by steve | Sep 10, 2009 | Tax Help, Uncategorized
One of the damaging aspects of the Federal Tax Lien is not only putting the public on notice that you owe federal tax dollars and that the lien attaches to all personal and real property that you own, BUT, it also will ruin your credit!
Once a creditor sees that a Federal Tax Lien has been filed, all credit is usually shut off and down until that tax lien has been released.
To get a Federal Tax Lien released you must generally pay the tax in full.
There are other ways and avenues to get your federal tax lien off your credit report.
To get a federal tax lien removed you will obviously get it released if you pay in full.
You can also file an offer in compromise, have accepted and meet the terms of the offer in compromise.
When you meet the terms Internal Revenue Service will release your federal tax lien.
If your tax debt is under $25,000 you could make three payments on a debit checking account and the IRS will release your federal tax lien as well.
We are a full service tax firm and have an expertise in all IRS matters.
If you need to have a professional tax firm represent you for any IRS matter call us today for free initial tax consultation.
Removing your IRS Federal Tax Lien off Your Credit Report, Former IRS Agents, IRS Experts
by steve | Sep 10, 2009 | Tax Help, Uncategorized
There are generally two types of levies.
The IRS will send both of these levies out when working an open collection case.
The first type of levy is a wage garnishment levy.
The reason this levy is different is because it is a continuous levy.
It activates each and every paycheck period. It does not stop until the levy is released or until you quit.
The IRS by no means wants to take your paycheck each and every week, but does so because it has no choice until you get into compliance with their system.
The second type of levy is a bank or third party levy.
It takes effect only on the date, place, and time of service. It is a one time shot. To seize monies from this place again, the IRS must send out a new tax levy.
If you have received an IRS bank levy or wage garnishment, call us today and as a general rule within 24 hours of receiving your current financial statement and full documentation we can get your IRS bank levy and wage garnishment released in your case closed.
Please keep in mind all your tax returns will have to be up-to-date with the Internal Revenue Service.
IRS Bank Levy, Wage Garnishment Levy, What You Need to Know, Former IRS Agents, IRS Tax Experts
by steve | Sep 2, 2009 | Tax Help, Uncategorized
Employee vs. Independent Contractor.
Ten tips for Business Owners.
Getting this straight from the horse’s mouth is very important for individuals deciding whether to file 941’s or 1099.
On staff are former IRS agents and managers who know the system.
We have both audited and collected back tax as a result of these employee employer relationships and the misclassifications as former IRS agents, we know the system.
If you need tax help or true tax experts call us today for free initial tax consultation.
The following tips are critical in making this decision. The IRS has a special group of agents that just work these cases.
If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will affect how much additional costs your business must bear, what documents and information they must provide to you, and what tax documents you must give to them.
Here are the top ten things every business owner should know about hiring people as independent contractors versus hiring them as employees.
1. Three characteristics are used by the IRS to determine the relationship between businesses and workers: Behavioral Control, Financial Control, and the Type of Relationship.
2. Behavioral Control covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means.
3. Financial Control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker’s job.
4. The Type of Relationship factor relates to how the workers and the business owner perceive their relationship.
5. If you have the right to control or direct not only what is to be done, but also how it is to be done, then your workers are most likely employees.
6. If you can direct or control only the result of the work done — and not the means and methods of accomplishing the result — then your workers are probably independent contractors.
7. Employers who misclassify workers as independent contractors can end up with substantial tax bills. Additionally, they can face penalties for failing to pay employment taxes and for failing to file required tax forms.
8. Workers can avoid higher tax bills and lost benefits if they know their proper status.
9. Both employers and workers can ask the IRS to make a determination on whether a specific individual is an independent contractor or an employee by filing a Form SS-8. Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding with the IRS.
10. You can learn more about the critical determination of a worker’s status as an Independent Contractor or Employee at IRS.gov by selecting the Small Business link. Additional resources include IRS Publication 15-A, Employer’s Supplemental Tax Guide, Publication 1779, Independent Contractor or Employee, and Publication 1976, Do You Qualify for Relief under Section 530
These publications and Form SS-8 are available on the IRS Web site or by calling the IRS at 800-829-3676 (800-TAX-FORM).
IRS Rules for Employer/Employee Relationship – Need Help, Call IRS Tax Experts, Former Agents
by steve | Sep 2, 2009 | Tax Help, Uncategorized
When should you file Form 8300 for cash transactions?
If you have questions about IRS policies contact us today.
We are a team of former IRS agents were experts in IRS tax help.
First-time consultations are always free.
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions, must file Form 8300.
If you have received over $10,000 in cash, you are not sure of what to do, contact us today speak directly to a true IRS tax expert.
Tax attorneys and tax lawyers are on staff in case attorney-client privileges needed.
Receive Over $10,000 In Cash, Better File Form 8300, Former IRS Agent Expert Tax Help
by steve | Sep 2, 2009 | Tax Help, Uncategorized
40% of all taxpayers who are in the IRS collection Queue have their cases written off as non-collectible.
The non-collectible status simply means at the current time you cannot pay your IRS taxes due to a financial hardship.
The Internal Revenue Service will take a current financial statement and determine whether that is the case or not. IRS will likely use form 433 f.
If if it is the case, Internal Revenue Service will most likely write off your case for two or three years.
However they will come back to review your case at the end of a given period of time.
The penalties and interest continue to grow.
If you want to find out if you are eligible you can call a professional tax firm that can walk you through the process.
Also to note, IRS has a set of National Standards.
You will find this info at www.irsgov.org,
National Standards.
If after taking the financial statement the IRS finds that your case fits the requirements of the National Standards and you do not have the ability to pay, the IRS will put your case in hardship, which usually lasts about 3 years.
If you wish to be professionally represented call us today and speak to former IRS agents and managers.
Cant Pay the IRS – File for Non Collectable Status, IRS Experts, Affordable, Since 1982
