Watch videos with subtitles in your language, upload your videos, create your own subtitles! Click here to learn more on "how to Dotsub"

Lawrence on Fox Detroit 4-16-2012

0 (0 Likes / 0 Dislikes)
♪ 'Cause I'm the tax man ♪ ♪ Yeah, I'm the tax man ♪ And the tax man will come looking for you if you don't behave yourself. Tomorrow's Tax Filing Day, April the 17th this year, and today we're gonna talk about what to do if you're having some problems. It's a Money Monday, we welcome in Lawrence Levy of the firm Levy and Associates in Southfield, they're tax consultants at Tax Resolution Company, and a lot of people are having problems paying Uncle Sam because times have been tough. They do. Can't pay, haven't filed, they get concerned, they don't file, and it just snowballs and compounds itself. — All right, the IRS is here to help. There are some ways that they can help you. A lot of people may not know that. You hook some of your clients up with some of the programs that they have. Let's take a look at one, for example, at one that may -- has been enhanced this year. If you can't pay, it's a six year payment plan. Now, how does this work and w-what's it all about? If you can't pay your taxes, the IRS just increased their thresholds, from 5 year, 60 months, and $25,000, to now up to $50,000, and and they allow it for 72 months and what they consider a streamlined payment agreement. — Okay, that's a streamlined payment agreement. Now, they're trying to help taxpayers by, what? Removing leans on houses? —Well, the lean is removed against the taxpayer, and if you owe under $25,000, and you set up a direct debit installment agreement, the lean can then be withdrawn after three payments. So, they're trying to assist taxpayers with getting their credit, getting their life back in order, so that's a new program as well that allows you to regenerate or rebuild your credit back up if a lean was filed. — A lot of people don't know about these things. —They don't. —I mean, how do you find out about them? I appreciate you being here to explain some of these things, uh, but it's not widely known. — It's not. You know, if you have tax problems, we always advise people: do your research. Research the company, research the tax resolution firm, check the BBB always, it's always a good first area to start. Make sure that you do your homework. —And we put that up there; these are the things that you should look at if you want to consult with tax resolution experts, because quite frankly, Lawrence, a lot of your... people in your business have gone out of business. Uh, there used to be some big, big names advertising in this city, on radio, on television; they were national people, they're gone. —That's right. We've had, uh, in the tax resolution industry in recent months, as recently as the past few months, several of the national competitors, if you will, are out of business, and they were sued by various attorney generals throughout the country, and, do your homework. Whomever you're going to hire, make sure that you do your homework, find out whom is going to be representing you, ask to speak to the person who is going to be on the power of attorney form, ask questions, do your homework, do your research, make sure that whomever you hire is not just selling you a false bill of goods. —All right, now what about help for people who have been unemployed? We were talking about this a little while ago this morning, before we came on the air. Explain that to me, because that's something that could be very helpful for so many people who never thought that they would need this kind of help. —That's right. The new program is, and it's a little complicated, but here's the quick version of it - if you owe the IRS and you can't afford to pay, you can now have the "failure to pay" penalty not charged, if you meet several contingencies, number one: you had to have been unemployed for thirty or more consecutive days in 2011, number two: it could have been in the county or 2012, you have to, if you're a married joint-filer, you have to have made under $200,000, if you're single or had a household, it has to be under $100,000, and the total liability has to be less than $50,000, so if you fit in that criteria, you can avoid the "failure to pay" penalty, you'll still have to pay the tax and the interest, if you file the extension, which, by the way, has to be filed by tomorrow, if you are a last-minute filer, file it by tomorrow, you avoid the "failure to pay" penalty, so long as the tax and the interest are paid by October 15th. — All right, so it's a little bit of help, they're not gonna let you slide on what you owe. —That's right. —Because you owe it, but you won't get penalized for it. —If you qualify for that. —Uh, very quickly, it seems like the IRS is trying to be kinder. Is-- do you get that from your side of the table, because you're on a different side of the table than they are. —Uh, I'm not so sure they're the more kindler, gentler IRS, but the programs exist if you qualify. So, there's three general ways, and I'll touch upon them quickly. First one is an installment agreement. You owe the IRS, you go into a payment plan, which is basically dictated by what you look like on paper. Second option is to say, I can't afford to pay, and you're asking for a hardship. And, so long as you fit the criteria where you have no disposable income, then you can qualify for a hardship, or the third one, which everyone wants, is the offer and compromise. You owe the IRS a hundred thousand dollars, fifty thousand, whatever that number may be, and you say, please settle for pennies on the dollar. You have to qualify. Not everyone qualifies, you have to do the financial analysis to determine to determine if you qualify. Those are the three general options that exist. —Lawrence Levy, Levy and Associates, Southfield. Thank for for being with us this morning. —Thank you for the time. —And I know it's helpful to people on the day before we're supposed to file those taxes. We have a link to their site on our site: MyFoxDetroit.com, it'll be right up there on the Money Monday page. I'll see you tonight. Fox 2 News, beginning at 5 o'clock. Now, let's go over to--

Video Details

Duration: 5 minutes and 31 seconds
Country: United States
Language: English
Views: 44
Posted by: levytaxhelp on Apr 18, 2013

Lawrence Levy, CEO of Levy and Associates interview with Murray Feldman of Fox2 Detroit on April 16, 2012.

Caption and Translate

    Sign In/Register for Dotsub to translate this video.