Tag Archives: legal
Tax Shelters
Thursday, May 6, 2010 // 0 Comments // Tax Law
In an effort to avoid paying taxes, some individuals and businesses have sought refuge in tax shelters. The term “tax shelter” covers a wide range of methods designed to reduce the amount of tax incurred. The legality of tax shelters varies, and many arrangements are illegal. Thus, the IRS is constantly on the lookout for [...]
Read more & Talk about itName Change
Thursday, May 6, 2010 // 0 Comments // Tax Law
It’s common for spouses to change surnames upon marriage. Because there’s a good deal of paperwork involved, it’s easy to procrastinate on this legal change. Tax filing, though, is tied to specific names and identification numbers. In order to claim personal exemptions on your return and legally file, you’ll need to file form SS-5 to [...]
Read more & Talk about itOffer in Compromise
Thursday, May 6, 2010 // 0 Comments // Tax Law
When taxpayers fail to pay their tax debts within IRS deadlines, options such as the Offer in Compromise (OIC) exist to facilitate settlement. The goal of an OIC is to find a tax solution that resolves debt in a way that’s satisfactory to both the government and the taxpayer. Compromise is key. Although the IRS [...]
Read more & Talk about itReleasing a Lien
Thursday, May 6, 2010 // 0 Comments // Tax Law
Because liens have such wide-ranging harm, releasing a lien becomes a priority. The IRS will issue a Release of the Notice of Federal Tax lien if the taxpayer meets proper conditions. If the tax debt is satisfied, the IRS will release the lien within 30 days. Satisfying this debt includes payment of any associated interest [...]
Read more & Talk about itConsequences of a Lien
Thursday, May 6, 2010 // 0 Comments // Tax Law
If the taxpayer fails to satisfy the debts in 10 days, the IRS creates a lien and files a Notice of Federal Tax Lien. Because a lien is filed publicly and gives notice to all creditors, the affects can be immediate and devastating to the taxpayer. Liens damage credit ratings, and the repercussions may prevent [...]
Read more & Talk about itWhat is a lien?
Thursday, May 6, 2010 // 0 Comments // Tax Law
A lien gives the IRS legal entitlement to any property you own, or any property that you acquire after the lien is filed. The IRS pursues a lien to satisfy payment of outstanding tax debts. To meet legal requirements, the IRS must follow a certain process when pursuing liens. First, they must assess the tax [...]
Read more & Talk about itFrivolous Anti-Tax Arguments
Thursday, May 6, 2010 // 0 Comments // Tax Law
Although payment of federal taxes is a well-established precedent in the United States, sometimes individuals and groups claim that taxes are illegal. These groups often lure unsuspecting taxpayers into agreement with their schemes. Unfortunately, taxpayers who refuse to pay the taxes owed may incur penalties and legal action on the grounds of tax evasion. Anti-tax [...]
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