WHY THE IRS INTENDS TO GARNISH YOUR WAGES AND HOW TO GET THEM TO BACK OFF!

IRS levies, Property Seizures, ACS Collections, Back Tax Relief, Small Business Tax Help

One of the biggest fears in owing the IRS is not knowing what will come next.

You may feel as if you are always looking over your shoulder, wondering if today is the day the IRS will show its teeth – it’s a horrible feeling.

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Maybe you have not heard from the IRS, or they have not heard from you. When the IRS is kept in the dark, they tend to get aggressive. This aggression rears its head in the form of the IRS levying your wages, income, accounts, and property.

Or maybe your account is active in the IRS collection queue, with the IRS calling you or sending letters threatening to take your property.

Think of the IRS as a little kid who is not getting the attention they want, and acting out to get it.

But it does not have to be like that.

Your worrying and looking over your shoulder can be put to rest if you make an agreement with the IRS for the repayment of your taxes.

And your agreement does not have to pay the IRS back, or even pay the IRS at all. The IRS just wants to know what you can do so they can close your file, and move their attention elsewhere.

Here are five options to sooth the IRS, protect your property, and put an end to looking over your shoulder:

Agree to make payments to the IRS, but it in a small amount, only what you can afford.

By law, the IRS cannot force you into an installment agreement that pays them back in full – you can pay less if that’s all you can do. For example, if you owe the IRS $100,000, our tax laws can require them to accept $100/month if it can be proven that’s all you have. This is called a partial pay installment agreement, and it will stop the IRS from levying you.

Once the IRS accepts a partial pay installment agreement, they must immediately stop all levy action against you. However, it is important to remember that the IRS will review a partial pay agreement every two years to see if anything has changed on your end.

IRS accepts you do not have to make any payments.
The IRS calls this “currently not collectible,” also referred to by the IRS as “CNC.” To be currently not collectible, the IRS needs to understand that you are unable to make any payments to them, and have no valuable property that could be used to make payment.

If you can prove to the IRS that you cannot pay, they will back off, and stop coming after you. In their computer, they will place a code, known as Code 53, that puts a hold on any action against you, accompanied by the words Currently Not Collectible. Once the CNC code is input, you and your assets are protected and safe from the IRS. There can be no IRS levy with CNC status.

Enter into an installment agreement to pay everything you owe back to the IRS.

This is called a full pay installment agreement, and would not require any further review or contact from the IRS. In other words, once the IRS has a plan to repay them in full, they close the case file, and should not reopen it.

With a full pay installment agreement, you should no longer have to look back. Remember, tax laws require the IRS to stop levy action while you are in an installment agreement. With a full pay installment agreement, you are done worrying about intimidating IRS collection letters, receiving surprise visits by IRS Revenue Officers, or any future loss of income or property to the IRS.

The IRS agrees to settle the debt with you for less than what you owe.
This is the frequently advertised IRS offer in compromise program. Internal Revenue Code section 7122 permits the IRS to settle a tax debt and accept less than what is owed. Being free from owing the IRS is a sure-fire way to having no IRS worries.

But be careful – getting the IRS to agree to cut what you owe is not as easy as it is may seem.

A successful an offer in compromise is based on convincing the IRS that they will never get paid. To do that, the IRS looks at what can be paid to them from your assets, and how much they would get from an installment agreement. If you qualify for a partial pay installment agreement or currently not collectible status, you may be a candidate for an offer in compromise.

The IRS runs out of time to collect from you.
Yes, it’s true – IRS debts do end. Internal Revenue Code 6502 gives the IRS 10 years to collect. In most cases, when your 10 years expires, the IRS is done. And that means you are done, too – no more IRS attempts to take your property.

Keeping an eye on the clock is a form of IRS forgiveness and is an alternative to an offer in compromise.

Strategies to hold the IRS off now, like currently not collectible or a partial pay installment agreement, permit the clock to continue to run. You can combine solutions, using a currently not collectible or partial pay installment agreement to keep the clock running until the IRS collection end date passes.

Owing the IRS does not have to feel like a constant burden You do not have to spend every day worrying if your wages or accounts will be cleaned out. Protecting you from the IRS means understanding the rules and regulations that require them to back off. Relief from the IRS can be found in our tax laws, which contain options including installment agreements, currently not collectible status, an offer in compromise, and the 10 year period the IRS has to collect.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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WHAT IS AN IRS TAX LIEN AND WHY DOES THE IRS FILE THEM ON TAXPAYERS WITH BACK TAXES?

What is an IRS Tax Lien?

A tax lien is the government’s legal claim to your property including property you obtain or have rights to in the future for the amount of the tax liability. The IRS files tax liens to secure payment of delinquent tax debt. When the IRS files a tax lien, it appears on your credit report, and it attaches to just about everything you own (automobile, house, and other assets).

If you sell your property, the IRS has the right to take the proceeds of the sale to cover your tax debt, interest, and penalties.

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The IRS’s Cincinnati campus hosts the Centralized Lien Operation. It is part of the IRS’s Small Business/Self-Employed Campus Compliance Services Operations (CCSO). It sends out Notices of Federal Tax Lien (NTFL) and Federal Estate Tax Lien. They process all lien notices and releases. Moreover, they also assist IRS personnel in the field with processing withdrawals, refiles and revocations.

When the IRS Imposes Tax Liens

If you owe more than $10,000 and you have failed to respond to the IRS’s first balance due letter, the IRS usually issues a tax lien. In rare cases, the IRS may file a tax lien on tax debts worth less than $10,000.

How the IRS Tax Lien Process Works

The IRS files a tax lien if the situation meets the following conditions:

The IRS assessed you with a tax liability.
The IRS sent a notice to demand payment.
You did not pay the debt in full within ten days after the IRS notified you of tax liability.
Once the IRS takes these three steps, the agency can file a Notice of Federal Tax Lien for the amount of taxes owed plus interest and penalties.

Once the IRS files the NTFL document with a local county recorder of deeds or the Secretary of State, it applies to any assets you own now or in the future. It notifies your creditors that the IRS has a legal claim to your current and future assets.

The NTFL is a document that can identify up to fifteen different tax liabilities assessed against you or your business. It contains the last day the IRS can refile for each tax liability, which is usually ten years from the date the IRS assesses the liability plus 30 days.

Adverse Effects of a Federal Tax Lien
A tax lien also appears on your credit report with the consumer credit reporting agencies. That can lower your credit score and make it extremely difficult to borrow money.

To explain, imagine you want to borrow money to buy a home. When you take out a mortgage, the bank has your home as collateral. Therefore, if you cannot pay your mortgage, the bank can take the property. However, if the IRS has filed a tax lien on your assets, the IRS has a priority claim over the mortgage company. It makes it risky for the bank to lend you money, and as a result, lenders usually turn down loan applications when you have a tax lien on your credit report.

It doesn’t just apply to mortgages. Federal tax liens make it extremely difficult to get car loans, take out new credit cards, or rent a home or apartment.

Property Subject to Tax Liens
A federal tax lien attaches to all property owned by the taxpayer as well as all property rights. That includes tangible as well as intangible property. It also consists of all future purchases and gifts you receive after the IRS files the lien.

Here are some common types of assets affected by tax liens:

Houses or other property
Motor vehicles
Accounts receivable (bills due to your company)
Rental income
Securities such as stocks and bonds
Getting a Tax Lien Removed
Tax liens stay in place until you pay your tax debt in full, the statute of limitations on collection expires, a bond guarantees payment or you fulfilled payments terms with an Offer in Compromise the IRS accepted. The IRS can also withdraw a tax lien if you make three successful payments on a direct debit installment agreement. However, a withdrawal is not the same thing as a tax lien release. If the IRS doesn’t withdraw your tax lien automatically, you need to contact the agency directly to request a withdrawal.

It is essential to understand that the Notice of Federal Tax Lien tells you your assessed balance but does not include charges for filing and releasing the lien.

The purpose of the tax lien is to convince you to pay your tax debt. Luckily, the IRS has various payment plans, settlement options, and penalty relief programs that make it easier to pay off your debt. To find out which option is best in your situation, contact one of our tax resolution specialists by calling for a free consultation.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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OPTIONS WHEN A SPOUSE OWES IRS BACK TAXES

In the eyes of the law, a married couple is a single entity who shares income, property, assets, and debt. However, when it comes to filing taxes, the IRS may distinguish between the two people in a marriage if one owes a debt to the government.

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Instead of using the couple's joint refund to satisfy that outstanding debt, the IRS may be able to issue it to one of the spouses if they utilize the proper strategies when filing their taxes. These tips can help a couple safeguard their return even if one spouse owes back taxes.

CHANGE THE NUMBER OF EXEMPTIONS

One of the easiest ways that a person whose spouse owes an IRS debt can keep the couple's taxes safe would be by changing the number of exemptions claimed on his or her income. Lowering the number would allow the government to withhold more taxes out of the paycheck while raising the number would lower the taxes withheld.

Having more taxes withheld at work may eliminate the possibility of getting a tax refund later. Nonetheless, it would also satisfy the person's tax obligation to the government and also eliminate the chance that this person would owe money to the government because of the other spouse's outstanding debt to the IRS.

UTILIZE THE INNOCENT SPOUSE OPTION

If changing the number of exemptions is not a possibility, people can still try to safeguard their returns by utilizing the innocent spouse option. This option can apply during certain situations, including:
• When the tax debt belongs to a single spouse alone and occurred before the couple's marriage
• Paying the debt would create financial hardship for the couple
• One spouse has filed for divorce because of spousal abuse
• One spouse does not speak English as a first language
• The court issued a divorce decree that stipulated that one spouse pay the other's outstanding debt
If people plan to utilize the innocent spouse choice, they ideally should use a professional tax service to help them take advantage of this option.

USE THE INJURED SPOUSE OPTION
People who want to protect their refunds can also use the injured spouse option if they meet the outlined criteria. This option helps a tax refund be issued to one spouse rather than to the couple as a whole. As with the innocent spouse option, the injured spouse criteria includes:

• Proving that the tax debt occurred prior to the couple's marriage
• The debt is owed because of the spouse's outstanding child support, student loan, or spousal support obligation
• The couple is entitled to the EIC credit
• Paying the debt would likewise be unfair and cause financial hardship.
• If they are filing a paper return, it is essential that the couple write “Injured Spouse” at the top of their claim and file the form 8379. If they are unsure of how to utilize this option to their advantage, people should rely on a professional tax firm for help.

FILE A SEPARATE TAX RETURN

Many couples try to skirt their spouses' outstanding tax debt by
filing separate returns. They choose the married filing separate rather than married filing jointly option when preparing their returns.

However, this option may reduce the amount of the refund that either spouse will receive. They also may not be eligible for certain deductions, including the EIC, if they file married filing separate.

When a person owes a debt to the IRS, this person's spouse may still be able to receive some or all of the couple's expected refund. Before they file their taxes, they should know about these strategies that they can use to safeguard their returns and also receive the refund to which one or both of them are entitled.

GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.

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FILING YOUR TAX RETURN LATE AND WILL YOU PAY PENALTIES AND INTEREST?

Answer
If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

Receiving a refund
Outside the country while serving in the military
Living in a federally declared disaster area
If you have a balance due, the IRS can assess both of these:

Late-filing penalty — 5% of the balance due per month up to 25%
Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due
The IRS charges interest on unpaid tax from the return’s due date until the date of payment.

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STARTING A BUSINESS? LEARN ABOUT FORM SS-4!

Small business tax preparation, Sch C, Back Tax Debt Help, Tax Relief Help 

Future business owners and side hustlers might want to learn about Form SS-4, a form used by the IRS to designate a business identifying number.

You can use Form SS-4 to request an Employer Identification Number (EIN) from the IRS. An EIN is assigned to a business for business activities such as tax filing and reporting purposes. The following types of entities can apply for an EIN:

Employers (including corporations, partnerships, and sole proprietors)
Estates
Trusts
Government agencies
Nonprofit organizations,
Certain individuals (including sole proprietors) and other entities listed on Form SS-4
The EIN assigned to you will have nine digits, and a hyphen between the second and third digit.
Example: 10-4513789

Think of it as a Social Security number for a business.

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Why Is IRS Form SS-4 So Important?
If you are thinking about setting up a business, IRS Form SS-4 is a critical step to take because it’s your business’ unique identifier to the IRS. This number is linked to bank accounts and many other aspects of your business.

How to Fill Out Form SS-4
To file for an EIN, you can file the following ways:

Apply online via IRS.gov.
Apply by mail or fax to the IRS.

GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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FILING YOUR BUSINESS BACK TAX RETURNS

Business back tax returns, at a glance:

Not filing a required return is a serious issue with the IRS.

If your business doesn’t file, the IRS can file a return for you — with taxes and penalties.

You should take special care when preparing and filing late returns, because the IRS gives them extra scrutiny.

You can get expert help filing business back tax returns with the IRS.

What you need to know about business back tax returns

Most businesses are required to file a tax return every year. The IRS keeps a record of businesses that are required to file but don’t – and the IRS can pursue those returns. That can mean stiff consequences and increasing complications. If you haven’t filed your business taxes, the IRS can charge expensive penalties and even file a return for the business without any credits or deductions in your favor (called a substitute for return).

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Whether you have one or many returns to file, you or your tax pro should start taking steps right away to file an accurate and complete tax return that will get your business back in good standing with the IRS.

Here’s what to do:

Filing your business back tax returns

1. Get all the information needed to file the past-due return.

Start by requesting transcripts from the IRS. You can also order your business’s account transcript to see any payments or other credits that posted to the IRS account for that tax year.

Gather information from your records to complete the return. This can be an extensive process, depending on your records. For a business income tax return, you’ll need to have a profit and loss statement, as well as a balance sheet. For employment tax returns, you’ll need to have information about employees, their wages, withholding and other items to be reported.

If necessary, ask the IRS for more time to file the late return, to avoid any enforcement actions (such as a substitute for return, levy, or lien).

Identify any special processing needed for your late-filed return (such as date-stamping or filing with an IRS compliance unit).

If you have several past-due returns to file, the IRS normally requires that you file returns for the current year and past six years. But your specific facts and IRS rules will determine how far back you should file.

2. Complete the return and submit it to the appropriate IRS unit.

Complete your business tax returns accurately. It’s best to double check your return against your IRS transcripts to make sure that you included all income as it was reported to the IRS, and that you included any tax payments. Businesses sometimes can receive a Form 1099 reporting their income to the IRS.

You can call the IRS to get the income reporting under your business’s Employer Identification Number (EIN). Ask the IRS for your “IRP” document (for Income Reporting Program). This will show your income reported to the IRS under the EIN. The filed return should reflect this income.

If you owe and can’t pay the full amount, consider requesting a payment arrangement with the filed return.

Attach a penalty relief request to the return, if applicable. If you have one past-due return to file, you may qualify for penalty relief on any failure to file and failure to pay penalties. If you have multiple returns to file, it’s more difficult to process the return and manage the resulting penalties and balances owed.

You’ll need to investigate your penalty relief options further in these complex situations. If you’re filing a late S corporation (Form 1120S) or partnership (1065) return, you’ll need to wait until the IRS assesses the penalties for late filing before you can request penalty relief. This is called asking for penalty abatement.

Send your return to the right IRS location.

Make sure you get proof that you filed, in case the IRS doesn’t process your return or you experience related compliance activity (like IRS collection notices, a lien, a levy, or an unfiled return investigation).

3. Monitor return processing and other compliance activities.

Periodically request your business’s account transcripts or contact the appropriate IRS unit to make sure that the IRS processed your business tax return. It should take about two to three months before the IRS accepts the return. It can take up to six months if the IRS has filed a return for you in the past (called a substitute for return).

If the IRS took prior actions on the unfiled return (such as filing a substitute for return), follow up to ensure that the IRS closed the case with no matters outstanding.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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SUBSTITUTE BACK TAX RETURNS - WHAT IF YOU DON’T FILE VOLUNTARILY?

File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return.

If you have received a notice, make sure to send your past due return to the location indicated on the notice you received.

WHY YOU SHOULD FILE YOUR PAST DUE TAX RETURN NOW

Avoid interest and penalties
File your past due return and pay now to limit interest charges and late payment penalties.

DOES THE IRS WANT TO SEIZE YOUR ASSETS?

CLAIM A REFUND

You risk losing your refund if you don't file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.

We hold income tax refunds in cases where our records show that one or more income tax returns are past due. We hold them until we get the past due return or receive an acceptable reason for not filing a past due return.

CALL OUR TAX ATTORNEYS!

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PROTECT SOCIAL SECURITY BENEFITS

If you are self-employed and do not file your federal income tax return, any self-employment income you earned will not be reported to the Social Security Administration and you will not receive credits toward Social Security retirement or disability benefits.

AVOID ISSUES OBTAINING LOANS

Loan approvals may be delayed if you don't file your return. Copies of filed tax returns must be submitted to financial institutions, mortgage lenders/brokers, etc., whenever you want to buy or refinance a home, get a loan for a business, or apply for federal aid for higher education.

IF YOU OWN MORE THAN YOU CAN PAY

If you cannot pay what you owe, you can request an additional 60-120 days to pay your account in full through the Online Payment Agreement application or by calling 800-829-1040; no user fee will be charged. If you need more time to pay, you can request an installment agreement or you may qualify for an offer in compromise.

WHAT IF YOU DON’T FILE VOLUNTARILY?

SUBSTITUTE RETURN

If you fail to file, we may file a substitute return for you. This return might not give you credit for deductions and exemptions you may be entitled to receive. We will send you a Notice of Deficiency CP3219N (90-day letter) proposing a tax assessment. You will have 90 days to file your past due tax return or file a petition in Tax Court. If you do neither, the IRS will proceed with the proposed assessment. If you have received notice CP3219N you can not request an extension to file.

If any of the income listed is incorrect, you may do the following:

Contact the payer (source) of the income to request a corrected Form W-2 or 1099.

Attach the corrected forms when you send us your completed tax returns.

If the IRS files a substitute return, it is still in your best interest to file your own tax return to take advantage of any exemptions, credits and deductions you are entitled to receive. The IRS will generally adjust your account to reflect the correct figures.

COLLECTION AND ENFORCEMENT ACTIONS

The return we prepare for you (our proposed assessment) will lead to a tax bill, which, if unpaid, will trigger the collection process. This can include such actions as a levy on your wages or bank account or the filing of a notice of federal tax lien.

If you repeatedly do not file, you could be subject to additional enforcement measures, such as additional penalties and/or criminal prosecution.

HELP WITH FILING A PAST DUE TAX RETURN

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2017/2018 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online. Feel free to also learn about us and contact us via www.advancetaxrelief.com.

However, it doesn’t matter where you live, we service taxpayers nationwide. We have settled millions in back tax penalties and interest for our clients nationwide.

Advance Tax Relief is a Professional Tax Relief Organization

SMALL BUSINESS TEMPORARY ASSISTANCE PROGRAMS

Right now, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) is helping small business owners and employees get through the coronavirus — one step at a time. We’ve got all the info on how this new legislation impacts your business and employees.

There are four programs you can leverage for your small business during the coronavirus outbreak:

Paycheck Protection Program (new applications currently suspended due to funding) Employee Retention Credit Payroll tax postponement Disaster loans How do you know which of these programs is the best fit for you and your business’ needs? We’ve got you covered:

1. Paycheck Protection Program (suspended due to funding) The Paycheck Protection Program (PPP) is a small business loan from the government. Businesses can leverage this loan to help with payroll costs and interest payments on current debt. As of April 16, 2020, this program is not accepting new applications due to unavailable funding.

If your business has 500 or fewer employees, you can borrow up to 2.5 times your average monthly payroll, up to $10 million. If your business is in the foodservice industry, the 500-employee rule applies per physical location.

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Good news! These loans are 100% guaranteed, without collateral or a personal guarantee. Just what small businesses need when finances are plunging quickly. You can defer the loan when you use it for permitted purposes. Another bonus: some or all of the loan balance is forgivable.

Use this loan for:

Employee salaries, up to $100,000 per employee Certain health benefits (such as insurance premiums or paid sick leave) Mortgage interest, rent, and utilities Interest on other debts This program is currently not accepting new applications due to unavailable funding. We will continue to update our small business resource center if additional funding is approved.

2. Employee Retention Credit Think of the Employee Retention Credit as a payroll tax credit. It can help you keep your employees on the payroll if you’ve stopped doing business or significantly been affected financially.

Am I eligible for this credit?

You qualify for this credit if:

You had to fully or partially suspend your operations due to a coronavirus shutdown order Your business has decreased by more than 50% compared to the same calendar quarter last year What does this credit cover?

As a small business owner and employer, you can claim a refundable tax credit of 50% on qualifying wages, up to $10,000. This credit is for wages paid to your employees from March 13 to December 31, 2020.

You can get a maximum credit of up to $5,000 per employee if you:

Employ 100 or fewer employees: All wages qualify, regardless of whether your business remains open.

Employ more than 100 employees: Wages only qualify if they’re paid to your current employees who aren’t able to work due to your business’ closure or lack of business.

You can claim the credit for the first $10,000 of wages per employee, including payment for specific health benefits. However, you can’t double dip and use the same wages for the Employee Retention Credit and any other credits for employee wages (like the Family and Medical Leave Act). 

Additionally, you can’t claim this credit for employee wages if you receive a covered small business loan.

How can I get this credit?

Though you’ll see the credit reported on your payroll tax return, you don’t have to wait until the end of the year to claim it.

To claim this credit:

Keep your share of Social Security tax that’s already withheld (up to the credit amount) until you reconcile it on your payroll tax return (Form 941) when you file your quarterly return. Claim a credit advance on Form 7200 — do this before you pay employees, then reconcile it on Form 941 when you file your quarterly return. Claim the refundable credit on your Form 941 to recover any payroll taxes already paid in the quarter. Read what the IRS has to say about the Employee Retention Credit.

3. Payroll Tax Postponement If you have employees on your payroll, you can delay paying your share of their Social Security contributions. But you’ll owe half of the payment by December 31, 2021, and the rest by December 31, 2022.

The postponement excludes:

Medicare taxes, or 1.45% of wages with no ceiling Social Security and Medicare taxes paid by the employee Are you a self-employed taxpayer? Self-employed taxpayers, including Schedule C and Schedule F filers, can defer half of their 2020 Social Security taxes. These are 6.2% of net earnings up to $137,000 for estimated tax purposes.

4. Economic Injury Disaster Loan Businesses have historically used these loans in federally declared disaster areas. However, the disaster loan program is now available to all small businesses as a part of the CARES Act.

You don’t have to give a personal guarantee for loans under $200,000. You also can request an advance of up to $10,000 to get paid out in three days.

Use a disaster loan for:

Paid sick leave for employees Maintaining payroll Covering the increased cost of materials due to supply chain limitations Rent or mortgage payments Repaying unmet obligations due to revenue loss

Who qualifies?

Any business, cooperative, or employee stock ownership plan (ESOP) with 500 or fewer employees

All sole proprietors, independent contractors, and private non-profits

Bonus assistance program: The Small Business Administration

You can also find temporary assistance through the Small Business Administration (SBA). For example, if you’ve got an existing SBA loan, the organization could defer your principal and interest payments for six months. The SBA is also working to provide small businesses with economic support through access to capital, export assistance, and continued guidance. Learn more about how the SBA is tackling the coronavirus.

GET TAX RELIEF HELP TODAY If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys,

Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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THREE TIPS TO DEAL WITH YOUR IRS TAX DEBT PROBLEMS

Death and taxes ... you know what the deal is. You can’t avoid either of them.

If you have a big tax bill that you can’t pay, life can seem
pretty bleak.

While the number of tax liens annually filed by the IRS against taxpayers has fallen by more than 50 percent since 2010, there were more than 14 million open tax-debt cases against individuals and businesses heading into 2018, according to the IRS data book.

Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes.

Tip 1: Don’t ignore the problem. The IRS will not. Even if you can’t pay what you owe, file your return on time or, if that’s not possible, file for an extension. The late filing penalty is 5 percent of the tax owed per month up to a maximum of 25 percent of the balance. There is also an underpayment penalty of 0.5 percent to 1 percent per month of the balance owed, also up to 25 percent. If you don’t file your return or make any payment on your obligation, your tax debt will grow rapidly.

Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes.

If you’re in that boat, however, it is not the end of the world. There are steps you can take to reduce the impact of unpaid taxes on your life, credit and financial well-being.

NEED HELP WITH IRS BACK TAXES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
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CALL (713)300-3965 

Tip 2: Be realistic about your situation. The IRS rarely forgives tax debts. Form 656 is the application for an “offer in compromise” to settle your tax liability for less than what you owe. Such deals are only given to people experiencing true financial hardship and in some cases unusual circumstances. If you or your family have had catastrophic health-care expenses or you’ve lost your job and have poor prospects for generating income in the future, you could possibly qualify. It doesn’t happen often.

Tip 3: Owe $10,000-plus? Hire an attorney. If you owe more than $10,000, consider hiring a tax attorney to negotiate with the IRS. Payment plans differ, and an experienced attorney can help you get better terms. They can also help you avoid having a tax lien being assessed against you, which will damage your credit.

Be careful who you hire, however. State attorneys general warn consumers regularly about tax-debt resolution scams. If someone suggests they can help eliminate interest and penalties assessed by the IRS or settle your tax debt for a fraction of what you owe, they are probably lying and almost certainly not worth the fee they will charge.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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WHY TAXPAYERS FALL BEHIND ON THEIR TAXES AND OWE THE IRS?

Failure to File, Failure to Pay, Tax Debt Help, Tax Relief Attorneys, Estimated Tax Payments

According to U.S. Internal Revenue Service data, over 14 million Americans owed over $131 billion in back taxes, penalties, and interest in 2018.1 Despite the threat of owing thousands of dollars to the U.S. government, millions of Americans continue to fall behind on their taxes

NEED HELP WITH IRS BACK TAXES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965
 

KEY TAKEAWAYS
Every year, working Americans are required to file income tax returns with the IRS, reporting their total income from employment but also other activities such as investments.
And, every year millions of those taxpayers are found to under-report their income or taxes owed, leading to billions of dollars in back-taxes, interest, and penalties.

Reasons could be simple mistakes, such as filing late or making errors in tax calculations, which can be avoided upon careful inspection and preparation.
Other reasons are more nefarious. Failure to report taxable income in extreme and deliberate cases can result in jail time in addition to monetary penalties.

Falling Behind

Whatever the reason, if you fall behind on your taxes for reasons other than financial hardship, you need to get your act together. The price of neglect is too high; the IRS will come after you and won’t stop until you either fight back or pay up (usually, that means both).

Here's a more "fleshed-out" list of reasons that otherwise conscientious people get behind on their taxes.

Failure to File

One of the most common mistakes a taxpayer can make is failing to file a tax return. But if you live and earn income in the United States above a minimum threshold amount during a particular year, you are required to pay taxes and report that income by filing a federal tax return.

To see if you have to file a return, the IRS uses three criteria: your age, your filing status and your income. Generally, once you reach a certain income level, the law requires you to file. The amounts are adjusted annually for inflation.

For tax year 2019 (tax year 2020 in parentheses) returns, individuals younger than age 65 must file if they make at least:

$12,200 ($12,400) as single filers.
$18,350 ($18,650) as head of household filers.
$24,400 ($24,800) as married couples filing jointly and both husband and wife are younger than 65.
The earnings threshold amounts go up a bit for older (i.e. age 65+) individuals:

$13,850 for single filers
$20,000 for head of household filers
$25,700 for married couples filing jointly where one spouse is age 65 or older
$27,000 for married couples filing jointly where both partners are 65 or older4
The earnings target is the same—$5—for married couples filing separately, regardless of age.4

Underwithholding

By law, employers typically withhold taxes from your paycheck. What you may not know is that if enough taxes are not withheld from your paycheck throughout the year, you, the employee, will likely owe the IRS when you file your tax return during tax season. The IRS calls this "underwithholding." It's usually triggered after an employee claims excessive exemptions on his or her IRS Form W-4 (completed at the time of hiring) that results in not having enough income tax withheld throughout the year.
You can file a new W-4 at any time. And if you find that you've given too much to the government, you'll get the money back when you file your income taxes.

Estimated Tax Payments

Another common form of falling behind on taxes is linked to business owners and entrepreneurs. People who are self-employed are responsible for paying their own taxes on a monthly or quarterly basis, depending on their income and estimated tax payments. Since they are self-employed, they do not have an employer to withhold taxes from their paycheck—that's usually an effective backstop for people who might otherwise forget to file their taxes. But if you're self-employed, and you fail to make your estimated tax payments throughout the year, you’ll likely incur a large tax liability at the end of the year.

There are a variety of ways to calculate your quarterly estimated tax payments. Just be sure the method you choose doesn't leave you struggling to make daily expenses or set you up with a huge tax bill and underpayment penalties.

Additional Triggers


It's not just self-employed Americans who are pressed for time—everyone is busy these days. Consequently, some other reasons people may owe the IRS are directly linked to what’s going on in their personal lives. For example, a taxpayer may have a family crisis or an emergency that occurs around tax season that prevents him or her from filing a tax return on time or from paying his or her tax bill in full. In that situation, the IRS will issue the taxpayer a bill for the amount still owed.

Other taxpayers may simply misunderstand the tax laws and take exemptions, deductions and credits that they are not qualified to claim. In this situation, the IRS will usually contact the taxpayer and inform him or her of the reporting error. The taxpayer is then required to validate the exemption, deduction, or credit taken. Without proof, the IRS will correct the taxpayer's tax return and the taxpayer may incur a hefty tax liability, penalty, and/or interest.

One easy way to correct the majority of reporting errors is to use tax reporting software or to hire an accountant. These resources will alert you to the deductions relevant to your situation, and reduce the number of data entry errors.

What the IRS Will Do
In any of the above circumstances, if the IRS thinks you owe past due taxes, they're not shy about getting a hold of you.

Usually, the IRS sends you an ominous-looking bill via snail-mail, but sometimes they might reach out to you via telephone. In serious cases, they may even attempt to visit you at work or at home. If the agency is unable to get you to voluntarily satisfy your tax debt, it may take collection action (i.e., liens, levies, garnishments, and seizures) against you. It will also tack-on penalties and interest while your debt remains outstanding.

The Bottom Line

To avoid owing the IRS, focus on being self-motivated and educate yourself on your tax reporting and payment obligations. If you are ever unsure about your tax reporting and payment obligations, get a hold of a tax attorney, CPA or professional tax preparer and, in certain circumstances, the IRS

Above all, always be alert, and always file your taxes on time, no matter what you owe.

GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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IF I REPORT FORM 1099 SELF-EMPLOYMENT INCOME - HOW DO I REPORT MY EXPENSES?

ANSWERS:

Regarding expenses for self employed individuals, if you’re a sole proprietor, claim these on your Schedule C:

1)Your allowable business expenses
1099-MISC income related to your business

For other expenses for self employed individuals, you might be required to file additional forms. Ex: Form 4562 for depreciation



NEED HELP WITH IRS BACK TAXES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

#TaxDebtRelief #TaxAttorney #TaxPreparation 

IF I REPORT FORM 1099 SELF-EMPLOYMENT INCOME - HOW DO I REPORT MY EXPENSES?

ANSWERS:

Regarding expenses for self employed individuals, if you’re a sole proprietor, claim these on your Schedule C:

1)Your allowable business expenses

1099-MISC income related to your business

For other expenses for self employed individuals, you might be required to file additional forms. Ex: Form 4562 for depreciation

NEED HELP WITH IRS BACK TAXES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?

ADVANCE TAX RELIEF LLC

www.advancetaxrelief.com

BBB A+ RATED

CALL (713)300-3965