Financial Advisor

While an Injured Spouse could get relief if the Internal Revenue Service keeps a joint tax refund because of the debts and obligations of the other spouse, an Innocent Spouse could get relief if the other spouse falsifies information on a joint return. This could include unreported income or improper deductions. In order to qualify, you must not have known, or had any reason to know, about the false reporting. The intent behind this program is to prevent you from unfairly being held accountable for a spouse’s actions. Continue reading ‘Quick Overview of Innocent Spouse Relief’ »

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Many taxpayers are unable to meet their federal tax obligation for a variety of reasons and therefore find themselves in trouble with the IRS. When this happens there are a number of different solutions available in settling the issue but first there are some things to consider in deciding how to approach the problem. There are three main approaches and they are each outlined below.

Approach Number One – Ignore the problem. This is the worst approach of all and will only lead to further problems. The IRS may seem slow to act at first compared to what we as consumers are used to and that can give the taxpayer a false sense of security. However, on the contrary, phone calls or emails can begin from a commercial creditor very shortly after a payment is overdue. That being the case a customer will know very quickly that they are being pursed for what they owe to the creditor. Continue reading ‘Having Problems With the IRS? Here Are Your Options’ »

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Tax season can be a stressful time for us all. Between keeping track of all the paperwork, remembering to file on time and crossing your fingers that everything is correct, it’s something we often want to get done with quickly. Unfortunately, there are cases where we may find ourselves owing quite a bit of money to the IRS. But there are multiple options for tax debt relief and if you know how to go about dealing with the IRS, you’ll come out of it with your debt paid off.

First, you should assess how much money you owe before looking into tax debt relief options. You can certainly contact the IRS yourself and it’s much easier done if you owe less than $10,000. If you owe between $10,000 to $25,000 you may want to seek the advice of a tax attorney. If it’s over $25,000, you most certainly want to have a professional on your side, helping you figure out what the best options are. Continue reading ‘Tax Debt Relief Strategies’ »

This tax advice ought to get any one thrilled. You have two different ways to achieve this: either use a commercial application or use HMRC’s absolutely free Self Assessment service. Be aware that a number of these computer programs are totally free whilst other people charge a payment. HMRC doesn’t have all the tax return forms on-line, so you may need third-party software programs.

Specifically What Does HMRC’s Free Online Tax Advice Service Handle?

HMRC allows submitting the Self Assessment Tax Return (SA100) on-line and it is absolutely free through the HMRC Self Assessment service. Here are a few forms you may send using the Web through HMRC’s Web service. These pages are for the main tax return: Continue reading ‘Want to File Your Tax Statements From Your Home? Doing It Over the Internet Is Legitimate Tax Advice’ »

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Setting up a stamrecht bv when you receive a severance payment in The Netherlands is meant to postpone and ultimately save income tax. Setting up a stamrecht bv can be complicated when you do not have the necessary knowledge of the pertinent tax and company law.

A stamrecht bv (“annuity company”) is a limited company (“besloten vennootschap” or “bv”) constituted according to Dutch law which has an annuity agreement with the former employee / owner. The company receives the severance payment and promises to make periodical payments in the future. Due to the progressive tax brackets, postponing income tax on a redundancy payment can lead to lower income tax when the severance payment is paid out at times when your income is lower. Since the cost of setting up a stamrecht-bv is fixed, it depends to a large extent on the amount of your severance payment if it is worthwhile to do so. Continue reading ‘Stamrecht BV Set-Up for a Severance Payment to Save Income Tax’ »

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Owe IRS – IRS Financial Statements 433A, 433F, Seen through the eyes of IRS Agents -

IRS Insider

As a former IRS Agent and Instructor at the Regional Training Facility, please be aware that IRS Agents are trained to find errors and misstated facts on the financial statements turned over to IRS to settle collection cases.

These financial statements are Forms 433A- which is used primarily by Revenue Officers out in the field, and Form 433F used exclusively by the ASC Unit at the different IRS call centers. Continue reading ‘IRS Financial Statements Seen Through the Eyes IRS Agents’ »

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With the economic climate what it is today, many taxpayers owe back taxes that they are unable to pay. A taxpayer faced with this situation should be well aware that the worst response is to ignore the problem and hope that it will go away. The consequences of disregarding tax deadlines can be severe and, with more and more resources being allocated to the IRS for enforcement and modernization, it is going to be increasingly difficult for taxpayers who have not filed or already have an outstanding tax debt to remain under the radar. The best course of action is always to meet tax filing deadlines and then make maximum use of the use of the programs offered by the IRS to help when the funds to pay the full amount of the tax bill are unavailable. In fact, a series of new policies and programs to help taxpayers who cannot pay their taxes have recently been initiated. However, these options are numerous and can be complex and confusing so a taxpayer may be best served by contacting a tax settlement professional to help determine the best course of action.

The Consequences of Not Paying Your Tax Bill

When no tax return has been filed, the IRS has the authority to use information from other sources in order create a substitute tax return. This document, called a Substitute for Return, is an educated guess as to the dollar amount of taxes owed and is used to begin collection efforts. Since it does not include exemptions and deductions to which the taxpayer may be entitled, the estimated tax liability shown on the substitute return is usually greater than what is actually owed. Continue reading ‘How to Handle Tax Debt’ »

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Here are some FAQ’s on Tax Liens. This may help you better understand what they are, why they are issued and how they can be released.

Q: When a tax lien is placed on a property, how does someone know?

A. You will know that the IRS has an issue with a liability when they send an assessment and want payment immediately. You then have ten days to make a payment. Failure to address that issue will cause the IRS to begin the process of a federal tax lien. You will receive, by mail a notice from the IRS that it has been filed.

Q. What effect does a tax lien have on me?

A: As soon as it is filed all your creditors are notified greatly affecting your credit report and credit score and the IRS has claim to your property above any creditors. Now that a lien is being placed and all creditors are aware, it makes it very difficult to get any type of credit extended. If you pay the debt, you can request that the tax lien be removed from your credit report. Continue reading ‘IRS Tax Liens – FAQs’ »

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If you are on top of your tax debt situation, diligently review letters from the IRS when they arrive, and maintain good communication with your Revenue Officer or ACS, you have a huge advantage over people that don’t. In short, you know what’s coming.

One of things that any good tax representative does for clients, obviously, is to monitor these communications and stay on top of them. Properly timing deadlines and staying slightly ahead of the IRS is one of the attention to detail things that we do in order to get as much of a leg up as possible. Continue reading ‘Simple Trick For Slowing Down IRS Bank Account Levies’ »

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In the past couple of years, bad debts and theft losses have become almost commonplace. Years ago we rarely ever saw a bad debt or theft loss on a tax return. But today, between the economy, fraudulent investments, and failing businesses, these debts are everywhere.

To understand how to deduct these bad debts you need to understand the differences between debts that can happen on an individual tax return and those that can happen on a business tax return. Let’s look at individual first. Continue reading ‘Understanding Bad Debt and How to Claim It On Your Taxes’ »

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