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All You Need to Know About IRS Bank Levies

All You Need to Know About IRS Bank Levies   by Manny Vetti

in Accounting   (submitted 2009-11-18)

2

votes

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Is your bank account being garnished by the IRS bank levies? Have you been delinquent in terms of your tax payment? Or, have you missed the deadline of your tax payment and now experiencing seizure of your bank account by the IRS bank levy?


A person, who has said yes to at least one of the above placed question, knows very well what an IRS bank levies are. Now, those taxpayers who still know nothing about it sit tight and face the truth that, when you default on tax payment, any day your account can also be frozen in the name of IRS bank levy!



Now the question is what are IRS bank levies? The IRS bank levy is a kind of tax levy, which is imposed by the Internal Revenue Service under the United States Federal Law. According to the US Code, if any person neglects or refuses to pay the due tax within 10 days after notice and demand, the Secretary has the authority to claim the tax by posing levy upon all property and rights to property belonging to such person without court permission. Isn't it a very powerful mechanism of recovering the unpaid tax amount? However, before seizing the account, as per the Fifth Amendment of the US Constitution, the IRS is supposed to inform the taxpayer by mails or by letters about the event and that information must be sent to the person at least thirty days before the IRS bank levy to be effective. The person will also be given a chance of requesting a hearing before the levy and this hearing is called the "Collection Due Process" or CDP hearing. The hearing has to be held in front of a neutral hearing officer who does not have a prior experience relating to unpaid tax.


A person experiencing the IRS bank levy or just has received notice letters from the IRS, should immediately contact the tax professionals to get their experienced suggestions on how to fix the problem of IRS bank levies.

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Payroll system outsourcing is the need of the hour in Australia

Payroll system outsourcing is the need of the hour in Australia   by Richard Nicholson

in Accounting   (submitted 2009-11-20)

0

votes

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The payroll system in Australia is known to be one of the most complicated in the world.
The process of paying the employees is tedious, yet important and involves tasks such as bank deposits, multiple calculations in tax issues, proper paperwork and filing. Hence, there is a need of simple and cost effective product that could be easily deployed. That's why more and more companies are outsourcing their payroll related tasks to professional service providers.

During the past few years, payroll outsourcing has grown multiple times. It is just like any other sort of outsourcing. There are a lot of providers offering outsourced options or in-house alternatives with fully integrated or modular software.
There are many employers who think that payroll is as simple as buying a piece of software, where you just need to punch in the hours the employees work and the software maintains everything you need to know. But, in reality, a payroll system is far more complex than that.
It is essential that all allowances, bonuses, overtime payments, remuneration reviews and superannuation disclosures are properly managed. It is always beneficial to seek expert help.
Payroll outsourcing is quite beneficial for those organizations that do not have trained payroll staff. These companies also help in payroll tax collection and maintenance of tables and other statutory requirements as a part of the outsourced service. By providing group certificates and pay slips, they eliminate the need for special printers and stationery. They also provide services such as outsourcing the electronic transfer of funds to your bank accounts and eliminate risks of hardware outage at pay run time and the loss of specialized staff.
Aussie Pay is a premiumpayroll Australia company that offers flexible and accurate payroll system tailored for your business requirements. We also provide an effective online payroll service that makes payroll easy to manage and cost-effective for all businesses.

Introduce payroll software to your payroll systems to save costs

Introduce payroll software to your payroll systems to save costs   by Richard Nicholson

in Accounting   (submitted 2009-11-20)

0

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The advancement of technology has completely changed our way of living. Today, with the help of modern and sophisticated web applications, it is quite easy to perform specialized tasks without human intervention. Many organizations have recognized the importance of new and improved technology and adapted such systems to save their costs. Now, there are automated payroll software that, once introduced to the payroll system, can save a lot of costs and bring efficiency to the system.
There are innumerous benefits of using payroll software. Precise calculations can be done easily. It is possible that even the sharpest HR employee makes mistakes that adds up the over time. There may be cases of improper time estimations, overworked employees, etc. At times, even illegible handwriting can drain valuable profit and resources of your business. But web-based payroll systems calculate accurately, leaving no space for potential indiscretions.
Payroll software provides a quick and easy access. You can immediately load past data without searching for the files. Database is neatly organized and you can pull up information easily as and when required. You also have round the clock access to salary-related information. If you wish, you can handle it at the comfort of your home without going back to your office to check files.
Streamlining of payments is also possible through the software and you can make direct deposits and issue checks. You can always monitor and control wages as well as make adjustments when required.
There are many systems that offer automatic central and state tax filing options. You don't need to worry about quarterly or annual returns and your HR staff's time is saved to deal with other important matters. These systems can even make deductions and payments, which helps in reducing your stress and work load. You can also save money by avoiding late fees and improper filing.
Aussie Pay is a leading Australian outsourced payroll company that offers flexible and accurate payroll systems tailored for your business requirements. We also provide an effective online payroll service that makes payroll easy to manage and cost-effective for all businesses.

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Singapore Payroll Process Outsourcing

Singapore Payroll Process Outsourcing   by John Media

in Accounting   (submitted 2009-11-20)

0

votes

vote

Singapore Payroll Process Outsourcing
Wages and salary payment with several intriguing components such as fringe benefits, allowances, deductions, government remittance etc has become such a complex task that if managed internally it becomes a burden on your company's most valuable resources. Rikvin provides efficient Payroll process Management services to relieve you of this burden.
We provide highly customized Payroll Process Outsourcing Solutions. Our Payroll Experts are fully trained and equipped with the right system to process multiple clients with varied complexity.
By outsourcing the Payroll process to us you can rest assured that the government remittances such as CPF are paid on time, tax filing requirements are adhered to, and the payroll information is kept confidential offsite. With Rikvin handling your Payroll process, you can focus on your core business.
Why choose us?
* Efficient & Knowledgeable team
* Competitive pricing
* Data Security
* Scalable
Our services include:
* Salary Calculation based on requirements. i.e. weekly, bi- weekly, monthly
* Salary credit into employees accounts thru cheque or bank transfer.
* Central Provident Funds (CPF) Registration and Monthly timely Payment
* Issuing of IR8A for personal Tax including annual statutory returns
Rikvin International is an independent accounting agency helping professionals and businesses around the world with accounting and taxation matters in Singapore. Our professional accounting team is comprised of qualified and competent accountants and audit assistants. Rikvin International has more than ten years of experience in assisting thousands of clients in maintaining their accounts and compliance with Inland Revenue Authority of Singapore.
At Rikvin International, we understand time and accuracy are paramount to our clients. Our team of professional accounting staff aims to assist each and every client with care and efficiency, and we are proud to have the opportunity to contribute to their success in Singapore.
Ready to Proceed? Submit your queries or call us at (65) 63034600 to discuss your requirements in detail.
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Tags: Singapore Payroll Service, singapore payroll outsourcing, singapore accounts outsourcing, singapore accounting services, singapore tax services

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The Benefits of Free writing

The Benefits of Free writing   by DEEPAK SHARMA

in Accounting   (submitted 2009-11-19)

0

votes

vote

It s 2 am and you re sitting at your desk, no ideas and no thoughts. The cup of coffee to your side is the sixth. But still, the same blank sheet of paper from an hour ago taunts you, there is nothing to show for your effort but a back cramp and a feeling of inferiority.
We ve all faced it. The loss of ideas and the lack of drive. When we are left wondering why we can t seem to find the right words.
Perhaps what you need is to simply forget about structure and finding the right words.
Why not take a break from the tedium and free write
The Benefits of Free writing.
If writing was dinner, then free writing would have to be dessert.
It only takes a few minutes a day, but there are many benefits to be gleaned from free writing exercises.
Free writing promotes activity. It keeps the writer sharp and in control of his writings. Practicing free writing everyday is one of the best preventions against writer's block and boredom in the writing process.
Free writing allows you to stop thinking and make mistakes without judgement. When you free write, you allow yourself to be a little kid, able to misspell and be imperfect.
Free writing gives us the freedom to be ourselves with all our faults.
As authors, above all else we need freedom. Freedom to write as we please. Sometimes we even need freedom from ourselves. Free writing allows us to gain that. It allows us to detach from our worries and our mistakes, from our problems and from our concerns. All that is left is the words, with all their imperfections.
Free writing is a good form of brainstorming. When you free write, you are actually performing a type of brainstorming. Free writing can kick start the mental process and bring new ideas and new concepts to the forefront. It brings new life to a tired mind that has focused so much on a topic that it clams up and can no longer create new ideas on that topic.
Free writing in Practice.
Free writing is one of the easiest ways to write. No prose, no context, just us and the words. It doesn't matter how they are arranged, it doesn't matter if they even make sense. All we have to do is write.
For this exercise, let s buy ourselves a spiral bound notebook, I personally use OMNI.
Write in it everyday. Just one page and one side per day. It doesn't matter if you can't think of anything to write, just write what comes to you, even if you feel it is sub par or not worth the effort.
It doesn t have to be neat or perfectly spelled. This exercise isn t about spelling, structure or neatness. Instead, it s meant to promote plain and simple activity. If you write more often, even if you feel it s bad, you will improve. The key to improvement in any activity is to practice often, and writing is no exception.
Keep on free writing everyday, one page and one side at a time. By the time you have reached the end of the book, I can promise you will be more skilled than you were before you started. Once you get into the habit of writing everyday, writing will become easier and more natural.
This exercise also promotes mental clai rity. We all have stress and other issues on our mind. By free writing everyday, we allow our minds to be cleansed of this muck and allow the mind to be freed of that so it can think clearer and create more precise and interesting ideas.

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