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Tax Law

Tax Levy Attorney: When and Why to Use One

A tax levy is a legal procedure for collecting taxes owed to the IRS. A taxpayer may be required to pay taxes based on their net income or their assets. Taxes are typically collected by attaching property or assets to a lien (known as a tax lien). A tax levy involves the taking possession of a taxpayer’s property to pay off tax debt.

 

The IRS could initiate an action against a taxpayer for failure to pay his or her taxes in full. In order for the IRS to initiate such an action, it must have some evidence that the taxpayer has deliberately failed to pay tax debt. If the IRS has evidence that a taxpayer deliberately avoided paying tax levies, the IRS can place that person behind bars under the Baker-vard rule. The rule bars a person from knowingly failing to pay over penalties and interests. That is why it is best for taxpayers to seek the help of a Denver tax levy attorney when facing such a predicament. To contact a Denver tax levy lawyer, please visit www.coloradotaxattorneys.net/tax-levy-lawyer-denver-co/.

 

A tax levy attorney could also represent clients who have been IRS penalized for willfully neglecting to report investments, loans or bank accounts. Examples of such actions include: failing to disclose tax payments; reporting late payments and dividends earned; reporting withdrawals or disbursements from retirement accounts; and structuring bank account transactions in order to avoid detection. The penalties imposed by the IRS can run as high as $10k per crime. It could even encompass criminal prosecution. If you were to go to the attention of the IRS with regards to such actions, you may stand a good chance of receiving a fine.

 

When taxpayers receive a final notice of intent to levy, they have just days to respond. Usually, taxpayers have thirty-five days within which to submit a reply to the notice of deficiency. An expert Denver tax lawyer will know whether to file a motion in opposition to the notice or accept the IRS’s offer to settle the delinquency. In cases where an appeal is not possible, it is advisable for taxpayers to request a final notice of deficiency opinion.

 

One of the most common reasons why taxpayers receive a levy is when they do not disclose bank or other financial information necessary to avoid the notice of deficiency. In this case, the bank will issue a final notice of deficiency stating that the taxpayer is liable for taxes on the unpaid balance. The bank then seizes the property and sells it to recoup losses. A Denver tax levy attorney can stop this from happening. They may even be able to prevent the bank from proceeding with the sale if they are successful in court.

 

In addition, tax levy attorneys can help taxpayers deal with collection agencies by providing advice on how to handle them. Many times, taxpayers fall behind on their taxes because of an unavoidable emergency, such as losing a job or suffering through a major medical condition. In these cases, the tax levy lawyer may advise the taxpayer to seek a compromise that will allow him or her to pay the funds he or she owes without going into bankruptcy. The compromise may involve a simple loan from the bank to cover the deficit, repayment arrangements with the IRS or a complete settlement with the government.

Categories
Tax Law

How to Get the Best Tax and IRS Lawyer?- Read On!

It is never pleasant to find yourself subject to an IRS audit, but it’s a reality for many taxpayers throughout the year. With tax debt growing due to missed payments, late fees, and penalties, many taxpayers find themselves financially strapped when it comes time to pay their taxes. The IRS is not required to provide a taxpayer any means to defend against an audit, but this does not mean that the process can be avoided. In order for a taxpayer to successfully fight the IRS in this Tennessee IRS lawyersituation, he or she will need the assistance of an experienced IRS tax attorney in Tennessee. There are several reasons why the presence of an attorney is critical to ensuring the best possible outcome when it comes to your IRS audit situation.

 

An attorney is often needed because the IRS will often improperly ask questions of tax returns. Questions like, “Did you make any changes to the preparation of your tax statements?” or “Did you enter information incorrectly on your tax returns?” The answers to these questions can determine whether an audit is warranted. If the taxpayer fails to timely file an application to extend his or her tax deductions before the end of the year, the refund is still subject to an audit.

 

Many taxpayers become stressed during an audit because they are confused as to what is going on. It may seem as if the IRS is looking over your shoulder, telling you how to handle your taxes. However, it is your tax debt attorney that is being responsible for ensuring that all of the appropriate tax filings have been made. This includes the filing of a federal tax return and all state tax returns. An audit is not a reflection of how well a person managing his or her finances manages his or her tax debt.

 

An attorney can help the client negotiate with the IRS for a reasonable settlement that eliminates the excessive amount of tax liability. There are a number of things to consider when discussing an audit with the IRS. The first thing to do is to request a copies of all federal tax records that will need to be turned over to the tax debt attorney. Federal tax records include a person’s Social Security number, birth date, birth place, mother’s maiden name, father’s full name and date of birth. In addition to the tax records, the audit could also demand copies of bank accounts, paystubs, investments, annuities, life insurance, tax refund form, foreign currency receipts, and more.

 

The IRS auditor will review the tax records to determine which of the taxpayers require additional assistance. If necessary, the audit process can extend into several weeks or even months. The IRS tax debt attorney can assist with the audit process from start to finish. Some taxpayers will ask their tax attorney to represent them throughout the audit process. Unfortunately, the cost of hiring a tax lawyer can be very high, so some people do choose to represent themselves during an audit with the IRS.

During the audit process, a taxpayer can expect the IRS to question every aspect of their financial lives, including past financial records, current financial records, all tax related documents, and any tax debt relief proposals or agreements. The IRS auditor will want to know if there is any discrepancy between the information provided by the client and the information recorded by the IRS. For example, if the client indicates that they had taken a mortgage out through a particular bank but do not indicate the bank, the auditor will want to verify this information directly. The audit process can be extremely frustrating and nerve wracking for those who do nothing but pay their taxes, but it is necessary in order to ensure the IRS is paying their fair share of the tax debt. To learn and understand more about this, follow this link.

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Tax Law

How to file income tax online

According to Best Raleigh Tax Attorneys One of the most common questions that most people ask is, “I’m about to file my taxes so I need some help from an experienced Tax Lawyer. Does Tax filing for me usually end up in court?” No, it does not. There are many tax laws out there that are designed to give taxpayers certain breaks on their taxes, and some of these laws are quite ambiguous that a regular CPA might be difficult to understand. Even if a Tax Attorney was well versed in all Tax Laws, and Tax Filing, the outcome of a case involving Tax filing could be much different than one that was brought about by a problem with the law.

 

For example, let’s look at the latest tax filing information available from the Internal Revenue Service (IRS). The latest tax filing information from the IRS shows that in 2021 the median adjusted gross income for a typical family was more than $80k. That means that most taxpayers will be able to take advantage of some or all of the breaks available to them through the tax-filing information.

 

Taxpayers who file federal income taxes are required to report any changes in their incomes and pay various social security and payroll taxes on their yearly return. In addition, they are required to file an additional return if they are self-employed. This return can have a variety of tax implications for taxpayers, depending on their filing status. For example, taxpayers who self-employed can usually take advantage of many tax breaks. Those who do not self employ can file joint returns and claim Social Security as their income.

 

Taxpayers may also get assistance from a tax professional. Taxpayers can choose to use a computer-based tax software program, download a paper-free file, or do their taxes on their own. A tax software program is not as complex as paper tax forms and does not have as many complicated options. On the other hand, using an online tax return can be very time consuming, and many taxpayers do not like to do it on their own. Some tax professionals can do all the work, but most require some training.

 

Paper tax software programs and online files are both easy ways for taxpayers to file their federal and state income tax returns. However, a paper-free filing option has the disadvantage of being expensive, paper jams, and the risk of identity theft. Online filing allows taxpayers to file their federal and state tax returns from anywhere that has a computer with internet access. Many online tax preparation services also allow taxpayers to file electronic tax returns at any time.

 

To maximize the benefits of filing their federal and state income tax returns online, taxpayers need to understand their filing status. Most taxpayers can file their taxes online for free, but there are some taxpayers who qualify for a free file tax return, and they should definitely look into their options. All taxpayers should keep in mind that the IRS has a website that offers free tax help. This website provides taxpayer information and resources on how to file their taxes accurately and on time. Taxpayers should definitely call or visit an independent tax professional if they have questions about their state income tax or federal tax return.