Thursday, October 22, 2020
Tuesday, September 22, 2020
You have several different options for handling your debt to the IRS, and you can often do so without sustaining a black mark on your credit.
If you have less than $10,000 in outstanding tax debt, you can consider handling your debt on your own. However, if you have more that that, especially more than $25,000 it is highly recommended that you find a tax professional to help you negotiate your debt with the IRS.
A tax professional is a certified public accountant (CPA), an "enrolled agent," or a tax attorney. Call (844) 449-8473 now for free tax relief quote. These are the only tax professionals that are allowed to appear before the IRS to argue your case. An enrolled agent can practice in any state, but CPAs and attorneys can only practice in the state where they are licensed. If you have state tax debt from more than one state, find an enrolled agent to help you. Otherwise, you will be fine with a local CPA or attorney.
You did not commit fraud or tax evasion: Your debt must arise from a legitimate accident or a simple inability to pay. Your debt is at least three years old: You cannot discharge IRS debts unless they are at least three years old at the time you file your bankruptcy. Call (844) 449-8473 now for free tax relief quote. You filed a tax return for the years in which the back taxes are owed: Non-filers receive no clemency. You pass the "240-day" rule: This means that your tax debt must have been assessed at least 240 days prior to your bankruptcy, or it has not been assessed yet. If you do not meet all of the above criteria, then you will still owe the IRS 100% of what's due following a Chapter 7 bankruptcy. Tax debts can be part of a Chapter 13 bankruptcy, but you do not get to lower the total amount due - you will still owe the outstanding balance at the completion of your Chapter 13 program. In short, it is much better to pursue one of the options outlined below if you have overwhelming tax debt.
Monday, July 20, 2020
Having failed to file your personal income tax returns can put you in real hot water with the Internal Revenue Service.
If you are placed in this kind of situation, it will be best for you to hire a tax attorney.
Living in New York never deprives you of the best legal services. Being the busiest city, New York has a wide range of tax attorneys who are experts in dealing with these sorts of cases. Once you approach any New York tax attorney, you can feel assured and confident that your case will be suitably handled. We’ll make sure you understand your rights and explore all the tax relief options available to identify the best course of action for your needs and circumstances
The first step which your is to trace back the years of your back taxes. The IRS will send you constant reminders about the deadline of your dues. Without the considerable aid of a New York tax accountant, you may be head over heels confused, harassed, and threatened.
If you continue to disregard the fact that you need to file your income tax returns, the IRS will be very religious in sending you the reminders. It will even come up to the point that such reminders will turn unfriendly. Do not hence be surprised to one day face the Notice of Intent to Levy both of your wages and assets. So, what you need to do is to get your documents ready and be ready as well to hear the shock of your life. The tax you owe them may be high enough to let your eyes roll. But you've got no choice. It is either you pay your dues, or you get convicted. There are various situations when you would need the help of an attorney. If for instance you get involved in a car accident and then you have been found out to be under the influence of drugs or alcohol, then you will automatically be subjected to punishment. When you are caught red-handed for robbery, then you will need an attorney who will defend you at all costs. More so, if you failed to pay your due taxes for a couple of years and IRS is after you, you will certainly need the help of a tax attorney too. There are many situations which prompt the need for an attorney and one of which is the case which gets you involved in a tax fraud or tax evasion circumstance. Issues on taxes can be thoroughly handled by New Jersey tax attorneys. You as an ordinary taxpayer may not be abreast of the exact laws governing back taxes or about the instances when you can reduce your penalties and have your tax dues minimized.
A New Jersey tax accountant can do this well. One thing must be made clear, the attorney whom you should approach must go along with the situation you are in and the required specialization of the attorney. Attorneys specialize on civil aspects, personal injury, criminal cases, and many others. When you get a notification from IRS, you should bear in mind that it is important to settle these stuffs at once. You surely do not wish to be convicted because of trying to evade your duties to the government. You fully understand what a New Jersey tax attorney can do to you. If you are concerned with your tax deductions, income, and expenses, then you must seek the help of a New Jersey tax representative. Being in New Jersey gives you a lot of options when it comes to getting in touch with a New Jersey tax attorney.
The tax attorneys deal with solving the problems of their clients with the IRS and state revenue department. But then whatever their names are, attorneys play the same significant role. And that is to advise and represent their clients in terms of legal issues.
Tuesday, May 5, 2020
The amount of garnishment may vary, but the IRS has the ability to collect everything someone earns beyond minimum wage.
Again, a garnishment is not done to put someone in an impossible situation but rather to “wake them up” so that they may negotiate a more reasonable solution. 3 rd party levies are served upon clients and others that pay non-employees.
Typically, these levies apply to self-employed individuals. A third-party levy is the most burdensome in that the payer is required to remit to the taxing agency, 100% of the amount they owe the delinquent taxpayer until the tax debt is paid in full. Like the other collection tools, this is used to force the taxpayer into addressing their problem and not to collect the entire debt. In each case referenced above, you are better off entering into a manageable agreement, rather than worrying about active collection or even worse, waking up one day to find out your money has been taken.
It takes years of experience to be able to negotiate releases of garnishments and levies. For this reason, we recommend you preemptively address your tax matters. If by chance that ship has sailed, you can always contact the taxing agencies to request a release. Below is a list of points to consider when doing so Things to Consider When Requesting a Levy/Garnishment Release.
1. Don’t just ask for your money back. Provide valid reason/s why you need it. It is important to be specific here. You should list specific expenses that are due very soon and that you will not be able to pay if your funds are compromised.
2. The most effective reason to request a release is hardship. If you can prove that you are unable to pay your necessary and reasonable expenses, you may be able to have some or all of your funds returned to you
3. If possible try and calculate a reason installment agreement amount (see Installment Agreements below) and have backup to support your number. If you can enter into an agreement, sometimes you can also obtain a release
5. Request that a 2nd copy of the release be sent to you directly. If you are successful in request a release, you should follow up with the person or department to which the levy/garnishment was served to verify (1) they received the release and (2) that they are not going to remit funds to the tax agencies. If by chance they have not received the release, you can fax them a copy yourself assuming you have a one.
6. Don’t wait until the last minute. It often takes more than one call to have a levy or garnishment released. If the IRS requires documentation you don’t have ready, you may have blown your chance if the funds are to be remitted in a day or two. Remember you only have 21 days for the IRS and sometimes less for your State to request that a levy be released.
Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes.
This is no doubt a severe and frightening state of affairs. This may occur due to various reasons. It might be an emergency such as individual or family illness, death in a family, change in economic condition, and lack of budgeting or lavish lifestyle. In these situations failure to pay the money or underpayment are the two most common things to happen. And if this thing really occurs one should fix it as early as possible that is because some forms of non-payment are liable to be punished by imprisonment for every year of taxes that has not been paid.
Tax debt relief is the best solution that one can go for if he or she has failed to pay the taxes in time. There are several tax debt relief agencies that offers tax settlement plans so that their clients may come out of their debt quickly. They have specialized professionals who work round the clock to help out their clients. Government also on the other hand has many provisions for the people who have their taxes due. An underpayment is easier to pay back than the person who has just refused to pay the money. With the help of a professional mediator one can reduce his or her payable amount to a smaller fee, which will enable the government to get back a portion of the money that is owed.
Conditions that lead to inescapable delinquency are always unacceptable but not beyond negotiation which can be done with the help of a professional tax debt relief help. A proper Tax debt relief program provides quite a few pertinent assistance such as embellished salary, bank charges, bankruptcy among other circumstances.
A responsible citizen should never ignore to pay tax. Even if he or she failed in first position, a solution should be tried to find out and the amount should be paid back. The person who has failed to pay his or her tax for the first time shall also have to plan certain things for future so that it might not happen again. A tax debt relief might work first time but it should be kept in mind that government is always willing to help people but those who commit the same mistakes again and again shall be considered irresponsible and be put on trial. That is why it is always advised to have a certified help plan for the future payments.