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National Tax Resolution Blog

An IRS tax levy on Social Security payments

The IRS has a number of tools at its disposal to get individuals to pay their taxes. The penalties they implement can be severe.

Just as importantly, penalties and interest can begin immediately for unpaid taxes. Besides charging taxpayers an annual interest rate for back taxes, they may also assess a late penalty fee at 0.5 percent along with a maximum penalty of 25 percent.

Can The IRS Take My Car?

Yes.

Asset seizure is one of the strongest tools for collection efforts available to the IRS. From seizing a home, bank accounts, retirement accounts or personal property, the IRS operates with a singular focus – to liquidate these assets and pay your debt.

Tax delinquency and your passport status

Despite claims of IRS reform, there are no signs that there will be less enforcement concerning IRS regulations. In fact, the IRS appears to be paying attention to regulations that just a few years ago they did not aggressively enforce.

One particular section concerns passports. Under IRC section 7345, the IRS has the power to revoke passports or deny passport applications. This occurs following a certification by the IRS to the State Department that the taxpayer has a “seriously delinquent tax debt.”

The task of reporting on offshore accounts

As we’ve indicated many times on this blog, there are significant disclosure requirements concerning offshore accounts and income. The Foreign Account Tax Compliance Act (FATCA) requires offshore financial institutions to either report accountholder information, or face significant penalties.

What is important for Michigan residents with offshore accounts is to make certain they report this information as well. The IRS will compare what you provide with what the offshore institutions provide. Any inconsistencies could result in the IRS and treasury officials looking into your case.

Artificial Intelligence And Tax Audits – Is The Future Here?

Gone are the days of the stereotypical CPA – visor, glasses, hunched over an adding machine with a stack of documents close at hand. For decades, people have been using computers and increasingly sophisticated programs to aid in tax preparation, risk analysis and auditing. Now, emerging technologies such as artificial intelligence (AI), machine learning and cognitive computing are taking over.

Will the IRS soon be using computer AI in identifying who gets audited? How do you defend yourself against an algorithm?

Demands for the IRS and DOJ to return seized assets

It appears that members of Congress are demanding that the Justice Department return assets seized from taxpayers. This was in response to IRS actions levying finances contained in taxpayer bank accounts through civil forfeiture laws.

The money seized from accounts was due to alleged structuring offenses. Such offenses concern making cash transactions under $10,000 as a means of avoiding federal reporting requirements.

Partnerships and the new audit rules

We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs.

The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together when it comes to partnership requirements.

Small businesses, pass-through taxation and the new laws

Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions.

The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There has been delays in guidance by the U.S. Treasury Department.

Provisions of tax law challenged by states

The new tax law overhaul places a $10,000 cap upon deductions on federal returns pertaining to state and local taxes. Yet a number of states are challenging this cap.

Four states (not including Michigan) filed a lawsuit against these provisions. Defendants in the lawsuit include the Department of Treasury and the Internal Revenue Service.

Can the IRS take your house?

For many Americans, no government agency strikes fear into our hearts more than the IRS. We hear horror stories of garnished wages and forfeited property. But how real is the threat? The IRS isn’t a bank, which may be more than happy to foreclose on a property or repossess a car to resell it for more profit. The IRS is tasked with collecting cash money to fill the government coffers. Do they really want your house?

This post, we’ll take a look at the reality — and the myths — of the IRS seizing a house for failure to pay taxes.

When you hire us, we can help: you:

  • Obtain emergency relief from IRS actions
  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

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