Tax Compliance-The KEY to Resolving Your Tax Debt

Even though Number Cruncher LLC is physically in Nevada, we help people all over the USA to be in tax compliance with the IRS.   What exactly does it mean to be in tax compliance with the IRS?  Tax compliance is being aware of and observing the state, federal, and international tax laws and requirements set forth by government officials and other taxing authorities.    A basic example is filing personal tax returns by the April deadline or in other words, you need to file your taxes every year.  

What if you haven't filed tax returns in a while?   Get missing tax returns filed as soon as possible.  To be in compliance you only need the last 6 years of returns filed.  

If you or anyone you know is behind in filing taxes, I can help you.  Please feel free to contact me at 702-469-9426 or cstevens@numbercruncherllc.tax

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

What do you do when you receive Letter 11, the Final IRS notice?

The focus of my practice is to help taxpayers, from all over the USA, with IRS issues.  One issue a lot of taxpayers have is late or nonpayment of tax.  Often clients feel if they don't open letters from the IRS, the problem will go away.  Unfortunately, the problem does not go away, it only gets worse.  

When clients get brave enough to open a letter, often it is Letter 11, the Final IRS Notice.  This leaves them shaking in their boots, calling me for help.   

The first thing that needs to be done is to file the Form 12153 within 30 days of the date on Letter 11.  Filing this form will cause the following to take place:

    *  The IRS will Cease all collection action against the taxpayer for the tax periods in question.

    *  The taxpayer's case is forwarded to Appeals

    *  The taxpayer has the right to go the Tax Court if the taxpayer cannot work out an arrangement with Appeals

    *  The taxpayer has additional time to prepare any missing returns and sort out the proposal for resolving the outstanding tax debt. 

Most taxpayers don't realize the seriousness of the need to file the appeal and miss a valuable opportunity.  

If you have any questions about IRS issues, please feel free to contact me at 702-469-9426 or cstevens@numbercruncherllc.tax

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

What do the IRS notices mean?

Most taxpayers have some sort of a freakout moment when they receive a notice from the IRS. It is important that you OPEN LETTERS FROM THE IRS.  The issue will not go away if you ignore it, it will actually get worse.  If you wait to open the notices, you will continue to be assessed penalties and interest, you won't know what is going on, you won't know when to call the IRS or when it's time to seek professional tax help.  You will find yourself in a mess.

Below is an explanation of the IRS Notices:

Notice CP-501:  This notice is to inform you that you have a balance due (you owe the IRS money) on one of your tax accounts.  

Notice CP-503:  This notice is letting you know that the IRS has not heard from you.  You still have an unpaid balance on one of your tax accounts.  

Notice CP-504:  This is the Intent to Levy Notice.  You have an unpaid amount due on your account.  If you do not pay the amount due immediately, the IRS will seize your assets in an attempt to pay the balance due.  

Letter 11:  Notice of Intent to Levy.  30 days after this notice the levy action may start.  The only way to stop the levy action is by requesting a hearing with Form 12153.  

As you can see, if you don't open the mail from the IRS, you won't know what stage of the collection process you are in or what can be done.  If you wait to long there may not be anything that can be done to help you.

If you or someone you know has IRS issues, please feel free to contact me at 702-469-9426 or cstevens@numbercruncherllc.tax.

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

The IRS Collection Process

Dealing with the IRS is scary.  Owing the IRS money is even scarier.  Knowing and understanding the Collection process can help you avoid having enforced collection action taken against you.  Below is the step-by-step process the IRS uses:

1.  The tax is assessed

2.  The billing notice is sent.  If it goes unpaid

3.  A silent lien is attached, by statute, to all the taxpayer's assets owned and later acquired

4.  Final notice of the IRS's intent to levy the taxpayer's income and assets is sent.  This begins the 30-day window for the taxpayer to request a collection due process hearing.  

5.  IRS files a Notice of Federal Tax Lien in the public records if the taxpayer owes more than $10,000. 
This will result in marketing mail from national IRS help companies and destroy taxpayer's credit score

6.  If an appeal is not filed the IRS will begin seizing the taxpayer's assets, including garnishing wages, cleaning out their bank accounts, and going after clients who may owe the taxpayer money.  This will cause major embarrassment.  

7.  The collection actions will continue until the Taxpayer calls a competent professional to help them sort out the issue and get it resolved.  

If you owe the IRS, ignoring the issue is not a good idea.  In fact, it is a horrible idea and will get you into a lot of trouble.  Contacting the IRS for guidance isn't always the best idea either as some agents are not interested in helping the taxpayer.  

Working with a qualified professional who knows and understands tax resolution is vital.  The sooner you contact a professional, the sooner you can get the item resolved and stop stressing.  

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

From IRS.gov:

In certain cases, the Get My Payment app will be unable to tell you the status of your payment. You may receive this message for one of the following reasons:

•If you are not eligible for a payment (see IRS.gov on who is eligible and who is not eligible)

•If you are required to file a tax return and have not filed in tax year 2018 or 2019.

•If you recently filed your return or provided information through Non-Filers: Enter Your Payment Info on IRS.gov. Your payment status will be updated when processing is completed.

•If you are a SSA or RRB Form 1099 recipient, SSI or VA benefit recipient – the IRS is working with your agency to issue your payment; your information is not available in this app yet.

You can check the app again to see whether there has been an update to your information. Get My Payment data is updated once per day, so there’s no need to check back more frequently.
.
.
.
.
.
#paymentstatusnotavailable #stimuluscheck #stimuluspayment#economicimpactpayment #questionaboutstimuluscheck#stimuluscheckpaymentquestions #seconomicimpactpaymentquestion#ihaven'treceivedmystimuluscheck #helpwithstimuluscheck#numbercruncherllc

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

When will I receive my stimulus check?

Latest estimated timing from the IRS on economic impact checks is as follows:

🌻The IRS will make about 60 million payments to Americans through direct deposit in mid-April .

🌻 The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns.

🌻About 3 weeks after those deposits are made (the week of May 4th), the IRS will begin issuing paper checks to individuals.

🌻The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out.

🌻The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
🌻
🌻
🌻
🌻
🌻
#timelineforstimuluschecks #stimuluscheck #stimuluscheckquestions#stimuluschecktimeline #questionsaboutstimuluscheck#economicimpactcheckpayment#economicimpactcheckpaymentquestions #whereismystimuluscheck #numbercrnucherllc

Candace Stevens, CEO/President of

Number Cruncher LLC

cstevens@numbercruncherllc.tax

www.numbercruncherllc.tax

Review of COVID 19 Legislations for Individuals