Most tax payers need not worry about such an eventuality if they have filled up their returns correctly provided the required details and avoided claiming excess tax relief. However, sometimes a return may be picked up for examination and at the end of the audit; the tax payer may find himself staring at a large demand.
However, no demand is raised without informing the tax payer about the...
The IRS has wide powers of collection of tax. One of the first things they do is to file a lien. Actually, by law, lien attaches to all the properties of the tax payer once a federal tax demand is raised. What this means is that the IRS has a right over these properties to the extent of the tax dues.
However, to make the lien effective, it needs to be filed in the public records which can...
A return can be picked up for audit for many reasons. If the return is not correctly filled up and excess tax relief is claimed, the IRS is bound to take up the issue with the tax payer. Sometimes the information given in the return may not match with the information returns filed by other persons with the IRS.
For instance, information given in the Form W-2 filed with the employer may not...
Bank levy is seizure of money lying in the bank account of the tax payer. In all cases of levy, thirty days notice is given by the IRS to the tax payer. This is the final notice for intent to levy and this gives the tax payer a chance to seek relief from proposed action by asking for collection due process hearing.
In the case of bank levy, there is another opportunity as the bank is not...
If you are unable to pay the full taxes at one go, it is best to apply for an installment agreement in Form 9465. This can be done online, if the tax dues are less than $25,000.
For higher tax dues you will have to fill up Collection Information Statement as well in Form 433F and may have to visit the tax office. You can also call the IRS and explain your problem to them who will then guide...
Maybe you are one of the numerous taxpayers who have been affected by tax penalties levied by the IRS, as you were not able to pay your tax dues on time. It is obvious that for the taxpayers who have tax debts, the IRS will swiftly asses penalties and late fees on the due amount.
The interest may not be very high, but will accrue at a considerable rate and can increase your liability in...
It's April 7, 2006, and chaos breaks out in Rhea Law's purse as her cell phone goes off. Her husband's pocket gets noisy too as his phone rings at the same time. Their family and friends have called to tease them about taking delivery on their new car, a 2006 Z06 Le Mans Blue Corvette. Thanks to the Museum's online web cam service, they took part in welcoming the new addition, watching its...
Linda stares at her new Corvette, not yet fully formed. It's beautiful, but incomplete. She can hardly wait to get her hands on the car. She stares it up and down imagining the fun the two of them are going to have on the open road. An employee at the Bowling Green Assembly Plant in Bowling Green, KY, invites her to sign her autograph underneath the seat before they fix it into place.
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If a defendant has been indicted by the federal government for a violation of the narcotics statute, 21 U.S.C. 841 (b), and he has a prior conviction for a drug offense, the penalties can become quite severe.
The mandatory penalties can double in prison time if a defendant has a previous drug conviction. The statute 21 U.S.C. 851, dictates the procedure whereby the government establishes...
When my husband and I joined a Corvette club after buying a Corvette, some of our friends rolled their eyes. They thought it was bit corny and that we'd be out of element. Boy they were wrong. Joining a Corvette club is something every Corvette owner should do.
Being in a Corvette club is more than just attending obligatory meetings every other week or once a month. It's a chance for...
