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Revenue Service Questions
What is the revenue service?
A revenue service is a government agency that is responsible for looking into the government’s revenue – both taxable and non taxable revenue. Given below are some of the important questions about the revenue service that have been answered by the Experts.
What can an individual do if he/she believes that the audit of taxes done by the revenue service is incorrect?
If an individual feels that the audit of
done by the revenue service is incorrect, he/she may request them for an informal conference. An informal conference will give the individual an opportunity to discuss with the revenue service and tell them what the individual thinks is wrong in the audit. It will also give the revenue service a chance to present their arguments and convince the individual that the audit is not wrong.
Would it be considered a violation of the IRS code if an individual hired his/her own child and paid the child?
If an individual hired his/her own child and paid the child, it may not be considered a violation of the IRS code as long as the child is performing legitimate duties in the organization and is being paid according to the current market rates for the duties.
What legal steps must the Internal Revenue Service follow while placing a federal tax lien on an individual?
The IRS may have to stick to a collection process while placing a
on an individual. The IRS may first send a notification or bill of the collection process to the individual. The individual may be informed of his/her
rights during the entire process. The IRS may have to file a Notice of Federal Tax Lien. This notice is filed so that the IRS can be prioritized as a creditor incase the individual files for bankruptcy. The individual’s accounts may become delinquent if he/she does not respond to the first two notices. Once the account becomes delinquent, it will be passed onto an automated collection system. The individual will then be contacted by someone from this system to come up with a plan for payment. At any point of time, if the individual does not cooperate with the IRS, they can either seize or sell the individual’s property. The individual will be allowed to request for a hearing at the House of Appeals once the notice is filed.
What can an individual do if he/she is unable to pay when the IRS starts its collection process?
If an individual is unable to pay the IRS when it starts the collection process for taxes owed, the individual may request for an extension of time, may ask for an installment agreement, may request a delay in starting the collection process or may make an offer in compromise to the IRS.
Can an individual’s social security benefits be garnished by the Internal Revenue Service?
internal revenue service
may have the legal right to garnish an individual’s social security benefits for unpaid federal taxes. In most situations, the benefits will be garnished at the rate of 15% per month under the Automated Federal Payment Levy Program.
Can the IRS be forced by the tax court to collect unpaid taxes from individuals?
The IRS may not be forced by the tax court to collect unpaid taxes from individuals. The court may only give a judgment against the individual. It is up to the Internal Revenue Service to decide if it wants to pursue the individual for the payment or not.
The revenue service may perform many duties that may be difficult for people to understand. You must be aware of the
and processes of the revenue service so that you know what to do in case you have to work with them for payment of taxes. You can ask an Expert if you have any questions regarding the revenue service or need any more information.
Recent Revenue Service Questions
I obtained an EIN from the US IRS UK based company as a US client requested we subm
I obtained an EIN from the US IRS for my UK based company as a US client requested we submit a W8-BEN form. The IRS is now asking that I file form 1120F, do I need to do this, even though the tax withholding between the US and UK is 0%?
1120F looks very complex and I really don't know how I would complete it. Our company is entirely UK based and we will already pay corporation tax on the earnings in the UK.
If I absolutely must file a 1120F form, how do I do fill this out and how do I file it? The IRS have requested it be done by 15 June 2015.
A couple who reside in Newtown Square, PA file Form 4868 to
A couple who reside in Newtown Square, PA file Form 4868 to put their 2014 Form 1040 on extension. They owe 40,000 of tax with Form 4868 but only send in a check for 20,000 with it. They are not ready to file Form 1040 yet but have an additional 10k they
want to pay in to reduce the projected 2014 balance due. What address is the 10k sent to & does it have to be sent with a voucher?
I read an article recently that a $1,000 investment in Bitcoins
I read an article recently that a $1,000 investment in Bitcoins three years ago is now worth over $16 million. Is this true? If so, how/where can I purchase them? (Apparently the IRS is now applying capital gains tax on bitcoin appreciations, so I am assuming that it is considered legal tender/currency.)
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