What is a CP504 Notice from the IRS? Intent to seize your property or rights to property!

The IRS just sent me a notice claiming that they are going to levy or seize my property, what am I going to do?

This is a concern I hear all the time, from both potential as well as current clients. The good news is, you can relax! A CP504 notice is all bark and no bite! It is a statutory notice the IRS must send to you prior to issuing the notice that really counts, Notice 1058. The IRS sends notice CP504 to start the collection process, specifically the enforeced collection process for each particular period of back due tax debt.

Once you receive this notice it is a good idea to start being proactive and hire someone to help you.

Contact me for a free no hassle consultation by either email or phone (720) 340-4065 local or 866-947-7209 toll free.

Keys to a Successful Offer in Compromise | Nicholas Hartney, EA | Genesis Tax Consultants, LLC ©

Keys to Unlock a Successful Offer in Compromise © by Nicholas Hartney, EA © of Genesis Tax Consultants, LLC© *Updated Article 2018 Here Contact me: Nicholas Hartney Licensed to Represent Taxpayers Before the IRS T he Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s liability for some amount which is less than the full amount due. The IRS has the authority to settle or compromise federal tax liabilities by accepting less than full payment under certain circumstances. The taxpayer makes an Offer in Compromise on Form 656. If the IRS accepts the Offer in Compromise, then a contract is formed in which the IRS agrees to cancel the tax debt in return for the payment of the agreed sum. The IRS has a whole set of rules, policies and procedures which govern when it will accept an offer. Unfortunately, you just don’t offer to pay them 10, 25, or 50 cents on the dollar. They look at your offer, compare it to their guide

2010 IRS Nationwide Tax Forum San Diego Review

The 2010 IRS Nationwide Tax Forum was nicely set up and had some great presentation speakers. Some of the highlights discussed from the forum: There were almost one million federal tax liens filed in 2009. The National Taxpayer Advocate's Office discovered that federal tax liens drop your credit score 100 points as soon as they are filed. The investigation also found that the three major reporting credit agencies, Experian, Equifax, and Transunion, do not remove tax liens for years, if at all, even after the tax has been paid. The Fair Credit Reporting Act allows the agencies to keep the lien on your credit report for up to 7 years after payment in full. Regardless of this Act for some reason the investigation found that Equifax keeps liens on your report for up to 15 years, Experian keeps the liens on your report for 10 years, and TransUnion indefinently! Federal Tax Lien filings went up 475% over the past 10 years. Bankruptcy on back taxes are dischargable in a bank

Preparing IRS Form 1045 Tentative Carryback Application or Carryback Claim Net Operation Loss (NOL)

Preparing Form 1045 to apply a tentative carry-back loss is ridiculously complicated for most people. Even seasoned tax prepares have difficulties preparing this form. If after you filed an amendment to your tax return (Form 1040X) and the IRS sends you a notice requesting that you now file Form 1045 you should consider calling someone for help! I filed one of these forms back in June for a client of mine and just received notice that it was approved, lowering the taxpayer's liability down from $8492 to $2900. You may want to contact me on this . If you wanted to try to tackle the 1045 yourself here are the instructions: Department of the Treasury Internal Revenue Service 2010 Instructions for Form 1045 Application for Tentative Refund Section references are to the Internal Definitions connection with gambling, the racing Revenue Code unless otherwise noted. of animals, or the on-site viewing of Eligible loss. For an individual, an such racing, and the po

Nicholas Hartney, E.A.©

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