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      July 19, 2018

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Tax Relief in Wisconsin

Wisconsin MapWhen coupled with the fact that the median household income in Wisconsin has decreased from $56,824 (2007) to $51,547 which is a decrease of $5,357 (9.43 percent), tax penalties and tax debt are becoming more common among many residents of Wisconsin. For those that have outstanding local, state or federal taxes one option to help resolve the problem is to put an expert in their corner.

A number of tax debt relief specialists work with Wisconsin residents and are equipped to provide a number of options to assist. A firm that specializes in providing tax relief to its clients will use a variety of strategies to pull them out of tax debt.

These strategies may include steps such as:

  • Availing the offer of a compromise with IRS
  • Claim candidacy for penalty abatement due to a valid reason
  • Removal of wage garnishment to aid in payment of the debt
  • Declare the client “currently not collectible”
  • Filing the delinquent tax returns at the earliest time possible
  • Work on preventing the IRS from issuing a bank levy
  • Filing an appeal on behalf of the client
  • Opt for innocent spouse relief
  • Using the statute of limitations to the client’s advantage
  • Drafting an agreement optimized for that particular client and their needs

A good tax relief firm will only hire professional tax consultants. These experts will help you in avoiding the penalties issued by the IRS. The penalties may range from:

  • A fee for filing late which amounts to $50 to
  • An interest for delinquency which means 1.5 percent (18 percent per year) will be added to the amount already due and
  • A negligence penalty for failure to file on time which is 5 percent per month.

Asking for help sooner rather than later, on delinquent taxes, will reduce penalties and interest from accruing, and reduce stress.

 

What you need to know about changes to online sales taxes in WI

MADISON, Wis. - Amazon is promising customers a million deals. That's the most yet as the company's 4 th annual Prime Day kicks off Monday afternoon. Amazon has extended its promotion for 36 hours. It ...

Published:  Mon, 16 Jul 2018 04:05:00 GMT



Wisconsin developers snag $57.6M in historic tax credits before cap sets in

The heyday of Wisconsin tax credit awards for historic building restorations ended with a bang as the state awarded $57.6 million to developers since the start of May. Those tax credits will support p...

Published:  Thu, 12 Jul 2018 08:54:00 GMT



Online Sales Tax Will Benefit Wealthy

Just a few months from now, Wisconsin will begin collecting an additional $10 million per month from sales taxes on e-commerce, and state officials plan to use that revenue for an income tax cut that ...

Published:  Thu, 12 Jul 2018 12:33:00 GMT



Wisconsin models sales tax collection off South Dakota

MADISON, Wis. - Small businesses not located in Wisconsin won't have to collect sales tax on internet purchases made by consumers in the state, but larger companies will have to charge the tax beginni...

Published:  Thu, 05 Jul 2018 14:05:00 GMT



Wisconsin Sales Tax Holiday set for Aug. 1

WAUSAU, Wis. (WSAW) --State Revenue Department Secretary Richard Chandler says Wisconsin's sales tax holiday will run from Aug. 1-5. If you buy clothing up to $75, computers up to $750 and school supp...

Published:  Wed, 11 Jul 2018 06:37:00 GMT



New IRS policy allows some tax-exempt groups to veil donors

The Trump administration is lifting requirements that some tax-exempt groups disclose the identities of their donors to federal tax authorities. Enter your user name and password in the fields above t...

Published:  Wed, 18 Jul 2018 09:12:00 GMT



EDITORIAL: Lawmakers running on empty for reasons to put off raising gas tax

Wisconsin's gas tax - still the state's primary means of raising money for transportation projects - has stayed at 30.9 cents a gallon since 2006. Meanwhile, in the ensuing decade, the cost of various ...

Published:  Fri, 13 Jul 2018 09:33:00 GMT



Wisconsin exempts some out-of-state businesses from new sales tax

MADISON, Wis. (AP) - Wisconsin plans to exempt small businesses not located in the state from collection of sales tax for online purchases made by consumers in Wisconsin. The state Department of Reven...

Published:  Thu, 05 Jul 2018 14:21:00 GMT



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