by steve | Jun 2, 2010 | IRS Tax Advice, Tax News
Asset Protection Strategies from Creditors and the IRS
Our tax professionals will make sure that your asset protection plan is correctly designed and documented correctly and legally.
Asset protection is not about trying to hide from legitimate creditors. It is about managing justifiable debts and protecting your assets by taking the appropriate steps now by planning for the future so you have money and funds to pay necessary bills and obligations. Whether it is the formation of a trust,a corporation, limited liability company ( LLC), a limited partnership, or some other type of structure is going to be right for you, Fresh Start Tax will give you options an asset protection strategy that is appropriate for your assets, and for your unique personal and business situation. It also will allow you to set up a payment plan or settle with the Internal Revenue Service or other creditors. It will also help against IRS tax levies and IRS tax liens.
Fresh Start Tax believes that even though our clients may owe up to millions of dollars in past due taxes, our clients still have rights. thus the taxpayer Bill of Rights. It is within these laws that we fight for our clients because our experience has demonstrated that there is always a fair and equitable solution for collecting past due taxes. There are legal remedies for almost all situations. each case is different so every case is looked at from its own point of view. There are no two cases the same. we have dealt with thousands and thousands of cases in the past 60 years.
We also know how frustrating, depressing, sleepless nights it can be for an individual or for a business to address a liability with the long term goal of paying it off, when you or your business continues to have its bank accounts levied or seized . Our goal is to keep you operating and paying off your necessary bills and still deal with the IRS. We will deal with IRS so you never have to speak with them.
If you or your business has experienced a federal tax levy or a federal tax lien it is imperative to take the necessary steps to protect your assets in advance of this taking place, by contacting a tax professional from Fresh Start Tax who is equipped at protecting you in your time of distress.We can help you today.
You are right to be concerned about keeping what you have earned, and the law provides ways for you to protect your assets from IRS and current and future creditors. Our company will help you keep federal, state, and local tax authorities from seizing your business or your personal assets.We can work out settlement agreements if need be. Let us solve your IRS problem today
Our process is to give you a financial statement so we can start the process today. We send all information out to you electronically and you can get started today. We wait to have you as a new client.
by steve | Jun 2, 2010 | IRS Tax Advice
IRS Liens Can and Will Demolish Your Good Credit and Borrowing Capacity!
By Internal Revenue Service filing federal tax liens ( FTL ), the IRS can make your life absolutely miserable.
Federal Tax Liens are filed in the public records in the courthouse nearest your residence. The federal tax lien will indicate you owe the IRS various federal business or individual taxes . They are filed with the County Clerk in the county from which you or your business operates or your principle residence
Because they are public records they will show up on all your credit report. This often makes it difficult or impossible for a taxpayer or the business to obtain any financing, even for an automobile, home, or other lending opportunities.
In addition, Federal Tax Liens can tie up your personal property and real estate. It is like IRS has a mortgage on the property. Once a Federal Tax Lien is filed against your property, you cannot sell or transfer the property without having the lien removed so that you can transfer a clear title. The federal tax lien will have to be released for any sale to take place.
Taxpayers find themselves in a no win situation where they have property against which they would like to borrow but, because of the Federal Tax Lien, they cannot use it as collateral to back up a loan.
Generally the only ways federal tax liens can be released are by full pay, accepted and paid Offer in compromise or the statue of limitation has expired on the tax years. Contact us so we can help you through this problem. As a side note, your beacon score on your credit report will drop about 100 points. The federal tax lien has a devastating effect.
by steve | Jan 6, 2010 | Tax Help, Uncategorized
Collection Issues. From the National Tax Payers Advocates Office.
The report contains a detailed assessment of the IRS examination and collection practices, concluding that many practices have been developed piecemeal and that the IRS lacks an effective overarching strategy to maximize voluntary compliance. The report also concludes that IRS collection practices often harm taxpayers without producing revenue.
In particular, the report cites the IRS lien filing policies as the second most serious problem facing taxpayers. The IRS uses automated systems to file liens against taxpayers in a variety of situations, even when the taxpayer possesses minimal or no property and the lien will do little more than damage the taxpayers financial viability and access to credit. A study conducted by Olson?s office found no obvious causal relationship between the number of lien notices filed and the amount of overall revenue collected. Over the past decade, the IRS increased its lien filings by nearly 475 percent ? from about 168,000 in FY 1999 to nearly 966,000 in FY 2009, yet overall inflation-adjusted collection revenue declined by 7.4 percent during this period.
A second study found that the IRS procedures for determining a taxpayers ability to pay outstanding tax liabilities may be driving some taxpayers into long-term noncompliance because the IRS fails to consider other debts such as credit card balances, school loans, and actual hospital or medical bills. Other tax systems, including Sweden’s, consider the taxpayers overall financial picture.
?Any taxpayer with these debts will tell you that these creditors don’t go away,? Olson said. Taxpayers are placed in the intolerable position of agreeing to pay the IRS more than they can actually afford (given their other debts) and then defaulting on the IRS payment arrangements when they channel payments to unsecured creditors in order to get some peace. Thus, the IRS itself fosters noncompliance by its failure to take a holistic approach to the taxpayers debt situation.?
“The National Taxpayer Advocate recommends that Congress require the IRS, before imposing a lien, to make a determination that the benefits of filing the lien outweigh the harm to the taxpayer and will not jeopardize the taxpayers ability to comply with future tax obligations”.
The report of this practice has been going on for years and it is about time the IRS fixes it. What do you think?
by steve | Nov 30, 2009 | Tax Help, Uncategorized
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.
