HOW TO STOP WAGE GARNISHMENT - SETTLE BACK TAXES

Tax Consultation, Wage Garnishment

Getting into debt happens to the best of us. Sometimes, we find ourselves in financial situations that we, unfortunately, can’t get out of. A wage garnishment is when the court issues an order requiring your employer to withhold a certain amount of your paycheck because of a debt you owe. The collected amount is sent directly to the person or institution until your debt is paid in full. Before looking at how to stop wage garnishment, we’ll provide an overview for context.


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


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www.advancetaxrelief.com
BBB A+ RATED
CALL (713)300-3965

Types of Wage Garnishments
In wage garnishment: This is when a creditor can legally require your employer to hand over a portion of your earnings in order to pay off debts.


In non wage garnishment: This is commonly known as a bank levy and is a process that involves creditors tapping into your bank account to attempt to collect on any debts you owe.


A garnishment generally happens when a creditor sues you for nonpayment of debt and wins the case in court. With that said, there are instances where a creditor can garnish wages without a court order. This can be seen in situations where you have a balance on a federal student loan, back taxes or if you owe money in child support.


How Much of Your Wages can be Garnished?
The amount of wages that can be garnished will depend on the type of debt that you owe. Regardless, federal limits how much disposable income a creditor can take. To get a better idea, here is the percent of weekly disposable income that can be taken for 4 different types of debts.


Child Support and Alimony: Creditors are allowed to take 50% of your disposable income if you are supporting another child or spouse. If this is not the case, they can take up to 60%. In the event that you are more than 12 weeks late in payments, creditors can take an additional 5%.


Consumer Debts Including Credit Card, Medical Bills, and Personal Loans: Creditors can take either 25% of disposable income or the amount by which your weekly income exceeds 30 times the federal minimum wage (whichever is less).

Federal Student Loans: Creditors can take 15% of disposable income.

Taxes: Creditors can take up to 15%. However, the Internal Revenue Service will determine the amount taken based on standard deductions and the number of dependents you have.

So How Can You Stop Garnishment?
It’s a lot easier to prevent wage garnishment than to stop it. Most creditors would much rather set up some sort of payment arrangement or settle the debt. However, if you are already facing garnishment, there are ways to stop it. Here are three general ways you can consider stopping your garnishments.

1. Negotiate With your Creditor
Even if your creditor has put in a motion for wage garnishment, there’s still an opportunity to stop it. The first thing that individuals should consider doing is negotiating with their creditors. A simple negotiation can take you a long way and is going to be one of your best options to stop a garnishment.


In a negotiation, individuals should call their creditors and see if they can get them to agree to a repayment plan or to settle the debt for less than what they owe. Many creditors will be open to this because they want to recoup as much money as possible and should stop the garnishment from happening.


If a creditor does agree to a repayment plan or debt settlement, be sure to get it in writing before paying any money to them. This is because terms can change and if there’s an issue, it’ll be the creditor’s word against yours.


Additionally, it’s important to know what you can afford when negotiating a repayment plan. After all, you don’t want to fall back into the same situation. This means that you need to go over your income and expenses to figure out what you can actually afford.


2. Show That There is a Financial Hardship
There is a way to challenge the garnishment if you can show that there will be a financial hardship as a result. If you’ve lost or got fired from a job, your work hours were cut drastically, you’re filing for Chapter 7 or 13 Bankruptcy or failing to pay basic expenses such as food, rent or utilities, you can state your case to the courts.

Creditors know that in these types of situations you are less likely to have the money to pay them anyway. It will be in their best interests anyway to let you get back on your feet and then come up with new terms to pay off the debt.


3. Consider Filing for Bankruptcy
Bankruptcy should be the last resort for individuals in debt. However, sometimes it’s the only option available. Bankruptcy can give you a fresh start and stop your wages from being garnished. Individuals that are drowning in debt and struggle to pay basic living expenses may find that bankruptcy is the only option for them. This will stop your garnishment from happening and help you slowly get your finances together.


Every debt isn’t created equal. For this reason, we’re going to discuss what you can do to prevent garnishment for a particular type of debt that you owe.


Child Support and Alimony: If you owe in child support or alimony, you should consider working with the courts to develop an ideal payment plan before they garnish your wages. In the event that you owe in child support, individuals can seek child support modification if you are going through financial troubles.


Consumer Debts: To challenge your consumer debts such as a credit card or medical bill, you will need to fill out paperwork and potentially attend a hearing. The forms will outline details of your case and include pertinent financial information such as your monthly household income and living expenses.


Federal Student Loans: If you default on your student loans, you should be given a 30-day written notice. This means you have a 30-day window to make a written objection and request a hearing, modify student loan payment plan or request hardship assistance.


Taxes: Individuals who owe taxes should receive a written letter from the IRS letting you know that they intend to garnish your wages. If you owe for state taxes, you have the opportunity to contact your state’s franchise tax board to try and set up an alternate payment plan if a garnishment will result in financial hardship.


We know that garnishment can be a stressful experience. The good news is, there are various options available to you to help you stop a garnishment before it happens. At Advance Tax Relief, we are your trustworthy support system here to help you get out of debt fast. If you have questions about wage garnishment or want to learn more about how we can help you obtain debt relief, contact us today.


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 CAN YOU DO ABOUT TAX DEBT NOTICE CP504

Tax Consultation, Tax Levies, Liens, Back Tax Help  

If you have received Tax Notice CP504 from the Internal Revenue Service, it means that you have an outstanding tax balance. The IRS sent the notice to inform you of its intent to seize, confiscate, or levy any state tax refunds that you may receive. 

Additionally, the IRS may take further measures if it cannot satisfy the obligation using your state refund. For example, the organization may place a levy on your federal income taxes or any other assets that you may have that they can use to pay the debt. The issue can affect your wages, home, and investments if you do not take action. These are three solutions that you have to resolve the matter:

Surrender the Full Amount Immediately

The quickest way to address the issue and have the IRS drop the levy pursuit is to pay the amount in full. Your notice will tell you the payment due date and the amount you owe. It will also give you a number that you can call to speak to someone from the Internal Revenue Service who can collect your payment. The IRS will cancel the levy as soon as you meet their obligations.

Call and Request an Installment Agreement

An installment agreement is an alternative that you can use for your tax debt. It allows you to make regular monthly payments until you eliminate your balance. The IRS is usually willing to set up a payment plan if you have a credit or debit card and have not defaulted on any previous payment arrangements. It will not hurt you to call and ask, but it will hurt you if you do nothing. 

Talk to a Tax Professional

Finally, you can contact a tax professional for a consultation about your debt. The tax professional can help you discover the origin of the debt as well as come up with an effective plan to help you eliminate it. The expert can speak to the IRS on your behalf and find out more about the matter and what you can do.

Contact us to get in touch with a certified tax professional today. We can help you hold on to your assets and resolve your tax situation today.

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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HOW TO CLAIM THE HOME BUSINESS TAX DEDUCTION WHEN YOU OWN TWO BUSINESS

If you run two businesses from your home, you can take a home business tax deduction for both businesses. However, there are rules you must follow.


You can claim the home office deduction if you have a dedicated workspace in your home for an office. This area can’t be used for personal activities. To claim it for two different businesses, the office space must qualify as the principal place of business for both.


If both businesses meet the criteria for a home office deduction, you need to file a separate Form 8829: Expenses for Business Use of Your Home for each business.

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


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www.advancetaxrelief.com
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CALL (713)300-3965


HOW TO DETERMINE YOUR HOME OFFICE DEDUCTION


To deduct home business expenses, divide the expenses between the two businesses. Base the split on how much you use your home office for each business. You have to manually divide your office space and enter it as if you had two separate offices. The total square footage submitted for each business can’t be more than the total square footage you would submit if you only had one home business. You can choose to divide your space based on time or space usage.


You can also use the simplified method for your home office deduction. If so, you’re limited to a maximum of 300 square feet for all your businesses combined. Divide the 300 square feet among your businesses in a logical way. Don’t give more square feet to a business than you actually use for that business.


At Advance Tax Relief, we are your trustworthy support system here to help you get out of debt fast. If you have questions about wage garnishment or want to learn more about how we can help you obtain debt relief, contact us today.


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.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

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HOW TO STOP A TAX DEBT WAGE GARNISHMENT

Tax Consultation, Wage Garnishment, Tax Debt Relief

Getting into debt happens to the best of us. Sometimes, we find ourselves in financial situations that we, unfortunately, can’t get out of. A wage garnishment is when the court issues an order requiring your employer to withhold a certain amount of your paycheck because of a debt you owe.

The collected amount is sent directly to the person or institution until your debt is paid in full. Before looking at how to stop wage garnishment, we’ll provide an overview for context.

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

TYPES OF WAGE GARNISHMENTS

In wage garnishment: This is when a creditor can legally require your employer to hand over a portion of your earnings in order to pay off debts.

In non wage garnishment: This is commonly known as a bank levy and is a process that involves creditors tapping into your bank account to attempt to collect on any debts you owe.

A garnishment generally happens when a creditor sues you for nonpayment of debt and wins the case in court. With that said, there are instances where a creditor can garnish wages without a court order. This can be seen in situations where you have a balance on a federal student loan, back taxes or if you owe money in child support.

How Much of Your Wages can be Garnished?
The amount of wages that can be garnished will depend on the type of debt that you owe. Regardless, federal limits how much disposable income a creditor can take. To get a better idea, here is the percent of weekly disposable income that can be taken for 4 different types of debts.

Child Support and Alimony: Creditors are allowed to take 50% of your disposable income if you are supporting another child or spouse. If this is not the case, they can take up to 60%. In the event that you are more than 12 weeks late in payments, creditors can take an additional 5%.

Consumer Debts Including Credit Card, Medical Bills, and Personal Loans: Creditors can take either 25% of disposable income or the amount by which your weekly income exceeds 30 times the federal minimum wage (whichever is less).

Federal Student Loans: Creditors can take 15% of disposable income.

Taxes: Creditors can take up to 15%. However, the Internal Revenue Service will determine the amount taken based on standard deductions and the number of dependents you have.

So How Can You Stop Garnishment?
It’s a lot easier to prevent wage garnishment than to stop it. Most creditors would much rather set up some sort of payment arrangement or settle the debt. However, if you are already facing garnishment, there are ways to stop it. Here are three general ways you can consider stopping your garnishments.

1. Negotiate With your Creditor
Even if your creditor has put in a motion for wage garnishment, there’s still an opportunity to stop it. The first thing that individuals should consider doing is negotiating with their creditors. A simple negotiation can take you a long way and is going to be one of your best options to stop a garnishment.

In a negotiation, individuals should call their creditors and see if they can get them to agree to a repayment plan or to settle the debt for less than what they owe. Many creditors will be open to this because they want to recoup as much money as possible and should stop the garnishment from happening.

If a creditor does agree to a repayment plan or debt settlement, be sure to get it in writing before paying any money to them. This is because terms can change and if there’s an issue, it’ll be the creditor’s word against yours.

Additionally, it’s important to know what you can afford when negotiating a repayment plan. After all, you don’t want to fall back into the same situation. This means that you need to go over your income and expenses to figure out what you can actually afford.

2. Show That There is a Financial Hardship
There is a way to challenge the garnishment if you can show that there will be a financial hardship as a result. If you’ve lost or got fired from a job, your work hours were cut drastically, you’re filing for Chapter 7 or 13 Bankruptcy or failing to pay basic expenses such as food, rent or utilities, you can state your case to the courts.

Creditors know that in these types of situations you are less likely to have the money to pay them anyway. It will be in their best interests anyway to let you get back on your feet and then come up with new terms to pay off the debt.

3. Consider Filing for Bankruptcy
Bankruptcy should be the last resort for individuals in debt. However, sometimes it’s the only option available. Bankruptcy can give you a fresh start and stop your wages from being garnished. Individuals that are drowning in debt and struggle to pay basic living expenses may find that bankruptcy is the only option for them. This will stop your garnishment from happening and help you slowly get your finances together.

Every debt isn’t created equal. For this reason, we’re going to discuss what you can do to prevent garnishment for a particular type of debt that you owe.

Child Support and Alimony: If you owe in child support or alimony, you should consider working with the courts to develop an ideal payment plan before they garnish your wages. In the event that you owe in child support, individuals can seek child support modification if you are going through financial troubles.

Consumer Debts: To challenge your consumer debts such as a credit card or medical bill, you will need to fill out paperwork and potentially attend a hearing. The forms will outline details of your case and include pertinent financial information such as your monthly household income and living expenses.

Federal Student Loans: If you default on your student loans, you should be given a 30-day written notice. This means you have a 30-day window to make a written objection and request a hearing, modify student loan payment plan or request hardship assistance.

Taxes: Individuals who owe taxes should receive a written letter from the IRS letting you know that they intend to garnish your wages. If you owe for state taxes, you have the opportunity to contact your state’s franchise tax board to try and set up an alternate payment plan if a garnishment will result in financial hardship.

We know that garnishment can be a stressful experience. The good news is, there are various options available to you to help you stop a garnishment before it happens
At Advance Tax Relief, we are your trustworthy support system here to help you get out of debt fast. If you have questions about wage garnishment or want to learn more about how we can help you obtain debt relief, contact us today.

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.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

HOW DO I GET TAX DEBT RELIEF WHEN I OWE BACK TAXES?

Tax Settlement, Tax Debt Help, Tax Attorneys

When you owe money to the government, it can be worrisome. Drowning in credit card or student loan debt is intimidating, but owing the government money can potentially disrupt your way of life. For this reason, many people choose to ignore the problem or search for a debt relief program that sounds too good to be true. If you find yourself wondering, “Do I Qualify for Tax Debt Relief?” The reality is this: The primary goal of the IRS is to collect their money on taxes owed. Realistically, you have three options:

INSTALLMENT PLAN (STREAMLINED INSTALLMENT AGREEMENT) 

Life happens. And the IRS understands that. If you are unable to pay the full balance of your debt, communicate that with them. Installment plans are a viable option for individuals who owe up to $50,000 in back taxes. You will still have to pay late fees and penalties, but you are also avoiding heavier penalties such as wage garnishment or tax levies against your property.

TEMPORARILY DELAY THE COLLECTION PROCESS

If it is apparent that you cannot pay any amount toward your debt, the IRS may temporarily suspend the collection process for a certain amount of time until you are able to get back on your feet. If your financial situation doesn’t improve, you may qualify for an offer in compromise.

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

OFFER IN COMPROMISE 

An offer in compromise (OIC) is when the IRS agrees to settle your debt for less than the amount you owe. This is usually only an option when it is evident that you will never be able to pay back the total amount of what you owe or paying back the amount would put you in a position of financial hardship. Before considering you for this program the IRS will go through your financial background thoroughly. If there is even a slight possibility you can pay back the full amount owed, you will not qualify.

Never assume that the IRS will forgive your debt. It is recommended to always exhaust all of your payment options before considering an OIC. Even if you do qualify, it can be an invasive and tedious process. If you’re feeling overwhelmed and at a loss of where to start with paying back taxes owed, please contact Advance Tax Relief at 713-300-3965. 

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.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief #TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #IRSHelp #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

CAN THE IRS TAKE MY HOUSE IF I OWE BACK TAXES?

Yes, the IRS can seize personal property, including real estate, if a taxpayer has neglected to pay outstanding taxes.

This action, also known as a tax levy, legally permits the Internal Revenue Service to collect property to settle a tax liability for which the taxpayer has received several notices and demands for payment.

Concerned whether or not the IRS can take your house? We’ve got your questions covered. In this post, we’ll share exactly what you need to know about when the IRS can take your home, when they cannot, what other items are subject to tax seizure, and how you can avoid it.

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


HOW OFTEN DOES THE IRS SEIZE PROPERTY?

Asset seizure is something of a last resort that allows the IRS to settle back taxes that have not been paid; therefore, certain conditions must be met before they can take your house or other belongings. So, when can the IRS take your house?


The IRS can take your house (or other personal property) if you do not pay your taxes or take action to settle your tax debt.


As we mentioned, some other requirements must take place before your home or other assets can be seized under a tax levy.


The IRS usually needs to take these steps before enacting a tax levy:


1. Assess the outstanding tax and issue a Notice and Demand for Payment (tax bill)
Determine that the taxpayer has refused or neglected to pay the tax

2. Send the taxpayer a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (levy notice) at least 30 days before implementing the levy.


What happens when the IRS decides to take your property?
If the IRS applies a tax levy and decides to seize your property, they will sell the asset and apply the proceeds of the sale to your outstanding tax debt.

Before the actual sale of the property, the Internal Revenue Service will first calculate and provide you with a minimum bid price. From there, you’ll have the chance to challenge the fair market value if necessary. Then, they’ll issue you a notice of sale and announce the sale to the public.

Once the public has been notified of the sale, the IRS will typically wait at least 10 days before selling your property. The proceeds from the sale will go toward the cost of seizing the property, selling it, and the remainder will be used to help satisfy your tax debt. If there is excess money left over after the sale is complete, you can obtain a refund.

While the IRS may pay a visit to your home under an investigation, to discuss taxes owed, or during an audit, it’s important to know your rights and recognize when something’s not right.

The IRS says taxpayers should verify that the visitor is really an IRS representative by requesting to see their credentials, and be aware that at-home visits typically only occur under the following circumstances:

If you want to get your seized property back, you’ll want to take immediate action to resolve your tax debt. Contact the IRS immediately to request a seizure release, or enlist the help of a tax professional to expedite the process. The IRS can also release your seized assets if they find that the collection of your property imposes economic hardship. If your request to have the seizure released is not approved, you’ll have the opportunity to appeal.

There are also several circumstances where the IRS would be required to undo the seizure of your property:


1)If you fulfilled your tax liability
2)The collection period ended before the seizure took place
3)If releasing the asset back to you would help you cover your tax balance.
4)You enroll in an installment agreement program and the agreement prohibits the seizure of your assets.
5) If the collection of your assets would result in economic hardship; preventing you from meeting your basic needs and living expenses.

The value of the property exceeds the amount owed and if the release of the asset would not prevent the IRS from collecting the tax debt owed.

Getting the IRS to release your property isn’t an easy process to navigate. For help dealing with the IRS, settling your tax debt, and more information on how to stop a tax levy, contact Advance Tax Relief at (713)300-3965.

Can the IRS take my car? What other assets can the IRS seize?

The IRS can take your home to satisfy tax debt, but can they collect your car or other pieces of personal property? Yes. A tax levy legally permits the IRS to seize property including:


Your personal vehicle
Real estate
Putting a levy on your bank account
Wages, through wage garnishment
Investments
Collectibles
Basically any asset that could be liquidated in order to satisfy an outstanding tax bill. However, as we mentioned, certain circumstances would render some personal items off-limits; for example, if seizing your home would cause economic hardship, the IRS may be forced to take other actions.


HOW CAN I PROTECT MY ASSETS FROM THE IRS?


When it comes to avoiding trouble with the IRS, it’s in your best interest to play by the rules. Whether it’s filing and paying your taxes or responding to IRS notices, it’s important to be timely, accurate, and thorough with your actions.

If you do find yourself in tax debt, wondering, “can the IRS take my house?”, here are some steps to consider taking to stop a tax levy:

A) Consider how you can shift your finances to cover your tax debt in full.
B) Enter an installment agreement to settle your tax debt if you cannot pay in full.
C) Request an offer in compromise to see if the IRS will allow you to resolve your tax debt for a smaller amount.
D) See if your taxes can be classified as uncollectible.

If you’re not sure which of these methods to apply, or just want to maintain your good standing with the IRS, our team can help! From tax preparation to resolution, our tax professionals can help you find the best way to deal with any tax-related challenge you’re facing.

Wrapping up – how Advance Tax Relief can help
Failing to meet your civil responsibilities as a U.S. taxpayer can result in some serious consequences, like the seizure of your house or other personal possessions. In the event that you neglect or refuse to pay back taxes to the IRS, and are threatened with a tax levy, you’ll want a team of tax professionals on your side.

From explaining your rights as a taxpayer to helping you take the most efficient and responsible course of action, our team is here for you. Not sure how to approach your tax dilemma? Contact us for a free tax consultation today

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.

#TaxDebtHelp #FilingBackTaxesHelp #TaxReliefHouston #BackTaxRelief
#TaxAttorneysNearMe #IRSLawyer #TaxReliefFirms #OfferInCompromise #TaxResolution #LocalTaxAttorney #HelpFilingBackTaxes #TaxDebtSettlement #TaxReliefAttorneys #TaxRELIEF #TaxAttorneys #AuditHelp #BackTaxes #OfferInCompromise #WageGarnishmentHelp #AuditReliefHelp #SmallBusinessTAXES

BACK TAX NEGLIGENCE PENALTIES AND WHAT YOU CAN DO

Tax Liens, Negligence Penalty, Tax Returns,

If you’re in an audit or got an IRS CP2000 notice, you may also get a penalty if the IRS changes your tax return and says that you owe more taxes. This penalty is called an accuracy penalty.

There are two types of accuracy penalties that many people see in audits and CP2000 notices:

Negligence penalty
Substantial understatement penalty
The negligence penalty is 20% of the amount you underpaid
This is a steep penalty, and the IRS usually charges it (or, “assesses” it) when taxpayers overstate their deductions or don’t report all their income. Negligence is defined under the law as any failure to make a reasonable attempt to comply with the tax laws. The IRS may impose the negligence penalty if it decides that a taxpayer’s negligence or disregard of the rules or regulations caused an underpayment of taxes.

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The IRS charges this penalty on a case-by-case basis, depending on the specific changes the IRS is making to your return.

The IRS is likely to assess a negligence penalty if:

Your tax return didn’t include income from an information statement, like Form 1099-MISC.

You didn’t make a reasonable attempt to confirm whether you were entitled to claim a deduction, credit, or exclusion on your return – one that a reasonable person would think was “too good to be true” under the circumstances.

You’re under audit and you don’t have records to support your tax return items.

It’s best to contest the penalty before the IRS officially assesses it

It’s a good idea to argue against a negligence penalty after the IRS proposes the penalty, but before the IRS assesses it. If you wait for the IRS to officially assess the penalty and send you a Statutory Notice of Deficiency (usually a Letter 3219), your only option is to take your case to U.S. Tax Court.

To request “penalty non assertion,” you’ll need to respond to the IRS and make your case.

With CP2000 notices, contest the penalty in your first response to the CP2000.
In an audit, protest the penalty while dealing with the IRS auditor. You can also appeal IRS penalties proposed in an audit with the IRS Office of Appeals. But you’ll still have to do that before the IRS officially assesses the penalty.
Show that you tried to comply
With negligence penalties, you can’t ask for first-time penalty abatement. The decision on whether a negligence penalty applies lies in your honest and reasonable attempt to comply and file an accurate return.

You’ll have to show that you made a reasonable attempt to comply with the law, but because of unforeseen circumstances, you couldn’t comply.

Some factors in your defense might be:

You relied on an incorrect information statement, such as Form W-2, 1099, K-1, etc.

You relied on incorrect information in good faith (for example, an incorrect adjusted basis of stock shown on a brokerage statement).

You reasonably relied on a competent tax professional or other third-party advice.

You relied on advice from the IRS.

You have legal authority that supports the tax treatment (and the tax position is adequately disclosed, if applicable).

You were ignorant of or honestly misunderstood the law or a fact.

You made an isolated computational or transcriptional error.
When you argue the penalty, include as many details as possible and provide all the factors that apply to your situation. Learn more about how to handle IRS penalties.

How to get help
An experienced tax professional can also provide a lot of value in this process, especially when it comes to referencing the applicable tax law and/or court cases in support of your argument. Your tax pro can also request non assertion of the negligence penalty from the IRS for you.

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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TAXPAYER SENTENCED FOR FAILING TO PAY OVER WITHHELD PAYROLL TAXES

Court documents revealed that for a 24-year span beginning in 1992, Terra Ferguson, of New London, North Carolina, served as an office manager at a Randolph County, North Carolina pediatric doctor’s office. In her role, she was responsible for, and had complete control over, the practice’s finances. Additionally, her role included being responsible for payroll taxes.

Prosecutors alleged that between 2011 and 2016, Ferguson caused nearly $80,000 to be withheld from employee paychecks but willfully failed to pay the withheld taxes over to the IRS.

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Under federal tax law, those who are responsible for the payroll tax function are required to withhold, account for, and timely pay over the withheld funds to the IRS. Additionally, Ferguson failed to pay the practice’s share of employment taxes. Investigators determined that Ferguson spent the money on her own personal expenses, including her own business ventures.

It is extremely common for those involved in payroll or employment tax crimes to also be non-compliant on their individual income tax returns. In the present story, Ferguson prepared false tax returns for her employer, which included an exaggerated mortgage interest deduction and the under reporting of gross receipts. Prosecutors asserted that the approximate tax loss of Ferguson’s criminal activity is nearly $375,000.

In addition to serving 14 months in federal prison, Ferguson will serve three years of supervised release. She was also ordered to pay restitution to the IRS in the amount of $374,101.

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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WHEN YOU RECEIVE A FINAL NOTICE OF INTENT TO LEVY: PREPARE FOR ENFORCED ACTIONS

Final Notice Of Intent To Levy, Back Tax Help, Wage Garnishment, Bank Levy, Asset Seizures, Tax Attorney Help, LT11 NOTICE

Before the Internal Revenue Service (IRS) can take any 'enforced collection action' - what most people refer to as garnishments or levies of wages and bank accounts - the IRS must first mail out a letter to a taxpayer called a Final Notice of Intent to Levy (Notice CP 90).

To whom does it apply?
If you owe the IRS back taxes, there is a series of letters that IRS sends out.

First, a CP501, which is as friendly as IRS notices get.
If the bill remains unpaid, then a CP503 warning that collection action could take place.

If the bill is still unpaid or no arrangements have been made to settle the tax debt, then IRS will send a CP504, which is a "Notice of Intent To Levy."

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The CP504 compared to a Final Notice of Intent to Levy
Confusing matters is that the CP504 is not a Final Notice of Intent to Levy. While the IRS can intercept state refunds at this point, they can not take any other actions. So often, a CP504 will lull a taxpayer into a false feeling of safety. After all, they think, a levy notice was issued and the IRS must not been ale to find anything to levy.

NOTE: If you dispute your tax bill, you may be able to get the IRS agree to lower it, using something called Audit Reconsideration.
How is a Final Notice of Intent to levy sent?


A Final Notice of Intent to Levy is sent certified mail. Because many taxpayers aren't home at the time the mail carrier arrives, they have to go to the post office to claim it. Of course, many do not. After all, who is terribly enthused about receiving certified mail from the IRS?

Regardless, even if the letter is never claimed, it is still valid. Taxpayers mistakenly assume that there must be a court hearing before the IRS can being levying and garnishing. This is not true. The Final Notice of Intent to Levy is the final notice a taxpayer receives before their world will likely turn upside down.


What does a Final Notice of Intent to Levy Do?


A Final Notice of Intent to Levy is the notice a taxpayer is given that they have 30 days to a right to claim something known as a Collection Due Process hearing. At this hearing, a taxpayer should present something called a "proposed collection alternative," or raise issues why they don't owe the tax, that is, claim innocent spouse relief, or an audit reconsideration. To put it more clearly, a taxpayer can dispute the ability to pay the debt, and/or dispute the validity of the debt.


IRS appeals officers tend to be the best and brightest of the IRS and very grounded in reality and very aware of the incredibly detailed Internal Revenue Manual. They are experts at tax research and usually work methodically. Because of their high level of competence, taxpayers have the right to have a tax attorney or other tax professional represent them at the hearing.


It is important that the collection due process hearing be treated as a legal proceeding. The reason is that if a taxpayer can not find a reasonable solution at the hearing, the taxpayer has a right to take the case to tax court. Most cases fail in tax court because the taxpayer failed to create a record or actually show up at the hearing. They wind up being dismissed because taxpayers did not know how to follow the rules.


What if you missed the 30 day deadline?


If you miss the 30-day deadline to file a Collection Due Process hearing, you have a year from the date of the Final Notice of Intent to Levy to file something called an "Equivalency Hearing." An Equivalency Hearing is just like a Collection Due Process hearing, with one major difference. There is no right to tax court. If an Equivalency Hearing is requested, typically the IRS will not levy or garnish, but are allowed to do so.


What if you miss the 1-year deadline to file an Equivalence hearing?


You may still request a levy to be released provided it is creating a hardship or by submitting a collection alternative such as an Offer in Compromise, an Installment Agreement or Request for hardship status. You may also be able to file bankruptcy to wipe out old tax debts, despite what some tax resolution companies claim.

Conclusion: Do NOT be afraid

A Final Notice of Intent to Levy should not be treated as something to be afraid of, but rather, an opportunity. It triggers valuable appeal rights that can result in an optimum tax resolution without any levies or garnishments. The key is to pick it up and respond quickly. Because of the complexities of various programs, it is best to be represented by a tax professional who specializes in tax resolution who can properly present the most favorable aspects of your particular situation.

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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TIPS TO GET BACK ON TRACK WHEN YOU HAVEN’T FILED BACK TAX RETURNS

Tax Preparation, Small Business Back Tax Debts, Tax Relief, Tax Attorney

Sometimes, people don’t file tax returns because they can’t pay. Other times, life happens, and they can’t get everything together in time to file. Regardless of the reason, not filing a required return is serious business for the IRS.

But there’s a way to get back in good standing: Gather all your information, research your IRS account, and file the returns. A tax pro can help you investigate which returns you need to file and how to submit them to the IRS.

“How many years back should I file?”
This is the most common question people with back tax returns ask. The answer lies in a little-known IRS policy statement.

IRS Policy Statement 5-133, Delinquent Returns – Enforcement of Filing Requirements, provides a general rule that taxpayers must file six years of back tax returns to be in good standing with the IRS. The policy also states that IRS management would have to approve any deviation from that rule.

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Sometimes, IRS managers will require tax returns from even further back than six years, depending on the situation. These are the most common reasons the IRS requires returns from more than six years back:

There’s a large potential tax bill on the older returns. The most common red flags are Forms 1099-MISC, property sales, and large wages with no withholding.

There are business returns involved. The IRS will closely scrutinize business returns because the IRS knows that businesses have the largest potential for noncompliance.

A revenue officer is on the case. Delinquent-return investigations can involve local field collection personnel (called revenue officers), who perform in-depth investigations on nonfiling and collection.

Remember these tips when you’re filing back tax returns.

1. Confirm that the IRS is looking for only six years of returns.
Call the IRS, or your tax pro can use a dedicated hotline to confirm the unfiled years.

2. The IRS doesn’t pay old refunds.
You can only claim refunds for returns filed within three years of the due date of the return. Everything before that is lost.

3. Transcripts help.
It’s important to prepare an accurate return that matches IRS records. Trace your income history and request your wage and income transcripts from the IRS. Make sure your return reports all items on the transcript. Without this match, the IRS can question the accuracy of your return. If you made estimated tax payments that you can credit to any tax balances you owe, request your account transcripts to verify the amounts you paid.

4. There can be hefty penalties.
Years with tax balances due will have penalties, such as the failure to file and failure to pay penalties. These penalties combined can accumulate, over time, up to 47.5% of the tax bill.

5. Request penalty abatement, if applicable.
Good news: With most back tax returns, you can ask the IRS not to charge you failure to file or pay penalties on balance-due returns. Use first-time abatement for the first year if you qualify. Otherwise, consider reasonable cause arguments for late filing and payment to get some relief from penalties.

6. The IRS may have filed a return for you.
The IRS usually starts this process, called a substitute for return (SFR), about three years after the due date of the return. When you file a return to replace an SFR, the IRS will closely scrutinize the replacement return and compare it to information statements on file. Because of that scrutiny, the IRS will take more time than usual to process the replacement return – more than four months in some cases.

7. Delinquent returns may need special processing.
If you have gotten a delinquent-return notice or an SFR in the past, you’ll need to file the return with specific IRS units for special processing.

8. If you owe and can’t pay, set up a payment agreement with the IRS.
Remember to get into an agreement if you can’t pay. There are several types of agreements, depending on what you need. If you don’t establish some type of payment plan with the IRS, a second wave of IRS enforcement – collection – will follow.

9. Authorize your tax pro to help.
You can sign an authorization to allow your tax pro to call the IRS to get information and transcripts for you – or you can sign an authorization to allow your tax pro to handle the entire issue with the IRS for you. Also, you or your tax pro can request a stay on enforcement activity, and follow up to ensure the IRS accepts the return.

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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IF YOUR BUSINESS OWES EMPLOYMENT BACK TAXES - WHAT YOU SHOULD KNOW!

Employment taxes, Form 433B, Revenue Officers, Trust fund recovery penalty

Unpaid employment tax liabilities results in the highest level of IRS enforcement. The IRS usually assigns its most experienced Revenue Officers to investigate employment tax cases, including pursuing the individuals in the business personally for not paying their employees taxes.

If your business owes employment taxes to the IRS, what does this mean to you and where does it lead?

Let’s break it down – 10 tips on what to expect from the IRS, and how to handle the IRS scrutiny.

1. Yes, the IRS will make an unannounced visit to your business. Be respectful and courteous. This the Revenue Officer’s first impression of you – make it count. Build credibility and confidence with the Revenue Officer. You do not have to make any promises or statements, but be sincere. Tomfoolery will get you nowhere.

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2. You do not need to offer explanations, talk at length, provide documents or financial statements at the first visit. Expect open-ended questions. You can tell the Revenue Officer you will be getting professional assistance to solve your problem, and your representative will contact him, and respond to questions and provide all requested information.

4. You do not have to let the Revenue Officer past a lobby area or into the business. There is no right to tour your business or view your assets to see what you have unless (1) you voluntarily agree or (2) the Revenue Officer has a court ordered writ of entry permitting him to take a walk-through (it would be rare for a RO to have a writ of entry on a first visit).

5. The IRS cannot take your bank accounts and customer receivables until 30 days after a Final Notice of Intent to Levy is issued. In many cases, the Revenue Officer will hand-deliver the Final Notice during the first visit. This notice is important – it gives you important appeal rights to resolve your case without the threat of levy with an IRS settlement officer instead of an enforcement officer.

6. The Revenue Officer wants to set deadlines and move the case forward. He will want unfiled returns, an IRS financial statement (Form 433B), and proof that you can make your employment tax deposits and stop the problem. He will send you Form 9297, Summary of Taxpayer Contact listing what he wants and when.

7. Revenue Officer deadlines are dead serious – miss them and risk levy action or an IRS summons compelling your cooperation. If you cannot make a deadline, it is important to let the Revenue Officer know in advance, not at the last minute, to ask for an extension in good faith.

8. As you have been pyramiding employment taxes, Job #1 is to stop the bleeding. Immediate procedures have to be put in place to find the money to make the deposits.

9. Expect the Revenue Officer to start an investigation of the business for the trust fund recovery penalty. The IRS is looking for those in the business who were part of the decision not to pay the withholding taxes to the IRS. The Revenue Officer will want to interview people in the business to see what they know, and subpoena bank records to see who signed checks (directed payment of bills). The interview presents its own set of issues to deal with, including whether to submit to it all and if so, knowing the questions to be asked ahead of time.

10. The IRS tends to cast a wide net when pursing the trust fund recovery penalty against business owners. You have appeal rights to dispute if you disagree. Until appeal rights are exhausted, the IRS cannot collect the trust fund taxes from you personally. But you may be asked for a personal financial statement (Form 433A). But remember at the investigation stage, you do not personally owe the IRS anything yet, so consideration should be given to deferring.

Employment tax liabilities involve multiple defenses (business, individuals) and many twists and turns. Knowing what is coming and being prepared helps plan for successful resolution.

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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