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Question: I have obtained a “Notice of Intent to Levy”, is this a levy?

Answer: No, a “Notice of Intent to Levy” is not the same as an actual levy.The IRS will typically give you 30 days from the date of the Notice of Intent to Levy to contact them and resolve the account before they start levying. An IRS levy will seize property to satisfy a tax debt. It will be sent to your employer, banking institute or other third party.

Question: When is the IRS allowed to issue a levy?

Answer: To levy the IRS will usually 3 requirements must be met:
1. The tax liability was assessed against you.
2. You refused to pay the tax liability or simply ignored notices.
3. The IRS sent a Final Notice of Intent to Levy and Notice of Your Right Hearing at least 30 days before the levy. The IRS can send notices to your place of business, your home oryour last known address on file.

Question: What assets can the IRS levy?

Answer: The IRS can levy wages, bank accounts, Social Security income, property held by third parties, life insurance, accounts receivables, 1099 income, basically any asset with a few exceptions.

Question: What does it mean when the IRS sends a levy to my employer?

Answer: An IRS levy sent to your employer is a continuous levy that will stay on your pay check until it is released. The IRS will instruct your employer to send all monies due you from your pay checks, except your exemptions amount to the IRS.

Question: Can the IRS take all the money out of my bank account?

Answer: A bank levy is a onetime levy in which the IRS seizes all the funds in your account up to the amount of the tax liability. If the levy is not released within 21 days, the bank is required to send the funds to the IRS.

Question: Can my IRS levy be released?

Answer: Yes.

Question: How is an IRS levy released?

Answer: An IRS levy can be released in the following ways;
1. Pay the full tax balance.
2. Enter into an installment agreement with the IRS.
3. Let the statute of limitations expire.
4. Prove the levy is a hardship. When considering a hardship the IRS adheres to very strict gudelines.
5. Set up a partial payment plan.
6. An accepted Offer in Compromise.

Question: The difference between an IRS lien and an IRS levy?

Answer: A tax lien acts like a mortgage and will not be effective until you sell the property. A tax levy actually seizes the property to satisfy the tax debt.

Question: How do I stop IRS levy action?

Answer: An IRS levy can be avoided by making payment arrangements with the IRS or by paying the tax debt in full. It is important that if you have received a “Notice of Intent to Levy” that you respond immediately to avoid an actual levy.

Question: When dealing with an IRS levy or levy notices, should I hire a tax professional?

Answer: I always recommend professional representation if you will be required to disclose financial information. An experienced professional will know how to expedite the levy release, work the tax laws to what disclosures are legal your advantage and. They can go over the best options for solving to tax debt.

Source: http://www.articlesbase.com/finance-articles/frequent-irs-levy-questions-answered-5734093.html

Money plays a major part in everyone’s life. It makes life and daily living easier. It provides the leverage for a comfortable life. In fact it helps you live healthier and longer. When you find yourself consistently in financial distress, you will notice it has a direct effect on your health, emotion and general well-being. Money indeed is a good servant.

With the uncertainties in today’s economy, many people find it difficult meeting family financial needs. People who work can testify to this. Monthly wages are insufficient these days to pay the bills. Most workers complain that before their next pay check they are already dry and still saddled with unsettled bills or emergency expenses. This can be disheartening and frustrating.

Well, thanks to technology and economic advancement. There’s now a way out of financial distress without having to hurt yourself. A payday loan is a clear cut designed financial product to help workers overcome empty wallets. It’s a loan you get at short notice, at most a 24 hours interval. You don’t need documentation or collateral to access the loan. Your physical presence to the lenders office is not necessary. You can apply and get approval for the loan using your internet. You can shop for a payday loan directly from the comfort of your home or office and at your own time and convenience. In fact nothing can be better than a payday loan.

Payday lending is common in so many advance countries like America, Canada and the United Kingdom. It’s a lending that require minimal requirement to qualify. Generally, to qualify for the loan you should be 18 above and a resident citizen of the lenders country. You must be employed and earning a minimum wage approved by the lender or the financial policy of the country. You must have a checking bank account and identification like driver’s license or social security number. With these brief requirements, you can get any amount you want so long the amount required is below your wage.

To access a payday loan simply visit a lender’s website, complete and submit the online application form. Prior to this make sure you read through the lender’s terms and conditions before you complete the form. This is important to protect you against hidden charges and payday predators.

After submitting the form, it takes brief moment to get verified and approved. If a lender is satisfied with your information, he immediately transfers your approved cash electronically to your nominated bank account. Remember, after spending the money you must ensure prompt payment on your next pay check.

This is just a tip of the iceberg of how relevant a payday loan can be. Apart from making sure you’re financially relevant at all times, it does much more to helping you build new credit or rebuild bad credit. Indeed payday lending is an answer to your financial need.

Source: http://www.articlesbase.com/finance-articles/payday-loan-a-way-to-remain-financially-relevant-5721093.html

The issue of right-to-work has been raging for seven decades but in Indiana State there is hope that a decision might be taken. What exactly will it mean? The answer to this could lead to another range of discussions leaving behind uncertainty in its trail.

Starting from the 1940s laws have been passed in 22 states that disallow compulsory fee collection by unions for representing labour. The ban is supported largely by the Republicans. They argue that by doing so a business friendly atmosphere is created that is attractive to employers and this in turn leads to more jobs. Those opposing the law content that this causes low wages and low job quality.

Economists think that the state economies are shaped by multiple factors – health of national economy and trends in demographic shifts. Hence it is impossible to isolate the impact of right-to-work. Ozan Eren and Serken Ozbeklik, two noted economists said that it is difficult to distinguish “the effects of RTW laws from state characteristics, as well as other state policies that are unrelated with these laws”. The duo has conducted a significant study in 2011 on the RTW laws in the states of Idaho and Oklahoma.

It is availability of supplies that shape the decisions of big industries in choosing their locations. They also give priority to infrastructure, the pivotal markets and skilled working hands. For the works the effect of RTW is restriction because a mere 7% of the employees in the private sector belong to unions. Over the years growth in job has taken place in all the states irrespective of whether RTW exists or not.

Professor Gary Chaison of Clark University focusing on labour relations referring to RTW said, “The reason we don’t have clear views is because it’s always being debated at its extremes”. He concluded that when the issue boils down to jobs and this law, the causation remains unknown.

In Indiana the action on this measure will soon be completed. But the more comprehensive debate will continue.

Will RTW generate more jobs in the state?

As per a study that the Chamber of Commerce of Indiana had commissioned employment increased by 100% in those states with RTW from 1977 to 2008 but only by 57% in the states that did not have this law.

Source: http://www.articlesbase.com/finance-articles/the-issue-of-right-to-work-has-been-raging-for-seven-decades-5710160.html

It is advisable to factor invoices when you need cash instantly. Once the factoring company receives your invoices and examines it, you can get payment within as little as 24 hours. The amount that is raised through invoice factoring can be put to any use. You can make payments to your suppliers, clear outstanding wages of your workers, can procure raw material and machinery, take up new business opportunities, and do anything that is beneficial for your company’s growth and success.

But remember when you factor invoices, your credit is not checked. Also, the factoring company doesn’t ask you for any tangible assets. All that a factoring company does before advancing you cash against the account receivable and invoices is to check the creditworthiness of your customers. You must have reliable and credible customers with a sound market rapport in order to factor invoices. If you have them, you can capitalize on them to obtain quick cash to fund your business.

To factor your invoices quickly and easily, it is recommended that you approach the factoring company with your current financial statement, accounts receivable agreement or report, your company’s outstanding invoices and other related business documents. By virtue of having all these documents in place, you can actually speed up the invoice factoring process. The factoring company can quickly examine and review the invoices and if everything is fine, they might transfer the funds in your account within next 24 hours.

When factoring invoices, the factoring company actually bears a good amount of risk. In case your customers refuse to pay the invoices due to any reason, it becomes the loss of the factoring company. That is why they do not advance the entire amount but hold a certain amount as reserve. In case, your customers do not pay the invoices, the factoring company doesn’t refund it. Further, factoring companies charge a fees to factor invoices, which is anywhere from 3 to 7 percent of the total that they collect.

To assure yourself of the best deal, shop around. Check out what different factoring companies are charging for invoice factoring and what factors do they take in to account for factoring invoices. Do not be in a hurry and take an informed decision to make the most out of this unique business financing option.

To factor invoices quickly, easily, and at the best possible rates, you can visit factoringfast.com

Source: http://www.articlesbase.com/finance-articles/useful-tips-and-suggestions-to-help-you-factor-your-invoices-5680972.html

There is great news for self employed people that they can now take advantage of a new type of insurance contract called the relevant life policy which brings many pros that are not possible with other insurance policies. In the past, if a company had to pay its director’s personal life insurance premium then it is called a P11D benefit and the company taxes accordingly. It was previously managed by arranging a death in service policy. The shortcoming of this death in service policy was its limited coverage of number of employees which was 10 or less.

Working of a relevant life policy

Limited companies normally make use of these policies. These policies are taken out on lives of employees which are normally the directors of the company. In case the directors have to pay the premiums at their own then they would be doing so out of the wages that already had been taxed and the national insurance had been taken off.  Since the premiums are paid by the company and the national insurance and tax is not payable, the directors get life insurance at cheaper rates.

Relevant Life Policy Trusts

It is highly recommended to write relevant life policy in trust. In this way, relevant life policy becomes a source of assurance that the sum if claimed will go to the dependant employees. With this type of relevant life insurance, the employer becomes a trustee but more trustees can be added to the trust form. The basic purpose of trust form is to bring an assurance that the funds will be transferred to the dependants without any delay. The relevant life policy form ensures that the amount claimed doesn’t belong the deceased’s estate and hence it is not subject to inheritance tax.

Does relevant life policy has any restriction?

The life cover sought for through a relevant life policy should serve the purpose of a life cover only.  In other words, the policies cannot be used to provide waiver of premium or critical illness cover. Additionally, the policy should not drop off as in case of mortgage protection policy and must remain level.

How much cover is possible?

More often than not, the cover gained from a death in service policy is a multiple of insured salary. This limit is up to 4 times the insured salary.  But the relevant life policy increases this multiple to a larger figure. Although there is variation in the multiple provided by different insurance providers but the average multiple is close to 15 times the salary. Most of the company directors do not take a large wage exceeding £ 7000 per year while the rest of their wages come from the dividends. Although it is a problem but the insurance providers do not overlook it and take it into account and allow the directors to take P11D benefits.  

How to apply?

The current providers like Scottish Provident, Zurich, PruProtect and Bright Grey do not allow the purchase of relevant life policy without using an intermediary. This is due to the fact that setting up a policy is really a technical task.  All buyers are strongly advised to consult a financial advisor before going for such a plan. 

Source: http://www.articlesbase.com/finance-articles/why-directors-like-relevant-life-policy-cover-5673263.html

Thousands of Canadians have their wages garnished each year. In the past few years there have been more instances of individuals having their wages garnished because of the turbulent economy. Wage garnishments in Canada occur when one party believes that another party owes him or her money and pursues enforcement action.

Wage garnishments in Canada are generally issued in one of three ways.

The first most common reason a wage garnishment is issued is when a debt is owed to the government and the individual is unable to make a satisfactory, voluntary repayment arrangement. Some examples of this are: tax debt owed to The Canada Revenue Agency or The Minister of Finance or a debt owed to the Province and/or Federal Government for an unpaid student loan. If the government wants to place a garnishment on your wages, they don’t have to obtain a court order to do so. If you want to know how to stop a garnishment on your wages, the answer is pretty much black and white. You either have to make an acceptable voluntary repayment plan with the government so that they agree to lift the garnishment on your wages or participate in a Federal Government program to seek debt relief. Wage garnishments that are issued by the government can be applied at up to 100% of your wages.

The second most common reason that a wage garnishment is issued is when one party sues another party in the Superior Court of Justice and is awarded judgement. Once awarded judgement he or she can apply to garnish the individual’s wages. A common occurrence is when an individual defaults on a debt to a creditor and then the creditor sues him or her in the Small Claims Court. When a wage garnishment is issued through the Small Claims Court in Ontario your wages can be garnished up to 20% of your net earnings. If you want to know how to stop a wage garnishment issued by the Superior Court you have three choices. Make a voluntary payment plan arrangement with the party who sued you where they agree to lift the wage garnishment, to make a motion to the Court offering a voluntary payment plan and asking that the wage garnishment be set aside, or by applying to a Federal Government program for debt relief.   

The third most common reason wage garnishments are issued is as a result of child support arrears. If you want to know how to stop a wage garnishment for child support arrears you have only one choice and that is to apply to the Court to have it removed. This can be very challenging to accomplish. A Federal Government program will not stop a wage garnishment for unpaid child support.

The fastest most effective way to stop a wage garnishment is through a Federal Government program. The benefit achieved by leveraging a Federal Government program to stop a wage garnishment is that the garnishment will be stopped, interest will be frozen, in many cases you can have the principal amount of the debt that you owe reduced and make a voluntary monthly payment.

Participating in a Federal Government program will require that you include all debt that you owe. If you have debt to other creditors like credit card providers, loan providers, unpaid cell phone bills etc., these debts will also be covered under the Federal Government program. This will mean that they too will have their interest frozen and in many cases the principal debt reduced. In the event that you had several debts you would make a single monthly payment under the Federal Government program.

If you are having a financial problem and your wages are being garnished it could lead to increased financial hardship. You don’t have to suffer and there are options available.

Source: http://www.articlesbase.com/finance-articles/wage-garnishment-how-to-stop-a-garnishment-on-your-wages-5660199.html

Whilst we all have regular direct debits in place, including monthly household bills, unexpected costs can still take us by surprise and throw personal finances into disarray. Whether it’s a car repair or your hot water boiler decides to call it a day, this extra expense could be hugely damaging. It would be true to say that many of us are in a constant cycle of spending from the moment our wages come in until the next time we are paid. Keeping track of where your money has gone via the use of an iPhone application will allow you to visualise how much money you have spent and where exactly your money has gone.

With the price of goods in the UK increasing, such as fuel, transport, food and electricity, money management applications are becoming increasingly valuable in their own right. As many of them give you a clear breakdown on where your money has gone, you can work out where you need to decrease your monthly spend and the areas you can afford to spend a little more. There are a number of applications available in the Apple online store and you might be asking yourself, which one would be best for me? To help with this question we are going to take a look at some of the best apps to download for your phone in order to help you keep track of your spending.

First up on the list is iWallet. This nifty app allows you to view reports on your spending habits and email them in a PDF format. With this app, like many others available, you need to manually enter the amounts that you spend so that the programme can pull together all of your spending statistics.  Currently selling on the Apple store for around £3.00, it’s a good price and a popular choice for many people.

Another popular choice is MoneyBook, which is easy to use and features an appealing interface. One of the benefits of this application is you don’t need to be connected to the Internet in order to use it. MoneyBook features overview, expenses, recurring, and history tabs on the main menu and lets you set a monthly budget so that you can limit your spending in certain areas. If you are looking for an app which is simple but effective to use then this one is a good shout.

Mint is a particularly good app at keeping track of your spending because it will automatically update your transactions without you having to enter the information manually. But how is it able to do this? Well the technology is very clever, as it securely connects directly to your bank account and automatically categorises the transactions for you. If this wasn’t enough, the app even sends you an alert when it thinks there is a suspicious transaction coming out of your account.

There are literally hundreds of applications available on the Apple store and it really depends on what you are looking for. You might want an app that is easy to manage and maintain, or you might prefer one that features a report and statistics facility. Whatever your preferences, be sure to have a look at some of the ones mentioned above as they are popular choices for those looking to keep track of their finances. If you find that these apps don’t meet your requirements then look online and see if you can find a review of an app that is more likely to suit you. It’s all about finding what you want, sticking to your budgets, and watching where your money goes. 

Source: http://www.articlesbase.com/finance-articles/recommended-iphone-apps-to-keep-track-of-spending-5608467.html

AFP – German trade union Verdi has urged staff at the stock market operator Deutsche Boerse to protest in favour of jobs it says are threatened by a merger with NYSE Euronext, and to press for higher wages.

View full post on Yahoo! News: Stock Markets News