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We can help you to repair damaged QuickBooks filesStart Over With The IRSWhen Is It A Good Idea To Use ILIT Trust?Tennessee Small Business Development Center Offers QuickBooks Classes that can not be opened. Recover current data files by updating an old QuickBooks file or backup with current information from the transaction log.
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Call Now Taxpayers who are unable to pay the money that they owe the Internal Revenue Service (IRS) are in a difficult position. Some filers who genuinely feel that they do not owe the amount of tax that has been assessed to them can find relief with the Taxpayer Advocate Service or the Appeals division within the IRS. Some complex cases can only be resolved to the taxpayer's satisfaction in a tax court. But those who legitimately owe back taxes to the IRS will face interest, penalties and eventually liens and levies upon their state tax refunds, wages and property. For more information, read: What Happens When You Can't Pay Your Taxes? The difficulties can mount because it is harder to get or keep a job or obtain affordable credit of any kind with tax debt. Many tax experts and consumer advocates have accused the IRS of failing to assist those who are trying to pay off their taxes. In 2011, the IRS announced the creation of a new initiative known as the Fresh Start program, partly in an attempt to those who had been hit hard by the recession. This program was designed to give taxpayers who owed substantial back taxes the opportunity to consolidate their tax bills and pay them off in a convenient and orderly fashion. What Does the Fresh Start Program Do? The Fresh Start program contains several measures designed to streamline the collection process and make it easier for a larger number of taxpayers to make payment arrangements for their unpaid taxes. The major provisions of this program include the following: ThresholdIncreasing the dollar threshold for tax liens to $10,000. SimplificationSimplifying and accelerating the procedure for having liens and levies removed after the taxes have been paid (this was formerly a very slow and cumbersome process). Taxpayers can now have these removed within 30 days upon request once their outstanding tax balance has been eliminated. Both this and the previous provision were aimed at reducing the substantial negative impact that tax liens could have on the taxpayer's credit report because, when a lien was withdrawn, it was effectively expunged from the taxpayer's credit history. However, in April 2018, all tax liens were removed from credit reports by all three credit bureaus, Experian, TransUnion, and Equifax. To request the withdrawal of a lien from the IRS, taxpayers will need to complete and submit IRS Form 12277. InstallmentsInstituting a Direct Debit Installment Agreement that withdraws a fixed payment from the taxpayer's account on a regular basis. This program is offered directly in conjunction with the two previous provisions. Once the taxpayer has made several payments in a timely fashion, the IRS will lift the tax lien even before the balance is paid in full. Taxpayers who are currently making installment payments and convert to the direct debit program can also have their liens lifted immediately upon request. (The IRS will immediately file a new lien on any taxpayer who had his or her lien withdrawn upon request and then defaults on this agreement.) Small BusinessesIncreasing the dollar threshold for installment agreements for small businesses. Previously, small businesses that owed more than $10,000 could not set up an installment agreement. The program raises this balance to $25,000 and allows businesses to pay off their tax debt over a two-year period. No Means to PayDoubling the dollar threshold for those who wish to file an offer in compromise from $25,000 to $50,000. This is a major concession for taxpayers who have no means to pay their back taxes. The Fresh Start program is ultimately intended to ease the burden on responsible taxpayers who are proactively taking the necessary steps to pay off their tax debt. The increase in the dollar thresholds in the above provisions are essentially an inflationary adjustment that is long overdue. Furthermore, the lien withdrawals are only available for individuals and businesses with income tax liability only, and the program is only designed for use with income taxes. Those with delinquent gift, estate or employment taxes cannot use the program as a means of relief. Conclusion The Fresh Start program will provide substantial relief to thousands of delinquent taxpayers who are struggling to catch up on their tax debt. The withdrawal of tax liens under the provisions of this program can help many filers to keep or get jobs that can allow them to pay off their balances in full. For more information, visit the IRS Fresh Start program site.An irrevocable life insurance trust (ILIT) is a trust that cannot be rescinded, amended, or modified, post creation. ILITs are constructed with a life insurance policy as the asset owned by the trust. Once the grantor contributes property or life insurance death benefits to the trust, they cannot change the terms of the trust or reclaim any of the properties held within. As an alternative to naming an individual beneficiary, ILITs offer several legal and financial advantages to heirs, including favorable tax treatment, asset protection, and the assurance that the benefits will be used in a manner concurrent with the benefactor's wishes. An irrevocable life insurance trust (ILIT) is a structure that cannot in any way be rescinded, amended, or modified, after its initial creation. Life insurance policies are the chief assets held in ILITs. There are several advantages to (ILIT), including state tax considerations, the protection of fiscally-careless beneficiaries from squandering their payouts, and the prevention of courts and creditors from accessing the assets. Why Use an Irrevocable Life Insurance Trust? An irrevocable life insurance trust is often used to set aside assets for certain purposes, such as paying estate taxes, because these assets themselves are not taxable. In order to do this, the selected assets must be moved into the life insurance trust at least three years before they are used. Sometimes people create new policies in their spouse's names, to circumvent this requirement. If properly structured, the death benefits paid to the ILIT will be free from inclusion in the gross estate of the insured. This differs from a scenario where life insurance death benefits are paid to an individual, because the proceeds are included in the taxable estate of the decedent. Consider that the federal estate and gift tax exemption is $11.7 million, as of May 2021. While most estates aren't that substantial, several U.S. States begin taxing estates that reach values of $1 million or less. This is can be an easier figure to arrive at than one may initially think. For example, a benefactor with a $600,000 life insurance policy, who owns a home worth $400,000, would trigger a tax consequence for their beneficiaries. Contrarily, segmenting out the life insurance portion from the estate by placing it in an ILIT, lets the benefactor help their heirs avoid estate taxes. Ensuring Responsibility If the insured has beneficiaries who are either minors or adults with histories of reckless spending habits, or demonstrated patterns of alcohol and/or substance abuse, the creation of an ILIT, with a trust as a beneficiary, can help minimize irresponsible behavior. An appointed trustee can supervise the trust and distribute the assets according to the grantor's wishes, as memorialized in the trust document. The ILIT will also provide a level of asset protection for the beneficiaries, in the event that they become embroiled in future litigation. This is because ILITs are not considered to be owned by the beneficiaries. This in turn makes it difficult for courts to link the assets to the beneficiary, rendering them nearly impossible for creditors to access. Drawbacks of an Irrevocable Life Insurance Trust There are drawbacks to using an ILIT, therefore grantors should carefully deliberate the pros and cons of creating one, before taking the plunge. Changes to an ILIT can only be made by the beneficiaries, so the benefactor loses control of the assets before death. Furthermore, while ILIT assets are not taxed as part of the estate, they are taxed as part of the beneficiaries' estates, consequently leaving a bigger tax burden to their descendants. [Important: The paperwork surrounding the creation of ILITs is unusually complex, with strict drafting and procedural guidelines that must be met, to conform to IRS guidelines. Therefore it's essential to consult with a seasoned trust lawyer or a tax specialist.]The Tennessee Small Business Development Center (TSBDC) will offer a series of QuickBooks classes throughout the year at the TSBDC Incubator located at 100 Cherokee Blvd. Instructor Lynn Talbott is a QuickBooks Proadvisor with HR Business Solutions. The two classes offered during the month of February are QuickBooks Set up and QuickBooks for Beginners. Both classes are scheduled for February 12. QuickBooks Set up is from 8 a.M. – 12 p.M. QuickBooks for Beginners is scheduled from 1-5 p.M. The cost for each of these classes is $95, which is required prior to the day of class. Class size is limited to only ten per class. Each class comes with one hour of free consultation. In addition, Mac and Windows platforms are available. To register or learn about future dates and classes, call 756-8668.
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