We Can Only Hope

The IRS May be Changing Things!

The ACT: The IRS announced today that on June 11^th, The Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting. This meeting is designed to present recommendations to the IRS on ways to improve operations regarding employee retirement plans, tax-exempt organizations, and tax-exempt bonds. It will also present ways to improve federal, state, local, and Indian tribal governments.

Who they are: ACT was established in May 2001 to provide the IRS with an organized public forum. It is a way for the IRS to receive regular input on certain policies such as these. The committee is made up of external stakeholders and the representatives who are appointed by the Secretary of the Treasury for two-year terms.

When will this happen? Next month, six ACT project teams will present recommendations to the IRS Commissioner and senior leadership of the IRS’ Tax Exempt and Government Entities Division (TE/GE). The projects are:

• Improving the Employee Plans Compliance Resolution System: A Roadmap for Greater Compliance
• The Appropriate Role of the Internal Revenue Service With Respect to Tax-Exempt Organization Good Governance Issues
• The Streamlined Closing Agreement for Tax-Exempt Bonds: A Cure for Common Violations
• Protecting Plan Benefits: Improving Governmental Defined Contribution Plan Compliance
• Tax Treatment of Cellular Telephones and Internet-Provider Allowances, and
• Governmental Relationship and Communication between the Internal Revenue Service and Indian Tribal Governments.

The meeting is set for June 11 at 11 a.m. at 1111 Constitution Ave., N.W., Washington, DC.

Also, I'm sure you have noticed that I've changed the design of my blog a little bit. I hope that I have not made anything complicated by doing so.

Now you have the Smoking Gun...Use It!

If the IRS Levies my Bank Account, Can I Stop It?

The IRS is coming for their Money! If you’ve been avoiding those letters from the IRS, then you probably missed the one called “Final Notice of Intent to Levy and Notice of Your Right to a Hearing”. If you did, then you probably don’t know that the IRS is getting ready to forcibly take the money that you ‘owe’ right out of your bank account.

Yes it is true! The IRS has the right to get the money that you owe in back taxes. While they have several ways to do this, their favorite by far is freezing your bank account and taking the money from there. You have to act fast… you only have 21 days after your account is frozen to appeal the bank levy.

Million dollar question… Can you stop an IRS Bank Levy? Once you receive that final notice, the IRS is going to get their money unless you take action. If you think the amount owed is in error, you will have to prove it. As far as the IRS is concerned you are guilty until proven innocent.

Request a Hearing. Immediately fill out a form requesting for a Collection due Process Hearing (Publication 1660). This will slow down the Bank Levy. Hopefully you did this before the account was frozen. The hearing will determine if the IRS’s collection process is appropriate.

Be Prepared! Make sure that you prepare yourself for the hearing. This is the time to confront the IRS with the ‘error’. It will be up to you to provide adequate documents to prove your case. Be sure to also come up with another payment option to help resolve your tax debt just in case the IRS was right.

Hurry Up! Take it from a former IRS-Hitman… If you owe the IRS money, or even if they say you do and you are disputing it, contact them ASAP! You don’t want them to just take your money. I have personally levied bank accounts including: 401k, CD’s for kid’s college funds, and even savings bonds! Trust me, the IRS will leave a person in complete financial ruin because they failed to respond.

Now you have the smoking gun…Use it!

Act Now! Don’t Put Off Solving your IRS Debt

Every Minute Counts! If you keep putting off dealing with your IRS tax problems, you are only making things worse. Every day that you don’t take care of the problem you are only accruing more penalties and interest, at about 5% per month.

Everybody Hurts! Take it from me, the IRS will find a way to get their money from you. I’ve conducted collection actions against everyone, from businessmen to your grandmother. A good IRS-Hitman will reach into his bag of tricks and choose something that will make your life completely miserable:

The IRS can apply a Tax Lien. This will make it impossible to sell anything you own, from your car to your home. It will also give you a black mark on your credit report that will be extremely difficult to remove.

The IRS can implement a Bank Levy. The IRS will get the money that you owe by taking it directly from you bank account. If your name is on the account, they will seize the funds in it and freeze it so you can't use it!

The IRS can garnish your wages. The IRS will make your employer withhold money from your paycheck to pay your tax debt. Garnishments can be up to 80% of your check. This will financially devastate you.

The IRS can seize your assets. This is when the IRS comes in and takes things like you car, retirement fund, family jewelry, and even your home. They will then sell them at auction to get the money that you owe for back taxes, and your property will usually sell for far less than its worth.

Nothing to Fear…You will not be able to rest until you have your tax problem solved. Don’t live every day in fear that the IRS will come for you. They will not go away! Take steps to get help and clear up your tax debt. If you don’t, the next step will be an IRS revenue officer knocking on your door.

Now you have the smoking gun…Use it!

Waiting for your Stimulus Check? Watch out for Scammers

Heads Up: In a recent article I read, it was brought to my attention that there is trouble brewing in the processing of your stimulus checks. The IRS claims that they are receiving several calls and emails of "scammers" trying to get YOUR Social Security Numbers. As if you didn't have enough problems with the IRS, now other people are getting involved and trying to take your money!

The email that taxpayers all over the country are getting states "2008 Economic Stimulus Refund" and it tells recipients to click on a link and fill out a form. It further states that by doing this you can put your check into a direct deposit account.

Remember, you do NOT have to fill out a separate form in order to receive a stimulus check. All you have to do is file on time, and meet the other requirements.

Be warned! If you receive a sketchy email or phone call concerning your tax information, you can report it to the IRS by visiting www.irs.gov or by emailing them at Phishing@irs.gov. The IRS should NOT be calling you to obtain, or give out information on your taxes. It is all done through mail and/or direct deposit.

Now you've got the smoking gun...Use It!

Much Ado About Nothing.

The IRS is now sending out letters letting the American taxpayers know that they will be receiving their stimulus checks within the next two months. This letter is not entirely accurate. Just this morning I spoke with a woman who was in debt to the IRS, but had received a notice saying she would be getting her stimulus check. Remember, just because you got a letter that says you are getting a stimulus check, does not necessarily mean you are getting one. If you know you owe money to the IRS, don't expect a check. Also, if you aren't sure whether you owe money or not, you can always check your stimulus status in an online calculator at www.irs.gov. If you are receiving a check, chances are good that you are up to date with your filings, and that you are not in debt. It's always good to know for sure.

-The IRS-Hitman.

Attention all Non-Profiters

Today marks the due date for forms 990 and 990-EZ forms. For those who don't know, these are information forms for non-profit organizations that are submitted annually. The due dates are 4.5 months after your organizations' fiscal year. So for all of those organizations whose year ended on December 31st, your due date for 990 forms is today. If your year does not end until June 30th, yours are not due of course until November 15th of this year. Be sure to file these, as the penalties can be $20 dollars a day up to $10,000 dollars total, or if your gross receipts are more than $1,000,000 dollars then you can be charged up to $100 dollars a day up to $50,000 total. If you've missed the deadline, don't panic: pay whatever late penalties you may owe and file for a 90-day extension.

The check's in the mail

Hopefully all of you who were supposed to receive your stimulus checks by now have gotten them. If for any reason you haven't received them, make sure to find out why. It's never a bad idea to double-check on things, especially when it's your money at stake. It could be as simple as it being a little late, or it could be something as serious as you owing them money. But whatever the reason, make sure you contact the IRS so that you can be aware of it. If you have any questions, feel free to ask.

Thanks for reading,

-The IRS-Hitman

Why Haven’t You Filed Your Federal Tax Return for 2007?

How about an actual new article?

April 15^th has come and gone…you didn’t apply for an extension with the IRS…so what are you waiting for! Are you waiting for the IRS to send you a bill? Are you hoping the IRS won’t notice?

Face facts…not filing your tax return is like putting your head in the sand. Just because you can’t see the problem doesn’t mean it isn’t still there, and this problem gets bigger everyday you ignore it.

Why are you special? What makes you think you don’t have to file your tax return? Maybe when you did your taxes you found out you would have a debt, so you’re putting off that return. Let me tell you, if you think you owe a lot of money now, give that tax debt time to simmer…you’ll owe a lot more very quickly!

Find a solution… But enough of me chastising you, let’s figure out how you’re going to fix this mess you’ve gotten yourself into.

First of all, file your taxes right now! If you don’t think you’re ready to file, apply for an extension until October 15^th, which is the latest date you can put off filing until. You will be responsible for any non filing penalties that have accrued to date which starts at 5% per month and goes up to 25% of your tax debt until you either file or get an extension approved.

No extra money… In addition, since you didn’t file your return on time you will not be getting that economic stimulus tax check which the IRS will start issuing in May, so that’s around $600.00 that you won’t get to see.

Moving forward…Hopefully you’ve gotten on the ball and are getting your taxes ready to go right now, if you haven’t I’ll wait… Now let’s say that you do have a tax debt to the IRS. How are you going to take care of that?

Know your options…The IRS as well as private tax resolution companies offer a variety of tax debt settlement options depending on the following factors:

1. Your actual debt amount

2. Your income

3. The combined value of any assets you have (homes, cars, recreational vehicles, etc...)

To take a look at a list of your options read the article: “Tax Problem Help: How to Give Yourself a Fighting Chance”

Now you have the smoking gun…Use it!

What's up with my new e-book?

I promised a new e-book over a month ago containing questions and answers to your burning IRS concerns. Unfortunately I've had other obligations that have prevented me from finishing it. Yes, I know...I've had trouble finishing a 20-30 page e-book. Just be a little more patient with me.

Thanks for your support,

The IRS-Hitman

Another Weapon Against the IRS

I'd like to announce yet another site that can provide quality tax help
http://irs-offer-in-compromise-hq.com
Take a look, and see if you can find the tax debt help you need.

What are you going to do with your tax rebate?

Some of you may have already received you tax rebate directly into your bank account, and the rest of you are waiting for yours. So what are you going to do with this, "stimulus package." If you're like me, it's already gone to pay bills.
But for those of you who are going to actually spend yours: look in your Sunday paper and check the websites of all the major retailers. They want you to spend that "stimulus" money with them. That means they're offering all kinds of sales and deals. And since the rebate checks will be issued through July, that's 3 months of sales, and deals.
So now, my ex-wife can get my son that PS3 he's been wanting because it's supposed to drop by $100 at some retailers.

In debt to the IRS? The storm is closer than you think

Putting it off: So you received that notice from the IRS in the mail a few weeks ago? No big deal right? Wrong! Because the next notice you get from the IRS, is not going to be a pleasant one. After you receive your initial notice of your debt, if you do not contact the IRS within the allotted time, drastic measures will be taken. A “Final Notice” will be issued and you will have ten days to either pay off the debt in full, or arrange a payment plan. If you do not, here’s what will happen:

Wage Garnishment: Imagine your paycheck is $1,000 dollars per week. Well guess what? Because of your delinquent debt to the IRS, it’s now $250 dollars per week. You heard right, the IRS will legally extract up to 75% of your weekly paycheck in order to pay your debt. That could make the difference between you getting a weekly paycheck, and a weakly paycheck.

Bank Account Levy: This is as scary as it sounds. If payment arrangements are not made and the debt continues to grow, the IRS will place a levy on your bank account. This means that all of your financial assets will be frozen! Picture having to fill up your tank when you’re taking the kids to school one morning and having your debit card declined. Even worse, the bank has no more say than you do in the matter: your account will belong to the IRS.

Liens: A lien is when the IRS swoops down onto your personal assets: your car, boat, or even your house. Initially, they will hold title on the property until the debt is paid. Eventually, they will fully claim the assets and auction them off to make payment on your debt.

S.O.S. The best way to avoid these measures is to be proactive. Stay on top of your debt, before you wind up under it. When you get that first notice, that’s your red flag that you need to do something about your tax issue. There are many ways of going about resolving your issue, and it’s important that you find out which one is best for you and that you take action.

Am I too late? It’s never too late for you to take action against your tax issue. Whether you’re $4,000 or $1,000,000 dollars in the hole, none of these options above sound good. No one wants to wake up and worry about getting half a paycheck, not being able to feed your children, or not being able to sell your own house! Wherever you stand, put up your dukes and fight back against your issue!

Now you have the smoking gun…Use it!