The Internal Revenue Code does not make it easy to understand how Federal tax liens work. Hopefully, that is what I am here for.To release an IRS wage garnishment on taxes owed, file back and past due tax returns or settle your tax debt, call us today at 1-800-790-8574.ADVANCE TAX RELIEF LLC – Serving All 50 Stateswww.advancetaxrelief.comBBB A+ RATED**Over 5 Million in Tax Debt and Penalties Forgiven for our clients.The starting point to understanding your tax lien is to know that it lasts for the amount of time the IRS has to collect from you – 10 years. After the 10 year statute of limitations on collections expires, the IRS is required to release the lien. To accomplish this on a wide scale, the IRS inserts language into the lien that makes it “self-releasing.” That means it is automatically released when the 10 years is up.
This “self-releasing” aspect of a tax lien is right on the face of the lien. Here is what a Federal tax lien says:“IMPORTANT RELEASE INFORMATION: For each assessment listed below, unless the lien is refiled by the date given in column(e), this notice shall, on the day following such date, operate as a certificate of release as defined in IRC 6325(a).”Grab your tax lien (I know it may be painful to look at). The top of the document will say “Notice of Federal Tax Lien.” As an overview, in the center of the lien are six columns, identified with letters (a) through (f). Each column lists (a) the type of tax you owe, (b) the tax years, (c) the last four digits of your social security number, (d) the date the IRS put your balance due on its books, (e) the last day the IRS can refile the lien if it needs to, and (f) a balance due.Note the balance due is not what you owe now; it is not current and does not reflect accrued interest, penalties or any payments you may have made.Tax liens may contain a foreign language, but you can learn a lot if you know how to read them. Let’s focus on the fourth column of the lien (column (d) ), and the fifth column (column (e). They are the heart of the lien.Column (d) provides the date the IRS made its assessment against you; in other words, the day the collection statute began. Take the date in column (d) and add 10 years. From the lien itself, we now have the date the IRS collection statute should expire.As stated on the face of the lien, the lien itself operates as a certificate of release after the collection statute expires. Column (e) gives you that date, which is 30 days after the IRS collection statute expired. Hopefully, for you,the lien ends there, after 10 years.But sometimes there’s a catch: You may have done something that extended the time the IRS has to collect. Did you submit an offer in compromise? File bankruptcy? Submit a collection due process appeal? All of these extend the time the IRS has to collect.In cases where the collection statute is longer than 10 years, the IRS can extend the life of the lien by refiling it to match the longer collection period. This is where the 30 days comes into play.If the IRS refiles the lien within 30 days of the collection statute expiration date, the lien remains in place and maintains its priority against all of your other creditors.Example of lien refiling: Let’s say you own a house, and it is worth $200,000. You have a mortgage, and you owe $100,000 on it. The IRS has a tax lien filed, which attaches to all of the equity in your house. You filed an offer in compromise with the IRS, which was rejected (don’t believe what you see on TV; most are). It took the IRS 12 months to complete the offer investigation. Your offer gave the IRS 12 more months to collect against you and the equity in your house.The tension is that the IRS lien self-releases when the original 10 year collection statute expires, but they have 12 more months to pursue your house. What happens?If the IRS timely refiles the lien before the 30 days expires, the tax lien maintains its priority against your house and will remain in place for the additional 12 months you owe the IRS.If the IRS does not refile the lien timely, the lien loses its priority against your house, although you still owe the IRS for an additional 12 months. Their claim is unsecured. The point: You could sell your house if the lien is not timely refiled, and the lien would not be paid at closing. Or you could put a second mortgage on the house equity as the lien self-released and was not refiled to maintain its priority from the extended collection statute.One more thing: The IRS can still refile its lien late – after 30 days – but their priority is at risk for any intervening event. Using the example above, presume the IRS was late and refiled the lien after 30 days. Before the lien was refiled, you took out a second mortgage. The tax lien would now be third in line, after your first and second mortgages. If the IRS is late on the refiling of the lien, the lien goes to the back of the class.We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises, tax debt forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574Some Recent Tax Settlements:Mr. Dillard - CA Owed $6884, IRS settled for $400Mr. Batiste - LA Owed $18513, IRS settled for $2972Mr. Johnson - CA Owed $21,378, IRS settled for $4500Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700Mr. Anthony - NY Owed $14,000, IRS settled for $900Mr. Wilkes - CA Owed 32,211, IRS settled for $1250Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.comConnect with us:BBB PAGE:https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857GOOGLE PAGE:https://plus.google.com/+ADVANCETAXRELIEFLLCHoustonYELP:https://www.yelp.com/biz/advance-tax-relief-houstonTWITTER:https://twitter.com/irstaxpro?lang=enFACEBOOK:https://www.facebook.com/advancetaxrelief/#Tax Attorneys Near Me#IRS Fresh Start Initiative#I Owe Money to the IRS#Payment Plan with IRS.#Taxes Owed#Federal Tax Lien#Tax Attorney#Tax Resolution Services Company#Tax Preparation
You may receive one or more of the below notices if you have not filed your tax return.If the IRS files a substitute return, it is still in your best interest to file your own return to take advantage of all the exemptions, credits and deductions to which you are entitled. The IRS will generally adjust your account to reflect the correct figures.To release an IRS wage garnishment on taxes owed, file back and past due tax returns or settle your tax debt, call us today at 1-800-790-8574.ADVANCE TAX RELIEF LLC – Serving All 50 Stateswww.advancetaxrelief.comBBB A+ RATED**Over 5 Million in Tax Debt and Penalties Forgiven for our clients.Understanding your CP59 NoticeWe sent you this notice because we have no record that you filed your prior personal tax return or returns.
Understanding your CP63 NoticeWe are holding your refund because you have not filed one or more tax returns and we believe you will owe tax.Understanding your CP259 NoticeWe've sent you this notice because our records indicate you didn't file the required business tax return identified in the notice.Understanding Your CP515 Individuals NoticeThis is a reminder notice that we still have no record that you filed your prior tax return or returns.Understanding Your CP515 Business NoticeYou received this reminder notice because our records indicate you didn't file a business tax return.Understanding Your CP516 NoticeThis is a reminder notice that we still have no record that you filed your prior tax return or returns.Understanding Your CP518 Individuals NoticeThis is a final reminder notice that we still have no record that you filed your prior tax return(s).Understanding Your CP518 Business NoticeThis is a final reminder notice that our records still indicate you haven't filed a business tax return.Understanding Your CP2566 NoticeWe didn't receive your tax return. We have calculated your tax, penalty and interest based on wages and other income reported to us by employers, financial institutions and others.Understanding Your CP2566R NoticeWe previously sent you a CP63 notice informing you we are holding your refund until we receive one or more unfiled tax returns. Because we received no reply to our previous notice, we have calculated your tax, penalty and interest based on wages and other income reported to us by employers, financial institutions and others.Understanding Your CP3219A NoticeWe've received information that is different from what you reported on your tax return. This may result in an increase or decrease in your tax. The notice explains how the amount was calculated and how you can challenge it in U.S. Tax Court.Understanding Your CP3219B NoticeThis Statutory Notice of Deficiency notifies you of the IRS’s intent to assess a tax deficiency and informs you of your right to petition the United States Tax Court to dispute the proposed adjustments.Understanding Your CP3219N NoticeWe didn't receive your tax return. We have calculated your tax, penalty and interest based on wages and other income reported to us by employers, financial institutions and others.We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises, tax debt forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574Some Recent Tax Settlements:Mr. Dillard - CA Owed $6884, IRS settled for $400Mr. Batiste - LA Owed $18513, IRS settled for $2972Mr. Johnson - CA Owed $21,378, IRS settled for $4500Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700Mr. Anthony - NY Owed $14,000, IRS settled for $900Mr. Wilkes - CA Owed 32,211, IRS settled for $1250Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visitwww.advancetaxrelief.comConnect with us:BBB PAGE:https://www.bbb.org/…/advance-tax-re…/reviews-and-complaintsGOOGLE PAGE:https://plus.google.com/+ADVANCETAXRELIEFLLCHoustonYELP:https://www.yelp.com/biz/advance-tax-relief-houstonTWITTER:https://twitter.com/irstaxpro?lang=enFACEBOOK:https://www.facebook.com/advancetaxrelief/#Tax Attorneys Near Me#IRS Fresh Start Initiative#I Owe Money to the IRS#Payment Plan with IRS.#Taxes Owed#Federal Tax Lien#Tax Attorney#Tax Resolution Services Company#Tax Preparation
The IRS charges civil penalties as a way to scare taxpayers into staying in compliance with their tax filings and tax payments. The IRS has both civil penalties and criminal penalties. In fact, there are over 140 different civil penalty provisions that the IRS uses.The IRS will also charge interest on any past due tax amount. There are various types of penalties that all vary in amount and they typically increase with the severity of the infraction. Below are the common IRS penalties that are charged.To release an IRS wage garnishment on taxes owed, file back tax returns or settle your tax debt, call us today at 1-800-790-8574. ADVANCE TAX RELIEF LLC – Serving All 50 Stateswww.advancetaxrelief.comBBB A+ RATED**Over 5 Million in Tax Debt and Penalties Forgiven for our clients.
FAILURE TO PAY & UNDERPAYMENT TAX PENALTIES AND INTERESTOut of all of the civil IRS penalties, this one is the least, but can still add up to quite a bit overtime. Typically if taxes are not paid on time or they are underpaid then there will be a penalty of 1/2% of the outstanding tax amount for each month that passes and will continue to accrue until it is a maximum of 25% of the total tax owed (penalty can be up to 1% if tax remains unpaid for 10 days after an intent to levy is issued and can be as low as 1/4% if the taxpayer enters into an installment agreement) .IRS FAILURE TO FILE PENALTY: PENALTIES FOR NOT FILING A TAX RETURNThe IRS considers not filing worst than not paying your taxes, for this reason they have a much steeper civil penalty for unfiled tax returns. The penalty for a late filing is 5% per month on the total amount of taxes due to the IRS. This penalty can reach a maximum of 25% of the total amount of taxes owed and could be more than that if you add in the additional interest that will also be charged.TAX FRAUD PENALTIES FOR IRS OR FEDERAL TAXES As a working resident of the United States you are required by law to accurately and truthfully fill out a tax return each year to determine the amount of taxes that you owe. The IRS has harsh criminal and civil penalties for those individuals that do not follow the law and try to commit tax fraud. There are two types of civil fraud penalties given by the IRS. Tax fraud is the most severely punished and penalized civil tax infraction.ACCURACY RELATED PENALTIES FOR INACCURATE TAX RETURNThe accuracy penalty is a common civil penalty that is used by the IRS and it is typically charged when the IRS audits a taxpayer. This penalty is assessed for various reasons such as a major understatement of income tax, negligence or intentional disregards of IRS rules and regulations, substantial valuation misstatement, substantial overstatement of pension liabilities or a substantial estate or gift tax valuation understatement. The accuracy penalty that is typically imposed is 20%.CRIMINAL TAX PENALTIES INCLUDING TAX EVASIONBesides civil penalties, US taxpayers can face criminal penalties and consequences if convicted. If you are audited, your auditor could report you to the Internal Revenue Service Criminal Investigation Division where you will be brought to trial. Find out the most common IRS criminal penalties, their fines, and potential incarceration time frames.IRS AUDIT PENALTIES: PENALTY YOU CAN FACE AFTER AN AUDITReceiving an audit doesn’t mean you will get a penalty, but the IRS can charge penalties depending upon what they find. Typically the IRS does find problems with a tax return during an audit and will asses more taxes owed and penalties. Understand the various penalties the IRS may charge following a tax audit.PENALTY ABATEMENT SERVICE AND HELPHave civil tax penalties that you want removed? Understand how penalty abatement service works and talk with a tax professional to determine if you can have your tax penalties removed.We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises, tax debt forgiveness and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574Some Recent Tax Settlements:Mr. Dillard - CA Owed $6884, IRS settled for $400Mr. Batiste - LA Owed $18513, IRS settled for $2972Mr. Johnson - CA Owed $21,378, IRS settled for $4500Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700Mr. Anthony - NY Owed $14,000, IRS settled for $900Mr. Wilkes - CA Owed 32,211, IRS settled for $1250Owe the IRS and need help? Call us to discuss your unique situation with Top Tax Attorney or IRS Enrolled Agent (800)790-8574 or visit www.advancetaxrelief.comConnect with us:BBB PAGE:https://www.bbb.org/houston/business-reviews/taxes-consultants-and-representatives/advance-tax-relief-llc-in-houston-tx-90024857/reviews-and-complaintsGOOGLE PAGE:https://plus.google.com/+ADVANCETAXRELIEFLLCHoustonYELP:https://www.yelp.com/biz/advance-tax-relief-houstonTWITTER:https://twitter.com/irstaxpro?lang=enFACEBOOK:https://www.facebook.com/advancetaxrelief/#Tax Attorneys Near Me#IRS Fresh Start Initiative#I Owe Money to the IRS#Payment Plan with IRS. #Taxes Owed#Federal Tax Lien#Tax Attorney#Tax Resolution Services Company#Tax Preparation
