Category : IRS debt
If you are experiencing tax issues, you might wonder what a tax levy is and what can happen after a tax levy is placed on you. According to the IRS, “A levy is a legal seizure of your property to satisfy a tax debt.” Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.
For example:
- The IRS could seize and sell property that you hold (such as your car, boat, or house)
- The IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
If you are in this situation, you should contact an experienced tax lawyer who can advise you of your options; one of which may be an Offer in Compromise.
Visit our library to read more about IRS compromise offers.
The headlines read, “Eleven Charged in Tax Fraud Scheme.” At a time when many people are having a tough time paying their taxes, some are working overtime to steal other people’s tax money, specifically their refunds.
CBS News reports, “Eleven defendants involved in a plot to steal fraudulent federal and state tax refunds totaling $18 million were charged Tuesday in a federal indictment in Manhattan.
The federal prosecutor said the leaders of the scheme organized the plot through careful planning and execution, and obtained Electronic Filer Identification Numbers from the IRS, which allowed them to successfully access and file electronic tax refunds of several identities stolen from Puerto Rico.”
This news report shows the extent some people will go to perpetrate tax fraud. That being said, if you are experiencing real IRS debt troubles, you need IRS debt defense attorney.
Visit our library to learn more about tax fraud.
The IRS has issued a statement warning consumers to be careful in whom they deal with when filing an Offer in Compromise to the Internal Revenue Service.
“The Internal Revenue Service today issued a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for ‘pennies on the dollar’ through the Offer in Compromise Program,” according to the statement.
Some promoters are inappropriately advising indebted taxpayers to file an Offer in Compromise (OIC) application with the IRS. This bad advice costs taxpayers money and time. An Offer in Compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer’s tax debt. The IRS has the authority to settle, or “compromise,” federal tax liabilities by accepting less than full payment under certain circumstances.
Visit our library to learn more about IRS Offer in Compromise.
Reuters Online reports that the United States is going after some 52,000 Americans who are suspected of hiding nearly $15 billion in assets in the Swiss Bank, UBS AG.
The article states, ” The U.S. Justice Department said it was pressing ahead with its lawsuit against UBS AG to force the Swiss bank to identify thousands of U.S. clients with secret UBS accounts. Despite recent media speculation about a possible settlement of the case, the Justice Department said in a brief filed with a Florida court that it was seeking to enforce tax compliance with the full weight of U.S. law.”
Additionally, the report went on to state that account holders from the US will not be able to access their accounts starting in July 2009 unless they are instructing the bank to transfer the money to an on-shore account.
To learn more about IRS debt: visit our library.
The Internal Revenue Service (IRS) takes the non-filing of tax returns very seriously. They offer the following on their website, “Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.”
Additionally, they state, “NOTE: Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Continued non-compliance by flagrant or repeat non-filers could result in additional penalties and/or criminal prosecution.”
Visit our library to learn more about IRS Debt.
When collecting on tax debts, the Internal Revenue Service has a statute of limitations that it must abide by.
Bills.com shares, “The IRS has 10 years from the day the tax liability is finalized to collect it. A tax liability can be finalized as a balance due on a tax return, an assessment from an audit, or a proposed assessment that has become final. If the statute of limitations has expired, the IRS must cease all collection attempts and the tax liability is erased.”
Visit our library to learn more about IRS Debt.
Posted in Accidents, Bankruptcy, Employment, Family Law, Financial, IRS debt, Immigration, Insurance Disputes, Medical, Product Liability, Real Estate, Wrongful Termination on 03. Jun, 2009
We know our name may be silly but we aim to provide a serious service to consumers and help them determine if they have a valid legal claim before contacting an attorney of their choice. Below is our mission and vision statement. See, we are not what you think at all!
Mission
Whocanisue.com’s mission is to provide equal legal opportunities to internet users regardless of economic or social status. Users will be able to determine whether they may be eligible for a lawsuit. We seek to inform a greater share of the population about their legal rights, a facet of life normally kept obscure from most people. If users find that they are qualified for a lawsuit, we will provide them with the option to contact an attorney or law firm in the user’s geographic area.
Vision
Whocanisue.com believes that we can improve society’s knowledge of the legal process and the method for making legal claims. The internet can provide crucial information pertaining to the legal process and a quick and efficient way to contact an attorney or law firm. In a society that values freedom of information, whocanisue.com will provide free legal information to people in the comfort of their own home and during all hours. This will spare users from the anxiety associated with visiting a law firm just to hear that they do not have a valid legal claim. Whocanisue.com aims to improve the manner with which legal knowledge is spread, and will make this knowledge easy to understand and free to the public.
