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Video instructions and help with filling out and completing When to file Form 12153

Instructions and Help about When to file Form 12153

Hi thank you for joining us and welcome to this installment of David W crossings clarifying tax situations what are the common issues that you're going to have to deal with if you're facing IRS collection action first of all taxpayers that have unpaid taxes with the IRS or Franchise Tax Board will eventually face collection action by both organizations real quickly both organizations have a way of identifying you if you're a non filer that can put you in collection actions I've got a whole series on non photos I won't get into that here or you can find yourself in a deep hole after facing an IRS audit or some sort of adjustment to your tax returns either through the office audit a field audit or a correspondence on it but no matter how you face tax debt it could just be that you haven't been paying enough taxes on an annual basis and a liability has been building up over time the bottom line in this area is that tax obligations either must be paid or forgiven in some manner otherwise you're gonna face the following leads levies garnishments penalties and interest a vicious cycle surrounding penalties and their trust damaged your credit rating and perhaps the most important concept if you get anything out of this video you're going to eventually get something from the federal government called the final intent to levy notice at that point a 30-day clock starts ticking if you don't file some sort of collection appeal within that time period you will lose significant rights and be at the mercy of the revenue officer or automated collection services agents better after you you can lose rights to appeal both the underlying tax liability you don't agree with the assessments that are sitting there or the manner in which the IRS is attempting to collect the taxes that you owe them so the most critical thing you need to know when facing either a federal or state collection action is that both the state and the Fed are required to give you notice before they can take certain legal actions to start collecting on the taxes that you owe them the federal government will send you a final intent to levy notice in which you will have 30 days to take an action to appeal their collection procedure I know the way they're going about trying to collect it or the amount of tax that's at issue in certain situations what taxpayers need to keep in mind about this final notice is that for it to be legally sufficient all the IRS has to do is send it to your last known address which would be the address on the last tax return you file if you have moved since that day and didn't give specific notice to the IRS it may have gone to the last address where you file a tax return and that is legally sufficient to start.

FAQ

How does a retail business know when to file a 8300 form to the IRS?
The example provided would probably not need to be reported unless you had reason to know the transactions were related.It’s typically only if over $10,000 in a single transaction or related transactions. Related transactions are multiple transactions between a buyer & seller within a 24-hr period OR if you know/have reason to know the series of transactions is related.For example if a customer buys a $5,000 watch in cash, and then a $8,000 ring in cash the very next day, this would need reported because it’s within 24 hours.OR If someone purchases a $20,000 necklace but pays $5,000 in cash on Monday, then another $6,000 in cash on Friday, and $9,000 in cash the following Monday these would be considered related because you would have reason to know these were related.You can also voluntarily report if the transaction is suspicious.
What's the best way to file taxes when you have received a 1042S form?
Form 1042S is simply the form used to report a foreigner's earnings that are subject to withholding because they were earned in the US.  So the amounts can be entered directly on the 1040 (line 7 or 21 depending on what the wages were for) or 1040NR. Keep in mind that if you don't get to exclude any of the days you were present in the US and you were present in the US for more than 183, then chances are you are considered a resident for tax purposes, whether or not you are a permanent resident that has been issued a green card.  Hope this helps.
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