by steve | Sep 14, 2009 | Tax Help, Uncategorized
Over 40% of all IRS collection cases are placed into hardship because taxpayer simply do not have the financial means at the current time to go ahead and pay IRS right now.
Taxpayers who wish to have their case be put into non-collectible or hardship status will have to give IRS a current financial statement, usually form 433F with all documentation.
The Internal Revenue Service will compare your financial statement with that of the national and regional norms.
If your expenses exceed your current income and you meet the national and regional norms, IRS can place your case into a non-collectible or hardship status.
If you need professional tax representation contact us today for free initial tax consultation and we will walk you through the process to find out if you are an eligible candidate to be put in non-collectible or hardship status.
Please keep in mind this usually is not a full-time remedy to solve your tax problem.
This is only temporary relief.
Cannot Afford To Pay the IRS Right Now = Ask to be put in a Non-Collectable or Hardship Status
by steve | Sep 14, 2009 | Tax Help, Uncategorized
This is a question we get all the time. Just what is exempt from a federal tax levy? The Restructuring Act of 1998 gave us a new list of exemptions. They are as follows:
Modification of Certain Levy Exemption Amounts
The Code currently prohibits the Service from seizing personal belongings of the taxpayer up to certain dollar amounts. I.R.C. § 6334. The Act increases this dollar amount as to specific items. Effective for levies issued after July 22, 1998, the date of enactment, the Code now exempts from collection (1) fuel, provisions, furniture and personal effects valued up to $6,250 (previously $2,500) and (2) books and tools of the taxpayer’s trade, business or profession valued up to $3,125 (previously $1,250). The new amounts are indexed for inflation. Act § 3431 amending I.R.C. § 6334.
This list is subject to change from time to time.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
Under the Internal Revenue Service Restructuring Act of 1998, more than attorney’s can have attorney-client privileges. The service extended the benefit to anyone who can legally practice before the IRS.
See the enclosed ruling as set forth by the IRS:
The attorney-client privilege is now applicable to communications between taxpayers and individuals authorized to practice before the Service. The privilege is not extended to criminal tax matters or proceedings nor to communications regarding corporate tax shelters. Act § 3411(a) adding I.R.C. § 7525(a)(2). The amendment is effective with regard to communications made on or after, July 22.
This privilege exists today.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
Like us, there are several very good tax resolution companies out there. But how can you tell them apart? There is one starting point I would use. I would want to know the people at the firm have had previous work experience at the IRS in the Collection Division. There are many people who practice tax and tax law. The persons at the IRS who work these cases are called Revenue Officers. They know their way around and have done resolution cases one right after the other.
The second basic aspect of a good company is that, there are no promises. Anyone who promises, turn them in. Nobody can promise anything until all the facts are in and the IRS agrees on the case. We dominate!
by steve | Sep 14, 2009 | Tax Help, Uncategorized
So, do you want to know the number one reason the IRS gets for not filing the 2553 election for a sub S corporation on time?
Of course, blame it on the accountant or attorney. An off the record agent told me the number one reason was that there was a mix up between the professional and the taxpayer. Does it work? Probably, if it is true and can be documented.
Usually, the sad part about this, it is the truth. Make sure that S election is filed timely.
by steve | Sep 14, 2009 | Tax Help, Uncategorized
So what do you do when love knocks on your door? When you get a knock on the door and in your driveway is a car and a badge you have never seen before, it is most likely an IRS agent.
How many doors I have knocked on. The looks, the expressions, the confessions. You get everything. As a person who has knocked on thousands of doors, the number one rule for you is to be as nice as you can. Then after that, “may I have my representative give you a call”? Be friendly, but offer no information. There will be time for that later but now is not the time.
Also, get the agent’s card and let them know you will be attentive to the request and that you will call them back the following day.
They are trying to close their case.
