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Tax Transcript Questions
There's an article for our newsletter in here somewhere! 800 words - nice and simple "how to" sort of thing. JH
>
> Hello David:
> The 971 transaction should have an action code, which would tell you a bit
> more about it.
> A 520 tells the IRS that a bankruptcy has been filed. It could be some other
> legal event, but it is a code that puts a freeze on the collection account.
> It reflects a tolling event. 521 reverses the 520 code; its the record of
> the bankruptcy or other legal process going away. The bankruptcy, not the
> 520 code, is the tolling event; if 520 doesnt show up in another year, it
> doesnt mean there is no tolling event. Its possible that the IRS workers
> can only enter one 520 code per taxpayer.
> I am going to guess that the 971 is in a different year and is the way that
> the GS-5 data entry clerks had to notate the bankruptcy, having already used
> up their 520 code. If the dates are the same as or similar to the 520, then
> bingo " its the record of the bankruptcy in that tax year> reflects a tolling event.
> Of course, these are tolling events only to the extent that they reflect
> reality " transcripts are pretty reliable, but can be overcome with
> real-world evidence.
> We now return to our regularly-scheduled bankruptcy law programming.
>
>
>
> >>>> John D. Faucher
> >>>> Hurlbett & Faucher
> >>>> 5743 Corsa Ave., Suite 116
> >>>> Westlake Village, CA 91361
> >>>> (818) 889-8080
> >>>> Fax: (805) 367-4154
> >>>> http://www.hurlbettfaucher.com/
> >>>>
> >>>> 3324 State Street, Suite O
> >>>> Santa Barbara, CA 93105
> >>>> (805) 963-9111
>
>
> This electronic mail message and any attached files are confidential,
> contain information intended for the exclusive use of the individual or
> entity to whom it is addressed, and may be legally privileged. If you are
> not the intended recipient, please immediately reply to John Faucher (at
> 805/963-9111 x103 or john@...) indicating that you received this
> message and then delete the message without delay. Thank you for your
> cooperation.
>
> Disclosure Under U.S. IRS Circular 230: The recipient may not use any tax
> advice contained in this communication, including any attachments, for the
> purpose of avoiding federal tax related penalties or promoting, marketing or
> recommending to another party any particular transaction or matter.
>
>
>
>
> On 1/25/10 9:13 AM, "David Tilem" wrote:
>
> >
> >
> >
> >
> >
> > Tax Transcript Questions
> >
> > 1. What does the following mean and is it a tolling event for
> > dischargeability?
> >
> > "971 Tax period blocked from automated levy program"
> >
> >
> > 2. These entries are ambiguous. How do I find out exactly what caused them?
> > Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if
> > the entry only appears in the 2006 year transcript?
> >
> > "520 Bankruptcy or other legal action filed"
> > "521 Removed bankruptcy or other legal action"
> >
> >
> > David A. Tilem
> > Certified Bankruptcy Specialist*
> > Law Offices of David A. Tilem (a debt relief agency)
> > 206 N. Jackson Street, #201, Glendale, CA 91206
> > Tel: 818-507-6000 Fax: 818-507-6800
> >
> > * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
> > Business bankruptcy specialist cert. by Amer. Bd. of Certification
> >
> >
> >
>
The post was migrated from Yahoo.
See NACBA materials May 16,2008, page 330. Can mean many of severalthings,provides list and suggest to call the hotline.
Law Offices of Peter M. Lively
Personal Financial Law Center I
11965 Venice Blvd, Suite 301
Los Angeles, CA 90066-3977
310-899-0630
800-307-DEBT (3328)
Fax: 310-899-0632
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706 Newport Boulevard, Suite B
Costa Mesa, California 92627-3073
Telephone: 949-650-DEBT(3328)
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Mon, January 25, 2010 9:13:27 AM
Subject: [cdcbaa] Tax Transcript Questions
Tax Transcript Questions
1. What does the following mean and is it a tolling event for dischargeability?
"971 Tax period blocked from automated levy program"
2. These entries are ambiguous. How do I find out exactly what caused them? Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if the entry only appears in the 2006 year transcript?
"520 Bankruptcy or other legal action filed"
"521 Removed bankruptcy or other legal action"
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale , CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
ication
See NACBA materials May 16, 2008, page 330. Can mean many of several things, provides list and suggest to call the hotline. Peter M. Lively, J.D./M.B.A.Law Offices of Peter M. Lively Personal Financial Law Center I11965 Venice Blvd, Suite 301 Los Angeles, CA 90066-3977 310-899-0630 800-307-DEBT (3328)Fax: 310-899-0632 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706 Newport Boulevard, Suite BCosta Mesa, California 92627-3073Telephone: 949-650-DEBT(3328)
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: David A. Tilem <DavidTilem@TilemLaw.com>To: cdcbaa@yahoogroups.comSent: Mon, January 25, 2010 9:13:27 AMSubject: [cdcbaa] Tax Transcript Questions
Tax Transcript Questions
1. What does the following mean and is it a tolling event for dischargeability?
"971 Tax period blocked from automated levy program"
2. These entries are ambiguous. How do I find out exactly what caused them? Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if the entry only appears in the 2006 year transcript?
"520 Bankruptcy or other legal action filed"
"521 Removed bankruptcy or other legal action"
The post was migrated from Yahoo.
charset="UTF-8"
I forgot to answer one of your questions here: how do I find out exactly
what caused them? My advice would be to find the revenue officer or
special procedures officer who has the case at the time, and ask this
pointedly and persistently. Ask if you can see the AIS (Automated
Information Service) printout; you have about a 1 percent chance of seeing
it, but that lets them know that you know something about their procedures,
and that they should be looking at it to find the answer.
-John Faucher
On 1/25/10 9:13 AM, "David Tilem" wrote:
>
>
>
>
>
> Tax Transcript Questions
>
> 1. What does the following mean and is it a tolling event for
> dischargeability?
>
> "971 Tax period blocked from automated levy program"
>
>
> 2. These entries are ambiguous. How do I find out exactly what caused them?
> Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if
> the entry only appears in the 2006 year transcript?
>
> "520 Bankruptcy or other legal action filed"
> "521 Removed bankruptcy or other legal action"
>
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>
>
>
>
>
>>> - John D. Faucher
charset="UTF-8"
Re: [cdcbaa] Tax Transcript Questions
I forgot to answer one of your questions here: “how do I find out exactly what caused them?” My advice would be to find the revenue officer or special procedures officer who has the case at the time, and ask this pointedly and persistently. Ask if you can see the AIS (Automated Information Service) printout; you have about a 1 percent chance of seeing it, but that lets them know that you know something about their procedures, and that they should be looking at it to find the answer.
-John Faucher
On 1/25/10 9:13 AM, "David Tilem" <davidtilem@tilemlaw.com> wrote:
Tax Transcript Questions
1. What does the following mean and is it a tolling event for dischargeability?
"971 Tax period blocked from automated levy program"
2. These entries are ambiguous. How do I find out exactly what caused them? Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if the entry only appears in the 2006 year transcript?
"520 Bankruptcy or other legal action filed"
"521 Removed bankruptcy or other legal action"
David A. Tilem
Certified Bankruptcy Specialist*†
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson
The post was migrated from Yahoo.
charset="UTF-8"
Hello David:
The 971 transaction should have an action code, which would tell you a bit
more about it.
A 520 tells the IRS that a bankruptcy has been filed. It could be some other
legal event, but it is a code that puts a freeze on the collection account.
It reflects a tolling event. 521 reverses the 520 code; its the record of
the bankruptcy or other legal process going away. The bankruptcy, not the
520 code, is the tolling event; if 520 doesnt show up in another year, it
doesnt mean there is no tolling event. Its possible that the IRS workers
can only enter one 520 code per taxpayer.
I am going to guess that the 971 is in a different year and is the way that
the GS-5 data entry clerks had to notate the bankruptcy, having already used
up their 520 code. If the dates are the same as or similar to the 520, then
bingo its the record of the bankruptcy in that tax yearreflects a tolling event.
Of course, these are tolling events only to the extent that they reflect
reality transcripts are pretty reliable, but can be overcome with
real-world evidence.
We now return to our regularly-scheduled bankruptcy law programming.
>>>> John D. Faucher
>>>> Hurlbett & Faucher
>>>> 5743 Corsa Ave., Suite 116
>>>> Westlake Village, CA 91361
>>>> (818) 889-8080
>>>> Fax: (805) 367-4154
>>>> http://www.hurlbettfaucher.com/
>>>>
>>>> 3324 State Street, Suite O
>>>> Santa Barbara, CA 93105
>>>> (805) 963-9111
This electronic mail message and any attached files are confidential,
contain information intended for the exclusive use of the individual or
entity to whom it is addressed, and may be legally privileged. If you are
not the intended recipient, please immediately reply to John Faucher (at
805/963-9111 x103 or john@hf-bklaw.com) indicating that you received this
message and then delete the message without delay. Thank you for your
cooperation.
Disclosure Under U.S. IRS Circular 230: The recipient may not use any tax
advice contained in this communication, including any attachments, for the
purpose of avoiding federal tax related penalties or promoting, marketing or
recommending to another party any particular transaction or matter.
On 1/25/10 9:13 AM, "David Tilem" wrote:
>
>
>
>
>
> Tax Transcript Questions
>
> 1. What does the following mean and is it a tolling event for
> dischargeability?
>
> "971 Tax period blocked from automated levy program"
>
>
> 2. These entries are ambiguous. How do I find out exactly what caused them?
> Is this necessarily a tolling event? Is this a tolling event for 2005 taxes if
> the entry only appears in the 2006 year transcript?
>
> "520 Bankruptcy or other legal action filed"
> "521 Removed bankruptcy or other legal action"
>
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>
charset="UTF-8"
Re: [cdcbaa] Tax Transcript Questions
Hello David:
The 971 transaction should have an action code, which would tell you a bit more about it.
A 520 tells the IRS that a bankruptcy has been filed. It could be some other legal event, but it is a code that puts a freeze on the collection account. It reflects a tolling event. 521 reverses the 520 code; it’s the record of the bankruptcy or other legal process going away. The bankruptcy, not the 520 code, is the tolling event; if 520 doesn’t show up in another year, it doesn’t mean there is no tolling event. It’s possible that the IRS workers can only enter one 520 code per taxpayer.
I am going to guess that the 971 is in a different year and is the way that the GS-5 data entry clerks had to notate the bankruptcy, having already used up their 520 code. If the dates are the same as or similar to the
The post was migrated from Yahoo.
I can't answer as to the first one, but to the best of my knowledge the
520 and 521 events are not necessarily tolling events, unless there was,
in fact, a bankruptcy case filed. I've run into this numerous times,
and it is frequently nothing filed by the debtor/taxpayer and very
frequently not a bankruptcy (obviously, if it WAS a bankruptcy, that
tolls the 3 year period).
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 1/25/2010 9:13 AM, David A. Tilem wrote:
>
>
> Tax Transcript Questions
> 1. What does the following mean and is it a tolling event for
> dischargeability?
> "971 Tax period blocked from automated levy program"
> 2. These entries are ambiguous. How do I find out exactly what
> caused them? Is this necessarily a tolling event? Is this a tolling
> event for 2005 taxes if the entry only appears in the 2006 year
> transcript?
> "520 Bankruptcy or other legal action filed"
> "521 Removed bankruptcy or other legal action"
> *David A. Tilem*
> Certified Bankruptcy Specialist**^* **
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
> Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
>
The post was migrated from Yahoo.
charset="windows-1251"
Tax Transcript Questions
1. What does the following mean and is it a tolling event for
dischargeability?
"971 Tax period blocked from automated levy program"
2. These entries are ambiguous. How do I find out exactly what caused
them? Is this necessarily a tolling event? Is this a tolling event for 2005
taxes if the entry only appears in the 2006 year transcript?
"520 Bankruptcy or other legal action filed"
"521 Removed bankruptcy or other legal action"
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
charset="windows-1251"
Message
Tax Transcript
Questions
1. What does the
following mean and is it a tolling event for
dischargeability?
"971 Tax period
blocked from automated levy program"
2. These entries are
ambiguous. How do I find out exactly what caused them? Is thisnecessarily a tolling event? Is this a tolling event for 2005 taxes if the entry
only appears in the 2006 year transcript?
"520 Bankruptcy or
other legal action filed"
"521 Removedbankruptcy or other legal action"
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.