Do you have to pay IRS debt if you file Bankrupcy?
Yes. in fact it means the IRS can't negotiate a lower amount or payment plan with you ...
What does the term irs lien mean?
An IRS tax lien means the IRS is placing a lien against your hours or other personal property. This is usually due to you owing the IRS an amount of money. If you cannot pay it within a certain amount of time, they could put a lien on your property, seize it, and sell it in order to make the money they are owed. ...
Asked in Taxes and Tax Preparation
What is the difference between the IRS 1040 and IRS 1040A an 1040EZ?
what is the difference between the IRS 1040 and the IRS 1040EZ forms?
What does state to succeeded agency mean?
Succeeded agency means the agency(IRS) has received and accepted the return. You can get refund information about your federal refund through the IRS secure web site Where's My Refund? - but wait at least 72 hours form the time the IRS accepts your return. Before that, the web site may say it has no record of your return, which usually means the information's just not there yet. ...
Asked in Income Taxes
What does the IRS reference number really mean?
The IRS reference number means that they are source codes when people get certain errors after filing tax returns. Some of the IRS reference numbers are 1541 refund froze, 1301 return was filed late, and 8001 computer failed to authenticate information. ...
Asked in Income Taxes
What is a tax deficiency?
Tax deficiency is defined in section 6211(a) of the IRS Code. Tax deficiency occurs when the correct amount of income tax owed is more than the amount shown on the taxpayer's return. This means that the taxpayer still owes tax to the IRS and might be assessed interest and/or penalties. If the taxpayer disagrees with the IRS, the taxpayer should provide the IRS with documented proof to support this. ...
Asked in Law & Legal Issues
Need to refile income tax even if there is no change in tax liability?
Yes. If ou have filed a return that is not accurate you need to file an amended return that is as accurate as possible with the IRS. Even if this means no change in liability. If your return is inaccurate the IRS will audit your return. Keeping the IRS out of your business is a vry good thing. ...
Asked in India, Artificial Satellites
What are the names of the last ten satellites launched in India?
In order from most recent to oldest. 1. IRS-1D 2. IRS-P3 3. IRS-1C 4. IRS-P2 5. IRS-1E 6. IRS-1B 7. IRS-1A 8. INSAT-2E 9. INSAT-2D 10. ...
Asked in Credit and Debit Cards, Taxes and Tax Preparation, Debt Consolidation, Income Garnishment, Income Taxes, Tax Refunds
What happens when your income tax refund is garnished for debt?
So you were expecting a tax refund from the IRS after you filed a tax return. Insteasd of getting your refund, the IRS sent you a letter saying that your refund was used (garnished) to satisfy your back tax debt. What is going on? This means that you have a back tax liablility with the IRS and the IRS will take your refund to satidfy that debt. If you got your refund check garnished and you were unaware you owed the...
What is prudence concept for depreciation?
It means "don't try to claim that the property depreciates (loses value over time) faster than the IRS thinks is reasonable". The IRS forms will generally give you guidance or a tax acccountant does that for a living. ...