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Tax Issues and the One Effective Solution to Deal with Them

llllng your Lax reLurns doesnL lmmedlaLely guaranLee LhaL youre off Lhe hook. 8aLher, lLs [usL
a potential start of your tax woes.

There are many reasons why the IRS may call your attention and request for an audit. Usually
lLs because Lhey flnd some of your enLrles lnconslsLenL or susplclous. lLs also posslble LhaL
given your circumstances such as your job and assets, you may be misdeclaring your tax liability
or LhaL over a cerLaln perlod of Llme, you dldnL flle anyLhlng aL all. ?our deducLlons and credlLs
may also be wrong. Either way, the audit may reveal that you still have a tax liability to pay.

Lien on Property

You can always choose Lo lgnore Lhe l8S, buL lLs never a good ldea Lo do so. llrsL, as a
government agency responsible for collecting the lifeblood of the country, it is normally
provlded wlLh Lhe prlvllege Lo exerL all means Lo collecL or seLLle Lhe debL. Weve already
encountered some of the harsh tactics they implement, one of which is a tax lien.

A tax lien is a notice that is attached to your property. It simply means that your asset such as
your home may never be sold on the market unless you have fully paid your liability. This can be
a very bad scenarlo because, one, you can no longer rely on Lhe properLys equlLy lf you wlsh Lo
geL a loan Lo pay your Laxes. Second, lLs posslble LhaL Lhe governmenL has Lhe opLlon Lo selze lL
as the form of payment. Third, Lhe llen ls already lncluded ln your properLy. Lven lf youve been
successful in paying the liability, the lien record may discourage potential buyers and realtors.

Wage Garnishment

A wage garnishment is very similar to the tax lien. It is also attached to your asset, in this case,
your salary or wage. When the IRS requires this, it means that your salary is reduced by the
amount determined to cover for the tax balance. This is a legal order, which means it has to be
enforced.

This type of tactic can be very hurtful to you. It hits you where you are most vulnerable:
income. When your income is reduced, it means that your purchasing power and ability to pay
the bills also go down. If you have other existing debts, then you can find yourself in more
flnanclal hardshlp. Moreover, slnce lLs dlrecLed Lo Lhe company, lLs posslble LhaL Lhe
management or even some of the employees may know about ita very embarrasing situation
you donL wanL Lo be ln.

Payroll Tax Penalties

lL doesnL maLLer lf you are runnlng a small or huge buslness. As long as you have employees,
you are responsible for their withholding taxes, which shall be deducted from their wages. In
turn, you should be able to turn over the amount to the IRS.

Nevertheless, certain situations may prevent you from doing that. For instance, you may find
yourself ln a LlghL spoL and Lhus used Lhe Lax wlLhheld as more caplLal ln Lhe hopes youll be
able to enjoy more profit and recover the amount.

What to Do

In all these 3 situations, one of the best steps you can take is to communicate with a tax lawyer.
Pe can glve Lhe approprlaLe advlce dependlng on Lhe slLuaLlon youre ln and even help you
resolve the issue, such as appealing the lien, requesting for reprieve or other options from the
IRS, and settling IRS debt.

Related Article: http://dallastaxattorney.blog.fc2.com/blog-entry-1.html

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