March 7th, 2014 → 4:52 am @ danielle // No Comments
Lance Drury was headlined with Steve Forbes at an event in New York City on June 20 & 21, 2013 called “Success in the New Economy.” Leaders in their respective industries and professions were asked to attend the summit in NYC. Lance d…
October 18th, 2013 → 6:40 pm @ danielle // No Comments
Let’s say you’re married and you file a “married filing jointly” re-turn, to take advantage of the unique tax benefits offered by this particular filing status. You have a regular “day job” where your employer takes out your taxes every pay-check and gives you a W-2 at the end of the year. The two of you decide to take a weekend just to sort through all of the paperwork and get a grip on the tax situation with his business.
After muddling through the rec-ords as best you can, and de-ducting expenses, you determine that he owes taxes on $48,500 of taxable income.
August 21st, 2013 → 11:05 pm @ danielle // No Comments
The IRS plans to step up investigations into businesses that may wrongly classify employees as contractors.
Employment tax law deals with employee-employer relationships in terms of tax obligations. Employers can classify people they hire as “employees” or “independent contractors”.
There are several cost benefits to labelling someone an independent contractor, leading to an incentive to do just that even when the relationship and dynamics of day-to-day work are similar to an employee-employer situation.
The IRS is working with many state employment agencies to review the tax classification of independent contractors (ICs). The Questionable Employment Tax Practices Program (QETP) is a result of lengthy consultation and discussion between public and private tax attorneys.
As of today, thirty-seven state employment agencies have submitted memorandums of understanding (MOUs) reg arding the Federal government’s QETP initiative.
August 14th, 2013 → 11:09 pm @ danielle // No Comments
If you receive your “Notice & Demand of Payment” and you don’t pay the tax debt, the IRS can then choose pursue the lien on your property. When they do, all of your creditors are notified that the government now has a claim against your property.
Not only does it place a lien against property that you currently own, but it’s also against any future property that you might own, as well as accounts receivable if you own a business (money that’s owed to you). This is why a lien can do serious dam- age to your credit rating. Why would someone consider giving you a loan for property if they know that the government will immediately have a lien against it?
August 10th, 2013 → 11:24 pm @ danielle // No Comments
Did you know that you have the power as an individual taxpayer to appeal almost any decision made by the IRS? In fact, you can appeal audit findings, penalties and interest, rejected offers-in-compromise, liens, seizures, garnishments and other collection actions.
However, according to the IRS, “Appeals is not for you if:
– Your only concern is that you cannot afford to pay the amount you owe.
– The correspondence you received from the IRS was a bill and there was no mention of Appeals.”
So in these two instances, an appeal would be a premature action to take.
If you are concerned that you cannot afford to pay the tax you owe, there are channels to go through before you would begin the appeal process.
July 23rd, 2013 → 7:30 pm @ danielle // No Comments
In the United States, you are to file and pay taxes.
The only thing that’s voluntary about it is that you are the one that gets to do it, instead of the government doing it for you.
Because of that, you can choose to use various legal tax exemptions to your advantage to pay lower taxes. If the government was calculating your taxes for you, there would be a known way for the government to know what you should pay.
For instance, say you owned a legitimate part-time business on the side in addition to a regular job. You may be able to claim certain tax exemptions for that business according to the tax law.
July 8th, 2013 → 5:57 pm @ danielle // No Comments
According to the American Civil Liber- ties Union (ACLU), the IRS can read your electronic communications. In 1986, the Electronic Communication Privacy Act gave government agencies such as the IRS the authority to examine any electronic communications older than 180 days. Even if you erase all your mes- sages and statuses, rest assured that social networks, phone companies and ISPs have not. Digital records, especially texts, are incredibly cheap to store. As such, there is a comprehensive open book of what many think of as “priva te communication” available to the government.
The Electronic Communication Privacy Act specifies that a judge’s warrant is not necessary for a government agency to snoop through your records.
June 7th, 2013 → 3:47 pm @ danielle // No Comments
The IRS has entered social media in hopes of catching tax violations. Look over your statements and claims on sites such as Facebook and Twitter.
Make sure your posts, pictures and tweets don’t state or imply you tricked the tax man. There is nothing legally wrong with bragging about your good fortune or that live-saving huge deduction you made. Just make sure that your good fortune is properly reported and that your deduction is in line with IRS rules and regulations.
Note that this goes they can find out through beyond explicit admissions such as “made a bunch of cash on the side, didn’t report it.
May 15th, 2013 → 3:47 pm @ danielle // No Comments
A lien on your property can certainly make life hard on you by destroying your credit and making it virtually impossible to sell your house – but it doesn’t necessarily get the IRS what they want¼your money. A lien is a coercion tactic more so than a direct ploy to get what they’re really after – your cold, hard cash.
A seizure of your property gives them just that -property¼ but not necessarily money. They still have to go through the trouble and the cost of selling your belongings in an auction to extract money out of your be- longings.
¼That is, until they garnish your wages.
March 30th, 2013 → 4:45 pm @ danielle // No Comments
Let’s discuss the most obvious way to get out of IRS Debt…Pay the bill. Now, before you think I’m just being simplistic, this really is an option that should be dsicussed. Before we getinto the fie other options, it’simportant that we ask thesimplequestion…Is there any way that you could just pay th ebill andgeton with yourlife? Before you immediate say “no”, read on.
Credit Card Debt is better than owing the IRS. Don’t get me wrong – I’m not a fan of credit cards by any stretch of the imagaination. America’s credit card debt is staggering – $800 Billion in 2005, according to an analysis of Federal Reserve Board data by Demos, a national research and consumer advocacy group.
