The Meaning of CHRISTmas in today's world !

Exactly what is the meaning of CHRISTmas in today's world? I think in today's world we have forgotten what that truly means. We all know of Jesus Christ birth and how he came to bring peace and salvation to all others'. Though every year it seems that more and more people buy in to the hustle and bustle of buying gifts, forgetting about what the story is truly unfolding.
This year I made a point to not buy as many gifts as I have in the past. While I was contemplating what to buy for my loved ones, I stopped and said "What if there not here next year" ? What would I say to them this year just in case that were to happen? I think this year it was not about coming up with a list of tangible gifts but more about practical gifts and warm affections towards one another. Say for instance, this year I gave my Dad a gift that he could not even read allowed. I believe this touched him so much that he decided to take a moment and read this in a quiet place and absorb the meaning of that letter. Nevertheless, being thankful and truly showing this appreciation ways far greater than something monetary.
I know that we should give some gifts because Christ was given them on his birth. However, if this is going to cause unruly characteristics in someone such as rudeness, impatience, and greed, I would rather by small gifts that come more from the heart than gifts that always compete with others. People lose the meaning of Christmas when they have no time for Christ, the one who gave them life to share in these special moments.
I hope this Christmas, you thought what it would be like to give your gifts to the homeless, or save money for a underprivileged family? I think, if nothing else we should make time for both! May you and yours have a very Merry Christmas and a Happy New Year !

Penalty Abatement? What is it ?

Have you ever ask yourself some of the below common questions? Need IRS Help or a tax consultant ?
1.If I offer to pay the tax, will the IRS just forget the penalties and interest?
2.Can I pay the tax and ask the IRS to waive the penalties?
3.Can we settle on the tax and forget the penalties?
4.DO penalties and interest accrue on the outstanding balances?
5.What can I do to get rid of the penalties?
6.Do I qualify for relief of some of the penalties?
Finally, what are my chances of penalty relief?

If you have asked yourself these questions, you are not alone. The common person does not quite grasp what all entails in "granting"penalty abatement ( removal of accrued penalties from what is owed). Did you know that the amount of penalties abated in 2006 were around $11.1 billion dollars? The most common penalties are the following:

*Failure to Pay
*Failure to File
*Estimated Tax
*Federal Tax Deposits
*Accuracy is low on the list
*Most abatable according to statistics:
- Failure to file
-Failure to deposit (employment taxes)
Penalties are imposed to foster compliance with your returns! This is not a revenue generating instrument.Most are civil penalties imposed to deter non compliant behavior.Bare in mind that penalties are in addition to interest due.

Stay tuned for more information on the details of abating interest and penalties !

Bankruptcy and Taxes

Needing IRS Help?Most people are under the assumption that because you have filed Chapter 11 or 13 for Bankruptcy, means that your tax liability will dissipate. Filing Chapter 7 means having total liquidation of your assett's. Under the new compliance rules of the Internal Revenue Service, it is virtually impossible to file a Chapter 7.For example, in the state of NC, your total income (Household of 4) cannot be exceed $54,459.00. Total income for a Household of 2 would be $29,000.
When the IRS files a lien prior to bankruptcy, the lien survives any bankruptcy and attaches to the clients property.The IRS is voided from filing liens during bankruptcy proceedings. However, the IRS will file a lien when:1.there is a valid tax assessment is made
2.client is given notice and demand for payment

How long does a lien stay in effect ? As long as the (CSED) Collection Statute Expiration Date- takes 10 years to expire from the date of the assessed tax.Although the CSED has expired, an auditor can go to the Federal Tax Court and appeal for a judgement (sheriff) and receive an additional 10 year extension.
A tax consultant can help you with questions or concerns about filing bankruptcy and the chances of!

Tax Compliance

What does being tax compliant mean?
- Filing all required tax returns (Business or Individual) for the years 2001-2006
-Paying your taxes (Business-income,payroll,excise) (Individual-income,payroll,excise)
-Being current on your tax payments (Business -estimated and federal tax deposits) (Individual -estimated taxes)

What does "Due Process"mean? Following legal procedures set forth in the IRS for assessing additional tax liability. Notice (i.e. CP 2000 or an Audit Report) (Form 4549).
*30 Day letter (for to exercise internal appeal rights)
*90 Day letter (for Taxpayer to exercise appeal to the US Tax Court)- Certified Mail!!!!

A Tax Consultant can help you better understand the nuances of the collection process.

Tax Lien's

Are you needing IRS Help?Have you ever wanted to know what a lien is? Below are some details that the common taxpayer would not know:
* A lien is filed by the IRS if you owe tax and is the most preferred lienholder other than a debt lienholder.
* A lien is not released until tax is paid in full or an offer in compromise is accepted or tax abated.
* Liens are filed at the taxpayers area courthouse or where they own the property.
* A lien expires generally 10 years from the assessment date. This is called a CSED-Collection Statute Expiration Date.
It can be extended for the following reasons: Bankruptcy,Out of the country, Offer In Compromise

Most people don't know that after the CSED expires, the IRS can't collect and the lien is self-released. Any TP (taxpayer) owing more than $5,000 dollars will have a lien placed upon their property;this acts as an encumbrance on all property and the property rights (owned and acquired after the date of assessment).
Congress has authorized a statutory lien to the taxpayer's property. The lien not only attaches to the taxpayer's property but also all rights to the property (real,personal and intangible). For example,if a Taxpayer owes the IRS (where a lien has been applied) and sells their home, the person buying the home acquires this seizure until the mortgage officer and the government are paid in full. Bare in mind that the lien is essentially attached to the person.

The Music Genre of Beach Music

This is just a personal post to introduce myself to the "blogging world" in hopes that you will find other important topics that I like to talk about such as needing IRS Help, or using a tax consultant to handle all your Internal Revenue Service needs.
A few years ago, I took an interest in dancing. My father is from the "Shag-Dancing Era" and has recently re-discovered his old love of "shag dance" and beach music. I have been dancing for three years, and look forward to possibly competing in the near future! I have several friends that dance competitively in the Competitive Shag Association round. They dance anywheres from South Carolina, North Carolina to Virginia.
Twice a year,Myrtle Beach host an event called S.O.S where several thousand people get together to dance in clubs such as "Fat Harold's","Ducks" and the "OD Arcade". There is a spring and fall SOS event, held in April and September. There are a host of bands to see as well as a "smoothie dance" competitions to view.
Stay tuned to learn more about the dance and beach music genre that has been around for more than 50 years!!

Tax Returns

There are several forms one needs to file when it comes to their tax returns. I want to list below some of the general forms and questions one would need to know when filing their returns:

Personal Returns:
Form 1040 EZ and 1040-A for W-2 income only,no deductions

Form 1040:
Schedule A-Itemized Deductions
Schedule C-Form 1099 Income or Limited Liability Corporation(LLC) that is a single member (This is a business return)
Schedule -D Stock sales
Schedule-E Rental Property and or Partnership corporation income flow-through

Business Returns:

Form 1120S:
S Corporation income tax return (must have elected "S" status)

Form 1120:
"C" corporation tax return

Form 1065:
Partnership tax return (or more than one-member LLC)

Payroll Tax Returns:

Form 941:
Quarterly Employment tax return for FICA and FITW taxes

Form 940:
Annual Federal Unemployment Tax Return

Common Questions to ask oneself:
Do you own a home? Sch A
Did you have stock sales for any of the years?
Do you have rental property?
Did you receive 1099's for any of the years?
Were you self- employed?
Are in incorporated? Form 1120 or 1120S Elect S corporation status (Form 1120s)
Are you an LLC? Single Member? (Schedule C) More than one member? (Form 1065)
Arr you a partnership? (Form 1065)

Need Help With Your Taxes

I recently took a job job with a company (Effectur) that is in the business of helping those who need a tax resolution. We have eperienced/well trained tax-consultants who are available to assist anyone who has debt.If you are like me, before I took this job, I had several questions concerning how to fill out my W-2 when starting employment with a new company. I personally feel that kids (of the appropriate age of comprehension) need to learn about real life applications that will help them be more prepared in the real world. Simple questions like the difference between W-2 (wage earning form) and 1009 (business forms)? I am amazed of the number of people that can't seem to differentiate between the two. If you have burning questions, and need IRS help. I encourage you to investigate the different terms just for your own common knowledge.

Information On Levies
Information On Levies There are a couple of commons pieces of information that a Tax Payer may want to know about levies on an account:1. When you have a bank levy, you are bouncing checks!2.The IRS will never release a bank levy until its paid. the IRS can issue a bank levy every 21 days.3.The IRS can levy any type of "income" you have i.e Bank Accounts,Pension,Ira's4.Employers have to respond to levies (from where wages are being garnished), if not they can be responsible for their employees liability. There are criminal charges for this type of activity.5. Bank Levy-Form 668-A: On date of receipt of levy, funds are frozen up to the amount of the levy and then released to the IRS in 21 days6.Wage Levy-668-W: Levy starts as soon a employer receives information. However this does allow the Taxpayer to retain some funds and allot for dependents.7. Release Of Levy 668-D: Can be sent directly to employer or bank directly8. The IRS allows 21 in between these notices being sent to the Taxpayer.9. Bare in mind that notices 501 through 504 are sent as an intent to levy. This is prior to receiving the 668 A,W, or D Forms.
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by Need IRS Help?
11/12/07

Information On Levies

There are a couple of commons pieces of information that a Tax Payer may want to know about levies on an account:
1. When you have a bank levy, you are bouncing checks!
2.The IRS will never release a bank levy until paid. the IRS can issue a bank levy every 21 days.
3.The IRS can levy any type of "income" you have i.e Bank Accounts,Pension,IRA's
4.Employers have to respond to levies (from where wages are being garneshed), if not they can be responsible for their employees liability. There are criminal charges for this type of activity.
5. Bank Levy-Form 668-A: On date of receipt of levy, funds are frozen up to the amount of the levy and then released to the IRS in 21 days
6.Wage Levy-668-W: Levy starts as soon a employer receives information. However this does allow the Taxpayer to retain some funds and alot for dependents.
7. Release Of Levy 668-D: Can be sent directly to employer or bank directly
8. The IRS allows 21 in between these notices being sent to the Taxpayer.
9. Bare in mind that notices 501 through 504 are sent as an intent to levy. This is prior to receiving the 668 A,W, or D Forms.

WELCOME TO MY FIRST POST

I currently work for a new an upcoming Tax Solutions Firm called Effectur Inc. At Effectur Inc, we pride ourselves on providing a high level of customer service to our clients. It has become apparent to me, that most of the general public know very little when it comes to the IRS and filing income tax returns. I would like to focus on a couple of areas where the general public may need some help in being compliant with the IRS.