Tag Archives: taxpayer
Releasing 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 itIRS Levy
Thursday, May 6, 2010 // 0 Comments // Tax Law
IRS levies are designed to ensure that the government receives payment from individuals owing tax debts. When a taxpayer fails to render payment due, the IRS can institute a levy to obtain that payment. An IRS levy might mean: Seizure and sale of property such as a car, boat, or house. Wage garnishment, levy of [...]
Read more & Talk about itWhat is the Alternative Minimum Tax?
Thursday, May 6, 2010 // 0 Comments // FAQs
Originally, the Alternative Minimum Tax, also known as the AMT, was designed to close loopholes that allowed high-income taxpayers to pay little or no tax. The AMT required taxpayers to pay a minimum amount of tax and calculated income by an alternative set of rules. In theory, this sounds like a smart idea, but in [...]
Read more & Talk about itTax Strategies for Individuals
Friday, January 1, 2010 // 1 Comment // Financial Guides
With proper planning, individuals can utilize strategies to reduce their tax bills. The CPAs of Four Brothers Financial, LLC. are experts at identifying and implementing these strategies for you. Our goal is to help you save money. Tax strategies include: Recordkeeping: We’ll help you develop accurate and efficient recordkeeping. Maximizing Deductions: With full knowledge of [...]
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