Top's Noble Tax Services
Memphis
Memphis
Top’s Noble Tax Services is a veteran owned business. After serving in Iraq and receiving a purple heart; Top’s Noble Tax Services founder began working at the IRS while earning his bachelor’s degree in Business Management. He worked with several departments in the IRS including identity theft, ACA (Affordable Care Act), and accounts management.
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Installment Agreement
An Installment Agreement is an Internal Revenue Service (IRS) program which allows individuals to pay tax debt in monthly payments. The total amount paid can be the full amount of what is owed, or it can be a partial amount.
The IRS will give you a payment plan – and leave you alone – even though you cannot pay them the full amount owed. In order to qualify for a payment plan with the IRS/State you must comply with the following rules and provide the IRS/State with this information:
You must have filed all tax returns (It’s O.K. to owe money but you must file).
You will need to disclose all assets owned including all cash and bank accounts.
You must not have adequate cash available in a checking, savings, money market, or brokerage account to pay the IRS/State.
You must not have the capacity to borrow the amount owed to the IRS/State from other sources (i.e., a second mortgage on your home).
You must not have adequate equity in a retirement account from which you can borrow or liquidate (i.e. an IRA or 401-K account).
Currently Non Collectible
“Currently Non Collectible” is a status a taxpayer can have with the IRS where the IRS temporarily pauses any active collections against the taxpayer. “Currently Non Collectible” will stop levies, threatening letters and collection enforcement. It forces the IRS to simply leave you alone without requiring any payment on your end. While you are in Currently Non Collectible (CNC) status the IRS Collections Statutory Expiration Date (CSED) will continue to run for the taxes you owe
ITIN
An Individual Taxpayer Identification Number (ITIN) is a United States tax processing number issued by the Internal Revenue Service for those who need to file a federal tax return but aren't eligible for a Social Security number. An ITIN identification number is only available for certain foreigners and nonresident individuals, their spouses and dependents who cannot get a SSN from the Social Security Administration (SSA). The ITIN application process is for federal tax reporting only, and not intended to serve any other purpose. An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for SSNs.
ITIN Renewal
ITIN’s have an expiration date. The ITIN expiration period is five years, including the year of assignment. The month and day for the expiration period will always be December 31. For example, an ITIN assigned in calendar year 2013 will have an expiration date of 12/31/2017, regardless of what month and day in 2013 you were assigned the ITIN. In addition, taxpayers who have not used their ITIN on a tax return in the last three years have to renew before they can file a tax return. If ITIN holders don’t renew on time, your refund could be delayed, and limit you from claiming certain tax credits. This means if you don’t renew on time your refund can be reduced. Taxpayers are not required to file a tax return to renew their ITIN.
Renew or apply for an ITIN with Top’s Noble Tax Services.
Lien / Levy Release
A bank levy is the process by which the IRS freezes your bank account and eventually takes funds to cover the money you owe. This can be a terrifying and stressful experience, but with help, you can get a bank levy removed.
The IRS can place a lien on your home if you do not pay outstanding taxes. A lien can negatively impact your credit score and prevent you from selling your home and getting approved for credit to make large purchases. Let one of our tax experts get this lien removed.
