Resolving Your IRS Tax Problems.
View PDF | Print View
by: Guest
Total views: 44
Word Count: 620
Depending on what type of tax problem you are facing, there may be more than one tax relief option available to you. You may be looking to file tax returns for one or more years and then be set up on an installment agreement. You may owe taxes for several years, do not have the means to pay the tax debt in full, and would like to propose a settlement or participate in a tax amnesty program. You may already be facing collection action due to unpaid taxes and must have a levy or garnishment stopped. Whether you fall under one of these categories or find yourself in an entirely different situation, a qualified Tax attorney can evaluate your case and determine the best possible course for resolving your tax problem.
Bank Levy.
A levy is a legal seizure of your property to satisfy a tax relief. Levies are different from liens. A lien is a claim used as security for the tax relief, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your tax debt (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance,
* The IRS could seize and sell property that you hold (such as your car, boat, or house), or
* The IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
The IRS will usually levy only after these three requirements are met:
* The IRS has assessed the tax and sent you a Notice and Demand for Payment;
* You neglected or refused to pay the tax; and
* The IRS has sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested. Please note: if The IRS will levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
Penalty Abatement.
If your taxes aren't paid on time the IRS charges you penalties and interest. These penalties are then added to your tax debt as well as the interest due for delinquent accounts. Once your account is past due and interest starts to be applied there is no reversing those added charges unless there is valid reasoning. The justifications for having penalties removed or reduced are:
* Can you fully pay off your tax debt?
* Do you have reasonable cause or good faith argument that is documented?
* Is this an isolated incident?
* Did you self-comply or were you forced to comply?
* Do you prepare offer in compromise ?
The IRS does not qualify forgetting or ignorance as justifiable reasoning. The circumstances must be significant and even if your reasoning do qualify under the IRS's standards a majority of the time they reject it on the first submission. There is an appeals timeline that needs to be carefully watched and take care of, which is exactly what tax attorney will do for you to ensure that you end up paying the least amount necessary.
Source http://www.taxadvisoramerica.com
About the Author
http://www.taxadvisoramerica.com
Rating: Not yet rated
Comments
No comments posted.Add Comment
You do not have permission to comment. If you log in, you may be able to comment.