Your Payroll Dept will bring you the Notice of Levy or Wage Garnishment

If you or your employer has received an IRS “Notice of Intent to Levy” or “Final Notice of Intent to Levy Wages”, contact an IRS tax professional promptly so that they can act speedily on getting the IRS wage attachment and IRS wage levy halted or released. The faster you do something immediately, the less complicated it is to get the IRS wage attachment and IRS wage levy fixed Just before the IRS garnishes or levies a workers wages or paycheck, they will first alert the taxpayer by mailing various IRS letters. These letters are referred to as the IRS Notice of Intent to Levy Wages. The taxpayers may receive such letters at his home or place of employment.

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The Final Notice from the IRS necessitates swift measures by you since it is the last letter the IRS will send prior to attaching your payroll check. This IRS Final alert starts the process that enables the IRS wage levy to be halted. However, there is a limited timeline involved with this action so a taxpayer who gets a final notice letter should not hold off and began taking action sooner than later. If not, the IRS will unquestionably attach the wages and other income of the taxpayer. Generally, the IRS will first mail a certified Notice of Levy to the taxpayer via US Postal Service. These IRS letters with be the primary of two IRS letters that the taxpayer will be given preceding their wages or paycheck attachment by the Internal Revenue Service. Should the taxpayer fail to take action on the very first letter, the IRS will follow-up with a subsequent IRS letter which is called the IRS Final Notice of Intent to Levy.

When the matter reaches this final stage, the employee is only several days out from having their wages or paycheck seized by the IRS. If an employer informs you that they have gotten a Notice of Levy from the IRS, it is crucial to get a duplicate of the levy from the company so that you can complete the forms in an attempt to lower the amount of money the IRS will take from your next paycheck. Quite a few taxpayers disregard the IRS notices of wage attachment or wage levy. Sad to say, when these IRS letters are brushed aside and no steps are taken, the taxpayer soon discovers that their sole source of income has now been taken by the IRS right from their employer payroll department.

John J. Carter of Tax Help Consultants

IRS Wage Garnishment Solutions is a post from: Tax Help Consultants Resolution Services

US attorneys in the State of New Jersey say an Ex-NFL player William James confessed that he deliberately failed to file income tax returns with the Internal Revenue Service for numerous tax periods.

James competed for a number of teams during his NFL career, which includes the New York Giants and Philadelphia Eagles. District attorneys say he received somewhere around $9.2 million for the duration of his NFL career he but choose not to file some of his returns.

The former NFL Star, now Woodland Park resident faces up to 12 months of imprisonment and a $100,000 fine after entering a guilty plea last Wednesday to a charge of willful failure to file tax returns for 2005, 2006, 2007, 2008 and 2009. Mr. James is scheduled to be sentenced September 21, 2021.

William James consistently disregarded notices from the Internal Revenue Service and dire warnings from his accountants that he was obliged to pay back taxes and file past due years of IRS tax returns.

IRS Catches a Former NFL Player For Willful Failure To File Tax Returns is a post from: Tax Help Consultants Resolution Services

More than 300,000 Maryland residents will pay higher income taxes under a package given final approval by the legislature Wednesday.

The tax increase affects single-filers reporting income in excess of $100,000 and joint-filers reporting more than $150,000 in Maryland, the state with the nation’s highest per-capita income.

Democratic lawmakers closed ranks behind Gov. Martin O’Malley (D), who argued that his administration needed more money to continue record spending on education.

O’Malley’s tax increases — combined with a move the legislature supported to shift teacher pension costs to counties — will close half of a $1 billion gap that had been forecast for the rest of the decade.

http://www.washingtonpost.com/local/md-politics/2012/05/16/gIQAfPutUU_story.html

Maryland Residents To Pay Higher Income Taxes is a post from: Tax Help Consultants Resolution Services

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

http://abcnews.go.com/blogs/politics/2012/05/senators-to-unveil-the-ex-patriot-act-to-respond-to-facebooks-saverins-tax-scheme/

DEMS WANT EX-PAT TAX is a post from: Tax Help Consultants Resolution Services

US congressional investigators said they learned that the much-maligned General Services Administration (GSA) last year demanded a share of the federal energy-efficiency tax breaks it was offering to contractors, in order to spend the money on other projects.

Rep. Charles Boustany Jr. (R-La.), chairman of a Ways and Means oversight subcommittee, said in a statement Thursday that “requiring a cash payment in exchange for a tax deduction is a kickback, pure and simple.” He fired off a letter to a number of Obama administration officials, demanding more information.

Aides also released a copy of a form letter that suggests the GSA last year was trying to force private contractors to give back part of the cash value of an energy-efficiency tax break known as the Energy Efficient Commercial Buildings Deduction, or 179D, that the GSA was allocating to them during construction projects. The tax break provides a deduction to projects that significantly improve a building’s energy efficiency.

In the form letter, GSA offers to allocate the tax break to the contractor “upon payment to GSA of 19 percent of the deduction amount.” The letter adds that the funds would be “used by GSA to invest in additional energy-efficiency projects.”

Read full story at fox.com

Tax troubles for GSA after spending scandal is a post from: Tax Help Consultants Resolution Services

Celebrities who Owe Serious back Taxes is a post from: Tax Help Consultants Resolution Services

Think again. Even though you may not owe the IRS anything this year, the IRS may owe you. And you’re not going to see one penny of that refund unless you file your personal income tax forms with the IRS.

There a few reasons why you may be owed a refund. Perhaps your employer withheld too much in taxes from your paycheck or you qualified for , credits or deductions like the Earned Income Tax Credit.

There’s good news: It’s not too late to claim the funds you think you might be entitled to! You actually have three years from the time your taxes are due to claim your refunds. That means that you can still claim your refunds going back to 2008–as long as you file a 2008 income tax form by Tuesday, April 17.

Think you’re owed money? Check out TurboTax’s interactive graphic, which breaks down unclaimed tax refunds by state.

Read more at Huffington Post.

For tax help see Tax Help Consultants.

Unclaimed Tax Refunds: IRS Has $1 Billion Waiting For You is a post from: Tax Help Consultants Resolution Services

Julie and Brett Redden are in a hurry for the paperwork to go through for the six-year-old girl they are planning to adopt from China.It’s not just that they are impatient to start their lives with her as she joins an 11-year-old sister adopted from China two months ago. The Reddens are also playing a game of “beat the clock” so they can take advantage of a generous federal adoption tax credit.

They have already missed out on the refundable 2011 credit, which allowed tax savings of as much as $13,360 per child. In 2012, the credit is $12,650 and not refundable—meaning if their total tax bill is less than the amount of the credit, they will not get additional money back from the Internal Revenue Service.

But the Reddens’ real worry is that the adoption will not be completed by year’s end. And unless Congress acts, that credit will expire on Dec. 31, 2012.

“We are not rich. We are very middle-income, and we have scraped and saved and done everything humanly possible to bring these girls home,” said Julie Redden, a 31-year-old teacher in Houston.

Redden said she expects adoption costs for both girls to top $50,000, and there will be ongoing medical expenses because both have special needs—the older child is legally blind, while the younger one has cerebral palsy.

“The tax credit will be enormously helpful to pay for medical bills,” Julie says.

Read more at Accounting Today

For tax help see Tax Help Consultants.

Families Race to Beat the Clock before Adoption Tax Credit Ends is a post from: Tax Help Consultants Resolution Services

Tax Preparer Omitted Marijuana Sales from Returns is a post from: Tax Help Consultants Resolution Services

Brian Murphy, center, head of De Anza College in Cupertino, Calif., says the big tech firms are “philosophically antitax, and it’s decimating the state.”

Yet, with a handful of employees in a small office here in Reno, Apple has done something central to its corporate strategy: it has avoided millions of dollars in taxes in California and 20 other states.

Apple’s headquarters are in Cupertino, Calif. By putting an office in Reno, just 200 miles away, to collect and invest the company’s profits, Apple sidesteps state income taxes on some of those gains.

California’s corporate tax rate is 8.84 percent. Nevada’s? Zero.

Setting up an office in Reno is just one of many legal methods Apple uses to reduce its worldwide tax bill by billions of dollars each year. As it has in Nevada, Apple has created subsidiaries in low-tax places like Ireland, the Netherlands, Luxembourg and the British Virgin Islands — some little more than a letterbox or an anonymous office — that help cut the taxes it pays around the world.

Almost every major corporation tries to minimize its taxes, of course. For Apple, the savings are especially alluring because the company’s profits are so high. Wall Street analysts predict Apple could earn up to $45.6 billion in its current fiscal year — which would be a record for any American business.

Apple serves as a window on how technology giants have taken advantage of tax codes written for an industrial age and ill suited to today’s digital economy. Some profits at companies like Apple, Google, Amazon, Hewlett-Packard and Microsoft derive not from physical goods but from royalties on intellectual property, like the patents on software that makes devices work. Other times, the products themselves are digital, like downloaded songs. It is much easier for businesses with royalties and digital products to move profits to low-tax countries than it is, say, for grocery stores or automakers. A downloaded application, unlike a car, can be sold from anywhere.

The growing digital economy presents a conundrum for lawmakers overseeing corporate taxation: although technology is now one of the nation’s largest and most valued industries, many tech companies are among the least taxed, according to government and corporate data. Over the last two years, the 71 technology companies in the Standard & Poor’s 500-stock index — including Apple, Google, Yahoo and Dell — reported paying worldwide cash taxes at a rate that, on average, was a third less than other S.& P. companies’. (Cash taxes may include payments for multiple years.)

Read full article at New York Times.

For tax help see Tax Help Consultants.

How Apple Avoids Paying Taxes is a post from: Tax Help Consultants Resolution Services