Relief News

Archive for March, 2011

Many people are experiencing financial hardship due to the economic situation. Job loss and reduced hours forced many to rely on credit cards to buy groceries and pay utility bills. Struggling to pay bills and buy food left many people depressed and frustrated. Unemployment does not cover everything and many are in debt up to their necks. The good news is that the government is offering financial assistance in the form of debt relief government grants.

How does it work?

The application process is simple, fill out an online form and supply some personal and financial information. The grants are to help Americans pay off bills incurred by the economic situation. There are also grants for credit card and the stimulus payments. Apply for as many programs as possible to get your share of the free government money to pay off your mortgage and any other outstanding bills.

President Obama has designated these grants to help Americans get back on their feet financially and put an end to the vicious cycle. The president is working on making the economy stable with the stimulus plan, mortgage assistance, the health care package and debt relief government grants.

Government grants are not a new idea. The government has been offering grants for small businesses, education, medical bills and many other purposes. There is no credit check required to qualify for a grant. The requirements for some programs are to demonstrate a need for financial help.

These programs use a portion of money that is designated for debt relief, so if people do not use it, the money will be put into other programs. If you are in need of financial help, apply for the grants as soon as possible. If you need help filling out the form there are people who can help you. They can help you understand the process and make submitting the application easy.

What is needed to apply?

18 years of age or older
Proof of US citizenship
Demonstrated financial need

The grants are not publicly advertised and are available on a first-come, first-serve basis. Apply as soon as possible to get free money from the government to help you pay bills and get back on track. Many Americans are seeing the obstacle of debt being removed by these programs. Now that we are at the end of the financial crisis, it is time to start living free from worry.

Recently, we have seen how serious the IRS is about collecting back taxes and penalizing those who have inadvertently or deliberately evaded their tax payments. The truth is, no one is safe from the IRS’s grasp – not even A-list celebrities like Wesley Snipes, Paul Hogan, Reggie Bush and many others. These celebrities have faced some severe IRS charges and penalties for evading large sums of tax payments.

We know that bad things happen to good people-that’s life! We also know that tax problems can result from a number of causes. However, one of the worst mistakes a taxpayer can make is to underestimate the power and reach of the IRS.

It has been a common misconception that the IRS “only goes after the big fish.” But the truth is that the Internal Revenue Service will just as gladly audit you or your next-door neighbor as they will a celebrity. So it’s important to read past the headlines and learn from these stories of celebrity tax woes to help you get the tax relief you need from back taxes and severe IRS penalties.

Tax Relief Lessons Learned from Celebrity Tax Woes #1: Ignorance of the law will end up costing you. Brazilian race car driver and “Dancing with the Stars” contestant Helio Castroneves may have legions of adoring international fans, but chances are they don’t work for the IRS.

Castroneves got caught taking income from a Dutch annuity account that he hadn’t reported to Uncle Sam. His lawyers claimed that the misunderstanding was due to Castroneves unfamiliarity with the U.S. tax code, but the IRS didn’t buy it and accused him of trying to hide the money and avoid paying the back taxes due on it. Castroneves ended up paying Internal Revenue $5 million on $15 million of unreported income.

I know from negotiating cases with the IRS day in and day out on behalf of taxpayers that the standard is the same for all Americans and ignorance of the law is no excuse. So don’t let your IRS problems end up cost you more in the long run.

Tax Relief Lessons Learned from Celebrity Tax Woes #2: You can run, but you can’t hide. In summer 2009, the five-year long battle between Australian “Crocodile Dundee” actor Paul Hogan and the Australian Taxation Office came to a head. It is a complex story, but the bottom line is, the ATO believes they are owed back taxes on $39 million AUD of Hogan’s income, which would come to about $14 million USD plus penalties. Hogan claims to have been living and paying taxes in the U.S. during the period in question, and resents the ATO’s attempt at double-dipping. In 2008, while living in California, he publicly taunted in the press that the ATO should try to “Come and get me, you miserable bastards.”

Last summer Hogan’s 101-year old mother died and he quietly slipped back into the country for her funeral. Unfortunately, Australian authorities caught up with him and refused to let him return home to Los Angeles. They eventually relented after a storm of negative publicity. This prompted Hogan to utter a historical first, “The IRS are gentlemen compared to our lot.”

Don’t mistake your chances of getting caught by your state or federal taxing authority. If you owe back taxes or have unfiled tax returns, the best thing to do is to be proactive about resolving your tax problems.

Tax Relief Lessons Learned from Celebrity Tax Woes #3: Waiting to get tax help can ruin your financial future. The Detroit News recently reported that Jose Canseco owed more than $320,000 in back taxes to the IRS, and that Internal Revenue had filed several liens against him:

The IRS filed a $121,209 lien against Canseco on Jan. 7, 2010 with the Los Angeles County Recorder of Deeds. The state of California filed a $101,037 lien on June 2, 2009, in Ventura County Court. The state of California filed a $29,739 lien on Dec. 12, 2008, in Los Angeles. The state of California filed a $68,210 lien on July 7, 2008, in Los Angeles. IRS tax liens are a popular method that the IRS uses to collect unpaid back taxes. If a lien is filed against you, the IRS can freeze your personal property, assets and prohibit you from purchasing cars and additional homes. Liens are also public record and can hurt your credit report. So don’t put yourself, your home of business in a vulnerable position! If you owe back taxes and fear you may have a tax lien placed against you, seek professional tax help now. It is best to resolve your tax debt now rather than wait until it escalates and the government takes action against you!

Tax Relief Lessons Learned from Celebrity Tax Woes #4: Don’t ignore your tax problems because they’re not going to go away.

As the prospective Secretary of the Treasury (the branch of government that oversees the IRS), Timothy Geithner found himself in the embarrassing position of being on his own hit list. A background check by the Obama administration prior to his Treasury appointment uncovered a $26,000 discrepancy in Geithner’s tax bill. This was on top of a failure to pay $17,000 in Social Security and Medicare taxes found in an audit a few years before.

The reason behind the bad math is unclear, but Geithner did the right thing. He manned-up, publicly admitted (in front of Congress, no less) his mistake and settled his back taxes immediately.

Tax Relief Lessons Learned from Celebrity Tax Woes #5: IRS interest and penalties can add up quick. As a superstar football player at the University of Southern California, 2005 Heisman Trophy winner Reggie Bush was the best of the best. He enjoyed praise, admiration and gifts. It was the gifts that got him in trouble.

The year after Bush left USC, the National Collegiate Athletic Association launched an investigation into allegations that Bush had improperly received $300,000 in luxury gifts from a sports agent over the course of his college career. Long story short, the NCAA slapped USC with several painful revocations and sanctions and stripped them of 30 football scholarships for new students who had nothing at all to do with the scandal.

Bush had to give back his Heisman Trophy, and he may be on the hook to the IRS for as much as $200,000 in back taxes, penalties and interest on the estimated $300,000 worth gifts he allegedly received. His case is still pending.

Tax Relief Lessons Learned from Celebrity Tax Woes #6: No matter how much you owe, the IRS is poised to do whatever it takes to collect every penny.

Just because you’re an attorney, doesn’t mean you’re a tax attorney and can outfox the IRS. Last spring, celebrity lawyer Mickey Sherman (he unsuccessfully represented Kennedy cousin Michael Skakel in his murder trial) pled guilty to not paying $400,000 in taxes.

Sherman paid those taxes, but allegedly still owes more than $1 million in penalties, interest and for back taxes in other years. While it may be difficult for many taxpayers to directly relate to owing the IRS millions of dollars in back taxes, the IRS has become increasingly aggressive in pursuing tax cheats – both big and small. And both individuals and businesses are at a big disadvantage if they try to face the IRS alone. They need expert representation or they risk the IRS managing their cash flow via financially debilitating levies. An experienced tax attorney or Certified Tax Resolution Specialist will also make sure you get the optimum tax settlement you deserve without paying the IRS a penny more than you have to.

Tax Relief Lessons Learned from Celebrity Tax Woes #7: Avoid IRS problems by talking advantage of the legal tax benefits that you’re entitled to. Last summer sportscasters all over America scratched their heads and wondered why LeBron James had decided to take his prodigious basketball talent to Miami. They should have asked an accountant or tax attorney.

Florida has no income tax. As a resident of The Sunshine State, James will save millions in completely legal unpaid taxes on his five-year, $96 million contract. An Ohio University economist by the name of Richard Vedder projected how much money James would have paid in state and local taxes in the other regions that were actively courting him.

$12.34 million: New York Knicks $10.32 million: New Jersey Nets $5.69 million: Cleveland Cavaliers $2.85 million: Chicago Bulls $0: Miami Heat Sounds like James made a smart move.

There’s a lot to be learned from these stories. If you think you might have a problem with the IRS, be smart and get professional tax help as soon as possible. An experienced tax attorney or Certified Tax Resolution Specialist can help you significantly reduce IRS penalties as well as avoid debilitating IRS collection tactics, such as wage garnishments. Expert and credible tax relief firms can help you understand your rights as a taxpayer while ensuring that you are not obligating yourself to pay a penny more than you have to.

Don’t wait for IRS to come after you, we can help you resolve your IRS problems before it’s too late.

For more information on achieving a tax resolution for your IRS problems, visit www.taxresolution.com for a free tax relief consultation or call 888-851-5894.

Debt consolidation help is an excellent option for those overburdened with huge arrears. We often find ourselves in a situation where we borrow amount in order to meet our expenses. The circumstances may be a job loss, an accident, divorce or a sudden illness. We take a new loan in order to pay off the earlier one and in the process; we end up landing in a large mess of loans. The result is that the monthly payments and interest payable on loans exceed the source of income and you face a lot of mental stress. This is when consolidation help can be of use to you.

What Does It Mean?

This is a single loan provided by the consolidator to pay off your multiple debts. The actual concept is that you have to make a single monthly payment to the lender who in turn will pay the monthly dues to the creditors on your behalf. The employees of the companies are experts in negotiation and they provide credit counseling to their customers. The consolidator will go through your financial situation thoroughly and negotiate with your creditors for lower interest rates and longer period to repay your loans. They also provide help by giving you easy-to-manage loan at a lower rate of interest thereby allowing you to consolidate all your outstanding dues into one.

Eligibility And Application Process

Anyone who is facing tension and stress related to high debit can approach a consolidation company. Even a person with bad credit is eligible to get a finance. The Debt Amalgamation Companies provide an effective strategy to assist people overcome their bad credit and get back to the road of credit health. To choose the best debt manager you have to do some simple research. With the help of a search engine, you can narrow down a few different companies for comparison and scrutiny. Many companies offer to provide free guidance but the free services are limited to advice and do not include the taking over of the actual consolidation component. Compare the terms and interest rates of the various companies and get them checked with the Better Business Bureau for the legitimacy of the companies. Choose the one which best suits you. The second step is to apply for a consolidation loan. The greatest innovative trend today in the loan market is the online lending process. You can apply online and avail the best discounts. Online application for loans saves your time and money and your loan is also sanctioned faster.

Benefits Of Debt Amalgamation Help

The major benefit of this program is the lowering of your monthly payments. You can reduce the interest charges that you have to pay on the dues. Moreover, everything is made simple, as you have to make one single payment on a particular date. It helps you increase your credit score and decrease your overall liability.

No doubt, the consolidating process is an effective tool to overcome the vicious cycle of borrowing but you need to be very cautious while choosing the best one for you. Stay away from those companies that try to lure the customers through false gimmicks. Do not approach a company that tries to rush you into a deal or imposes heavy penalties for delay in repayment. These companies do not provide any solution but only aggravate your miseries. In order to get rid of the heavy burden of loans and to make a fresh start utilize the debt consolidation help and make your life free of over dues.