I have just finished reviewing the following site that the IRS has. It is called TAXWISETV. It has very helpful tips on all different subjects. Subjects range from tax tips to tax problems and are very up to date. Give this a shot, you will be very surprised.
tp://www.taxwisetv.com/presentation.asp?asx=2009-10-20.asx&
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Trust Fund Recovery Penalty, Statute of Limitations. Few people know that this statute exists, yet it can save you thousands and thousands of dollars if you have owed back 941 and payroll taxes.
Here is the rule regarding payroll tax cases in regards to the trust fund law.
A simple review of your file can be made to see if this relates to you.
The general rule is that an assessment of tax must be made within three years from the date a return is filed, or the due date of the return, whichever is later.
Generally, this means that the tax must be posted within 3 years from the received date of the return.
This simply means that if the IRS does not set up the trust fund recovery penalty within 3 to 4 years, you no longer owe the tax.
How good that is. Because of the current IRS work load, it has been impossible to work all these cases.
This means you will not owe these back taxes or payroll tax liability. Your IRS problem is over.
From time to time we play stump the stars. How many notices do you think the IRS sends out every year? The number is staggering, so it’s a good thing their postage is free! The IRS sends out 200 million notices a year, a HUGE number. Many of them are federal tax liens and federal tax levies. Looks like somebody is pretty busy.
Filing of the federal tax lien.
L.A. NOW
Southern California — this just in
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November 27, 2009 | 4:59 pm
A federal tax lien for nearly $80,000 filed against Gov. Arnold Schwarzenegger is related to “a minor paperwork tracking discrepancy,” and is expected to be cleared up quickly with no penalty assessed on the governor, spokesman Aaron McLear said this afternoon.
Public records show the lien was filed May 11 at the Los Angeles County recorder’s office for $79,064, according to a record in an electronic database that includes lien filings. The record lists the debtor as Arnold Schwarzenegger and the address as the governor’s home address in Brentwood.
The lien was reported Friday by TMZ.com, which posted a copy of a lien document that says it is from the county recorder’s office. That document shows that Schwarzenegger owes $39,047.20 from 2004 and $40,016.80 from 2005.
The document also lists a section of the IRS code that suggests the debt may be penalties for a failure to report certain business transactions.
In a statement, McLear said the matter had not been brought to Schwarzenegger’s attention until Friday. “The issue is completely unrelated to the payment of taxes, which the governor has paid in full and on time,” the spokesman said.
IRS spokesman Victor Omelczenko said he could not discuss the agency’s dealings with individual taxpayers.
–Michael Rothfeld in Sacramento
Great article. The bottom line is that he did not pay the tax.
Many years ago, the IRS came out with this little slogan, “a kinder, gentler IRS”. The question is, “are they”? A grizzly bear is soft and gentle at times, yet other times kills. Which one is the IRS? Ever since this slogan came out I laughed at the kinder gentler IRS. The truth be told, it all depends on the agent and what type of day they are having. Like any business or job, when a case is worked by an agent, it has a certain personality to it just like a grizzly.
Some of the factors that determine how your case is going to be worked are based on the type of day the agent is having and their current life circumstances. Did they just have a review? Is management pressing new issues? This all may affect your case. Management comes out with different programs throughout the years and if it is a program your case falls under, out comes the bear. There are too many factors that determine which side of the bear will show. It is important to remember first and foremost:
The IRS is a collection agency, imposing tax liens and tax levies to secure the national interest. They are interested in getting paid. That is their goal.
The bear is always happy when you you keep his belly full, i.e., you are current on tax deposits and are responsive to appointments and requests.
The reason you hire a true tax professional is to navigate your way through the process. The professional does not owe the tax and the IRS is in a less combative mode with them. As a general rule, once the professional is involved, your lien and levy chances are much diminished.
When I was an agent, I loved working with the professional because they helped me keep my deadlines.
What do I do when the IRS is not listening? If the IRS is working your case and YOU know there is an impasse or a problem, is what they say gospel? No, you have a friend called the Taxpayer Advocate.
So how does this process work? The LTA is a Local Taxpayer Advocate that works in the area that you live. This person becomes the go between of the agent and you if there is a reason and an impasse is reached. A 911 form must be filled out and given to the agent working the case. That form is immediately sent to the local taxpayer’s advocate office. The LTA are a good go between for you and the agent, but you MUST have a legitimate reason, no bogus stuff like you don’t like the color of the agent’s hair or the agent is unpleasant.
The 911 form is designed to indicate that hardship exists and that there are causes that someone should understand. It keeps the agent on their toes if the reason is legitimate. The Advocate’s Office does the following:
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