With years
of experience in resolving various tax problems, it is time for me to explore
the common myths surrounding the IRS tax settlement. So if you or someone you
know owes taxes to the IRS, just do everyone a favor and read the following top
tax settlement myths.
Bankruptcy isn't an option in
settling back IRS taxes
It is true
that you can file personal bankruptcy, but there are myriad rules to be
followed. Within Chapter 7 bankruptcy, all old 1040 tax returns could be fully
discharged even if there are tax liens against your home.
Tax resolution lawyers can wave a
magic wand and cut down my taxes and penalty charges
No, this is
not correct. An individual in sound financial standing cannot avoid paying the
IRS taxes without good reason, and as a matter of fact, these people should pay
the required taxes in full. Also, be careful of those fraudulent firms who
claim to lower your penalty charges and interest automatically, as there is no
such type of procedure in the IRS.
IRS tax settlement firms are really
fraudsters
There are
some people who think that all tax settlement companies are a complete scam. We
know that this is not true. Whenever someone comes to us, we provide tax consultation for a fixed flat fee. Someone then tells them that they could get
it done cheaper or can choose to do it themselves or by a regular CPA. Then, a year later, they come to us again and
say, “I wasted a year and lots of money by not hiring you... Will you help me
now?” You have to be very careful not to fall victim to scam companies, and you
should only get involved with an established firm where tax consultation is not
a hobby.
The IRS filed a tax lien against the
properties which are in my spouse’s name
Tax liens
could be filed against any of your properties. Unlike judgment liens, the IRS
doesn’t need a court ruling to file a federal tax lien. Therefore, if a tax
lien is addressed to your spouse’s property, it doesn’t mean that there is a
lien against the property.
The IRS can't do anything if I don't
open their letters
It doesn’t
matter whether you open the IRS’s letters or not, as they can enforce a
collection action after specific time frame. Furthermore, you may lose right to tax court and important appeal rights
if you don’t open the letters.
The IRS must produce a court order to
levy my wages or bank accounts
No, they
don’t. The IRS will send you 3 letters, and if no action has been taken by you,
they’ll just wait thirty more days after the final letter has been sent. After that, they have full rights to levy
your wages.
If I simply get rid of my assets by
gifting to my friends and family, the IRS can’t touch me or my property
The IRS will
consider this approach as fraudulent, and they are allowed by law to disregard
the gift. Second, it will take extra work for the IRS to undo the fraudulent
conveyance, and this definitely will anger them further.
It’s a
daunting task for many people to get their IRS tax settlement accepted. That’s
why we have created a free comprehensive guide, “7 Steps to Sanity,” which provides
full guidance in reaching the best possible settlement. Just enroll now to
receive your copy.
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