Here are some of the most common tax phrases and terms as well as definitions:
Tax Lien: Instrument or document usually filed at the County Recorder’s Office where a person’s real property or business is located. The purpose of the filing of a tax lien is to secure the government’s interest in that asset. The lien attaches to “all” present and future assets.
Bank Levy: This document freezes all funds in your bank account the day the bank receives the levy. In the case of an I. R. S. levy, the funds are frozen for 21 days which allows you to be notified by the bank and to attempt to have it released before the funds are remitted to the I.R.S. You may deposit and withdraw funds from this account “after” the levy is received which are not subject to the levy.
Wage levy: This is also known as a “garnishment” or “earnings withholding order” and literally attaches to your wages. This levy immediately attaches to any wages owed to you.
Penalty Abatements: The Internal Revenue Code allows for abatement of any penalties associated with the late filing of a return, late payment of tax and late deposit of tax. However, compelling circumstances must exist that meet the “reasonable cause criteria” as defined in the Code. Generally, interest is never abated but for rare occasions.
Offer In Compromise: This is a process that allows for less than full payment of one’s liabilities but serves the same purpose. Once an “OIC” is accepted all tax liens are released as if full payment was made. There are 3 types of Offers In Compromise:
- Doubt as to Collectibility
- Doubt as to liability
- Effective Tax Administration
A doubt as to collectibility offer is based on an inability to pay and an inability to collect. A doubt as to liability offer is based on the “correctness” of the assessed tax. One must prove that they do not owe the tax. An effective tax administration offer provides for relief based on “equity” of the tax system. In other words, the validity of the tax is not disputed nor is the collection and payment in full at issue. There must be a very compelling reason for an “ETA” offer and very few are accepted.
Installment Agreement: A process where scheduled monthly payments are made to satisfy outstanding taxes. A financial statement must be completed to determine payment amount unless the statutory balance is under $25,000 and/or below $10,000. These installment agreements are referred to as “streamlined” and “guaranteed” and have other criteria/conditions. These are just a few samples of tax “lingo” that you will encounter if you have an “unwanted” relationship with the I.R.S. or other State Tax Agency. In addition, there are numerous levels of bureaucracy you might have to deal with which can make it frustrating to say the least. This is where I can help. My previous experience as a Revenue Officer with the I.R.S. cannot be replaced or substituted by any other experience. I know the collection process from beginning to end. Let me resolve your tax problems so that you can get on with life.
WAGE GARNISHMENT: IRS WAGE GARNISHMENT, STATE WAGE GARNISHMENT, IRS BANK GARNISHMENT, IRS LEVY
IRS Wage Garnishment: is the most devastating tax collection threat or levy by the IRS. An IRS bank levy or an IRS levy on your wages can cripple you financially. If the IRS levy, State Tax Levy, IRS garnishment, IRS bank garnishment or IRS wage garnishment does not satisfy your tax liability, your car, home and even your business and other assets can be seized and sold at public auction! IRS garnished wages are gone wages. Don’t let this happen to you!
Call the Tax Relief IRS FIGHT LINE today at 1-209-617-8668 to Release A Tax Lien or IRS Tax Levy with Brock Tax Relief.
Do you OWE BACK TAXES? Brock will prepare and file all of your back taxes- IRS back taxes, or State back taxes. Brock will also negotiate to REDUCE your back taxes. Trust Steve Brock- 18 year IRS veteran and former IRS supervisor to help you. He knows the IRS and tax relief like few others can claim.
Brock Tax Relief is Federally Licensed Nationwide for all State Tax Relief, all Federal Tax Debt Relief and all IRS Problems in: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
TAX DEBT RELIEF
State tax – Federal tax – Business tax- Personal tax
IRS OFFER IN COMPROMISE REPRESENTATION
IRS Offer In Compromise is a process that allows for less than full payment of your tax bill to the IRS. Once an IRS Offer In Compromise is accepted, the tax lien or IRS levy is released, and you’re in the clear. Brock offers tax relief through an IRS Offer In Compromise with experience in the field that few can match, at an affordable rate that can gain you a settlement from the IRS.
IF YOU GET THIS IRS LEVY NOTICE OR NOTICE OF FEDERAL TAX LIEN:
CALL THE IRS FIGHT LINE: 1-209-617-8668
IRS Notice Of Intent To Levy And Notice Of Your Right To A Hearing
We previously asked you to pay the federal tax shown on the next page, but we haven’t received your payment. This letter is your notice of our intent to levy under Internal Revenue Code (IRC) Section 6331 and your right to appeal under IRC Section 6330. We may also file a Notice of Federal Tax Lien at any time to protect the government’s interest. A lien is a public notice to your creditors that the government has a right to your current assets, including any assets you acquire after we file the lien.
If you don’t pay the amount you owe, make alternative arrangements to pay, or request an appeals hearing within 30 days from the date of this letter, we may take your property, or rights to property. Property includes real estate, automobiles, business assets, bank accounts, wages, commissions, social security benefits, and other income. We’ve enclosed Publication 594, which has more information about our collection process; Publication 1660, which explains your appeal rights; and Form 12153, which you can use to request a Collection Due Process hearing with our Appeals Office. To prevent collection action, please send your full payment today.
Brock Tax Relief Provides Tax Relief Services For All U.S. Cities and States. Cities Include: New York City, Los Angeles, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, TAX RELIEF IN: San Francisco, Jacksonville, Indianapolis, Austin, Columbus, Fort Worth, Charlotte, Memphis, Boston, Baltimore, El Paso, Seattle, TAX RELIEF IN: Denver, Nashville-Davidson, Milwaukee, Washington DC, Las Vegas, Louisville-Jefferson County, Portland, Oklahoma City, Tucson, Atlanta, Albuquerque, Kansas City, Fresno, Sacramento, Long Beach, Mesa, Omaha, Virginia Beach, Miami, Cleveland, Oakland, Raleigh, Colorado Springs, Tulsa, Minneapolis, Arlington, Honolulu and ALL U.S. Cities and States.