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Having Unfiled Tax Returns and need Help?
Having Unfiled Tax Returns and need Help?
Taxpayers with unfiled tax returns can invite a lot of problems. The famous IRS has coined ten years for the collection of taxes that are owed. If the return for owed taxes was filed ten years ago, the IRS will probably use the last address known to them. The government will not be able to maintain any contact if you have already left the country. But if by any chance, you return back within the ten years limit, this can be a big problem. If you start earning or start with any job, it will be very easy for the IRS to contact you and then you are in big trouble. They not only claim the unfiled tax returns but all of the fines interest and penalties that have accrued over the original payment are also asked for. If you have somehow not at all bothered to file the tax returns, it is very important for you to have all the documents necessary to file your tax returns. Having lower income or lots of medical bills will not make any difference. It could simply lead to the conclusion that you probably are left with no money at all to pay for the mortgages or even the regular bills.
If anyone finds himself stuck in such serious circumstances it is strongly suggested that services of an experienced tax relief professional be asked. Only they will be able to guide you properly as to what is required to be done. They will be able to sort through all of the back taxes of past years and negotiate with the IRS to make some reasonable solution. The help of tax relief expert can invite many days of annoyance, severe deadlines or some difficult and confusing forms to be handled on your own. The tax relief specialist, as a professional will do his best to help you deal with the situation and come out of it successfully. He will be spending most of his time to sort out the best interest of the client and find a solution.
Back Taxes
Back Taxes – How to get tax resolution
When one is undergoing financial problems and above all a number of tax bills that are due, the first thing that crosses ones mind is how to settle back taxes. Burden of tax debt is a complicated issue. This is so because if one does not pay the past due tax bills the amount keeps on doubling with time. Moreover, more interest and penalties are added to it. In the end, the rights of the taxpayer are no longer protected because then the tax collectors start intruding into person’s bank accounts and seizing all the property he has in his name. As each and every move is interlinked with the previous one which makes these back tax debts a complicated one. Thus, there is a dire need to settle back taxes and get peace of mind.
In order to settle tax debt a proper channel is required, that is, a legal tax relief representative such as an experienced Enrolled Agent can do a fine job in corresponding and negotiating with the IRS, or any tax agency. As it is seen, for every problem one needs to discuss the matter openly. Both parties look at their positive and negative points for each alternative resolution. Then a modified tax resolution is formulated which would be acceptable to both parties. This is how to settle back taxes.
Hardship Distributions in a 401(k) Plan
| Common Plan Mistakes – Hardship Distributions in a 401(k) Plan | |
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IRS Tax Lien
Tax Lien – How to handle an IRS federal tax Lien
A tax lien is a civil action filed in court of the county where a person resides or a business operates by a government agency particularly the Internal Revenue Service. IRS is seeking a legal claim – attachment against that person’s or business’ property or money owing to taxes. In normal situation, once the claim is proved, the court will then make an order of attachment or lien against the said property or money and published on public records. But in the case of the IRS, because of its federal power and the quasi-judicial status, it need not go to court for this process and issues directly a tax lien on the tax payer’s property. This means that it announces to the world that you owe the IRS taxes for which the property is being secured. The property that maybe subject of the tax lien can either be real which is most preferred, or personal. Once there is a tax lien on record, it becomes difficult or impossible for a taxpayer to dispose of the same and it will likewise affect the taxpayer’s credit standing. For example, the taxpayer cannot sell a parcel of land or a car subject of the tax lien nor can the taxpayer secure a financing to purchase a parcel of land or a car for that matter, unless of course, you satisfy the tax lien or until final payment is made on your liabilities or in short, the tax lien is released, discharged, withdrawn or removed.
Tax Liens are effective for a period of ten years and are generally self-releasing after that period unless refiled by the IRS in which case, it shall be effective for another 10 years. The government’s tax lien on a taxpayer’s property is priority over his other creditors and thus, the government is first on the list of creditors to be satisfied in the case of attachment and liquidation.
Identity theft tax problems
Up to 1.2M Tax Returns May Have Used Stolen IDs
SOURCE: WebCPA
An estimated 1.2 million tax returns filed in 2007 reported wages earned by taxpayers who used another taxpayer’s Social Security number, according to a new government report.
Back Tax Help
IRS Examples of Tax Nonfiler Investigations – Fiscal Year 2010
Mike Habib, EA 877-788-2937
The following examples of Nonfiler investigations are excerpts from public record documents on file in the court records in the judicial district in which the cases were prosecuted.
How To Choose A Tax Relief Company
How To Choose A Tax Relief Company
By Mike Habib, EA at 877-788-2937
Choosing a reliable and reputable tax relief company is a daunting task. The reality is that many tax problems are better handled and resolved with a tax professional who knows what he is doing. Many tax relief and tax resolution companies advertise that they can wipe out all your penalties, interest and settle your tax debt for few pennies!
IRS Problem Solver
IRS Problem Solver – Solutions to tax problems
Tax relief expert and IRS Problem Solver, Mike Habib, states that taxation doesn’t have to be taxing! Your right to deal with the IRS by yourself carries the right to hire and solicit assistance and representation on your behalf. This is what is usually and commonly done, especially because dealing with the IRS is frustrating and intimidating for the normal taxpayer which is the essence of retaining an experienced IRS Problem Solver. The IRS Problem Solver can either be an Enrolled Agent, CPA or Tax Attorney. These tax professionals are commonly known IRS Problem Solvers, Tax Resolution Specialists, or Tax Relief Specialist.
Before knowing what an IRS problem solver is, we must first know what an IRS Problem is. Yes, these are matters relating to problems on taxes or problems encountered with the IRS either because you have back taxes, discovered deficiency in tax payment or Tax Debt, conflicting records of income and expenses when compared to IRS records discovered from other sources such as employers payroll record or other financial institution.
Tax Relief
Are you having problems with settling all your tax debts? If so, you might want to avail of any of the tax relief programs provided for by the IRS. A tax relief is a negotiated solution to your tax problem and possible reduction of the entire tax amount, penalty and interest. It is a form of help from the Government so the taxpayers, be it individuals or companies or corporations, may still be able to pay the tax that is needed to sustain the Government’s needs without such taxpayer suffering penalties from non-payment of taxes. It is a form of compromise where you, as a taxpayer and with back taxes, will promise to pay a possible lesser amount to the IRS instead of the whole amount, and where the IRS will not penalize you or charge you with interests and accept your payment as sufficient.
So what are the different tax relief programs that the Government provides? There is property, personal, business, and housing tax relief. You could also avail of the disaster tax relief program if you have experienced a natural disaster or calamity in your area, or even a financial crisis. However, before you could qualify for this kind, your place or area must first be declared by the Government to be in such a state. There is also an available tax debt relief for taxpayers who are insolvent and cannot, in any way, produce the money to settle their tax obligations. There are other tax relief programs and the best way to know which among these programs you are qualified to apply for is to consult with a tax professional that has an in-depth knowledge on these matters. Such tax professionals will assist you and make your application for tax relief successful, than if you will do it by yourself, particularly because there are many requirements to submit and papers to be produced. However, you must remember that a granted tax relief will not eliminate your tax obligations; instead, it will just make it more affordable for you to pay what you can based on your ability to pay. This is a common misperception of people about tax relief.
