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What is a tax lien?

A federal tax lien is a lien imposed by the government to lawfully assert against your assets if by any chance you fail to remunerate your tax dues. The lien cushions the claim of the authority to all your existing property, inclusive of personal, financial and real estate assets. Usually, a federal tax lien is levied whenever the IRS analyses your responsibilities, when they deliver to you a bill that lays out into detail how much you are owed and additionally when you decline to pay your debts on program. Liens usually record the exact amount owed to IRS in the precise time it is levied in a public document known as the Notice of Federal Tax Lien. The record notifies lenders the government has a right to confiscate your property at any particular time. Credit reporting agencies that are different conventionally acquire this specific info therefore tax liens ultimately reflect on your own credit reports. Tax Liens are generally active ten days after issuing a demand to clear the tax debts that are stipulated.

Federal tax liens can certainly be averted from being lodged by paying all your tax dues up before the IRS choose to impose a lien on your own assets, and also. Through creating payment arrangements which adequately satisfy the requirements of the IRS as not to file a lien, they may also be evaded. A federal tax lien is unable to be filed if a taxpayer decided to prepare a streamlined or guaranteed payment treaty. Such deals require the taxpayer keep a balance of less than or an amount $10,000 that for the guaranteed installment and for that is treaty the streamlined agreement it that is, should be $25,000 or less. In a situation where the taxpayer owes more than $25, 000, a tax lien can be averted if he/she a streamlined treaty. lays out tries their best to reduce that specific outstanding balance to exactly $25,000 or less and alternatively There are just two methods of removing tax liens: withdrawal and release.

What can I do to get a tax lien removed?

Drawing federal tax liens is like it never existed when the IRS resort to revoking the lien. Whenever the lien is filled erroneously lien withdrawals normally take place. In a case where the tax lien is incorrectly filed, contact the IRS when possible. To be able to substantiate that you have no tax arrears then take the crucial steps in withdrawing the lien, the IRS agents will check your account.

Releasing a national or Maine state tax lien typically means that the imposed lien no longer constrains your assets. Instantly after lien releasing, the county records will instantly be brought up to date to demonstrate that is has been released. Yet,the presence of a federal tax lien will be shown in your credit reports for ten years. Liens are often released within a month of clearing the outstanding tax arrears or upon establishing the agreements that were streamlined and guaranteed.

What to Do Next

Our Augusta team can remove your wage garnishment within 24-48 hours

What is a Garnish of Wages?

IRS wage garnishment refers to the withholding or deduction of Maine wages from an employee’s salary or compensation emanating from instances of unpaid IRS taxes. If you owe the IRS back taxes and also don’t respond to payment notices or their phone calls then chances are that you may be subjected to an IRS wage garnishment. In other quarters, it’s also called a wage levy or wage attachment. It is worth noting that a court order is usually not needed and other federal and state laws pertaining to the total sum of exempted from garnishment does provide several exceptions for the wage levies.

The garnishment process is generally quite long, first the IRS discovers how much you really owe them in back taxes, once this has been done, they’ll send you several payment request notices in the email in addition to more than just one phone call with relation to the debt in question. Failure to react to the phone calls and notices,automatically leads to a ‘Notice of Intention to impose” being sent to your last known mailing address. You normally have thirty (30) days to touch base with IRS with regards to this notice before they proceed and forwarding the notice to your Augusta company. Once this notice was sent to the Augusta company, you have a further fourteen (14) days to make a response before garnishment of wages begins. The employer typically has at least one pay period before they can be expected to send the funds after receiving a notice of levy.

How Much Can they Garnish from My Wages?

IRS garnishment rules generally permit the IRS garnish or to deduct more or 70% of an employee’s wages; this is largely done with the intention of convincing the worker or his representative to touch base with IRS to settle the debt.

Wage garnishments are typically one of the most competitive and harsh tax collection mechanisms and one should never take them lightly, as a matter of fact, they would rather work out tax problems otherwise and only sanction this levy when they feel they’ve ran out of workable alternatives. Though paying off the taxes you owe the IRS is the simplest way out of such as scenario, this is normally not possible because of wide selection of reasons. First and foremost, you may not have the whole sum or the tax liability may belong to somebody else or your ex spouse, you’ll be required to show this though.

What should I do next because of a wage garnishment?

You therefore have to discuss any payment arrangements with the Internal Revenue Service and do fairly fast. In this respect, it is critical that you just touch base with an expert who will help you quit or end the garnishment and to readily obtain a wage garnishment discharge. We’re a Augusta BBB A+ rated tax company with a team of tax lawyers that are exceptionally competent with years of experience and a long list of satisfied clients to demonstrate this. Get in touch with us and we guarantee to get back to you within the least time possible, normally within one working day or less. We promise that will help you achieve an amicable arrangement with the Internal Revenue Service(IRS) and get you a wage garnishment release.

If your Augusta company has run into tax or payroll issues with the authorities, we can help.

The Internal Revenue Service is a formidable collection machine for the government, and they are going to gather when your company has dropped into IRS business tax debt. Thus, if your company has delinquent taxes such as payroll tax debts there isn’t any need to scurry for cover (and remember – never conceal) even should you know little or nothing about dealing with IRS company tax debts. There are seasoned professionals prepared to assist.

Un-Paid Payroll Tax Returns

The IRS looks at payroll tax – taxes imposed on employers and employees – from two viewpoints:

• (a) Taxes an employer pays the IRS based on the wages paid to the employee (known as withholding tax’ and is paid out of the employers own funds) and
• (b) A percentage of wages the employer deducts from an employee’s wages and pays it to the Internal Revenue Service.

The company ends up footing the bill for both the types of taxes as the withholding tax results in lower wages.

Repayment Timeline

Employment or Payroll taxes are collected by the Internal Revenue Service through the Electronic Federal Tax Payment System (EFTPS). The program of these payments depends on the typical amount being deposited (based on the look back period’ – a twelve month period ending June 30). This payment schedule could be monthly or semi-weekly.

In the event you are a brand new company and didn’t have any employees during your look back period’ or if your overall tax liability is up to USD 50,000 for your appearance back period’, you must follow a monthly schedule.

If your payroll tax liability is less than USD 50,000 you’ll have to follow a semiweekly deposit schedule. These taxes must be deposited by Sunday, Monday, Tuesday or Wednesday following the Friday payday. Should you fail to pay your taxes on these days you’ll fall into a payroll tax debt. You need to seek the services of tax professionals to direct you through this labyrinth of processes and keep from falling into payroll tax debt and prevent substantial fees.

Dealing With Back Tax Debt

Revenue collected through taxes including payroll tax are spent on capital programs for example; healthcare, social security, unemployment compensation, worker’s compensation and at times to boost local transfer that takes many workers to and from work.

When you have to take care of IRS tax debts, it’s utmost important to stay in contact with your IRS officials – never prevent or conceal from them. Most IRS penalties contain a compounded rate of interest of 14% this can turn a business turtle in an extremely brief time dealing with IRS company tax debt it overriding.

How a Seasoned Augusta Tax Expert Can Assist You

Being in an IRS business debt situation is serious. You might have time on your side when they gain impetus things get worse for you, although as the IRS is slow to start processing your account. Nonetheless, you are not helpless. There are procedures you may be qualified for that a Maine professional can use his good offices with the Internal Revenue Service to assist you over come your business debts.

If you never have heard of an Offer in Compromise, Tax Lien Period, Uncollectible Status and Insolvency, among others, you need a Augusta professional’s help. Waste no more time, touch base with us today to get out of business tax debt and save your company from closure.

Has the IRS been sending you notices and letters? Want that to stop immediately? We can help.

Notices and IRS Letters are sent to those who haven’t paid all of their tax obligation or haven’t filed their tax returns. The IRS accounts for collecting taxes due from citizens to make sure that the Federal Government has the funds to conduct its business. The IRS assumes that taxpayers who neglect to pay their taxes and who are delinquent in filing their tax returns are discounting the reason taxes are not unimportant. The Internal Revenue Service also supposes that taxpayers don’t have a great reason for not meeting their tax obligations. Competitive pursuit of these taxpayers is the reason why IRS letters and notices are sent. For do swift collection activity delinquent citizens are on the Internal Revenue Service radar. Citizens must remember the IRS does not need to initiate any court action to impose wages, bank accounts and property. Even pension income could be attached.

Fees are prolific now. In 1988, there were just 17 penalties the IRS could levy, but now the distinct of penalties is 10 times that amount. The Internal Revenue Service also has over 75 distinct letters and notices it can send to individual citizens. Some of these can certainly become serious issues for the taxpayer.

Some Examples of Letters

Low-Reported Tax Debt

A notice that asserts their income has been under reported by a taxpayer in Augusta is a serious issue. Frequently, this could be reconciled readily, if the IRS claim is valid but the citizen will be evaluated a fee plus interest. If this notice spans more than one year of tax filings, then the citizen may be accused of filing a fraudulent return. The penalties along with the interest will amount to an inconceivable sum of money no matter the perceived motive.

Wage Garnishment

A notice that threatens to attach a taxpayer’s wages, bank account or property is serious. Letters that have been sent to the taxpayer in an effort to solve the delinquency before it achieves the collection actions are followed by this notice.

Home Lien

A notice stating that the IRS has filed a lien on the citizen’s property also follows letters of intent to take this activity. The notice will contain the amount of the governmental agency and also the lien where it was recorded. This lien will stop the taxpayer from selling the property until the lien is filled, or the lien amount will be deducted from the profits of a sale. The IRS may also compel the sale of the property to obtain fulfillment of the lien. A notice will be issued if a deal is planned.

What you should do because of a letter

The citizen should never dismiss IRS letters and notices. Instead, they should promptly seek help with these possible hazards to their financial protection. In fact, if a taxpayer who considers they may receive notices and letters from the IRS can contact us so we can stop these from being sent. Contacting our BBB A+ Augusta law firm is even more important if notice or a letter was received. We have many years of successful experience in working with the IRS and state of Maine to resolve taxpayer problems.

Stop letting interest costs and penalties eat up all of your money, and let our Maine penalty abatement program help.

Once the IRS hit you or your Maine business using a tax bill, it normally adds penalties and interest charges. Some fees, like late payments, they’re included by IRS computers. IRS staff may inflict penalties like filing a late return, if you dishonored a tax code provision.

Once penalties are imposed, should you not complain, the IRS assumes you recognize them. Luckily, the IRS can confiscate a penalty just as simple as it contained one. The key to the domain of the tax fee relief is demonstrating a practical reason behind your letdown to obey with tax law.

The amount of tax code fines that are distinct is staggering. Below are some of the fees that IRS will tack on to the debts of individuals who’ve not filed their back tax debts.

Incorrectness:

The IRS will impose a 20 % penalty on you if you were unreasonably negligent or drastically minimized your taxes. This precision-linked fine is employed when you CAn’t set a tax write-off in a review, or you did not submit all of your income and also the IRS learns it.

Civil deception:

A penalty 75% can be attached in the event the Internal Revenue Service finds that you weren’t reported your income with a deceitful intention.

Delayed Payment:

Normally, the Internal Revenue Service will add a fee from 0.25 % to 1% for each month to an income tax invoice, which is not paid punctually. This late payment fine is when you make a delayed payment, or tacked on by the IRS computer whenever you file a tax return devoid of paying the outstanding balance.

Not Filing on time:

The IRS can fine you an additional 5% per month on any outstanding balance, if you didn’t file your return on time. However, this punishment can be employed just for the first five months following the due date of the return, equivalent to a 25% higher charge. The IRS can still visit lesser punishments when there isn’t any outstanding balance.

Knowing the way as well as the reason the IRS hit you with fines, you can demand that they eliminated or be abridged. The IRS name for this process is known as an abatement. About one third of all tax fees are ultimately abated, and it’ll be more if you know the means to contest them.

Simply informing the IRS that you do not enjoy a fee, or cannot manage to compensate it, will not work. You need to show practical cause, which means an excellent plea. As stated by the IRS, any sound cause advanced by a taxpayer as the reason for postponement in making deposits, filing a return, or paying tax when owed will be carefully analyzed.

Ways to request for an IRS penalty and interest abatement

Enclose the following documents with your written request.

• Letter from a registered medical practitioner, describing your state that prevented you from filing your tax return on time.
• Death certificate substantiating the bereavement of close connections or your blood.
• A comprehensive report from the fire department if your property is damaged because of fire.

What to Do Now

If you have been levied fees by the IRS, there are some easy and effective methods to get interest condensed or your tax fines or even eliminated completely. We’ve really been for decades in the business and we’re devoted to offer our customers a professional IRS fee and interest abatement service lawfully. Contact us today to solve your tax problems all and the related penalties imposed on you or in your Augustabusiness by the Internal Revenue Service.

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