Free Online Article Directory. For Article Authors & Publishers
What To Do If You Get An IRS Tax Notice
Getting a tax notice from the IRS is not a matter to take lightly. If you cannot pay in full, you should send in as much as you can with the notice. The unpaid balance is subject to interest compounded daily and a monthly late payment penalty. It is in your best interest to pay your tax liability in full as soon as you can to minimize additional charges. You also might want to consider a obtaining a cash advance on your credit card or a bank loan. The interest rate your credit card or bank charges and any applicable fees may be lower than the combination of interest and penalties imposed by the Internal Revenue Code. Paying off your tax debt by using a credit card, obtaining a cash advance or a bank loan may also keep your tax debt from negatively affecting your credit rating.
If you are unable to pay your balance in full, the IRS may be able to offer you a monthly installment agreement. If you are experiencing a financial hardship and are unable to pay anything, the IRS may temporarily suspend collection action. Interest and late payment penalties will continue to accrue while you make installment payments or while collection is suspended. If you are a member of the Armed Forces, you may be able to defer payment.
Once all payment options have been considered and it is determined that you do not qualify for an installment agreement, you may choose to propose an Offer in Compromise (OIC). It is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax liability by payment of a reduced amount.
It is important to contact the IRS and make arrangements to pay the tax due voluntarily. If you do not, the IRS may take action to secure payment.
Some of the actions the IRS may take to collect taxes include:
1. Filing a Notice of Federal Tax Lien,
2. Serving a Notice of Levy; or
3. Offsetting a refund to which you are entitled.
An explanation of this process is as follows:
The federal tax lien is a claim against your property, including property that you acquire after the lien arises. The lien arises when you fail to pay the taxes you owe within 10 days after we send our first bill. By filing a Notice of Federal Tax Lien, the government establishes its interest in your property as a creditor in competition with other creditors in certain situations, such as bankruptcy proceedings or sales of real estate. The filing of a Notice of Federal Tax Lien may appear on your credit report and may harm your credit rating. Once a lien arises, the IRS generally cannot issue a "Certificate of Release of Federal Tax Lien" until the taxes, penalties, interest, and recording fees are paid in full or the IRS may no longer legally collect the tax.
A Notice of Levy is another method the IRS may use to collect taxes. Levying means that they can confiscate and sell property to satisfy a tax debt. This property could include your car, boat, or real estate. The IRS may also levy assets such as your wages, bank accounts, Social Security benefits, and retirement income. In addition, we will apply future federal tax refunds that you are due, to offset the amount you owe. Any state income tax refunds you are owed may also be applied to your liability.
You have rights and protections throughout the collection process. Seek a reputable and local certified public accountants. CPAs help walk you through this process. This process can cause a lot of stress, can be very confusing, and often times scary so please let a professional help guide you through it.
Author Resource:-
Tax Poacher is an Atlanta, GA CPA firm with degreed accountants who are dedicated to finding solutions for businesses with IRS problems, helping businesses with QuickBooks accounting, and providing competent tax preparation. For more information visit Tax Poacher, or call 678-233-0324.
If you're thinking about donating your car to charity to get the best tax deduction possible there are a few things to keep in mind. Most likely it will go off without a hitch but there is the possibility that you could encounter a few problems along the way.
If you are planning on removing ceiling tiles or flooring materials in your house you need to realize they may contain asbestos. Inhaling asbestos fibers may result in mesothelioma and other asbestos-caused ailments and stringent safety actions should be taken. In case you wish to determine if your ceiling tiles contain asbestos there are a few basic essentials you must know.
Began inside year 1993, BPI was started as an independent entire body to bridge the gap between the buyers and private structure building contractors about concerns arising out of weatherization options that ended up in reality creating havoc towards the structural integrity of different buildings across the United states of america.
Somebody once said that change is the only constant. However, despite knowing this not many of us are very comfortable with change and when that change happens to be associated with movement to a different country, we have reasons to be apprehensive about it, notwithstanding the excitement that would also accompany this change.
Information is always valuable to the right people. Before doing anything or making any decisions, we always need information to at least give us an idea which decision to make.
There are a lot of different factors that play into the amount of federal income tax is withheld each year. Sometimes, depending on the number of exemptions, filing status, and earned income levels, employees will qualify for Advance EIC Payments. This is basically a refund of federal income tax, and they're to be made each pay period, if it's requested.
The Internal Revenue Services takes debts very seriously. Those who owe the IRS money or have paid debts in the past to them often cringe at the mere mention of the IRS or an IRS agent. Getting down to the meat of the problem can be as easy as making a settlement payment or paying on an agreed-to payment plan to end your debts.
Sell shares in your S-corporation using a professional s-corporation shareholder agreement. Each agreement will detail all of the rights, obligations, and responsibilities of each shareholder. Each member can than benefit from the tax and liability benefits of an S-corp.
The Thai government is currently trying to encourage and support Thai-based business in their ventures, especially given the recent China-ASEAN agreement and the expected impact on Thai SMEs.
![[Valid RSS feed]](http://www.articlelisted.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Manuel Lopez's Author Feed
Print This Article
Add To Favorites 