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Archive for Venar Ayar

How To Appeal The Filing Of An IRS Tax Lien

Venar Ayar

You may appeal the filing of an IRS tax lien on your property using either the Collection Due Process (CDP) hearing or the Collection Appeals Program (CAP). Each program has slightly different requirements, so discuss your case with a tax attorney to determine which appeal method best fits your situation.

CDP Hearings

You only have the right to request a CDP hearing if you receive certain notices from the IRS. One of these is the Notice of Federal Tax Lien Filing.

The IRS must notify you of the lien filing within 5 days. You then have 30 days to request your CDP hearing. You lose some of your appeal rights if you miss this deadline.

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How To Get Rid Of An IRS Tax Lien

How To Get Rid Of An IRS Tax Lien

IRS tax liens interfere with your ability to sell or borrow against your property. If you need to get around the tax lien, you have several options at your disposal.

First and foremost, you can eliminate the lien by paying your tax bill in full. However, this may be unrealistic if you owe $25,000, $50,000, or $100,000 to the IRS. In these cases, you’ll need to consider your other options.

Tax Lien Withdrawals

A lien withdrawal completely removes the tax lien from public records. The IRS will only agree to withdraw the lien in specific circumstances.

First, the IRS should withdraw the lien if it was filed prematurely or in violation of IRS procedures. This reason could apply if the IRS failed to send you the correct notices or made some type of clerical error.

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What Is Required To Use The Streamlined Compliance Procedures?

Venar Ayar Streamlined Compliance Filing Procedures

The Streamlined Procedures offer a cost-effective method of disclosing unreported offshore accounts for many taxpayers. The penalties are generally much lower than those required under the Offshore Disclosure Program, but there are several requirements a taxpayer must meet to qualify for the Streamlined Procedures.

You Must Have Filed Your Last Three Tax Returns

Unfiled tax returns can disqualify you from using the Streamlined Procedures. If required to file, you must have filed a return for each of the past three years.

Unfiled tax returns can also cause many other problems with the IRS. If you haven’t filed your returns, you may need to talk to a tax attorney about your options.

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Why You Should Request A Collection Due Process Hearing

Venar Ayar

The Collection Due Process (CDP) hearing is one of the most important rights given to taxpayers. It’s your final opportunity to stop an IRS levy of your assets or the filing of a federal tax lien against your property.

Requesting The CDP Hearing

The IRS is only required to give you a CDP hearing if you request it. You should receive a Notice of Intent to Levy in the mail which explains your CDP rights. The IRS can only seize your assets without sending this notice in rare cases, such as when collection of the tax is at risk.

The notice will tell you that you have 30 days to request a CDP hearing. You need to request the hearing in writing and by the deadline.

If you miss the deadline, you may receive what is known as an equivalent hearing, but you will lose some important rights.

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5 Ways To Stop Internal Revenue Service Wage Garnishment

Venar Ayar

The IRS can be quite resourceful when it comes to collecting what they are owed. This allows them to even access and retrieve money from your salary to settle your tax debt.  When it gets to this point one can feel confused and even financially invaded but this is only a last resort of the IRS. This is after they have exhausted other approaches, which include sending several letters with no satisfactory response from the taxpayer.  Accessing your paycheck and retrieving an amount from your salary to settle your owed taxes is what IRS garnishment is all about.

This reclamation of one’s wages could extend to up to 70 percent but it can be avoided. The easiest way to avoid IRS garnishment is through paying your taxes diligently and on time. But what happens when you have already crossed that line? The following are five ways to stop IRS garnishment so that you are not left with barely anything to survive on due to tax debts.

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Filing A Joint Tax Return When A Partner Has Back Taxes

Venar Ayar

Getting married means that you will share your life with your spouse in a lot of ways including your finances. With that being said, it is not uncommon to find spouses that did not talk about their finances before saying ‘I do’. This may bring about some unprecedented problems such as finding out that your partner owes back taxes. In most cases, you will still be liable for these back taxes too even if they were incurred before your marriage and you currently file joint returns. While this may seem unfair, the IRS has instituted a couple of options and tax reliefs to help spouses deal with their partner’s tax reliefs. Here are some of the options and tax reliefs that you can claim if your partner owes the IRS back taxes. But first.

Do You Know Where The Tax Debt Is Coming From?

Tax arrears and debt are not romantic things that spouses want to discuss, especially before marriage. However, it is imperative for marriage partners to understand each other’s financial situation. Is the debt from late child support payments? Is your spouse late in making student debt payment? Regardless of the reason or whether you are responsible for your spouse’s debt, the IRS views the joint return as a fair game. This means that once each of you signs a joint return, you are both responsible for any tax, interest or even penalty incurred by the other spouse. What can you do when you realize that your spouse owes the IRS when you file joint tax returns?

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5 Types Of IRS Tax Installment Plans And Agreements

Venar Ayar

Owing money to the IRS is common for almost every working individual in the US.  However, a lot of these affected individuals are not aware of the payment options available to them. The IRS has set up tax payment options that can be applied for people in different financial situations. This is established through a payment plan, which is often an agreement between the IRS and the individual in tax debt to pay the amount of tax owed within a particular lengthened time frame.

Depending on the amount owed and the individual’s ability to pay the sum total to the Internal Revenue Service, one can either opt for either a full payment agreement or an installment agreement. There are rules and regulations that govern and help determine which payment plan an individual should go for. This article elaborates on the types of Internal Revenue Service tax installment agreements that would assist indebted tax payers to pay their taxes more conveniently.
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The Benefits Of Currently Not Collectible Status

Venar Ayar

Currently Not Collectible (CNC) is a temporary agreement from the IRS to stop attempting to collect your past due taxes. It can provide financial and mental relief from the constant pressure of owing the IRS money.

CNC status isn’t the right choice for every situation, but it does offer the following benefits:

No IRS Levies

IRS levies are one of the biggest concerns for people who owe back taxes. The IRS has the ability to seize many types of assets and income, including:

  • A portion of your wages from every paycheck.
  • The full amount of any bonuses or commissions you receive.
  • A portion of certain Social Security benefits payments.
  • The money in your bank account.
  • The money in your retirement account.
  • Your business assets.

As long as your account remains in CNC status, the IRS won’t issue any of these levies.   However, they may keep your tax refunds and apply them to your outstanding balance.

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Passport Renewals When You Owe IRS Tax Debt

Venar Ayar On Passports

Did you know that your IRS tax debt could prevent you from renewing your passport?  The IRS has been talking about doing this for years and beginning in February of 2018, the IRS began certifying tax debt to the State Department for seriously delinquent taxpayers, which could result in a denial of your passport renewal.

However, not all taxpayers who owe the IRS money will have their passports denied. Read on to determine whether your passport is at risk.

Your Tax Debt Must Be Seriously Delinquent

First, your tax debt, penalties, and interest must exceed $52,000 to be considered seriously delinquent. If you owe less than this amount, your passport is safe for now.

The IRS also needs to either file a Notice of Federal Tax Lien or a tax levy. Once your appeal options expire or are exhausted, your tax debt can be considered seriously delinquent.

Even if you meet these two criteria, there are a number of ways you can avoid certification of your tax debt to the State Department. Consult a tax attorney to avoid a certification and resolve your tax problems.

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Is Your Company Facing A Payroll Tax Audit? Here Are Four Steps To Help You Prepare

Venar Ayar Payroll Tax Audit

A tax audit is a time to prepare and not to panic. Many companies are requested to supply documents to support deductions, and if your company keeps good records, a tax audit can be a simple inconvenience.

The important thing is to prepare for your date with the tax auditor. He or she can be a federal auditor, a state auditor, or a local auditor from the IRS. Whoever comes, you should be ready with documentation and good information that supports your company’s payroll tax filing.

Here we will look at four steps that can help you prepared for the big day. But first, let’s understand the meaning of payroll audit.

What Is A Payroll Audit?

A payroll audit is an examination that analyzes s a company’s payroll processes to ascertain accuracy. It examines things such as business’s current employees, wages, pay rates, and tax withholdings.

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6 Common Offer In Compromise Mistakes To Avoid

Venar Ayar

Failure to get your offer in compromise (OIC) accepted is always devastating both financially and even emotionally because you are left with a tax burden that might be worse than before. A lot of these offers are rejected because incompetent tax resolution firms make one of six common mistakes. So, what are these mistakes, and how can you avoid them? We have looked at the 6 common offers in compromise mistakes that you should avoid.

What Is An Offer In Compromise?

You cannot make an OIC if you don’t know what it entails. This is an option provided by the IRS that permits taxpayers to settle part of their debts. It is a great option since it gives taxpayers a new beginning with the IRS, but the primary aim of the offer is to come to an agreement for payment that is friendly to both the IRS and the taxpayers.

You can submit an offer in compromise on the following grounds:

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