You Could Owe Taxes On Canceled Debt-canceled stamp

You Could Owe Taxes On Canceled Debt

Did you know that you could owe taxes on debt that was canceled? Well, you could. This is how it works. When you owe creditors money that you can't afford to repay, sometimes you may be able to get…


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Did You Make Money with Cryptocurrency?

Did you make money with cryptocurrency in the past? For early adopters of Bitcoin, Ethereum, and other cryptocurrencies, the profit potential has been simply stunning. While there has been some…


IRS and Other Asset Levies Explained Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. In this article, we take a look at what an IRS levy is, why it happens, and what you can do about it. Note: If you have any tax trouble or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief https://sfstaxproblemsolutions.com/contact-us-at-sfs-tax-problem-solutions-in-stuart. Often, we can resolve your IRS levy without you having to talk to the IRS. Call today. What is an IRS Levy? Simply put, if you owe back taxes and you ignore the IRS, they can seize your property, take money from your bank accounts, or sell your assets in order to satisfy the balance due. The IRS will give you plenty of notices via mail before they take this step. If you do not satisfy the debt or make payment arrangements by the specified date, the IRS will attempt to take the amount of the levy directly out of your bank account. Other types of levies Private creditors may issue a levy against your bank account with a court order. Court orders are not required for levies by government agencies. The creditor must notify you of the upcoming levy at least 21 days before removing any funds from your account. You may not withdraw money or close the account during this waiting period. Funds earned from child support, social security, unemployment, workers' compensation settlements and certain other types of government agency payments are exempt from levy. You must request the exemption and offer proof of the source of the funds. Wage Garnishments Government agencies may also garnish an employee's wages for back taxes, child support and other delinquent payments required by law. The IRS has the authority to levy up to 85 percent of the employee's paycheck. The levy notice will be sent to your company's payroll or human resources department. You must then withhold the appropriate amount of money from the employee's paycheck and send it to the IRS or state tax board. The employee must provide a wage garnishment release if he is able to work out a payment arrangement. If you are behind on your taxes, the IRS may levy most payments from federal agencies. This includes railroad retirement benefits, Medicare supplier and provider payments, payments on contracts between your company and a government agency, federal retirement annuities and travel reimbursements. You may apply for a hardship exemption if the levy will cause your company undue financial distress. Companies going through bankruptcy proceedings are automatically exempt from IRS levies. Seizing Your Assets The IRS may also seize your real estate and personal property such as a car or boat. You will receive a 30-day notice indicating that seizures will follow if you do not pay your outstanding taxes or contact the IRS to make payment arrangements. This authority also extends to property and money you own that are being held by another party, such as life insurance cash value. The government sells its seized property at auction to recover some of the funds owed by delinquent taxpayers. What to Do If You Have an IRS Levy Back taxes don’t just disappear if you ignore them long enough. Putting your head in the sand will cause the problem to get worse. If you have back tax debt, we highly recommend you reach out to our firm first. Our clients never have to talk to the IRS, and tax resolution through our firm can save you money and time in the long run. You might also be eligible for other IRS relief programs or get your penalties reduced or removed. Reach out to our firm today for a consultation. https://sfstaxproblemsolutions.com/contact-us-at-sfs-tax-problem-solutions-in-stuart/-money behind bars wth lock

IRS and Other Asset Levies Explained

Falling behind on your debts is never a fun place to be. It’s less fun when a levy is placed on your assets. This article, IRS and Other Asset Levies Explained, looks at what an IRS levy is, why it…


SFR- Substitute for Return . Image of a form 1040.

SFR- Substitute for Return

The IRS filed a Substitute for Return on Your Behalf! Just what is an SFR? If you failed to file your tax return(s) for one or more years, you might be surprised to learn that the IRS has filed an…


Four Things Your Tax Preparer Might Not Tell You

Oh, no! Tax time is almost here. If your tax return is a simple one, you may be able to file the return yourself. However, if your situation is more complicated and you are not confident preparing…


Nine Tax Tips For Restaurant Owners - group of restaurant workers

Nine Tax Tips For Restaurant Owners

Filing your taxes is always stressful. However, tax time for restaurant owners can easily have you scratching your head in confusion. Knowledge of business accounting is essential. You need to…


Bankruptcy-FAQs-You-Should-Read-house-with-chain-money-padlock

Bankruptcy FAQs You Should Read

Filing for bankruptcy is a painful and exhausting process. Folks often feel ashamed, scared, or confused. If you find yourself with no other options, bankruptcy can be a way to remove old debts,…


Bankruptcy, Is it on your radar- man and woman computer

Bankruptcy, Is It on Your Radar?

Is Bankruptcy on Your Radar to Get Rid of Your Back Taxes? If you are drowning in debt and trying to make ends meet, you may think bankruptcy filing is the only way out. Unfortunately, that is not…


Dont-put-off-filing-your-taxes - text on orage background and newspaper

Why You Shouldn't Put Off Filing Your Taxes

With the filing deadline moving from the traditional date of April 15th to July 15th because of the coronavirus pandemic, it can be tempting to put off filing your taxes for as long as possible. Most…