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Posts by Thelma

Chapter 7 Bankruptcy Forms: Everything You Need To Know

Chapter 7 Bankruptcy Forms: Everything You Need To Know

By on Jan 15, 2020 in Tax Laws | 0 comments

Bankruptcy is a word that nobody wants to hear regardless of their current financial situation or their occupation. The status can wreck your finances and credit, potentially ceding them to the courts. No matter what sort of condition you’re in at the moment, you probably don’t want to even consider the possibility of personal bankruptcy.   As a last resort, however, it can really help you to get back on your feet if you’ve suffered some kind of major loss. Not all bankruptcies are created equal, and some types can help you get back to normal much faster than others. People can use a fresh start when their finances go wrong.   Success Tax Relief agents have always recommended that people weigh all options before jumping into anything headfirst. Take a moment to think about whether or not Chapter 7 Bankruptcy would be right for you.   What Is Chapter 7 Bankruptcy? Although all bankruptcies stay on your record for years, a Chapter 7 bankruptcy usually only takes around 3-6 months from filing to relief from your unsecured debts. While you might lose some of your luxury possessions under this sort of arrangement if needed to help settle debts, you’ll be able to keep any salary or wages you earn after you file.   That means Chapter 7 allows you to retain any property you purchase after you’ve finished filing. Eventually, you’ll even be able to obtain new lines of credit. While you could get stuck with a higher interest rate, you could get a credit card or a bank loan within a year or two of filing.   How Does It Work? In most situations, you have to voluntarily apply for Chapter 7 since you can’t generally be forced into it. This is actually a good thing since it means you’ll be able to explain to future lenders that you worked to get out of debt as opposed to being forced into some sort of involuntary procedure.   You’ll need a form called a Voluntary Petition for Individuals Filing for Bankruptcy, which is number B 101 and only applies to individual debtors. Presuming this is accepted, you’ll then be asked to file 101 parts A and B, which...

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What is a Private Letter Ruling When It Comes to Taxes?

What is a Private Letter Ruling When It Comes to Taxes?

By on Dec 20, 2019 in IRS | 0 comments

A private letter ruling or PLR might sound complicated, but it’s a straightforward set of facts. A PLR is an official letter of advice from the Internal Revenue Service (IRS). They ideally provide a favorable ruling. It’s a piece of suggestion that you are highly advised to take!   If you’ve received a PLR, it’s because you or your tax representative requested it. A PLR is just a written decision from the IRS that’s responding to your request for guidance. So if you’ve received a PLR in the mail, it shouldn’t come as a surprise to you.   Why Even Request A PLR? PLRs are issued from an Associate Chief Counsel Office of the Office of Chief Council, or by the Tax Exempt and Government Entities Division. They determine what type of action you should take in regards to your own specific tax situation. This ruling is strongly based on current tax laws. Oftentimes, the PLR is providing you and/or your tax representative with the right method of guidance to resolve any complex issues about your tax situation.   Any private letter ruling represents a formal written decision made by the IRS. These rulings bind the individuals involved, which includes the IRS. In some cases, the IRS will actually redact the personal content associated with a single document.   When they do this, it gets issued as a revenue ruling. In that case, the document becomes binding for all taxpayers in the country and every last IRS agent around.   Since these rulings are always listed publicly, you won’t have to worry about ending up beholden to regulations that you’d never be able to find. Those who are interested in boning up on some additional tax policies can visit the IRS informational directory for more information on public rulings as well as all the laws they’re required to adhere to when filing.   Always Seek Council About Tax Matters Not everyone’s tax issues are the same. That’s why it’s advised to seek out a PLR so that you’re not blindly taking unnecessary steps to try to ease your financial situation. Doing so will only lead to delays and the possibility of missing your deadline which can result in late penalties...

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IRS Penalty Abatement Sample Letter

IRS Penalty Abatement Sample Letter

By on Dec 19, 2019 in IRS | 0 comments

Contrary to what you may have heard, the IRS does not want to penalize everyone who misses their taxes. They would rather make arrangements to reduce tax debt and receive what you owe for a given year. You often have to pay a penalty first, and several more, before the IRS takes drastic action. Many taxpayers would rather handle the penalty if they miss a payment on their tax return.    If you owe back taxes to the Internal Revenue Service (IRS) and have recently been assessed a penalty for this debt, you are allowed to request relief for this penalty if you have a valid reason. While the IRS may not make the process simple, we can provide the details. This relief is called a penalty abatement. What Is Penalty Abatement Penalty abatement is an administrative waiver that the IRS gives to people who miss a tax payment. This tends to be a first-time basis, so people that don’t pay for several years or tax periods may not have access to this resource. You also are getting a waiver on the penalty itself rather than the taxes you owe.  You can get first-time penalty abatement for the following situations: failure-to-file, failure-to-pay or failure-to-deposit penalty. Essentially, if you miss a payment, don’t file a tax return, or make a deposit, then you have a chance to avoid the penalty. You can’t get the first-time abatement for other circumstances.  There are two ways to apply for penalty abatement. You can either draft a letter and send it, or call the IRS and talk to one of their agents We recommend sending a letter so that you have a paper trail and documentation. Also, you won’t be waiting on hold for hours at an end and dealing with an agent that has to sift through their policies. Only call if you cannot wait for the time it takes to send a letter either by post or overnight. Drafting A Penalty Abatement Letter Applying for penalty abatement is fairly straightforward. You can qualify for this relief if you provide and fulfill one of the following requirements: You did not previously have to file a return or you have no penalties for the 3...

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How to Set Up a Payment Plan with Georgia’s Department of Revenue

How to Set Up a Payment Plan with Georgia’s Department of Revenue

By on Dec 12, 2019 in Tax Tips | 0 comments

If you are currently in debt to the Internal Revenue Service (IRS), there are certain steps you need to take to ensure them that you have every intention of paying your debt. So, IRS needs to see that you have a payment plan for your taxes. Otherwise, the IRS will have no other choice but to take more aggressive action to collect what is owed to them. If you are currently in debt to the Georgia Department of Revenue, there are some precautionary steps that you can take to pay off your debt. You can schedule an affordable payment plan for your taxes. However, you should know that not all payment plans work the same for each state. So if you happen to live in Houston and have gotten used to paying your state taxes one way, there may be some slight modifications if you move to the state of Georgia. This is where Success Tax Relief can come in and assist you with arranging for your state taxes. We’ve been in the business of alleviating taxpayers’ debt to the IRS nationwide for over 30 years. For residents living in the state of Georgia, this is what you need to know about paying your state taxes off: The Steps of Georgia State Tax Payment Plan Find Out if You’re Eligible to Qualify Montly Payment Plan First, in order to set up payment arrangements, we have to determine whether or not you qualify. In the state of Georgia, you will not be approved for a monthly payment plan if you are in the middle of a bankruptcy filing or have a pending Offer in Compromise going. If you haven’t filed all of your state tax returns, you will not be approved. Also, if your tax debt has been reported to the department’s private collection agencies, then you will not be approved for a monthly installment plan. Consider the Time Factor Another important factor you need to know about a monthly payment plan is that if you are approved, it cannot exceed the length of 60 months. So whatever amount you owe the Georgia Department of Revenue, it needs to be paid in full within the next 5 years. This may...

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Can the IRS Seize Your Bank Account Without Any Notice?

Can the IRS Seize Your Bank Account Without Any Notice?

By on Dec 12, 2019 in Bank account levy, IRS | 0 comments

“IRS took money from my bank account. Can it do that?” If you owe the Internal Revenue Service (IRS), and they have attempted to contact you about this issue multiple times, and you’ve not responded, then yes, the IRS can seize your bank account. But the real question is: “Can they do this without any notice?” The answer is no. The IRS is supposed to give you several opportunities to pay your taxes. This is mainly done by mail. While other forms of communications can easily get hacked, and even some can impersonate an IRS representative over the phone, the good old fashion United States Postal Service still has proven to be reliable. Although, there are some scam artists who may also send mail disguised as the IRS. So if you’ve received a letter from the IRS, address it! Whether you think it’s legit or not, you’ll be better off verifying the document with the IRS first. Unfortunately, you may have to waste some of your valuable time doing this, but it’s better to make sure that the letter is valid rather than to assume it’s a scam. Either way, the IRS ought to be notified. Do keep in mind that you should contact the IRS directly regardless of whatever information was printed on the letter. There’s a chance that scammers might include some sort of bogus contact information. Uncle Sam, however, always lets you get in touch with the IRS on a relatively direct basis. That being said, you have to act fast in order to avoid incurring some kind of future penalty or the dreaded seizure of an important account. If you’re worried about whether or not the IRS will take money from your bank account, there are several steps that need to happen before that can take place. And a lot of that has to do with you not being negligent. If you prefer to avoid the IRS seizing money from your bank account to pay off your tax debt, there are a few things you can do to prevent this: How to Avoid IRS Seizing Money From Your Bank Account 1) Communicate Believe it or not, the IRS appreciates it when you communicate with them...

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