Archive for Taxes
How to Receive a Business Tax Credit
Posted by: | CommentsWhen it comes to receiving a business tax credit, the answer is location, location, location!
Business Employment Tax Credits and other benefits exist to create jobs in low-income communities. A breathtaking 2,840 zones offer these tax credits and other benefits that can be accessed at the state level as well.
You can find Business Tax Credits on the IRS website, and remember to research state and local community tax advantages before deciding where to locate your business.
LoanWorkout911’s community of taxation professionals help business and individuals save money on their taxes. To Receive your Business Tax Credit Contact a Sponsoring Tax Attorney Today.
Farm Preservation Estate Tax May Be in Jeopardy
Posted by: | CommentsAccording to California Farm Bureau Federation, the Farm Preservation Estate Tax May Be in Jeopardy, here’s what they had to say to their members.
HR 3524, the Family Farm Preservation Estate Tax Act, was introduced at the end of July, just days before Congress left for its summer recess. Leading up to its introduction, many California agricultural groups worked with Congressman Mike Thompson to develop the language in the bill. Since that time, over 30 California agricultural organizations have endorsed HR 3524 and will actively work for its passage. Many other agricultural organizations from across the United States have joined forces to educate Congress about the debilitating effects thrust upon farm and ranch families when they are forced to deal with onerous taxes, calculated after the death of a family member.
Have your Tax Attorney Get Involved
Congress is back from its summer recess, so if there was ever a time for you to take a stand on an issue, that time is now. Let your elected leaders know about the promise HR 3524 offers for our nation’s farmers and ranchers. With the estate due to expire in 2010 for one year and then largely revert back to the 2001-2002 levels ($1 million exemption and a 55 percent tax rate on the balance of the estate) the message to Congress is clear: Without estate tax reform we will lose family farming operations and we will continue to erode our ability to produce domestically grown food.
Many of the tax cuts that were developed in 2001 by President Bush, including the estate tax, are set to expire in 2011. The one-year repeal is a bit of a quirk caused by the way Congress arrives at 10-year budget scoring.
With the health care issue paralyzing our nation’s Capitol, the political wrangling over estate taxes and what to do for 2010 has yet to begin and there is no unanimity on what to do. Some feel the current ($3.5 million) exemption level and tax rate (45 percent) will be extended through 2010 (President Obama’s choice), foregoing the elimination of the estate tax. Others believe there may be some movement to a different exemption level and tax rate, possibly establishing new permanent levels, but final resolution may not occur before the end of this session in December and could go as long as February 2010 and still be retroactive to Jan. 1, 2010.
Will the IRS Accept my Payment Plan?
Posted by: | CommentsTax settlement attorneys already now how to figure out what an IRS acceptable payment plan is, but now I will arm you the knowledge to do the same. There is an IRS web page describing the Collection Financial Standards used to calculate what an acceptable payment plan is for your back Taxes.
- Learn The Standards of IRS Collections
What the IRS has is national standards which allow you to keep money for essential sustenance items such as food, clothing, shelter and utilities standards, out-of-pocket health care standards, transportation and so on. They give you the actual standards. When you subtract the total of the Standards from your income, you now have an amount that you can payback monthly.
You’ll want to be very detailed so as to realistically allow for all of your expenses that fall under the standards, lest you leave yourself open to not being able to pay a negotiated settlement.
A good tax settlement attorney can help you to figure these costs in detail and make sure he/she is using the correct net or gross income figure that the IRS allows for.
If you don’t want to hire a tax attorney and want to negotiate a settlement and payment plan on your own, then please visit the IRS Collection Financial Standards for individuals page.
Offer In Compromise Explained | Best Tax Attorney | IRS | Tax Levy
Posted by: | CommentsAn Offer in Compromise is a negotiated agreement between the best tax attorney or taxpayer and the IRS to negate a tax levy and settle tax liabilities. Usually the process is set in motion when a person is hit with a tax levy which allows the IRS to seize property to satisfy payment of taxes allegedly owed. The Offer in Compromise is one tool used to eliminate the tax levy.
An Offer in Compromise agreement is a way to reduce the tax liability of the taxpayer and increase collections for the IRS to be deposited in the US Treasury. It is tantamount to settling a bad or disputed debt for less than full amount owed while negating the seizure of personal property resulting from a tax levy.
Types of Offer in Compromise Agreements:
► Doubt as to Collectibility. This Offer in Compromise is used when there is doubt that the debt is collectible.
► Doubt as to Liability. This Offer in Compromise is used when there is doubt about the true certainty of the tax liability.
► Effective Tax Administration. This Offer in Compromise is used when the taxpayer can no longer afford payment of the tax liability and the IRS decides to effectively administrate hardship relief solution.
Offer in Compromise only one approach to evoke a tax levy release
Offer In Compromise Results in a Realase of Tax Levy
The main reason to utilize an Offer in Compromise is to negate a tax levy. A tax levy results from not filing income taxes for a given tax year. While the record of personal income has been forwarded to the IRS from the employer for the tax year in question, the IRS has not been forwarded any corresponding deductions because no tax return was filed. A filing of back taxes is sometimes all that is needed to clear up a tax levy. However, when tax returns have already been filed and taxes are still owed, an Offer in Compromise may be the best solution to get the tax levy released.
Once an Offer in Compromise has been negotiated and accepted there are various methods of paying tax liabilities to release a tax levy.
Offer in Compromise Payment Options:
► Lump Sum Cash Offer. This Offer in Compromise payment option can be a lump sum or a five payment installment plan.
► Short Term Periodic Payment Offer. This Offer in Compromise payment option gives the taxpayer up to a twenty four month period, considered by the IRS to be a short term, to pay their negotiated tax liability.
► Deferred Periodic Payment Offer. This Offer in Compromise allows the payments to be deferred periodic payments scheduled as far out as legal statute allows.
Now that you have learned about how an Offer in Compromise can negate a tax levy, please feel free to find a tax attorney by using our contact an attorney form located in the upper right hand corner of each page.
If you want more useful information related to a tax levy, Offer in Compromise or tax law, see our tax attorney and tax resolution forums or ask a tax attorney questions in the forum.
Thank you for visiting LoanWorkout911, a site designed to find the Best Tax Attorney to help you negotiate a Tax Levy by using an IRS Offer in Compromise.
Tax Attorney :: Come clean with your back taxes and avoid prosecution
Posted by: | CommentsComing clean with your back taxes to avoid prosecution seems to be the mantra being dispersed by the IRS and if you are personally having back tax issues, a tax attorney that specializes in Tax Resolution Services may be just what the doctor ordered.
Helping File Tax Returns
“If you find us before we find you, typically you won’t be prosecuted,” says IRS spokesman Eric Smith.
Many people are frightened of the tax collector because they haven’t kept good records or fudged on their income taxes, but now the friendlier, but ever vigilant collectors for the US Treasury want you to be good citizens and get caught up. With the recession still hurting tax collections, it’s a good time to come clean. The IRS needs the money and is being cooperative to people that come forward voluntarily.
As with any financial matters, it is best to have proper counsel. In this case, the best tax attorney can negotiate a deal with the IRS and help to protect you from prosecution and possibly knock off some penalties from your tax bill.
You can find a tax attorney by using our “Contact an Attorney” form or visiting the forums and searching for tax attorneys that want to help you, specifically those who specialize in tax resolutions services. Feel free to ask them tax law and any question related to your tax problems. After all, the forum is dedicated to finding good legal solutions to bad financial problems.
Because back taxes can accrue hefty penalties and compounding interest, it’s probably best to Not Delay and Act Today!
