What Is An IRS Levy? According to the Internal Revenue Service (IRS) website, “[a] levy is a legal seizure of your property to satisfy a tax debt.” See Internal Revenue Service, Levy, available at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy. A levy is more drastic than a lien; a lien is merely placed on a debtor’s assets as security in the collection of the underlying …
What the IRS Cannot Take With a Notice of Levy
What the IRS Cannot Take With A Notice of Levy Property exempt from an IRS Notice of Levy When a tax debtor is unable to meet his or her federal tax obligations, one of the remedies that the Internal Revenue Service (IRS) has at its disposal is the ability to levy on the assets of the debtor in order to …
Cash Income? Wow!
Cash Income? Wow! Cash Income – Wow – Great for you. Many people who used to be wage earners and get a W-2 Form, now work as independent contractors. They get paid in cash or by check. They usually make 20-30% more than someone earning a paycheck. it is fantastic. Like one client said, so often he runs out of …
Hiding Your Assets From The IRS?
Hiding Your Assets From the IRS? Transferee liability situations can arise where a taxpayer transfers assets to another (the “transferee”), while owing taxes to the Internal Revenue Service (IRS), and the the IRS pursues those transferred assets in order to satisfy the transferor’s tax obligation. A transferee can be an heir, a recipient of a gift, or a shareholder of …
IRS Charges Interest On Back Taxes
The IRS Charges Interest On Back Taxes The IRS Interest Rate is currently 3% compounded daily. While there are many different interest penalties involved with balances due depending on the collecting tax agency, the IRS’s interest calculations are mostly straightforward. Once the IRS has received your return, they check all US tax returns for mathematical accuracy. If they find an …
Did You Forget To File Your Taxes? We Can Help.
Did You Forget To File Your Taxes? We Can Help. Taxes are a fact of life in the U.S.A. We can help you face facts. If you haven’t filed your taxes for years and you don’t have the records or bookkeeping necessary to file those taxes, you don’t need to worry any more, you need good tax advice and a …
IRS Appeals Can Save You Big Money!
IRS Appeals Can Save You Big Money! On July 22nd, 1998, President Clinton signed the IRS Reform and Restructuring Act which made significant changes to the internal organization of the IRS. One of the most notable provisions of this measure was the establishment of the IRS Appeals Division. The appeals division was established as a fair and impartial way for …
Foreign Bank Accounts -Are They Really Such A Good Idea?
Foreign Bank Accounts – Are They Really Such A Good Idea? Reporting Foreign Bank Accounts and US citizens living overseas who are required to file US Tax Returns, are both very technical and complex for most tax attorneys and CPA´s. Sometimes you need a tax professional to help understand what they say and how it applies to your IRS situation. …
I Want To Prevent the IRS Despair That Comes From Having IRS Troubles
I Want To Prevent the IRS Despair That Comes From Having IRS Troubles Preventing IRS Despair is my life. Everyday I get phone calls from people who have the IRS after them and many of them are well meaning honest people who have fallen on hard times. Sometimes it is the economy, or their behavior or a hundred other …
Need Help with IRS or State Taxes? We Offer Tax Relief!
Need Help with IRS or State Back Taxes? We will find you relief from the burden of living with back tax debt owed to the IRS or State. RMS Tax Consulting LLC is a site dedicated to helping individuals resolve IRS and State Back Tax problems that arise from unpaid State and federal back taxes, unfiled returns, late filings, …