Tax Seminar #3 – December 3 2012

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IRS Tax Collections: Liens and Levies The Zicklin Tax Seminar Series December 3, 2012 Proper Assessment • Notice Requirements – No notice necessary for self‐assessment or computational correction – Stat. Notice of Deficiency (90‐day letter) • Statute of Limitations on Assessment – 3 years from date return due (if timely) or filed (if late) – 6 years if substantial understatement – No limit if return not filed or if fraudulent Statute of Limitations on Collection • 10 Years from assessment • Tolling of the statute of limitations – CDP Hearing – Offer in Compromise – Bankruptcy • IRS can reduce FTL to Judgment to extend time to collect Federal Tax Lien • “Silent Lien” arises at assessment • Notice of Filing of Federal Tax Lien – Establish Priority – Notice to Taxpayer After Filed – CDP Rights to Protest Filing • Lien filing adversely affects credit rating – Prospective employers conduct lien searches ycort@litaxattorney.com www.litaxattorney.com ©Karen J. Tenenbaum, P.C. 2012 Page 2 220
IRS Tax Collections: Liens and Levies The Zicklin Tax Seminar Series December 3, 2012 Federal Tax Lien • Subordination and Discharge – Lower priority or dismiss claim to specific property • Release of Federal Tax Lien – When fully paid – Amount shown on lien is not the payoff amount! • May be able to withdraw liens for fully paid liabilities • Significant reduction in number of liens filed in 2012 compared to 2011 NYS Warrant vs. Federal Tax Lien • IRS “Silent” Lien takes priority over NYS Warrant, even when no Federal Tax Lien has been filed • No collection appeal rights against NYS Warrant; compare CDP and CAP for IRS liens Levy • Notice and CDP Rights prior to levy action – Statutory hold – Exception for jeopardy – No prior notice required for state tax refund offset • Continuous Wage Levy – Only a limited amount is exempt – Compare NYS: only 10% is garnished ycort@litaxattorney.com www.litaxattorney.com ©Karen J. Tenenbaum, P.C. 2012 Page 3 221
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The Zicklin Tax Seminar Series Tax
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E. MARTIN DAVIDOFF & ASSOCIATES CER
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• Payments of more than 24 months
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Reduced Offers Examples: One of the
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2 If you have any questions, please
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FACTS OFFER IN COMPROMISE CASE STUD
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Form 433-A (OIC) (Rev. May 2012) Us
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Section 3 (Continued) Cash value of
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Section 5 Business Income and Expen
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Section 8 Other Information Page 7
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L:\EMD\433Case11:B Personal Liabili
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433CASE12.123 John & Jane Doe 08/17
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Form 656 (Rev. May 2012) Department
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Section 6 Designation of Down Payme
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Form 656 (Rev. May 2012) Department
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Jim and Kelly Smith SS#: 123-45-678
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Offer In Compromise Package Logisti
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New Jersey - Local Standards: Housi
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One Car Two Cars Houston $312 $624
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Print Email Reports Export Reports
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Internal Revenue Manual - 5.8.5 Fin
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Internal Revenue Manual - 5.8.5 Fin
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E. Martin Davidoff - Offer in Compr
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Form 656 Booklet Offer in Compromis
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an offer unless the trust fund port
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Step 2 - Fill out the Form 433-A (O
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Section 2 Business Asset Informatio
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Section 7 Signatures Page 6 of 6 Un
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Rules of Engagement in Dealing With
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Rules of Engagement: Dealing With I
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IRS Rules of Engagement: Under Prom
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Dealing with the IRS Regarding Coll
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I R S R E P R E S E N T A T I o N A
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R.C.P. OLD NEW Monthly Excess $361
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R.C.P. - Example #1 OLD NEW Monthly
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May 21, 2012 OIC Rules • There wi
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May 21, 2012 OIC Rules • State an
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May 21, 2012 OIC Rules Substantial
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Steps in a Controversy 1. Initial c
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Alternatives in a Collection Matter
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E. MARTIN DAVIDOFF ATTORNEY AT LAW
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Mr. & Mrs. Mickey Mantle January 5,
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Form 2848 (Rev. 3-2012) Page 2 6 Re
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Information You Need To Know When R
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Collection Appeal Request 1. Taxpay
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John J. and Jane Doe Form 9423 Coll
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experience is that we secure better
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Department of the Treasury - Intern
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Mr. William Skowron December 12, 20
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Form 9465-FS (12-2011) Page 2 Part
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INSTRUCTIONS TO TAXPAYER If not alr
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Mr. Yogi Berry September 19, 2011 P
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Mr. Jeffrey Austin January 5, 2011
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Texas Iowa, Kansas, Louisiana, Miss
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4. Filing of Tax Court Petition In
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Yogi Berra Estimated 2011 - 2012 Ca
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BY HAND IN OUR OFFICE Mr. and Mrs.
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Representing Clients Before the IRS
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Rules of Engagement in Dealing With
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Rules of Engagement: Dealing With I
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IRS Rules of Engagement: Under Prom
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Dealing with the IRS Regarding Coll
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IRS Announces New Effort to Help St
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Under New Rules, the IRS Will Now R
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Adjustments to IRS Lien Policies 15
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DIRECT DEBIT INSTALLMENT AGREEMENT
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LIEN HAS BEEN RELEASED 163
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617-316-2608 617-316-2606
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of section 404(a) (2)), 404 (relati
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(1) The former employee applies for
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This notification must include the
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software, taxation, or ethics); and
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the matter within 60 days of the da
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otherwise prescribed in forms, inst
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Subpart B — Duties and Restrictio
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a rule with respect to that particu
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in writing by each affected client,
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(ii) Advise a client to take a posi
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(5) Marketed opinion — (i) Writte
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under paragraph (e) of this section
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their practice with the firm, that
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paragraph (a) of this section. (ii)
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§ 10.53 Receipt of information con
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as determined under section 6212 of
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and law in support. (2) Summary adj
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specifically provided for in this s
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§ 10.73 Evidence. § 10.74 Transcr
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the Secretary of the Treasury, or d
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to a conference and may be suspende
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Tax Seminar #3 – December 3 2012

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