Northeast Philadelphia Tax Lien Help - Summer 2011
|
NEW CHANGES IN
IRS LIEN PROCEDURES TO AID STRUGGLING TAXPAYERS - Summer 2011
|
The IRS has announced a new series of steps to help people with their tax liabilities and with avoiding tax liens. The changes to the IRS’s lien filing systems include:
- Significantlyincreasing the dollar threshold for issuing liens. Currently, liens are automatically filed at certain dollar levels for people with past-due balances.
- Making it easierfor taxpayers to obtain lien withdrawals after paying a tax bill. Liens will now be withdrawn once full payment of taxes is made if the taxpayer requests it. In order to speed the withdrawal process, the IRS also will streamline its internal procedures to allow collection personnel to withdraw the liens.
- Withdrawing liens in cases where a taxpayer with unpaid assessments of $25,000 or less enters into a Direct Debit Installment Agreement. Liens will be withdrawn after a probationary period demonstrating that direct debit payments will be honored.
- Creating easier access to Installment Agreements for more struggling small businesses. Small businesses with $25,000 or less in unpaid tax now can participate in the installment agreement program. Small businesses will have 24 months to pay.
- Expanding the Offer in Compromise program to cover more taxpayers. This program is being expanded to allow taxpayers with annual incomes up to $100,000 to participate. In addition, participants must have tax liability of less than $50,000.
“We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start," IRS Commissioner Douglas Shulman said in announcing the changes. "These steps are good for people facing tough times, and they reflect a responsible approach for the tax system."
|
What is a Tax Lien? A federal tax lien gives the IRS a legal claim to a taxpayer's property for the amount of an unpaid tax debt. Filing a Notice of Federal Tax Lien is necessary to establish priority rights against other creditors. Usually the government is not the only creditor to whom the taxpayer owes money. A lien inform the public that the US government has a claim against all property, and any rights to property, of the taxpayer. This includes property owned at the time the notice of lien is filed and any property acquired afterwards. A lien can affect your credit rating; therefore, it is critical for you to arrange for payment of taxes as quickly as possible. Tax liens generally are filed with the recorder or clerk of the country where a taxpayer's assets are located.
|
In preparing
your small business tax return for your Northeast Philadelphia Small Business,
please do not hesitate in contacting your Northeast Philadelphia Tax
Accountants at 215-667-8839. We proudly
provide accounting and tax preparation to small businesses in Northeast
Philadelphia.
Source:
National Society of Tax Professionals
About Us:
Excellence
Accounting and Tax Services are your Northeast Philadelphia Tax Accountants
with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services
to Small Businesses in Northeast Philadelphia.
We also have other tax locations in Northern Liberties in Philadelphia.
If you have any question on what is deductible for
your Northeast Philadelphia Business, please do not hesitate in contacting your
Northeast Philadelphia Tax Accountants.
We proudly provide tax preparation and accounting to Northeast
Philadelphia. Please do not hesitate in
contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
|
 |
| Philadelphia Tax Preparation |
|
|
Northeast tax preparation Philadelphia PA, Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA , Tax Accountants Philadelphia PA , Northeast tax preparation Philadelphia PA , Tax Accountants Philadelphia PANortheast tax preparation Philadelphia PA , Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA , Philadelphia Tax Preparation Philadelphia PA, Tax Accountants Philadelphia PA , Northeast tax preparation Philadelphia PA , Philadelphia Tax Preparation Philadelphia PA ,Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA , Philadelphia Tax Preparation Philadelphia PA, Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA , Tax Accountants Philadelphia PA , Northeast tax preparation Philadelphia PA , Tax Accountants Philadelphia PA,Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA,Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA,Tax Accountants Philadelphia PA, Northeast tax preparation Philadelphia PA
|
|
|
