, therefore, have experience, its not so overwhelming and we welcome the opportunity.

We realize that former clients of Certified IRS Solutions feel that they have been “burned” and would certainly want to check out anyone they deal with in the future. We welcome that scrutiny. The President and CEO of Redd & Greaves, P.C. has been representing taxpayers in tax controversy matters for 30 years. In that period of time hundreds of clients have been served and the BBB record for Redd & Greaves, P.C. shows only one complaint. The one person who filed a complaint with BBB has also posted a complaint at this website, Ripoff Report. In thirty years of practice, one person retained us with every intention of allowing us to complete the work and then sue us for a refund of his retainer by claiming he never signed the engagement agreement and never intended to do so. However, we think our record of thirty years with one complaint speaks for itself. We are proud of that record.

If the former clients of Certified IRS Solutions can find one BBB compliant within acceptable limits, we welcome you to contact us for an opportunity to discuss your IRS problems in a no obligation meeting or telephone conference. We are licensed to represent taxpayers in every state in the U.S.A., so no matter where you are we can help.

There is life after the IRS and we would like to help you get there. We have many satisfied clients that are sleeping well at night because their IRS matters are behind them.

Sincerely,

C. Collis Redd, EA

President & CEO

Redd & Greaves, P.C.

8866 Gulf Freeway, Suite #340

Houston, Tx 77017

Office phone: (713) 947-9666

Office fax: (713) 947-7753

Email: info@rhgeas.com

Tax Problems and Poor Representatives of Today

reddgreaves — Sat, 26 Jul 2008 01:26:56 +0000

Recently there have been several companies representing taxpayers who have gone out of business and taken payment for services that were never delivered. Unfortunately, many taxpayers have been left with a mess to handle on their own and no money to fight the IRS. That is a frustrating situation to be in.

What has happened in the tax service industry is no different than what often happens in life. Someone got greedy. An idea to represent the average helpless taxpayer turned into a scam. Many times the average taxpayer finds himself or herself drowning in a sea of tax debt and no way to dig out of the black hole. Often depression sets in and even thoughts of taking one’s life comes to mind.

It is a shame that we hear of people paying for tax representation that are often taken advantage of by unscrupulous practitioners or the high pressure salespersons that make “pie in the sky” promises that are not realistic. Often they promise the taxpayer that if they pay $4,000 to $7,000, they can get an Offer In Compromise through the IRS maze and all their tax debt will be reduced to pennies. What a joke this is! No one can make any guarantees when it comes to negotiating with the Internal Revenue Service. A good tax practitioner can do a lot of damage control, if they know what they are doing, but no one can make guarantees as to what the IRS will do. A good representative should know what to do to make the IRS do their job and therefore, serve the taxpayer. A practitioner that promises to settle a case for “pennies on the dollar” creates a bad situation for all practitioners.

First and foremost, a taxpayer should check the references of the professionals who will be representing them. The Better Business Bureau (BBB) is a good place to start your research. For a professional to have few complaints is a very good sign. You should check out the reports of the BBB and determine for yourself if you think the professionals are performing at a level that you find acceptable.

Choose a tax professional, such an Enrolled Agent “EA”, who can represent you in any state in the United States, or any country in the world, with regard to IRS tax matters. An Enrolled Agent has passed a very difficult exam which focuses on all levels of administrative tax law and ethics. An EA must obtain continuing professional education hours each year to maintain that license and keep updated on all the latest tax law changes. Enrolled Agents are admitted to practice before the Internal Revenue Service in all areas of administrative tax law.

Beware of firms that spend a bunch on money on tv ads and radio spots who may take on more clients than they can adequately represent or make promises they cannot keep. Caveat Emptor or buyer beware applies to tax professionals too!

Janet Greaves, EA

Redd & Greaves, P.C.