Compromising With The IRS
by: Frank Hague
Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.
These are the kind of services a Tax Attorney can provide: Offer in Compromise Cases, Penalty Abatement Petitions, Full Audit Representations Business Strategy Sessions. Preparation and Filing of Tax Returns.
Settle taxes for Pennies on the Dollar owed, Stop IRS wage and bank levies (garnishments), Have property liens lifted, get affordable installment agreements, File bankruptcy against the IRS, Have penalties and interest forgiven, Reduce taxes by running out the IRS' time to collect.
Offer in Compromise: Settle your taxes for Pennies on the Dollar owed Professional law offices can help get you a favorable settlement with an experienced IRS tax attorney. The IRS' Offer in Compromise program allows taxpayers to settle their tax debt.
What is an IRS offer in compromise?
It settles your tax liability for less than the full amount owed, providing you can prove you don't have the ability to pay. Depending on how much you can afford, you really can pay "Pennies on the Dollar Owed" in taxes.
If it is done correctly - this option could save you an enormous amount of money, and is the best strategy for most taxpayers. You should take extreme caution. You should hire a professional with knowledge of the IRS' procedures.
This professional should determine the least amount that the IRS will accept from you. If the Offer is not submitted correctly it will be rejected, or you may be required to pay more than is necessary.
An Offer in Compromise may save you a LARGE amount of money. Do you know that the IRS only has a limited time to collect your back taxes?
Let a Professional Tax Attorney determine when the IRS' time limit to collect taxes runs out.
In most cases the IRS has only a limited time to collect the unpaid taxes. You must CAREFULLY evaluate exactly when that time period will run out.
Your troubles may be solved. and moreover: If the IRS' time has run out, or if it will run out soon, your troubles may be over.
Delaying tactics may be used to stall the IRS while their time runs out. Once the IRS is out of time, they MUST stop ALL collection action against you.
The IRS MUST release all property liens
TAX RETURNS - FAILURE TO FILE
Many people fail to file Individual Income Tax Returns for a variety of reasons. Some reasons are innocent, although the most common is the fact that people can't afford to pay the taxes.
When this happens it becomes difficult to get back into the system. "I filed for 1998. I couldn't pay for 2000, so I did not file. Then I was afraid to file for 2001. I haven't filed since then. What can I do now?"
If you do not file Income Tax Returns you commit a criminal offense. However, no one who has voluntarily filed back returns before being caught has ever been criminally prosecuted. That is the first key: filing BEFORE they catch you.
IRS Penalties
Some IRS penalties can be as high as 100% to 150% of the original taxes owed. Even if you could pay the taxes owed, the extra penalties will make it impossible to pay off the entire balance.
The IRS imposes penalties to punish taxpayers and keep them in line. The IRS does forgive penalties. Before you pay the IRS any penalty amounts, you may want to consider requesting the IRS to not punish you because it wasn't your fault.
About The Author
Frank Hague is interested in Tax Attorneys. Find out more at: http://www.tax-attorney.biz.
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13 Extra Costs to be Aware of Before Buying a Home
13 Extra Costs to be Aware of Before Buying a Home
by: Mark Eibner
Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can bud-get properly.
Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your...
13 Extra Costs to be Aware of Before Buying a Home
Tax help > 13 Extra Costs to be Aware of Before Buying a Home
What is a Structured Settlement
What is a Structured Settlement
by: Amit Laufer
A Structured Settlement is an agreement between a personal injury victim ( a Plaintiff ) and an Insurance company ( the Defendant ) to compensate the Plaintiff by the defendant with long term periodic payments instead of a single cash lump sum.
Payments can be tailored to each individual plaintiffs needs, to help meet expenses such as on-going medical and living expenses, education, children needs & support etc? The fixed annuity payments are tax-free to the claimant, a cost-of-living adjustment (COLA) feature is available, that can help offset the effects of inflation over time, payments can continue as long as the claimant lives thus providing him the maximum benefits.
Structured settlements are encouraged by plaintiffs lawyers, Courts, Insurance companies and the legislators alike as they all agree it is the best solution to all parties involved especially for the claimant.
...
Tax help > What is a Structured Settlement
The 10 Rules for Successful Tax-Free Income Investing
The 10 Rules for Successful Tax-Free Income Investing
by: Ulli G. Niemann
Do you sometimes question the performance of your investment portfolio? If you are like most investors you have your income producing assets thrown in together with your equity portfolio. You look at the total mix of dividend paying stocks, bonds, mutual funds and equities, and you're confused as to why they're not producing enough income or growing your portfolio value sufficiently.
I have found that part of the reason is the nearly universal propensity of investors to ignore the long-term implications of their income investment decisions while they focus on short-term effects.
Because fixed income investing simply isn't regarded as being as exciting as other stock market investing, it has often been relegated to the "ho-hum" category by writers and not as much ink has been devoted to its ins and outs as has been expended on other types of investing. I think that's...
The 10 Rules for Successful Tax-Free Income Investing
Tax help > The 10 Rules for Successful Tax-Free Income Investing
Do You Need Life Insurance
Do You Need Life Insurance
by: Joseph Kenny
It can be very difficult to decide if you need life insurance. Life insurance can be an extremely onerous financial commitment and investment, and it will also last for a considerable period of time, so you should take careful consideration in deciding if it is the best way of achieving the financial and other goals you and your loved ones may have.
Life Insurance Policy
Basically, a life insurance policy will cause a sum to be paid to the named beneficiary upon the death of the insured. This sum will generally be paid to the beneficiary, free of income tax. So in which instances is life insurance generally used above its alternatives? Well its primary function is to provide death benefit protection in a tax efficient way. For example, if you would like to transfer wealth from your estate to your beneficiaries you can do it through life insurance.
You should now that it may still be liable...
Do You Need Life Insurance
Tax help > Do You Need Life Insurance
The Legalities And Issues With An IRS Levy
The Legalities And Issues With An IRS Levy
by: Henry Byers
An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employee?s pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may issue an IRS levy requiring the deductions from the pay till the back taxes are paid. They may ask the person to sign an agreement of consent authorizing the amount to be deducted. The IRS levy can allow an amount to be exempt from withholding based on the o employee?s tax filing station and the number of exemptions claimed.
A legal step taken by Internal Revenue System to seize anyone?s property in order to satisfy his debt is IRS levy. They are different from liens. Lien is just a claim used as security for tax debt whereas in IRS levy they actually take the property to do so. If one cannot make arrangements to settle the debts then the IRS seizes or sells any type of personal or real...
The Legalities And Issues With An IRS Levy
Tax help > The Legalities And Issues With An IRS Levy
Collecting The Levy
Collecting The Levy
by: Henry Byers
The Financial Management Service (FMS) is a bureau of the Department of the Treasury, to provide a centralized debt collection service to most federal agencies. The FMS has begun utilizing two Congressionally mandated federal debt collection programs. One is devised to collect delinquent non-tax debt by neutralizing federal payments and the other is to collect delinquent tax debt from those individuals who receive federal payments.
The Tax Payer Relief Act of 1997 authorized the IRS to collect delinquent tax debts from individuals and businesses that receive federal payments, by levying up to 15% of each payment until the debt is paid.
Before the IRS transmits an electric file to the FMS, the IRS will send each tax debtor a notice by certified mail that will include the tax bill, a statement of the intent to levy, an explanation of the debtor's rights to appeal, and an IRS phone number to inquiries...
Collecting The Levy
Tax help > Collecting The Levy