Fall Success Story
The Office of Gerald Yarborough, CPA just negotiated a $44,990 reduction for a client!
A realtor came to our office owing $130,000 in back income taxes. This very nice lady had several properties paid for, and the IRS was threatening seizure on one of the properties in order to satisfy the tax debt. Our office was able to successfully avoid any IRS seizure action and negoitated a $44,990 in penalty and interest abatements. Our client satisfied the reduced tax liability and is now living tax debt free!
Read more client testimonials of how Gerald Yarborough, CPA gave clients a fresh start.
Gerald Yarborough is a former IRS Agent with over 30 years of tax experience, who knows how to stand up to the IRS to protect your rights. Clients have the advantage of our IRS experience along with the exceptional service we provide when we prepare tax returns. Services include Tax Preparation, Deliquent Tax Return Preparation and Audit Representation. Contact us today to discuss your tax needs at (704) 759-3900 or (800) 270-8616.
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Monday, November 26, 2012
Wednesday, August 29, 2012
How Does the IRS Find People?
IRS's rulebook (The Internal Revenue Manual) has a whole section on how to find you and your assets. IRS agents are trained from this manual on how to research public and private records to find you. They do this research in person or online.
The IRS has a "Locator Services Program." It includes a national asset locator tool, the credit bureau web browser, the tax research portal and the Department of Motor Vehicles. These services provde easy access to public records such as real estate transactions, real property, corporate officers, vehicles, and aircrcraft, as well as information on people and businesses. The national asset locator tools allow IRS agents to research public records data and perform nationwide research on you.
The IRS knows the Internet is a powerful tool for gathering information about you and your business. The IRS also has corporate contracts for locator services and credit bureau services. These services provide IRS employees with Internet access to do the following:
They also make "third-party contacts" to find you and your assets.
An IRS agent may perform a telephone number search, a social security number search and an employer identification number search. Real property records are a critical source the IRS uses for locating you and your major assets. The agent may also perform a courthouse records check either online or in-person.
DMV's require state residents who own a motor vehicle to register their motor vehicle and require state residents who drive a motor vehicle to hold a valid drivers license. In addition to driver licenses, motor vehicle departments issue identification (ID) cards to persons who require an ID card. The ID card looks like a driver's license, but is used for identification purposes only. Information maintained by the various motor vehicle departments varies from state to state. Most states provide driver information, lien holders, and vehicle information on cars, trucks, etc. ID card information is also provided. The IRS has direct access to all of it. They can not only find you, but anything you are driving that requires registering.
National Uniform Commercial Code (UCC) filing records contain information from commercial lien filings. These records can help IRS agents find assets used by businesses to secure commercial loans or to learn about financial relationships between businesses and individuals.
Corporate information is available from each individual state's Secretary of State, State Corporation Commission, or equivalent. These organizations provide information regarding the date of incorporation and the officers of the corporation. All states and the District of Columbia require that corporations register at the time of their incorporation, and the registration information is usually maintained in each state's capital. Secretary of State information is one of the most effective sources available to the IRS agent for corporate accounts. It provides third party information, corporate officers, and registered agents, and is also fairly effective for verifying the existence of assets. IRS agents use the corporate information received from the Secretary of State research to assess the Trust Fund Recovery Penalty (TFRP), if applicable.
Limited Liability Company (LLC) information is maintained by each individual state's Secretary of State, or equivalent, often in the same database as corporation records. These organizations provide information to IRS agents regarding the date of organization and the members and/or managers of the LLC.
The Employment Development Department (EDD) is a state agency, and in some states the agency name is different (the name changes from state to state). EDD provides secure information regarding the payroll information supplied by employers who have filed with the state. EDD information is especially useful when an employer may have filed state employment tax returns but not federal employment tax returns. Information includes number of employees, payroll, etc. The various state employment commissions (EC) have proven to be some of the best available sources of wage levy data for IRS agents. Access to these sources has been greatly enhanced by on-line vendor access and tape-to-tape exchange programs. These levy sources are very effective because the information is updated quarterly.
The IRS exchanges information with State Employment Commissions.
Utility company information helps IRS agents to locate you. The IRS knows that often, taxpayers attempting to hide from the IRS and other creditors do not notify the post office of a new address. However, taxpayers generally will transffer their utility service from an old address to their new one, so when a taxpayer moves within an area served by the same utility company, the taxpayer will provide an updated address to the utility company.
The United States Postal Service (USPS) provides an address update product - the National Change of Address Linkage (NCOA). The IRS is a licensee of NCOA, and receives a consolidated data file with change-of-address information from the USPS on a regular basis. The IRS benefits from the NCOA address update process by using the new addresses to attempt to contact and/or maintain contact with taxpayers.
Visit our website for more information about how the IRS can locate you.
Let's get you caught up and in good standing with the IRS. If you haven't filed, contact me, Gerald Yarborough at (800) 270-8616.
The IRS has a "Locator Services Program." It includes a national asset locator tool, the credit bureau web browser, the tax research portal and the Department of Motor Vehicles. These services provde easy access to public records such as real estate transactions, real property, corporate officers, vehicles, and aircrcraft, as well as information on people and businesses. The national asset locator tools allow IRS agents to research public records data and perform nationwide research on you.
The IRS knows the Internet is a powerful tool for gathering information about you and your business. The IRS also has corporate contracts for locator services and credit bureau services. These services provide IRS employees with Internet access to do the following:
- locate taxpayers or their assets
- understand various types of businesses
- understand various types of property ownership
- confirm/validate the information taxpayers have provided to them
They also make "third-party contacts" to find you and your assets.
An IRS agent may perform a telephone number search, a social security number search and an employer identification number search. Real property records are a critical source the IRS uses for locating you and your major assets. The agent may also perform a courthouse records check either online or in-person.
DMV's require state residents who own a motor vehicle to register their motor vehicle and require state residents who drive a motor vehicle to hold a valid drivers license. In addition to driver licenses, motor vehicle departments issue identification (ID) cards to persons who require an ID card. The ID card looks like a driver's license, but is used for identification purposes only. Information maintained by the various motor vehicle departments varies from state to state. Most states provide driver information, lien holders, and vehicle information on cars, trucks, etc. ID card information is also provided. The IRS has direct access to all of it. They can not only find you, but anything you are driving that requires registering.
National Uniform Commercial Code (UCC) filing records contain information from commercial lien filings. These records can help IRS agents find assets used by businesses to secure commercial loans or to learn about financial relationships between businesses and individuals.
Corporate information is available from each individual state's Secretary of State, State Corporation Commission, or equivalent. These organizations provide information regarding the date of incorporation and the officers of the corporation. All states and the District of Columbia require that corporations register at the time of their incorporation, and the registration information is usually maintained in each state's capital. Secretary of State information is one of the most effective sources available to the IRS agent for corporate accounts. It provides third party information, corporate officers, and registered agents, and is also fairly effective for verifying the existence of assets. IRS agents use the corporate information received from the Secretary of State research to assess the Trust Fund Recovery Penalty (TFRP), if applicable.
Limited Liability Company (LLC) information is maintained by each individual state's Secretary of State, or equivalent, often in the same database as corporation records. These organizations provide information to IRS agents regarding the date of organization and the members and/or managers of the LLC.
The Employment Development Department (EDD) is a state agency, and in some states the agency name is different (the name changes from state to state). EDD provides secure information regarding the payroll information supplied by employers who have filed with the state. EDD information is especially useful when an employer may have filed state employment tax returns but not federal employment tax returns. Information includes number of employees, payroll, etc. The various state employment commissions (EC) have proven to be some of the best available sources of wage levy data for IRS agents. Access to these sources has been greatly enhanced by on-line vendor access and tape-to-tape exchange programs. These levy sources are very effective because the information is updated quarterly.
The IRS exchanges information with State Employment Commissions.
Utility company information helps IRS agents to locate you. The IRS knows that often, taxpayers attempting to hide from the IRS and other creditors do not notify the post office of a new address. However, taxpayers generally will transffer their utility service from an old address to their new one, so when a taxpayer moves within an area served by the same utility company, the taxpayer will provide an updated address to the utility company.
The United States Postal Service (USPS) provides an address update product - the National Change of Address Linkage (NCOA). The IRS is a licensee of NCOA, and receives a consolidated data file with change-of-address information from the USPS on a regular basis. The IRS benefits from the NCOA address update process by using the new addresses to attempt to contact and/or maintain contact with taxpayers.
Visit our website for more information about how the IRS can locate you.
Let's get you caught up and in good standing with the IRS. If you haven't filed, contact me, Gerald Yarborough at (800) 270-8616.
Friday, August 17, 2012
Will I Go to Jail if I Don't File Taxes?
A long standing practice of the IRS has been not to recommend criminal prosecution of individuals for failure to file tax returns, provided they voluntarily file, or make arrangements to file, before being notified they are under criminal investigation. The taxpayer must make an honest effort to file a correct return to avoid criminal prosecution which could end in jail time.
The IRS wants you to voluntarily file your tax returns. The IRS does not want to prosecute ordinary people who make a mistake. However, flagrant cases involving criminal violations of tax laws will continue to be investigated and could possible result in jail time.
Call me, Gerald Yarborough, at (800) 270-8616 and we can discuss a plan to solve your tax problems.
Visit our website for more information about the IRS collection process.
The IRS wants you to voluntarily file your tax returns. The IRS does not want to prosecute ordinary people who make a mistake. However, flagrant cases involving criminal violations of tax laws will continue to be investigated and could possible result in jail time.
Call me, Gerald Yarborough, at (800) 270-8616 and we can discuss a plan to solve your tax problems.
Visit our website for more information about the IRS collection process.
Friday, August 10, 2012
The IRS Collection Process
What will the IRS do once they say you owe them some tax, even though you didn't file?
Let's say you didn't file and the IRS filed substitute returns for you. What then?
The IRS will then start what they call the "collection process." This is a process of many steps by which they intend to collect the amount they say you owe from the substitute returns they filed for you.
The process starts with a combination of three things. The sequence of these steps vary from situation to situation. The IRS can:
The IRS also shares the information they used to set up the taxes on you with the state taxing authorities. So if you live in a state with a state income tax, expect to hear from the state also who will have filed substitute returns for you based on the information they received from the IRS.
Make a move. Do something to avoid these actions by the IRS. Call me, Gerald Yarborough, at (800) 270-8616 and we can begin a dialog that will allow us to create a plan to solve your tax problem.
Visit our website for more information about the IRS Collection Process.
Let's say you didn't file and the IRS filed substitute returns for you. What then?
The IRS will then start what they call the "collection process." This is a process of many steps by which they intend to collect the amount they say you owe from the substitute returns they filed for you.
The process starts with a combination of three things. The sequence of these steps vary from situation to situation. The IRS can:
- File a Federal Tax Lien against any property that you own
- Garnish your wages if you are a wage earner.
- Take your compensation (by Levy) from a client or company who owes you money if you are self-employed, or
- Levy your bank account
The IRS also shares the information they used to set up the taxes on you with the state taxing authorities. So if you live in a state with a state income tax, expect to hear from the state also who will have filed substitute returns for you based on the information they received from the IRS.
Make a move. Do something to avoid these actions by the IRS. Call me, Gerald Yarborough, at (800) 270-8616 and we can begin a dialog that will allow us to create a plan to solve your tax problem.
Visit our website for more information about the IRS Collection Process.
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