(PRWEB) January 08, 2013
As of January 1, 2013, the IRS has revised its income tax tables in accordance with the soon-to-be expired tax cuts of 2001 and 2003. Higher income tax rates will be passed on to employers, who are also actively encouraged to immediately increase Social Security withholdings. Employers have until February 15, 2013 to comply with the new tax tables. The IRS is also scheduled to hire more IRS auditors this year, though reports are unclear regarding how many.
In light of these change, Platinum Tax Defenders notes that taxpayers in need of help with back taxes may be more subject to wage garnishments, especially for taxpayers who have been late in filing tax returns in the past. IRS audits can be triggered by certain ‘red flags’, among which are unreported income statements (1099’s), large income changes, home office deductions and small business losses. There are increased chances of IRS agents taking a second look at tax returns claiming any self-employment status, and self-employed workers with part-time or full-time work may be especially subject to wage garnishment for back taxes or lack of tax payment.
Wage garnishments are not permanent, although a Platinum Tax Defender specialist notes that a wage garnishment is a “very powerful tool…it can have detrimental effects on your livelihood”. It’s possible for the IRS to issue a wage garnishment [Form 668(W)] by mail or fax to an employer, without the employee’s knowledge.
A wage garnishment release is possible if the taxpayer sets up an IRS payment plan, or if the debt is paid before the 30 days’ notice of “Final Intent to Levy”. Employees and small business owners are encouraged to seek professional help with tax resolution services, especially if it can be proven that the debt is not collectible. Tax resolution experts can be especially helpful in reversing such damaging paperwork quickly, preparing or amending prior year tax returns, or drafting Offers in Compromise.
Platinum Tax Defenders offers a free consultation by phone, without further obligation, so that taxpayers can be informed of their rights and possible solutions. Platinum Tax Defenders has a dedicated team of 10 professionals (including tax attorneys, CPA’s and former IRS agents) with a ten-year track record of stopping bank levies and removing tax liens. Most initial consultations range from 20 to 45 minutes, in which a qualified tax resolution professional can examine the specifics of the situation and offer strategies for dealing with the IRS.
For more information from Platinum Tax Defenders on stopping paycheck seizure and getting help with back taxes, call 1-877-668-1807 or send an email to info(at)tax-resolution(dot)me.
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