#federal tax lien release

[privocorp3]

Understanding Federal Estate Tax Liens: What Title Agents Need to Know

When handling property transactions involving deceased owners, title agents must navigate the complex world of federal estate tax liens. These liens can significantly impact the transfer of property, making it crucial for agents to understand their implications. Let’s dive into the key aspects of federal estate tax liens and how they affect property transactions.

What Are Federal Estate Tax Liens?

Federal estate taxes are imposed immediately upon a person’s death and become a lien on their estate. This lien remains in effect for 10 years unless the estate is exempt or the lien is released. It’s important to note that several states and the District of Columbia also impose their own estate taxes, often with different exemption amounts, rates, and rules.

When Do Federal Estate Tax Liens Attach?

The federal estate tax lien attaches to all property in the decedent’s estate immediately upon death. This lien continues for 10 years and, interestingly, is usually not recorded in real property records. However, it remains enforceable against third-party purchasers.

Estate Tax Exemptions

For U.S. citizens and residents dying after December 31, 2023, the federal estate tax exemption is $13,610,000. Estates valued below this threshold are not subject to federal estate taxes. For estates exceeding this amount, taxes are levied only on the portion above the exemption.

Non-U.S. citizens face a much lower threshold. If a non-citizen’s U.S.-situated assets exceed $60,000 in fair market value at death, their executor must file an estate tax return (Form 706-NA).

Options for Handling Estate Tax Liens

When dealing with property subject to a federal estate tax lien, title agents have three main options for insuring without exception:

Satisfy the lien and obtain a release: Request an IRS estate tax closing letter to establish the payable amount. Once paid, agents can use the letter and payment evidence to insure without exception.

Obtain a transaction-specific release: Apply to the IRS using Form 4422 at least 45 days before the transaction date. This process can be lengthy and may require additional filings.

Handle transactions involving divestment: In certain scenarios, property may be divested from the federal estate tax lien:

Property held in tenancy by the entireties or joint tenancy with rights of survivorship

Individually held property where the surviving spouse is the sole beneficiary

Sales necessary for estate administration under probate court order

Small Estates Below the Taxable Threshold

For estates well below the federal exemption amount, title agents may often rely on an affidavit from the personal representative stating that the estate is not taxable. However, agents should be aware of any additional state-specific requirements.

Key Considerations for Title Agents

Always be aware of the current federal estate tax exemption amount, which can change periodically.

Remember that the 2017 Tax Cuts and Jobs Act is set to expire at the end of 2025, potentially affecting exemption amounts.

Don’t rely solely on assurances from heirs or personal representatives regarding the estate’s ability to satisfy tax liens.

For estates valued above the basic exclusion amount, a federal estate tax return must be filed, even if no tax will be owed after deductions.

When relying on property divestment to insure without a lien release, obtain approval from underwriting counsel.

Be aware of both federal and state estate tax requirements, as they may differ significantly.

For complex cases or high-value estates, recommend that clients seek guidance from a tax professional.

Understanding and properly handling federal estate tax liens is crucial for title agents to ensure smooth property transactions and protect all parties involved. By staying informed about exemption amounts, filing requirements, and options for addressing these liens, agents can navigate this complex area of real estate law with confidence.

To Know More: https://privocorp.com/blog/understanding-federal-estate-tax-liens-what-title-agents-need-to-know/

[sadanseoofficial]

Getting Even with the IRS Resolution: Definition and Strategies

Mishandling your taxes can have dire consequences, especially if you need to catch up on your payments. The good news is that some professionals specialise in tax resolution and can assist you in overcoming your tax problems. Read on to find out what a tax IRS resolution is and the methods of effective tax resolution.

What is a Tax Resolution?

An outside tax IRS resolution firm can help you work out your tax debt with the Internal Revenue Service. The objective is to pay as little as possible in taxes. When someone has avoided paying back taxes to the IRS for a significant amount of time, they often find themselves needing tax resolution services. The IRS will contact your bank to file a tax lien or levy against your assets once they've had enough of waiting.

Methods for effective tax control

You are not alone if you owe the IRS money for unpaid taxes, interest, and penalties. Fortunately, there are tax experts available who have years of experience resolving tax issues and can guide you through this challenging time.

• Contract for Installments

Tax attorneys frequently use payment plans to settle client tax disputes. Rather than paying off the entire debt simultaneously, the taxpayer makes 72 equal payments throughout the payment plan. After receiving full payment, the IRS will release the federal tax lien.

• Payment Plan with Partial Payments

A partial payment instalment agreement is structured in the same way as a regular one. The key difference is that you only have to pay back your tax debt once the statute of limitations expires, typically 10 years. The result is a significant decrease in your regular payments. Unfortunately, the IRS will be reviewing your tax returns every two years. It is up to the IRS to decide whether or not to increase your payments if they determine that your income has increased significantly. Suppose your circumstances do not improve, and you still have an outstanding income tax liability when the statute of limitations expires. In that case, you will no longer be responsible for paying that debt.

• Not Collectible at present

Currently, Not Collectable is a powerful tool for resolving tax issues. The IRS will no longer try to collect any outstanding debt while you are in this status. The IRS resolution will look at the national minimum wage and cost of living standards to determine eligibility for this classification. They will stop trying to collect the debt if they verify that your costs have legitimately outpaced your earnings.

• Compromise Offer

Freelancers and entrepreneurs who made more money than expected the previous year often face a hefty tax bill come April. An "offer in compromise" helps many of these people out. Through this programme, taxpayers can settle their tax liability in full by paying a reduced amount, such as the full unadjusted tax liability.

• Submit Forms

Filing your taxes often eliminates your tax debt. This is because the IRS charges interest and penalties for late filing of estimated taxes. Submitting penalty abatement is the most common tax resolution method in this situation, resulting in the cancellation of penalties and interest.

Conclusion

Despite its complexity, the IRS resolution process is essential for resolving tax issues and discrepancies. Individuals and businesses can save time and effort when dealing with the IRS if they can access the right resources, such as cutting-edge software. Adopting these tools shortens the path to resolution and gives users the assurance they need to deal with any tax issues.

[taxhelpers]

Former Housewives Star Kim Zolciak Divorcing Husband Amidst Tax Liens Totaling over $1.1 Million

For some time now, Kim Zolciak-Biermann, former Real Housewives of Atlanta star, has been denying rumors of money problems. Recently, however, the Internal Revenue Service escalated the money issue. Zolciak and her husband, Kroy Biermann, former NFL outside linebacker, reportedly owe more than $1 million to Uncle Sam. Anyone in this position probably needs back-taxes help from a legal professional, especially if liens have been filed by the IRS, as is the case with the aforementioned couple. To further complicate matters, an IRS tax attorney in San Jose has learned that the couple has filed for divorce, breaking the hearts of millions of devoted fans.

Divorce Proceedings Filed in April; Zolciak Seeking Child Custody

April 30 is listed as the official separation date for the couple, who were married for over a decade and had four children together during that time. Zolciak cited irreconcilable differences, and that the marriage had, according to her, no hope of reconciliation. The former Housewives star is seeking joint legal custody and primary physical custody of their four children, as well as spousal support. She also stated she intends to have her maiden name legally restored.

Loan Default in Couple’s History

Last fall, Zolciak and Biermann reportedly defaulted on the mortgage for their Fulton County, Georgia home. The $1.65 million loan was through Truist Bank. People Magazine reported that the bank planned to auction the home off this past March, and rumors circulated that it had sold for $257,000. Zolciak and Biermann adamantly denied this rumor, stating that “millions and millions of dollars” were put into the home, that it was worth almost $2.5 million, and that therefore it would never be sold for that amount of money. According to Redfin, when purchased in October 2012, its price was $880,000.

Tax Liens Total Over $1 Million

Federal tax liens have plagued the couple for many years, going back as far as 2013 and including 2018, 2019, 2020, and the current year. As of March 30, the exact total of the cumulative liens was $1,147,834.67. The state of Georgia also filed a tax lien of $15,000 for taxes allegedly due in 2018. Most individuals who face property liens consult a back-taxes attorney to get back on track and make peace with the IRS.

Tax liens were designed to protect the government’s interest in real estate. The IRS must assess the tax liability and make sure a bill is sent to delinquent taxpayers, giving them a chance to pay the bill before a lien can be filed. The lien, referred to as a Notice of Federal Tax Lien, alerts creditors that Uncle Sam has a legal right to the real estate or personal property. Tax help is available in certain cases, and sometimes a payment arrangement can be worked out. If the tax liability is paid off, the lien is typically released. Unfortunately, tax liens and divorce often go together.

Liens may accrue interest and penalties even if the person is on a payment plan, so tax lawyers should be consulted by those who find themselves in this position. It’s unclear what the next steps might be for the former Housewives star and her soon-to-be ex-husband, as they did not respond to various requests for comment. Back-taxes help is available from qualified attorneys, so it is always wise to seek such help when facing tax liens or delinquent taxes.

[assetsearches]

Some wonderful tips for finding hidden assets after divorce

Divorced or separated? Do you intend to make public all of your spouse's assets? Are you certain about all businesses they might be connected to, any bank accounts they might have had, any homes they might own, and any shares or bonds they might have?

You'd be shocked at how many people don't know their spouse's or ex-actual spouse's financial situation. Undoubtedly, it can be a surprise to learn that you don't know the full story until after your property settlement is over. Whether you are currently going through a property settlement, you might want to think about doing a hidden asset search to find out if your spouse has any hidden assets, belongings, or company ventures.

What is a hidden asset search?

In order to uncover the true location of your spouse's assets, family lawyers who use private investigators to do targeted searches are called upon to undertake asset search of bank accounts. A bank account asset search, a brokerage account search, and a public assistance search are the three main asset searches that can be performed. Finding any stocks, bonds, or securities that may be held requires using a brokerage account search; finding all bank accounts in a person's name and the bank they are with requires using a bank account search, and discovering any payments or assistance that person may be receiving from the government requires using a public assistance search.

These investigations aren't just carried out to discover where your wealthy spouse has stashed their money. For instance, your spouse can seek more money from the government to enhance their share of the property settlement. Alternatively, you might be concerned about the fact that the business account is empty despite knowing that your spouse's company has been making money. These investigations can confirm that the information they are releasing about the assets is accurate.

The easiest method to resolve this situation if you are unsure whether your spouse's disclosures regarding his possessions and wealth are accurate is to have a thorough hidden asset search performed by one of the reputed asset search companies like Asset Searches. Since its inception, the company has assisted a significant number of clients in learning about the true riches of others.

The experts at Asset Searches are backed by years of experience in uncovering hidden assets after divorce. They understand the value of knowing the truth about one's fortune and use the most effective methods to get it.

Due to their value-centric approach and accessibility, Asset Searches' expert asset investigation services have quickly gained enormous popularity. Regardless of the complexity of your case, Asset Search is likely to offer you unwavering support in every way.

The available hidden asset search services are all-encompassing of but not restricted to:

·         Detailed real property searches

·         Mortgage and Loan checks

·         National Deed Searches

·         Vehicles

·         Bank account and investment account searches

·         Hidden asset searches

·         National level investment account searches

·         Business searches

·         Bankruptcies

·         UCC Filings

·         Federal Tax Liens

·         State Tax Liens

·         Creditor Searches

·         Judgements

[advancetaxreliefexperts]

HOW TO GET YOUR IRS TAX LEVY RELEASED

The IRS has many options to collect tax debts. Some of its more infamous tools include federal tax liens, wage garnishment, refund offsets, and levies. What is a tax levy? A levy is a legal seizure of your property to pay a tax debt. When the IRS issues a levy, it can seize your wages, funds in your bank account, Social Security benefits, retirement income, and personal property like cars,…

[bankaccountsearch]

Check out these tips for finding hidden assets after divorce

Divorced or separated? Do you intend to make public all of your spouse's assets? Are you certain about all businesses they might be connected to, any bank accounts they might have had, any homes they might own, and any shares or bonds they might have?

You'd be shocked at how many people don't know their spouse's or ex-actual spouse's financial situation. Undoubtedly, it can be a surprise to learn that you don't know the full story until after your property settlement is over. Whether you are currently going through a property settlement, you might want to think about doing a hidden asset search to find out if your spouse has any hidden assets, belongings, or company ventures.

What is a hidden asset search?

In order to uncover the true location of your spouse's assets, family lawyers who use private investigators to do targeted searches are called upon to undertake asset search of bank accounts. A bank account asset search, a brokerage account search, and a public assistance search are the three main asset searches that can be performed. Finding any stocks, bonds, or securities that may be held requires using a brokerage account search; finding all bank accounts in a person's name and the bank they are with requires using a bank account search, and discovering any payments or assistance that person may be receiving from the government requires using a public assistance search.

These investigations aren't just carried out to discover where your wealthy spouse has stashed their money. For instance, your spouse can seek more money from the government to enhance their share of the property settlement. Alternatively, you might be concerned about the fact that the business account is empty despite knowing that your spouse's company has been making money. These investigations can confirm that the information they are releasing about the assets is accurate.

The easiest method to resolve this situation if you are unsure whether your spouse's disclosures regarding his possessions and wealth are accurate is to have a thorough hidden asset search performed by a reputable asset search company like Asset Searches. Since its inception, the company has assisted a significant number of clients in learning about the true riches of others.

The experts at Asset Searches are backed by years of experience in uncovering hidden assets after divorce. They understand the value of knowing the truth about one's fortune and use the most effective methods to get it.

Due to their value-centric approach and accessibility, Asset Searches' expert asset investigation services have quickly gained enormous popularity. Regardless of the complexity of your case, Asset Search is likely to offer you unwavering support in every way.

The available hidden asset search services are all-encompassing of but not restricted to:

·         Detailed real property searches

·         Mortgage and Loan checks

·         National Deed Searches

·         Vehicles

·         Bank account and investment account searches

·         Hidden asset searches

·         National level investment account searches

·         Business searches

·         Bankruptcies

·         UCC Filings

·         Federal Tax Liens

·         State Tax Liens

·         Creditor Searches

Judgements

[accountbasemarketing]

What Happens If You Don't Sign a Certified Letter?

If you don't sign a certified letter, the post office will send it back to the sender. While refusing to sign certified mail is not illegal, it can have a big impact. A letter returned to the sender without a signature may still be a legal notice, but if the letter is essential, the sender is required to provide a valid reason for not signing it.

If you're unsure about the law, you should check with your local courthouse. Generally, you can refuse certified mail unless the letter is a certified copy of a document. If you don't sign a certified letter, you will have to go to your local post office and let them know you don't want it. Obviously, you will need to know the name and address of the person who sent the letter.

USPS certified mail must be signed and legible before being delivered. Unless you specify otherwise, your letter will be held by the post office for 15 days. The post office may also require you to provide a photo ID before releasing the mail. It is important to read and sign the letter carefully.

Most certified letters are sent by the IRS because of an unpaid tax balance. If you miss the first few notices, the IRS will send you standard mail instead. If you fail to respond to these notices, the IRS will escalate its collection process. These letters will contain information about how to resolve the balance of the taxes you owe. They will also tell you about various payment options, such as installment plans. Unless you pay up the debt, you may find yourself facing a Notice of Federal Tax Lien, wage garnishment, or a bank levy.

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[lenatcapone]

Find the best irstax lawyersorange county

If you are looking for the best IRS Tax attorneys, then there is no better place to search for than in Orange County. You can find the best and most skilled lawyers to defend you in your case. It is always better to be represented by someone who is well versed in the law. They can help you even to avoid errors and prevent events that would be detrimental to you Found more info on this website - More Info.

 Why you would want to hire an IRS tax attorney?

Legal Issues – In case you are bringing a lawsuit against the IRS or if the IRS is somehow harassing you then you need a knowledgeable and experienced lawyer.

Such cases include:

Wage garnishment - This is where a legal action in which money or property owed to a debtor in the hands of someone else is used to the payment of the plaintiff's debt. A notice of release will be filed with the court to lift the garnishment order after the payback obligation has been completed.

IRS Bank holds– When your bank account has been frozen with the possibility of the money being taken and not returned from you.

Federal Tax Liens – It is when the government claims legal possession of your property when there is neglect or failure to pay the tax debt.

What to look for in a tax attorney:

Signs of advanced education or specialization

A Law licenses

PTIN (Preparer tax identification number)

irstax lawyersorange county are credible and competent enough leaving no room for doubt with their background. Each lawyer is well qualified and experienced enough to handle various cases. Everything will be handled for you on a silver platter. The process will be manipulated by the tax attorney and they will be the ones who will mostly communicate with the IRS. Tax resolution services will be a guarantee your satisfaction. 

[chargetheintruder]

A concept (serious).

This is because I need to get to it already.  I need to do what I can do, now, so I can do more later this March when I might have the stimulus money to invest in this.

On today, March 2nd, 2021 (3-2-2021) I declare copyright and ownership of “Mankind versus Drone” and “MvD” as athletic and educational concepts, either on internet streaming or more traditional broadcast mass media.

Pitch:  “Mankind versus Drone is the competitive pursuit endurance event of the 21st Century.  Can you out-run and out-wit the machines, or will terror and exhaustion stop you?  Those who dare, win.” 

Details:  Runners will compete, six at a time, over three Urban-course events:

The Swarm Run happens first, and is a Five Kilometer (about 3.106 miles) Zombie Run against three swarms of flying quad-copter drones.  Each swarm has its own A.I. Swarm Logic Program and each such program controls 100 drones, for a total of 300 drones in the run.  The first six runners will have a 30 second head-start before the drones are released, since some quad-copter drones can fly at a peak/burst speed of up to 60 miles per hour (or 96.56 kilometers per hour).  The goals are:

1.  To get across the finish line first if possible, and 2.  To NOT get surrounded on four sides by the pursuing drones, that is, “captured.”

The first three runners to cross the finish line will win the first prize of the competition and have the option to either “take their check” and leave Mankind versus Drone, or to proceed to the next event, risking the money they have to possibly win more of it.

The Stealth Run happens second with the 2-3 runners remaining, over a criterion-like Two Kilometer (about 1.242 miles) run that will include up to seven checkpoints, two from the starting line going forward into the next three to four in a semi-open parking garage, followed by one outside of it before the finish line.  All checkpoints and much of the parking garage will be covered in surveillance cameras, that the flying and ground-based drones CAN use to find you, and then home in on your location as runner.  The goals in this race are:

1.  To get across the finish line first if possible, and, 2.  Cross all checkpoints in order, and, 3.  Do NOT get surrounded on four sides by flying or ground-based drones.

The last runner to cross the finish line, or the one who fails to cross the checkpoints properly, or who gets surrounded, will be eliminated, leaving 1-2 runners left, barring injuries, drone captives and/or runners “taking their checks” and leaving the competition, which is an option after the second win.

The third and final event will be the Vertical Run, where the last 1-2 runners run UP the inside of a traditional skyscraper, taking the STAIRS as far as possible to get to the rooftop, to get there before the Mother Drone does.  The Giant, Hex-Copter Mother Drone, armed with Giant Paintball Cannons, is programmed to beat you to the rooftop from the outside. and to gun you down, should you get there when she does.  Your only choice as runner is to get there first and hit the Kill Switch, disabling the Mother Drone, winning the final prize and a chance to see the Mother Drone shut down and plummet to her “death” from way way up.

Prizes:  Will depend on the level of streaming or broadcast sponsorship clearly, but ideally each event should hand out checks on an uncomplicated, TAXES PAID FOR basis, meaning all State and Federal taxes paid, as well as the first $50,000 to $100,000 worth of indebted tax liens paid for.  Meaning when you win, you get cut one check, pure and simple.

Liabilities and injuries will be covered by both legal staff and paramedics on site as needed.  Consolation prizes in the form of t-shirts will be offered in tribute to failed runners.  We encourage runners from all walks of life to participate--if you can stand up and run, and can point yourself in the right direction, you’re welcome to try.  Runners will, however, be interviewed as well as drug and virus tested for the safety of our personnel.

Edit: Yes, men (those presenting as such) and women (ditto) will get their own separate events (transgender runners will have to be on their correct hormones for at least 2 years prior, so as to have no legacy competitive advantages from their dead-life).  Runners “taking the stairs” in the Vertical Run will be forced to re-run any flights of stairs jumped over or otherwise avoided by hand-rails, although safely taking steps 2-3 at a time is occasionally permissible.  Educational promotions will happen in-between events as runners prepare for the next event (or not), and will be there to inform the audience as to what their rights are under the FAA (Federal Aviation Administration) in the United States (for example) as regards drones, surveillance and having one’s rights violated by the technology.

Copyright Mankind versus Drone, March 2021 by Bradley K. Poe

[cripplingtaxes-blog]

Tax Lien: Releasing

An IRS tax lien is a sort of security intrigue allowed over a property to verify installment of the debt. A tax lien on a property is forced to verify installment of tax debt. A tax lien might be forced against reprobate taxes against property or by virtue of inability to settle government expenses. In the United States a government tax lien might be brought up regarding any sort of bureaucratic tax.

IRS can have a lawful case to your property as a security or installment for tax debts through a lien. IRS will record a Notice for a Federal Tax Lien simply after:

The risk of the tax payer is surveyed

IRS sends a "Notice and Demand for Payment bill advising the tax payer how much tax is expected

In the event that the payer declines to completely pay the debt inside 10 days of accepting the notice

When these means are finished, a lien is issued for the measure of the tax debt. At the point when IRS records a tax lien, every one of the loan bosses are informed about the case against all property by IRS, including property that is gained after the lien was documented.

A few Methods to Release a Tax Lien

IRS issues a Release of the Notice of Federal Tax Lien inside 30 days of:

The payer making good on off the regulatory expense debt (counting interest and different increases) or has the debt balanced

The payer presents a bond ensuring installment of debt

On the off chance that following 10 years, IRS has not surveyed a tax or has not recorded another tax lien then the lien gets discharged consequently. In the event that a discharge for tax lien is carelessly not documented in time, the payer can record a suit. The body of evidence documented will be against the national government and not against the representatives of the IRS. Be that as it may, this is certainly not a good choice as the tax lien will appear on the credit report for eternity.

Choices:

Result the Entire Amount

On the off chance that the whole measure of back taxes is satisfied, the lien is discharged and the payer can get once more into good terms with IRS.

Apply for a Discharge of a Tax Lien

By surrendering the property, for example, auctioning off the house, the payer can apply for a Certificate of Discharge. Each application for an authentication of release discharges the lien against that property.

IRS Lien Can Be Made Secondary to Another Lien

Subjection is likewise an elective where you can make the government tax lien optional to another lien.

Some different alternatives are to setup an installment plan with IRS, offered in trade off or post a bond.

When is a Lien Withdrawn?

It very well may be pulled back in the accompanying cases gave that it is a documented notice of a tax lien.

In the event that there is a concurrence on the installment being made in portions to clean up the debt on the lien

On the off chance that the notice was documented erroneously and not according to the IRS strategies

Withdrawal will speed accumulation of tax

On the off chance that the payer demonstrates that pulling back the lien is in the best enthusiasm for the administration just as the payer. For more informative National Tax Expert issues follow Patrick Oakes Tax.

[milkandrosessqueakyclean-blog]

<h1>What You Need To Know Performance Bonds Close To New York</h1>

Surety Bond Associates Most bond brokers just promote bonds, we create them. These are a few of the benefits of surety bonds for contractors Furthermore, surety bonds are advantageous to the obligee in some ways as effectively.

Launch of the debtor by the creditor, without the consent of the surety, can release the debtor's surety. 75 In other phrases, an owner could not come to a settlement agreement with a contractor after which pursue the surety for extra prices of completion.

In New York Performance Bonds, A Guide For You

Whereas there are various varieties, a surety bond is basically an agreement between three parties-a principal, an obligee and a surety-assuring all of them that something will happen. The payment bond is issued by a contractor and advantages all subcontractors and suppliers beneath that contractor. In the occasion somebody furnishes supplies or labor to a bonded venture and then goes unpaid, that someone could make a declare for payment in opposition to the payment bond.

Payment bonds are contract bonds that guarantee payment of the contractor's obligation below the contract for subcontractors, laborers, and material suppliers associated with the venture, providing assurance that they are going to be paid if the contractor defaults. Since liens may not be positioned on public jobs, the payment bond may be the solely safety for those supplying labor or supplies to a public job.

Contractors and house owners recognizing the potential issues related to bonds usually try to develop alternate options. Usually, this is not attainable on public jobs as a result of statutory necessities for federal, state and local projects; however, choices exist for owners on non-public initiatives and general contractors that need to receive bonds or equal protection from their subcontractors.

Nice Benefits Of Performance Bonds

The good folks at Bricker & Eckler, an Ohio law agency, not too long ago blogged a few New York appellate choice concering subcontract default insurance (SDI”), usually referred to as SubGuard” primarily based on a Zurich SDI product of the same title. 7In the event that the Florida Supreme Court permits its bad-faith actions in opposition to sureties by bond obligees, resembling owners, this may possible end in judgments greater than the face quantity of the bond that might finally lead to improve bond premiums as well as an increase in the amount of collateral required to be posted by bond ideas. The implications to Florida's construction business can't be overstated. We will hold you suggested in future editions of the newsletter.

Performance Bonds permit contractors to conform to biding requirements on government and private projects. Surety is NOT insurance - it's a financial guarantee. Being bonded will increase the quantity and dimension of jobs that a contractor will have the opportunity to bid on. Providing surety bonds, in place of other types of security (letters of credit) additionally enable contractors to retain their working capital.

What Companies Need To Know About Performance Bonds Close By New York

Does your organization schedule construction initiatives involving U.S. tax payers' cash? At the beginning, you will need a surety bond when the client demands it. When contracting with the government or perhaps a personal firm or citizen, this entity will require any contractors to purchase a surety bond before work can start. This is because the surety bond assures them that you will honor your contract and supplies penalties if you don't. In short, surety bonds protect prospects, and they will only work with individuals who present this protection.

[taxadvisory1]

Tax Liens & Levies

IRS Liens Can Demolish Your Good Credit and Borrowing Capacity!

Because Federal Tax Liens are public records they will show up on your credit report. This often makes it difficult and sometimes even impossible for a taxpayer to obtain any financing, even for an automobile or a home.

Bank Account Levies Can Empty Your Checking and Savings!

When the IRS levies a bank account, the bank is required to remove whatever amount is available in your account that day (up to the amount of the IRS levy) and send it to the IRS within 21 days, unless notified otherwise by the IRS.

Regular Earnings Levies Can Take Away Most of Your Paycheck!

Wage levies are filed with your employer and remain in effect until the IRS notifies the employer that the wage levy has been released. Most wage maybe taken from your paycheck so you may have an insufficient amount of money on which to live on.

[advancetaxreliefexperts]

IRS TAX LIENS AND HOW TO HANDLE THEM

 What Is an IRS Tax Lien?

So what exactly does a federal tax lien entail? The answer is that an IRS tax lien is different for everyone. They can be complicated and often vary in form depending on what your individual situation is.

Essentially, an IRS tax lien is the government’s claim against you as a result of you neglecting or failing to pay a tax debt. It can place a lien on some or all of your property, depending on how much you owe. These assets can include any personal or real estate property and your financial assets.

The lien may occur at the state level or at the federal level. A tax lien doesn’t necessarily mean that the IRS will seize your property but rather it ensures they have first dibs on it over other creditors.

 NEED HELP WITH AN OFFER IN COMPROMISE, TAX DEBT HELP, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 ADVANCE TAX RELIEF LLC

Call (713)300-3965

www.advancetaxrelief.com

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 What Steps Are Taken Leading up to The Lien?

Before a tax lien is placed on your property, there are steps the IRS will take, including attempts to contact you and inform you of a debt owed.

 The IRS will put your balance (whatever you owe) on the books and will send you a “Notice and Demand for Payment.” Once you have neglected to pay the debt on time, they will file a public document called a “Notice of Federal Tax Lien” in order to alert creditors that the government has a legal right to your property.

 Not only can this be a terrifying notice to receive, but it can also be embarrassing and has the potential to greatly affect both your job and your life. But you are not alone. In fact, over 600,000 federal tax lien notices were filed in 2013.

 How Do You Get Rid of the Lien?

The easiest way to get rid of a federal tax lien is to pay your bill. But more often than not, that isn’t a financial option for the individual or business affected by the lien.

 Another way to potentially remove a tax lien is to enter into a Direct Debt Installment Agreement with the IRS. It’s essentially a contractual payment plan that you enter into with the IRS. To acquire payment, the IRS will remove the agreed upon amount from your bank account each month until the debt is paid.

 Another way to get rid of the lien is to prove that the IRS didn’t follow procedures correctly when filing the lien. While it’s not a common occurrence, it can happen and it’s essential to check it out as a possibility when facing the detriments of a lien.

 The expiration of the statute of limitations is another way the lien will disappear. If the debt has passed collection statutes then the debt could ultimately disappear. This isn’t necessarily a viable option though as waiting it out could cause many awful and embarrassing bumps along the way. Furthermore, the IRS has ways of extending statutes, depending on the individual situation.

 What About Tax Forgiveness?

In 2008, the IRS launched a program called the Fresh Start Initiative. It includes an Offer in Compromise which allows for certain individuals to pay less than what they owe. 

 The IRS will consider your income, expenses, asset equity, and ability to pay in determining if you’re eligible and if so, what that amount will be. It can be easier than you think.

 In fact, anyone who doesn’t have the ability to pay their debt has the potential to qualify for this break. Wage garnish relief is another option. This is when the IRS takes a certain amount from your paycheck each time you get paid. But if you can prove that you aren’t left with enough to survive after the amount is taken out, you can get released from the program.

 You can also file for “uncollectible status” which temporarily freezes your account with the IRS and buys you some time to get back on your feet so that you can eventually pay your bill in full or enter into a payment agreement contract.

 The statute of limitations for the IRS to collect a debt is typically 10 years. If you’re close to that point when a federal tax lien is placed on your assets, it might be in your best interest to wait it out.

 What Is an IRS Tax Lien Going to Do to Your Life?

Even though we’ve covered the basics, you may still be wondering, “What is an IRS tax lien?” If you are, you’re not alone. It’s safe to say that if you’ve reached this point, your best bet is to hire a professional tax expert who can help you get out of your unfortunate situation.

 Believe it or not, there are still things which could make your situation worse like opting not to file the current year’s taxes. 

 Letters are daunting but the smartest thing you can do is decide to stop avoiding them. Even though it might seem impossible, there are many options in creating a path for yourself that will lead you to financial freedom. 

 Contact Advance Tax Relief to Help Deal with Back Taxes

If you have a tax levy on your paycheck or the IRS is threatening you with one, you need a tax professional who specializes in tax debt relief on your side.

Seeking professional help when handling back taxes can help you avoid the discussed errors. At Advance Tax Relief, we offer specialized tax resolution services to help you deal with IRS debt.

 Our experts can help rectify erroneous tax bills and guide you in picking a suitable repayment program. Contact us today (713)300-3965 for back tax filing and tax relief services.

 Advance Tax Relief is rated one of the best tax relief companies nationwide.

 #FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

#TaxDebtRelief

#TaxHelp 

#TaxRelief

#BestTaxReliefCompanies

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Can Chapter 13 Bankruptcy in Raleigh Get Rid of Tax Debts?

If you’re deep in tax debt and planning to file Chapter 7 or Chapter 13 bankruptcy in Raleigh to wipe it out, we’re here to warn you: bankruptcy will not discharge all tax debt.

In fact, be careful about any bankruptcy attorney that promises you it can be done. For instance, Attorney Weik has won tens of thousands of bankruptcy petitions for North Carolina residents. This includes helping them pause evictions, stop wage garnishment, and keep their vehicles while they recover from overwhelming debt.

However, the relationship between tax debts and bankruptcy is complicated, and at the Weik Law Office, we’re transparent about what bankruptcy can and cannot do.

Getting rid of tax debts falls under the latter, except in a few cases.

The IRS is a creditor just like any other.

A tax debt is any money you owe to the government, such as income taxes, business taxes, and excise taxes.

You can owe a tax debt for many reasons, such as filing incorrectly, not filing a return at all, or failing to make a payment that was due.

The IRS is a creditor like any other and has the right to collect on those taxes. They can take the following actions to collect that money:

The IRS can file a lawsuit against you in tax court.

The IRS can garnish your wages or bank account.

The IRS can file a federal tax lien against your assets (property).

Compounding the problem is that the IRS and other taxing authorities have very powerful collections tools at their disposal– tools that aren’t available for regular creditors.

As an example, if you’re behind on credit card payments or loan payments, the creditor cannot just seize money from your bank account. They must sue you first and obtain a judgment allowing them to do so.

In contrast, taxing authorities can just seize your bank account without having to take any further steps.

That’s why we understand Just how overwhelming tax debts can be.

Fortunately, there are a few cases when an experienced bankruptcy lawyer in Raleigh, NC can help you discharge your taxes through bankruptcy.

Discharging Tax Debts Under Chapter 7 Bankruptcy

You may be able discharge your tax debts under Chapter 7 bankruptcy, but there are strict conditions. Some of the requirements you must meet are:

The taxes must be income based, specifically, state income taxes.

The return was due more than three years before you filed for bankruptcy.

You have filed a tax return within two years before filing for bankruptcy.

Your tax assessment occurred more than 240 days prior to filing for bankruptcy.

The exact regulations are complicated. During your consultation, Attorney Weik will carefully evaluate your case to see if you qualify for a tax debt discharge under Chapter 7.

Chapter 13 Offers Another Option

Unlike a Chapter 7 debt discharge, a Chapter 13 bankruptcy plan is designed to reorganize your debts.

That means that you’ll make monthly payments to the Chapter 13 trustee for three to five years, and at the end of your case, you’ll get a discharge (release) of some or all of your debts.

How does this help with tax debts? You can:

Repay your tax debt in full or in part over time as part of your Chapter 13 plan

Pay less than you owe by getting rid of other types of debts

Get a discharge of other debts altogether after your Chapter 7 payment period, freeing up more resources you can use to repay your tax debts

Again, this depends on your particular case. As your bankruptcy attorney in Raleigh NC, Attorney Weik will walk you through both your Chapter 7 and Chapter 13 options to find the best possible solution to your debt problem.

Get Your Debts Under Control Today

While filing for bankruptcy in Raleigh, NC is not a cure-all, it does have a powerful impact in cases that do qualify for debt relief.

For example, it can help you eliminate many of life’s most crushing types of debt, such as medical debt and credit card debt. Trust Attorney Weik to advocate for you during every step of the journey.

Call Weik Law Office today at 919-845-7721 for a free consultation, and set up a time to speak with one of our friendly professionals.