Steps to Take When IRS Go After You For Your Tax Obligations
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Seomul Evans
May 18, 2013, 2:00:03 PM5/18/13
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Article Title: Steps to Take When IRS Go After You For Your Tax Obligations
Author: Seomul Evans
Word Count: 590
Article URL: http://www.isnare.com/?aid=1841104&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1841104
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When the IRS finds out that you owe them back taxes, it will include you into their automated computerized notice cycle. You will receive letters from the IRS stating how much you owe as well as the interests and penalties you have incurred. The first letter you will receive will include the amount you owe in taxes. The first assessment letter will be followed by four CP Notices (Computer Paragraph Notices). These letters start with the CP-501 which is still an undemanding letter all the way to the CP-504. The CP-504 comes with a threatening note and includes the intent of the IRS to levy.
The CP-504 is the final collection notice you will receive from the IRS. This letter will inform you that your state tax refund will be levied. The notice will also further include a notice to search for other assets you own on which a levy can be imposed. If you do not pay your back taxes upon receipt of this letter, a Federal Tax Lien will be filed against you.
You have received a CP-504 IRS letter because you have ignored the CP 501-503 notices the IRS has sent you regarding your back charges. As soon as you receive a CP504 IRS letter, immediately pay your back charges. Settling your overdue taxes immediately will avoid a levy on your assets or a Lien case filed against you.
If you further ignore the CP 504 IRS Letter, the IRS will proceed with the levy and lien. They will send you a L1058 or LT11 which is a formal letter stating that they will Levy your wages, bank accounts as well as your assets. This is the worst situation you can get with the IRS.
There are some steps you can take when the IRS goes after you for your tax obligations.
1. Negotiate with the IRS. You may think of this as a futile and difficult exercise. You are right, negotiating with the IRS can be a difficult task but it is possible. You can discuss your current financial difficulties with the IRS. Of course, you need to be truthful about the facts you give them because they will double check all the information you will provide. When the IRS is convince that you are indeed in a state of financial difficulty, they will create a settlement plan for your tax debts. If you feel uncomfortable dealing with the IRS, you can ask a tax attorney to negotiate in your behalf.
2. Identify which of your assets you can negotiate as payment of your tax debt. This can be a difficult decision to make but giving up an asset is better than having to suffer the consequences of an extremely poor credit score because of tax debt.
3. Negotiate with the IRS for a payment plan if you are not willing to give up an asset and you cannot pay your tax debt in full. To qualify for a payment plan, you also need to convince the IRS that you are in deep financial trouble. Once the IRS is convince and agrees to a payment plan, make sure to make the installments.
4. If all your options fail to solve your tax debt problems, filing for bankruptcy may be your last and only option. After your bankruptcy case, the IRS may erase some of your taxes. Bankruptcy however should be your last option to settling tax debts. Filing for bankruptcy will extremely hurt your credit rating.
About The Author: Seomul Evans is SEO services consultant and content writer for http://www.myirsteam.com/ http://www.dallas-irs-tax-help.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1841104
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Seomul Evans
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=1841104
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=1841104
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Steps to Take When IRS Go After You For Your Tax Obligations
Author: Seomul Evans
Word Count: 590
Article URL: http://www.isnare.com/?aid=1841104&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1841104
Easy Publish Tool: http://www.isnare.com/html.php?aid=1841104
*********************** ARTICLE START ***********************
When the IRS finds out that you owe them back taxes, it will include you into their automated computerized notice cycle. You will receive letters from the IRS stating how much you owe as well as the interests and penalties you have incurred. The first letter you will receive will include the amount you owe in taxes. The first assessment letter will be followed by four CP Notices (Computer Paragraph Notices). These letters start with the CP-501 which is still an undemanding letter all the way to the CP-504. The CP-504 comes with a threatening note and includes the intent of the IRS to levy.
The CP-504 is the final collection notice you will receive from the IRS. This letter will inform you that your state tax refund will be levied. The notice will also further include a notice to search for other assets you own on which a levy can be imposed. If you do not pay your back taxes upon receipt of this letter, a Federal Tax Lien will be filed against you.
You have received a CP-504 IRS letter because you have ignored the CP 501-503 notices the IRS has sent you regarding your back charges. As soon as you receive a CP504 IRS letter, immediately pay your back charges. Settling your overdue taxes immediately will avoid a levy on your assets or a Lien case filed against you.
If you further ignore the CP 504 IRS Letter, the IRS will proceed with the levy and lien. They will send you a L1058 or LT11 which is a formal letter stating that they will Levy your wages, bank accounts as well as your assets. This is the worst situation you can get with the IRS.
There are some steps you can take when the IRS goes after you for your tax obligations.
1. Negotiate with the IRS. You may think of this as a futile and difficult exercise. You are right, negotiating with the IRS can be a difficult task but it is possible. You can discuss your current financial difficulties with the IRS. Of course, you need to be truthful about the facts you give them because they will double check all the information you will provide. When the IRS is convince that you are indeed in a state of financial difficulty, they will create a settlement plan for your tax debts. If you feel uncomfortable dealing with the IRS, you can ask a tax attorney to negotiate in your behalf.
2. Identify which of your assets you can negotiate as payment of your tax debt. This can be a difficult decision to make but giving up an asset is better than having to suffer the consequences of an extremely poor credit score because of tax debt.
3. Negotiate with the IRS for a payment plan if you are not willing to give up an asset and you cannot pay your tax debt in full. To qualify for a payment plan, you also need to convince the IRS that you are in deep financial trouble. Once the IRS is convince and agrees to a payment plan, make sure to make the installments.
4. If all your options fail to solve your tax debt problems, filing for bankruptcy may be your last and only option. After your bankruptcy case, the IRS may erase some of your taxes. Bankruptcy however should be your last option to settling tax debts. Filing for bankruptcy will extremely hurt your credit rating.
About The Author: Seomul Evans is SEO services consultant and content writer for http://www.myirsteam.com/ http://www.dallas-irs-tax-help.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1841104
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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