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Video instructions and help with filling out and completing what does certificate of release of federal tax lien mean

Instructions and Help about what does certificate of release of federal tax lien mean

Hi this is John McGuire with McGuire law firm and I'm gonna talk a little bit about a certificate of discharge for the federal tax lien and really what it's necessary so first a certificate of discharge also known as a co D it's necessary when you're selling an asset that may not pay off tax liens or all tax liens and form so what you are doing is asking that the IRS discharge or kind of remove that lien from the assets so to speak so that you can you can pass clear title to the individual or business remembers bond that asset so this often happens with real estate when the transactions being reviewed title company may see that okay there's a federal tax lien we are not going to form a transaction unless we have a notice of certificate of discharge so what you need to do is show the parties involved the piece of property that is being sold kind of verify fair market value and show that really the IRS is receiving what they should based off of their position and priority amongst the other creditors and then you submit that and what the IRS will do is they will say upon receipt of the amount of money that they should receive they will discharge the lien from that asset therefore passing clear title there any questions in regards the disposition of assets IRS matters please feel free to give our law firm a call we do offer a free consultation to all potential clients thank you.

FAQ

If I received a certificate of release for a federal Lien, do I still have to pay the amount originally part of that Lien?
A release of lien is not a guarantee that you no longer owe a balance, but it can be a good sign. I may be reading too much into your question, but it sounds like maybe the lien was originally issued because you failed to file a tax return and so the IRS issued a pro-forma return showing that you owed some tax. Then you subsequently actually completed the return in question and the actual return showed that you did not owe more tax. If that is the case, then the release of lien could mean that the IRS has processed your return and updated their records. It still is no guarantee that you don’t owe something. I would suggest you request a transcript of your tax account at Welcome to Get Transcript. Note that you want a transcript of your tax account not of your tax returns. If the transcript shows that you owe nothing, then you can probably not worry about it, but if the transcript shows you still have a balance due, you will either need to pay that or risk having another lien placed on your assets or contact the IRS to see if maybe the balance due is just penalties that can be waived.
How exactly can I get out of this comfort zone by motivating myself?
10 Ways to Get out of your comfort zone:Give more money than you feel comfortable with away tomorrow (amount is usually relative on your current situation)Answer a call from an unknown number. Even better if it's a debt collectorDo something others are waiting for someone else to do. Today at the post office, there was a long line. There was no one answering the door there to pick up packages. People would come in, ring the bell and wait. All of us in line knew they were wasting their time, but said nothing because we didn't want to look weird. I didn't say anything, so I failed at this because I didn't want to "stand out"Invite someone you don't know to meet for coffee (someone in your field). Don't stop at a no response, wait for someone to say No or the more common "My schedule is very busy, maybe another time."(A polite No)Talk to someone in an elevator. It's regularly NEVER done by 99% of people. You'll find most people are really pleasant, but no one wants to say the first word.If a waiter or barista or anyone messes up something today (work included). Don't "be nice" and let it go. That's back talk for "not wanting to make waves." Be polite and ask them to correct the mishap. My wife, infant and I were out at a restaurant and a waiter hadn't greeted us to start for over 10 minutes. My inners were saying, "Oh, don't worry someone will notice you, just sit tight." That's your inner back talk "wimp" voice. So, I got up, went to the manager and told him (politely) to have a waiter sent over immediately. They offered us a free appetizer for the mishap.Every person you walk past today, give a smile and "hello." Most people wait for the other person and then it just looks sad as 2 glum faces make eye contact. We don't want to look too "eager" or "weird." Do it, most will return it.As Matt said, ask for a discount somewhere. It doesn't have to be Starbucks. I just had a late fee on a credit card. My inners are telling me, "you deserve it, just let it go." I swallowed, dialed the bank, asked them to remove the late fee, and they did. Ask and you shall receive.At any point in the day you realize you haven't exercised at all (typically when you're in a lazy position) immediately get up and do a set of 25 pushups. It's hard. I'll couple this willpower exercise with getting up right when the alarm goes off. Immediately. Not even 10 seconds later. Right away. It's this same muscle that pushes you that builds new habits.Write a FB status about a failure you've had, or a personal story about struggle (without the "feel sorry for me" feel to it). When no one comments, celebrate the rejection. I once posted a status about one of my most embarrassing moments in my life on FB (from HS, I was in a talent show, everyone was looking forward to our band playing, I couldn't hear myself over the drums, I knew I sounded terrible based on the looks in the crowd, so I faked a cough to get off stage). NO ONE commented on FB. Awkward.
What percent of people don't have the intelligence to fill out tax forms?
Recent statistics that I've seen indicate that about 66% of electronically filed returns are filed by paid preparers.  This doesn't necessarily mean that these filers don't have the intelligence but it does indicate that they have a level of discomfort and anxiety and prefer the solace of having a paid preparer fill out and transmit the forms. It all depends on the level of complexity of the form.  For the young wage earner living at home with his or her parents, who is able to operate a computer and can operate simple tax return software, I would think that 80% should be intelligent enough to fill out tax forms.  Especially because the software is designed to prompt and assist (and check the arithmetic).One of America's most respected jurists, Judge Learned Hand, offers a more thoughtful observation on the law of taxation: ‘In my own case the words of such an act as the Income Tax ... merely dance before my eyes in a meaningless procession, cross-reference to cross-reference, exception upon exception—couched in abstract terms that offer no handle to seize hold of—leave in my mind only a confused sense of some vitally important, but successfully concealed, purport, which it is my duty to extract, but which is within my power, if at all, only after the most inordinate expenditure of time. I know that these monsters are the result of fabulous industry and ingenuity, plugging up this hole and casting out that net, against all possible evasion, yet at times I cannot help recalling a saying of William James about certain passages of Hegal [sic]: that they were no doubt written with a passion of rationality, but that one cannot help wondering whether to the reader they have any significance save that the words are strung together with syntactical correctness.‡ Ruth Realty Co. v. Horn, 222 Or. 290, 353 P.2d 524, 526 n. 2 (Or. 1960) (citing 57 Yale L.J. 167, 169 (1947)), overruled on other grounds by Parr v. DOR, 276 Or. 113, 553 P.2d 1051 (Or. 1976). The Humorist Dave Barry had this observation "The IRS is working hard to develop a tax form so scary that merely reading it will cause the ordinary taxpayer's brain to explode.” His candidate for the best effort so far is Schedule J Form 1118 "Separate Limitation Loss Allocations and Other Adjustments Necessary to Determine Numerators of Limitations fraction, Year end Recharacterization Balance and Overall Foreign Loss Account Balances"And don’t forget this observation from Albert Einstein “The hardest thing to understand in the world is the income tax. “  So if Al had trouble understanding taxes, I don't see how a mere mortal has any chance.
What does it mean to tax wealth instead of labour?
A tax on labour means you tax someone’s paycheck or income.Taxes on wealth take different forms:Property taxesTaxes on EquityTaxes on SavingsTaxes on ProfitsTaxes on Share dividendsTaxes on assets or asset growthPretty much any capital gainsA lot of tax breaks were created to stimulate the world’s economies - in the US and Europe, and other countries. The problem with taxes is it tends to be shouldered mostly by the working classes, including and especially the middles (esp in Europe). The problem for the base of the pyramid, while there % is low or relatively small, they are least able to afford it.This causes constant finger pointing in society about who and how much of the tax burden should people pay. The easiest and most frequent is the idea that those with the most should pay yet often pay the least (either as a value/actual figure or %).Taxes are often “sold” to the public as being intended for rich people (hence you have tax brackets where after certain stages, the % increases) but as most rich people dont get paid by salary (or its token) - instead making profits from share dividends, sales and other profiteering - and can pay for elaborate tax avoidance and tax evasion (which implies illegality - see the Panama Papers for more) - the duty of paying taxes falls to the poor.Wealth taxes are dangerous - because they can be applied to things like pension funds, savings - and its difficult to target. Also, wealthy people ($10m+) in liquid wealth will just move their money or their living location - and can literally drain a country of its liquidity - especially if the middle classes are deb t burdened with bonds and mortgages.Property taxes end up affecting everyone - for example in New Jersey and New York - because of high property prices on relatively small dwellings, annual property tax is greater than actual rental money in almost any other major city. This further drains the up and coming classes who spend more and more money on taxes and living than saving or spending in the market.
What is the meaning of dreams about my teeth breaking/ falling out?
While it’s true that dreams about losing or breaking your teeth can illustrate anxiety or loss or insecurity, when you’re interpreting your dreams, you always have to ask, “why this image for anxiety, insecurity, loss?” Any number of images can mean the same thing. You could have an image of losing your hair, and that too, says something about appearance.So, you first look at what teeth mean, both symbolically and biologically because over the eons of our evolution, it’s those aspects that make their imprint. Once we look at what teeth mean, then we look at what it could mean that you lose them.In short, symbolically teeth are images of power and transformation. Biologically, they are necessary for digestion. In animals, teeth are displays of power, instruments of aggression and defense, as well as tools.When we say something, “has teeth”, in reference to a law or something, then it means that law has the power to make people follow it. When something has “no teeth”, then it has no power. If a primitive loses his teeth, then he’s lost his power. If he wears the teeth of an animal or enemy, then he’s gained power.So, in relation to power, dreams about losing teeth could mean that your insecurity comes from a power issue ‡ what we’d call a complex in Jungian analysis. You’d have to ask what your relationship to power is. Do you need to assert yourself more or less? If you are overpowering or too aggressive, then the dream takes that from you and leaves you vulnerable. If you are already powerless, then the dream shows you how that looks. The dream is an attempt at balancing your attitude by drawing your attention to it.In relation to digestion, teeth play a major role in breaking food down into smaller pieces, thus allowing us to digest and assimilate it, and then, use it for energy. Having no teeth in a dream could mean that you aren’t able to process or digest some experience in your life. It’s too much to take in, so to speak. In this case, maybe you need to learn to reflect more, break things down, take more time to reflect or consider something ‡ in order to make it more digestible.On the other hand, maybe you overthink ‡ in which case you have worn out your teeth. In this case, learn to stop chewing and just swallow what happens. Let the natural course of digestion take its course. You can’t control everything.We also say “bite down” on something in reference to “getting a grip” on it. The idea here would be an ability to sink your teeth into something”. To have no teeth, would mean an inability to focus or engage.If your teeth are crumbling, then perhaps you hold on for too long.Teeth are for gripping something ‡ similar to what I just said. To lose them would be losing your grip. This could indicate a time to let go of something too long-held. That could be an attitude, a worn out belief system, or a relationship. You’d have to reflect on that.And finally, losing teeth could very well point to some kind of initiatory transformation in your life. Think about all of the rituals related to children losing teeth. In primitive societies of Australia for example, teeth were ritually knocked to symbolize this kind of passage.I have written a full-length post on the meaning of teeth and their symbolism in dreams[1]. I have tried to give a well-rounded summary of that post here.Footnotes[1] Dreams about teeth falling out | Real Dream Interpretation | Symbolism
How do I find out the amount of money owed on a lien for a car after buying? Does the previous owner need to sign anything for the title to be released?
Wait a minute here. You bought a car with a lien on it, and NOW you want to know how much the lien is for? Do you also walk around with a sign on your back that says “Kick me”?I would start with your local DMV which should be able to run the car’s VIN and report on all lien holders. The title is not going to be released until the car is clear of all liens. A signed bill of sale is not going to do it.I wish you well. People are notoriously unmotivated to pay debts for something they have just sold. And the lender is just as willing to repossess the car from your driveway as the previous owner’s.
As a US citizen planning on moving out of the country for a while, what do I need to know about income tax, both federal and state?
The answer already posted is basically correct as to US federal taxes. The law was changed in 2021 to make the rules around renouncing citizenship tighter.I say it is basically correct because US citizens and residents may avail themselves of the foreign earned income exclusion. I may return to this post later to prthe correct exclusion amounts for 2021 and 2021. but this exclusion is indexed annually for inflation and is now about $95,000 in 2021. If you establish bona fide residence in a foreign country, or are physically present in another country for 330 days in a consecutive 365 day period, you may exclude wages and self-employment income from income tax. Note that the latter is still subject to self-employment taxes at 15.3%.As far as state taxes go (and NYC), what is essential is that you can prove the location where you are living does not constitute your domicile. The concept of domicile is a home to which you intend to return. This is essentially a subjective determination, although there are certain objectively verifiable things you can do. No longer own a home or be bound to a lease, take yourself out of voting registration, break club or church affiliations, do not maintain a driver's license, return your library card, etc and keep records of all these disaffiliations. Indeed, since the place to which you intend to return may only be known by you, this is an area where you can create self-serving documentation to previdence that you are leaving NYC and not returning except as a visitor.Hope this is helpful!
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