Accounting News and Notes

Atlanta CPA on Handling IRS Tax Levies & Wages/Salary Garnishments by the IRS

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A Layman’s Guide to Understanding Tax Issues with the IRS

The best first step to beginning to address old personal tax returns that are either unfiled or unpaid is to assess the damage, count the cost, and to lay out a tax strategy that best suits your needs. Working with an experienced CPA is your best first step in this process. Tax problems, if left unattended will worsen, dramatically over time as penalties and interest continue to accrue and the collection efforts mandated by the IRS become increasing frequent and severe.

Tax notices are mailed to taxpayers according to statutory requirements giving taxpayers time and notice to favorably respond Failure to adequately address open tax monies.

Like in our lives, we have to deal with the consequences of our action and to be able to aggressively work to address problem areas and to put them behind us. I believe in the axiom that either “we are to aggressively deal with tax problems or know that the IRS and their collection process will aggressively deal with us.” By dealing with the tax issues we face we are best able to begin anew as a compliant and paying personal or corporate taxpayer.

Tax problems come in many varied forms and are cover many different segments of tax law including some of the most severe collection practices possible:

IRS Tax Levies

An IRS Tax Levy is where the IRS will levy monies out of your corporate or personal account as applicable to satisfy tax monies owed. When monies are collected by the IRS in this method, or typically any other entity the monies are seized, by a bank for example, and then remitted over to the Department of the Treasury/IRS. A levy is problematic for a taxpayer because critical and needed funds are withdrawn from an account at a time when a business or individual may be able to least afford it., thus further documenting, why it is critical to aggressively work to resolve IRS tax issues.

Wages or Salary Garnishments by the IRS

Wage and Salary Garnishments by the IRS are real attention getters the IRS has in its “collection toolbox” to ensure payment of outstanding tax obligations. When an employer receives a garnishment from the IRS for one of its active employees, it is required by tax law to withhold monies from an employee’s regular payroll. These are severe in that the amount of salary garnished is large leaving a taxpayer/employee with only a fraction of their regular net pay. Getting IRS tax problems resolved quickly before a garnishment is enforced is always in the best interest in keeping personal finance interruptions to a minimum.

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta  CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!”

What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31

Why are these verses here? Learn how HIS CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisition/Sales, Forensic Accounting and Bookkeeping.

Related posts:

1. Atlanta CPA Advises on What to Do When Your Salary & Wages Are Garnished
2. Norcross/Alpharetta/Atlanta CPA Helps Taxpayers File Corporate Income Taxes, Submit an Offer in Compromise While Asking IRS to Cease Collection Efforts, Levies & Garnishments
3. Atlanta CPA on Unpaid Personal Income Taxes, Trust Fund Assessments and the 100% Penalty www.HisCPA.com
4. Understanding Back Taxes, IRS Tax Liens and Assessed Income Taxes www.HisCPA.com
5. Tax Garnishments, Collection Issues, and Offers in Compromise

This entry was posted on Monday, April 6th, 2009 at 2:20 pm and is filed under Atlanta Back Taxes & Tax Assessments, Atlanta IRS Tax Audit, Lien, Levies & Garnishment, Atlanta IRS Tax Problems & Offer in Compromise.
Tags: Atlanta IRS Tax Audits, Atlanta IRS Tax Levies, Atlanta IRS Tax Liens, Atlanta Tax Garnishments, IRS Tax Form 433A, IRS Tax Form 433B, IRS Tax Form 656. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.