Taxes Terminology
Tax Question: Everyone has a Tax Question. A Tax Question can be about allowable deductions. A Tax Question may be about filing dates. A Tax Question may be about when and where to file. A Tax Question may be about a schedule on the 1040. A tax question can always be answered by a tax specialist.
IRS Payment Plan: The IRS payment plan is simply an installment plan compare to other payment plan. The IRS payment plan once agreed to must be met meticulously every month. When you have an IRS payment plan you must stay tax compliant for five years. If you are lucky enough to get an IRS payment plan do not mess up! The IRS payment plan is not for everyone.
Tax court: Tax court is the venue where you go to settle tax issues. Tax court might be to your advantage in an appeal but tax court may be your card to go straight to jail, do not pass go. Tax court usually is lenient if your are being forthright, but tax court can be your worst nightmare if you are trying to mess with Uncle Sam!
Tax Help: Tax help is available from our company and also available on IRS related site or yellow pages. When do you need Tax help? You need Tax help if you are late filing your taxes. You need Tax help if you do not know how to file your taxes. You especially need Tax help if you have gotten into trouble with the IRS. Tax help is available from our company. Tax help is critical before you undertake doing your taxes. Do not be afraid to ask for tax help.
Back Taxes
The IRS generally has 10 years to collect back taxes. According to the Internal Revenue Code, Section 6502, the IRS generally must collect the back taxes owed, 'within 10 years after the assessment of the tax.' Depending on your situation, the assessment of tax may be the date you filed the tax return, or the date that the IRS filed the back taxes return for you. The Statute of Limitations on Collections is the amount of time that the Internal Revenue service (IRS) has to collect a back taxes liability. Although the IRS generally has just 10 years to collect on an outstanding tax liability, there are certain events or transactions that may extend or suspend the statute from expiring. For example, if you file bankruptcy or file an Offer in Compromise, the statute of limitations is generally suspended during the time the bankruptcy or Offer in Compromise is under review. Thus, the Statute of Limitations will begin once the tax has been 'assessed' by the IRS.Also, additional assessments of tax owing may extend the amount of time that the IRS is allowed to collect. Generally, an additional assessment occurs after the IRS completes a tax audit. Therefore, if the IRS is going to collect taxes owed, they must do so within the time frame permitted by law.
Wage Garnishment
If the taxpayer disregards the demands for payment the IRS will give legal notice that it will be resorting to other means to collect the taxes. If a taxpayer does not pay their taxes the IRS will demand payment through phone calls, field visits and letters. Wage garnishments are one method that the IRS uses to collect the overdue taxes. The IRS does not have to provide any further notice before beginning collection activity for IRS debt. The IRS is given broad collection powers and when the IRS takes such action it is not an unlawful IRS wage levy.
IRS settle can be an offer in compromise. Always make an IRS settle that you can live with and the IRS will give you IRS settle can come in many forms. IRS settle can be in the form of an installment agreement. But an IRS settle is peace of mind! IRS settle can be a straight uncontested IRS settle amount. Provide small business, partnerships and sole traders with a low cost, but effective means of obtaining an Internet presence good ecommerce site hosting affordable graphic development
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Unpaid Tax
Unpaid Tax is the amount of money that is owed. Unpaid Tax does not go away.Unpaid Tax must be paid. Unpaid Tax will be pursued relentlessly by the IRS. Unpaid Tax can cause you to have your wages garnished. Unpaid Tax can cause your property to be seized. Unpaid Tax must be paid. Unpaid Tax can cause you to have bank liens.
Taxpayer Relief
Taxpayer Relief can come in many forms. Taxpayer Relief can be in the form of an installment agreement Taxpayer Relief can be an offer in compromise. Taxpayer Relief can be a straight uncontested Taxpayer Relief amount. But always make a Taxpayer Relief that you can live with and the IRS will give you.
Taxes owed
Taxes owed do not go away. Taxes owed will be pursued relentlessly by the IRS. Taxes owed can cause you to have bank liens. Taxes owed must be paid. Taxes owed can cause you to have your wages garnished. Taxes owed can cause your property to be seized
Taxes
Taxes can cause your property to be seized. Taxes can cause you to have your wages garnished. . Taxes can keep you up nights and taxes can get you sick. Taxes must be paid. Taxes will be pursued relentlessly by the IRS. Taxes are the amount of money that is owed to the Federal or State tax authorities. Taxes must be paid Taxes can cause you to have bank liens
Tax specialist
A Tax specialist may be done with a tax attorney. A successful Tax specialist could be an ex-IRS agent. Tax specialist expert knows all the rules and regulations for filing taxes. A Tax specialist is a person who can help you with your taxes. A Tax specialist may be an enrolled agent. A Tax specialist can even be a bookkeeper. But always use a Tax specialist expert to prepare your taxes
Tax Resolution
Tax resolution is obtained when you hire a tax attorney to settle you tax resolution questions. You need Tax resolution if you are late filing your taxes. You need Tax resolution if you do not know how to file your taxes. You especially need Tax resolution if you have gotten into trouble with the IRS. Tax resolution can be found on the internet and in the yellow pages.
Federal Income Tax Settlement
Federal Income Tax Settlement can be a straight uncontested Federal Income Tax Settlement amount. Federal Income Tax Settlement can be in the form of an installment agreement. Federal Income Tax Settlement can be an offer in compromise. Always make a Federal Income Tax Settlement that you can live with and the IRS will give you
Bank Levy
The IRS has the right to issue a bank levy on an account that bears the name of a taxpayer who owes the IRS money. The IRS must give the taxpayer notice of the bank levy. Notice constitutes several letters with the final letter bearing a Final Notice of Bank Levy. After the IRS has sent out the Final Notice of Bank Levy, it can issue a bank levy after 30 days from the date of the letter. A Notice of Bank Levy is sent to the taxpayer's bank and it attaches to all accounts in the name of the taxpayer whether a sole or joint account. On the 21st day, the bank must send the frozen funds to the IRS. The bank cannot allow anyone access to the frozen funds for 21 days from the date of receipt of the bank levy.
Garnishment
A garnishment is a strong deterrent to not paying taxes. One of the primary functions of the IRS is to collect all federal income taxes. Congress has given the IRS a tremendous amount of authority and power to allow it to fulfill this function. Given these powers and the number of resources available to it, the IRS is one of the largest, most aggressive and successful collection agencies in the world. One of the most extraordinary powers the IRS has available is the ability to garnish the wages of taxpayers with past-due liabilities. Many taxpayers think that the IRS takes a certain percentage of a taxpayer's income. In fact, the IRS only leaves taxpayers with a certain dollar amount depending on the taxpayer's filing status. Thus, there could be two taxpayers that are single with no dependents with one earning $2, 000.00 per month and the other earning $10,000.00 per month. Both taxpayers will be left with the same amount of money in their check after the garnishment. Therefore, regardless of your income level, a wage garnishment can have a devastating impact on your personal finances. One the IRS hits you with a garnishment your employer must hold some of your income. A garnishment can ruin your personal finances. There are only a few requirements that must be meet before the IRS can levy a taxpayer's wages:The IRS must have assessed the tax and sent a Notice and Demand for Payment; The IRS can serve the Final Notice in person, leave it at the taxpayer's home or usual place of business, or send it to the last known address by certified or registered mail The taxpayer must have neglected or refused to pay the tax; and, The IRS must have sent 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 taxpayer does not need to actually receive the notice for it to be effective. Many taxpayers never actually receive the final notice. It is important to note that the IRS is only required to send the Final Notice to the last address known to it. Those taxpayers may not realize they are in danger of receiving a levy until their wages are actually garnished. Once an employer receives a Notice of Levy from the IRS, they are required to immediately withhold a large portion of the taxpayer's wages and send the funds directly to the IRS. The amount of funds that must be withheld is determined by how often the taxpayer is paid and their number of dependents. However, an IRS garnishment usually takes a much larger percentage of funds then other levies. For example, a single mother of two, who is paid weekly, would only be allowed to keep $280.77 of her wages, the rest would be sent to the IRS. Once a wage garnishment in issued, it is important to act quickly to get it released. Normally, the taxpayer will need to provide the IRS with detailed financial information and enter into negotiations regarding a resolution of the delinquent taxes before the garnishment will be released. Any such resolution will be based on the taxpayer's unique, specific financial situation. Because of the technicalities and complexities of these negotiations, taxpayers may want to consult with a tax professional for assistance.
Delinquent Tax
A delinquent tax can be paid by settlement. Anyone with a delinquent tax report will be diligently pursued until the delinquent tax is paid. A delinquent tax can be paid by an installment agreement and a delinquent tax can be paid by an offer in compromise. But a delinquent tax is usually paid unless a person dies.
Federal Tax Lien
.If the taxes are not paid in full within 10 days after notified by the IRS, then a Federal tax lien may be filed for the amount of the tax debt. A Federal tax lien gives the IRS a legal claim to your property as security or payment for the tax liability. The IRS files a Federal tax lien to assist in its efforts to collect the taxes owed. A Federal tax lien is different than a wage garnishment or bank levy. According to the Internal Revenue Code, Section 6321, '[i]f any person liable to pay any tax neglects or refuses to pay the same after demand, the amount including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition there to, shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.' Before the IRS may file a Notice of Federal Tax Lien the IRS should first assess the tax liability and then send a Notice and Demand forPayment notifying the taxpayers of the taxes owed and the need to pay themOnce the Federal tax lien is filed, public notice is given to creditors that the IRS has a claim against property owned. This includes property acquired after the Federal tax lien is filed. The Federal tax lien attaches to all of a taxpayer's property (such as homes, land and vehicles) and to all of a taxpayer's rights to property (such as to promissory notes or accounts receivable).
In order to have a Federal tax lien released a taxpayer must obtain a Release of the Notice of Federal Tax Lien. Generally, the IRS will not release a Federal tax lien until the tax has either been paid in full or no longer has a legal interest in collecting the tax. The IRS has standardized procedures for Federal tax lien releases, discharges and subordination. In situations that qualify for the removal of a lien, the IRS will generally remove the Federal Tax lien within 30 days and the taxpayer may receive a copy of the Certificate of Release of Federal Tax Lien.
Injured Spouse
A number of issues arise when you marry a person who has an IRS tax liability. A common problem is that the IRS may begin keeping your annual tax refund to pay your injured spouse's tax bill. The IRS will use the Injured Spouse Form to determine what portion of the refund should be allocated to the spouse without the tax liability. The IRS may then refund the appropriate funds to the non-liable spouse and apply the remaining refund to the liable spouse's past-due tax liability. Another solution is to complete and file IRS Form 8379, Injured Spouse Allocation, at the time you file your joint form 1040 tax return. Injured Spouse Relief may not solve all of the issues that arise from being married to someone with an IRS tax liability. However, it can provide some needed relief. A knowledgeable and qualified tax return preparer should be able to guide you thorough the Injured Spouse Relief process.
IRS Income Tax
The IRS income tax is based on many things. The IRS Income tax is the main revenue raiser for the U.S. Government. The IRS income tax rate is usually from 25-38%. The IRS income tax is based on what you earn. The IRS income tax is also based on what you can deduct. The IRS income tax is also inevitable. Pay your IRS income tax no matter what!
Levy
The IRS must give the taxpayer an IRS tax levy notice. The bank is legally obligated to honor the IRS tax levy. After the IRS has sent out the Final Notice of Levy, it can issue an IRS tax Levy on a bank after 30 days from the date of the letter. The IRS has the right to issue an IRS tax levy on an account that bears the name of a taxpayer who owes the IRS money. Notice constitutes several letters with the final letter bearing a Final Notice of IRS Tax Levy. A Notice of an IRS tax Levy is sent to the taxpayer's bank and it attaches to all accounts in the name of the taxpayer whether a sole or joint account. The IRS tax levy freezes the funds on deposit in the account. The bank cannot allow anyone access to the frozen funds for 21 days from the date of receipt of the levy. On the 21st day, the bank must send the frozen funds to the IRS.
Offer and Compromise
An IRS compromise can reduce IRS debt. The IRS sets guidelines for accepting an Offer in Compromise. The IRS looks at a taxpayer's past, current and future financial situation when evaluating whether an Offer in Compromise should be accepted. Not everyone qualifies for an IRS Offer in Compromise, as each person's financial situation is different. An IRS Offer in Compromise with the IRS allows taxpayers that cannot afford to full pay their back tax liability the opportunity to settle for less than what they owe... Settle taxes are subject to certain terms and conditions. The IRS Compromise process involves completing the appropriate forms, having the necessary records on hand, and being compliant with the IRS tax regulations and filing the Offer for review with the IRS. It is important to know what aspects of a taxpayer's situation the IRS is looking at when filing an Offer in Compromise. Additionally, the length of time varies but the average generally is 8 to 12 months. Thus, pre-qualifying for an Offer in Compromise is an important step to take prior to attempting an Offer in Compromise with the IRS. Once filed, the IRS begins their investigation of the taxpayer's reasonable collection potential and evaluates their compliance history. Unfortunately, many taxpayers who file an Settle tax, get it returned due to procedural deficiencies and never make it to a point of final review. After the IRS completes its review, it makes a determination either to reject or accept the Offer in Compromise. Thus, satisfying the many procedural requirements is necessary if an Offer in Compromise is to be reviewed by the IRS and is one of the benefits in hiring an experienced tax professional for filing a Settle tax. . If the Offer in Compromise is accepted the offer amount is paid and the back taxes are resolved.If the Offer in Compromise is rejected other recourse may be needed such as an Installment Agreement or a Currently Not Collectible status. However, there are certain conditions that must be kept after the Offer in Compromise is accepted such as being compliant with future tax filings and payments. For those that qualify for an IRS compromise it is an excellent way to resolve back taxes and to get a fresh start with the IRS.
Lien
A tax lien is different than a wage garnishment or bank levy. The IRS files tax liens to assist in its efforts to collect the taxes owed. According to the Internal Revenue Code, Section 6321, '[i]f any person liable to pay any tax neglects or refuses to pay the same after demand, the amount including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition there to, shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.' A lien gives the IRS a legal claim to your property as security or payment for the tax liability. Before the IRS may file a Notice of Federal Tax Lien the IRS should first assess the tax liability and then send a Notice and Demand for Payment notifying the taxpayers of the taxes owed and the need to pay them. If the taxes are not paid in full within 10 days after notified by the IRS, then a lien may be filed for the amount of the tax debt. Once the lien is filed, public notice is given to creditors that the IRS has a claim against property owned. This includes property acquired after the lien is filed. In order to have a lien released a taxpayer must obtain a Release of the Notice of Federal Tax Lien. Generally, the IRS will not release a lien until the tax has either been paid in full or no longer has a legal interest in collecting the tax. The IRS has standardized procedures for lien releases, discharges and subordination.
940 and 941 Forms
Employers commonly refer to these 940 and 941 taxes as 'payroll taxes.' An employer could be a self-employed individual, a partnership with employees or a corporation with employees. . The IRS typically employees Revenue Officers to work on collecting payroll taxes and to investigate the financial health of the business. Failing to properly file and pay payroll taxes is a serious matter Employers are required to withhold these payroll taxes from the wages earned by their employees and are required to forward these withholdings to the IRS. Under the Internal Revenue Code, an employer is required to collect, account for and pay taxes that have been withheld from employees' wages. An employer is required to withhold Federal Income tax, Social Security tax and contribute a portion of Social Security tax as well. These withholdings must then be deposited at a bank for transfer to the IRS. Additionally, if the business has employees with an active payroll, the business is required to file quarterly a Form 941, Employer’s Quarterly Federal Tax Return, and annually a Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.
IRS Collection:
The IRS collection system can be many forms. Basically The IRS collection can be in the form of a settlement. It can be in the form of an offer in compromise or it can be in the form of an installment agreement. But make no mistake in the IRS collection process works.
Tax consultant:
A tax consultant is a person who helps you prepare taxes. A tax consultant is your best friend and help you in the settle your taxes with the IRS. Whenever you are in problem with the regarding of tax, in this critical situation only tax consultant help you in the right way.
State of
The State of
Tax Problem:
A tax problem can be occurring in the many form. Tax Problem is always created when you do not pay your taxes or pay them on time. Tax problem come in the form of wage garnishment, bank lien, bank levy, a monetary penalty etc. The tax problem must always be handled.
Taxes due:
Tax due is the money amount that is owed and it must be paid. Tax due can cause you to have bank liens. Tax due can cause you to have your wages garnished. Tax due can cause your property to be seized. Tax due must be paid and never go to away.
Tax negotiation can save you immeasurably. Tax negotiation can be found on the internet and in the yellow pages. You need Tax negotiation if you are late filing your taxes. You need Tax negotiation if you do not know how to file your taxes. You especially need Tax negotiation if you have gotten into trouble with the IRS.You need tax negotiation to cut you a better deal with the IRS.
Tax information:
If you need detail information of tax you go to IRS internet site and other way to getting information by calling 888 477-6933. Without the right tax information there are no way your taxes will be done accurately so Accumulate tax information as it will always be useful.
Tax debt relief:
Tax debt relief is critically important! You need Tax debt relief if you are late filing your taxes. You need Tax debt relief if you do not know how to file your taxes. You especially need Tax debt relief if you have gotten into trouble with the IRS. Tax debt relief can be found on the internet and in the yellow pages.
An IRS tax attorney is the best person to cut a deal for you. An IRS tax attorney can make a great deal for you. We have an IRS tax attorney to successfully prepared federal and state income tax returns for individuals and businesses. We also have experience preparing estate tax returns.
The IRS is now auditing a much higher percentage of individual returns, and this reinforces the need to have your tax return prepared correctly. That's why you need an IRS tax attorney. Estate tax returns are inherently complex and thus you can benefit greatly from having them prepared by an experienced tax lawyer. Due to the complexity of estate tax returns and do to the fact that only a relatively few are required to be filed; these returns receive greater scrutiny from the IRS. That's why you need an IRS tax attorney. If your return is disputed or challenged by the IRS, you could benefit from being represented by an lawyer who has prepared the return. An IRS tax attorney can explain the positions taken on the return, why such positions were taken, and is often able to present persuasive arguments that can prevent assessment of interest or penalties. An affordable IRS tax attorney is often times best suited to providing tax planning ideas, reviewing complicated transactions to ensure that the income and deductions are reflected properly on the tax return, and determining the tax treatment of transactions on which the law is not clear or certain. That’s why you need an IRS tax attorney.
Tax Accountant:
Tax accountant those person who helps you with your taxes in different way. A tax accountant helps you prepare taxes. A tax accountant will go to appeals with you. A tax accountant will help you settle your taxes with the IRS. A tax accountant can get your account paid off. A tax accountant is the best person to handle your taxes PERIOD! A tax accountant is your best friend
Unpaid Tax:
Unpaid Tax is the amount of money that is owed. Unpaid Tax will be pursued relentlessly by the IRS. Unpaid Tax can cause you to have bank liens. Unpaid Tax can cause you to have your wages garnished. Unpaid Tax can cause your property to be seized. Unpaid Tax must be paid. Never go to away from unpaid tax and must be paid.
Federal Income Tax:
The Federal Income Tax is governed and collected by the IRS. Many people try to NOT pay their Federal Income Tax and in this case there are severe interest and penalties. Always make arrangements to pay your Federal Income Tax no matter what it takes.
Owed Tax:
This is the amount of money that is an owed tax and it must be paid. An owed tax will be pursued relentlessly by the IRS. An owed tax can cause you to have bank liens. An owed tax can cause you to have your wages garnished. An owed tax can cause your property to be seized.
Bank Lien:
The bank lien is the act of liening money in your bank account until it can be levied out. A bank Lien will attach all bank accounts it can find. The IRS has the right to issue a bank lien wherever it can find money. The bank lien lasts 21 days until the money is transferred to the IRS in a bank levy. We can release a bank lien before the IRS can do a bank Levy.
IRS Audit:
The IRS audit is the most feared of all IRS functions. The feared IRS audit remained the most feared of all government functions. An IRD audit is held if the IRS feels an IRS audit will reveal real and unreal tax deductions. An IRS audit will also disclose if the taxpayers has cheated on his taxes.
IRS Lien: The IRS Lien occurs in many forms. The IRS lien can be on a property. The IRS lien can be on a bank account. The IRS lien can be on your wages. The IRS lien can even be on furniture and personal property. The IRS lien will be taken anywhere the IRS can find money. The IRS lien is the way the government gets you to pay up!
