Alpha Tax Relief Specialists LLC

📢𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗙𝗶𝗻𝗖𝗘𝗡 𝗘𝘅𝘁𝗲𝗻𝗱𝘀 𝗕𝗢𝗜 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗯𝘆 𝟯𝟬 𝗗𝗮𝘆𝘀!📢

The Financial Crimes Enforcement Network (FinCEN) has 𝗲𝘅𝘁𝗲𝗻𝗱𝗲𝗱 𝘁𝗵𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 (𝗕𝗢𝗜) 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 by 𝟯𝟬 𝗱𝗮𝘆𝘀, now due 𝗠𝗮𝗿𝗰𝗵 𝟮𝟭, 𝟮𝟬𝟮𝟱, for most companies. This extension follows a recent court ruling reinstating BOI reporting requirements under the Corporate Transparency Act (CTA).

🔹 FinCEN is reviewing options to further adjust deadlines, prioritizing entities posing higher national security risks.
🔹 A process to revise the BOI reporting rule is also in the works to 𝗿𝗲𝗱𝘂𝗰𝗲 𝘁𝗵𝗲 𝗯𝘂𝗿𝗱𝗲𝗻 𝗼𝗻 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀.
🔹 Some entities, including members of the 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗔𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗶𝗼𝗻 (as of March 1, 2024), remain 𝗲𝘅𝗲𝗺𝗽𝘁 𝗳𝗼𝗿 𝗻𝗼𝘄 due to ongoing litigation.

For more details, visit: fincen.gov/boi

🎁 Thinking of Gifting Cash This Holiday Season? 🎁
Did you know you can give up to $18,000 per person in 2024 without having to notify the IRS?

💡 Here’s a breakdown:
• Gifts aren’t taxable for the recipient.
• Givers only need to file a gift tax return if the gift exceeds the annual limit.
• The lifetime gift and estate tax exemption is a whopping $13.61 million!

🔑 Why is this important? Thoughtful gifting can reduce your taxable estate, preserve your legacy, and help loved ones now—without unnecessary tax concerns.

At Losavio & DeJean, we specialize in estate and gift tax planning to ensure you make the most of your hard-earned assets.

📞 Ready to plan wisely this season?
Contact us today at (225) 769-4200 or visit us at www.losaviodejean.com/contact

What Is a Bank Levy? How to Protect Your Assets from IRS Collection
At Alpha Tax Relief Specialists, we understand the stress of dealing with unpaid debts, especially those owed to the IRS. One of the most severe collection actions the IRS can take is a bank levy, where your bank account is frozen, and funds are seized to cover unpaid taxes. This guide explains what a bank levy is, how it works, and actionable steps you can take to protect your assets.
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What Is a Bank Levy?
A bank levy is a legal mechanism that allows creditors, such as the IRS, to withdraw money directly from your bank account to satisfy an outstanding debt. When the IRS initiates a levy, your bank is required to freeze your funds for 21 days before transferring them to the IRS if the debt remains unresolved.
This 21-day period is a critical window to:
• Dispute the levy.
• Negotiate a payment plan.
• Work with professionals to safeguard your finances.
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How Does a Bank Levy Work?
Here’s the typical process for an IRS bank levy:
1. Levy Notice Sent to Bank: The IRS notifies your bank of the levy.
2. Account Freeze: The bank freezes your funds for 21 days, making them inaccessible to you.
3. Fund Transfer: If no action is taken, the bank sends the frozen funds to the IRS.
During the freeze period, you have the chance to take steps to contest or resolve the levy. Acting quickly during this time can help you avoid losing your funds.
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What Triggers a Bank Levy?
Common reasons for an IRS bank levy include:
• Unpaid Federal Taxes: The most frequent cause of IRS levies.
• Ignored IRS Notices: The IRS typically issues multiple warnings before taking this step.
• Other Debts: While less common, unpaid child support or federal student loans can also trigger levies (usually requiring a court order).
Understanding these triggers allows you to take proactive measures to prevent a levy from being issued.
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Your Rights and Options During a Bank Levy
When facing a bank levy, it’s essential to know your rights and explore available options:
• Right to Contest: Dispute the levy if it was issued in error or claim exemptions for protected funds.
• Negotiate with the IRS: Options like payment plans or offers in compromise can help stop the levy and resolve the debt.
• Hardship Relief: If the levy creates significant financial hardship, you may qualify for relief.
By taking prompt action during the freeze period, you may be able to avoid losing your funds and resolve the issue effectively.
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How to Prevent a Bank Levy
The best way to protect your finances is to stay ahead of potential issues. Here’s how:
1. Stay Current on Tax Payments: Filing and paying taxes on time reduces the risk of collection actions.
2. Set Up a Payment Plan: If you owe back taxes, arranging a payment plan with the IRS can prevent a levy.
3. Seek Professional Guidance: Financial planning with tax professionals can help you address tax obligations before they escalate.
Proactive steps not only prevent levies but also provide peace of mind about your financial future.
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How Alpha Tax Relief Specialists Can Help
At Alpha Tax Relief Specialists, we specialize in helping individuals and businesses resolve tax issues and protect their assets. Whether you’re facing an immediate bank levy or want to proactively address tax debts, our team is here to support you.
Our services include:
• Negotiating with the IRS.
• Setting up payment plans or offers in compromise.
• Contesting incorrect levies and claiming hardship exemptions.
Don’t navigate IRS collection actions alone—contact us today to learn how we can help you regain control of your finances and achieve lasting relief.
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FAQs
Q: How long does a bank levy last?
A: The IRS imposes a 21-day freeze period during which the funds are inaccessible. If the debt isn’t resolved, the funds are transferred after this period.
Q: Can a bank levy be reversed?
A: Yes, it can be reversed by disputing the levy, arranging a payment plan, or claiming a hardship exemption.
Q: What happens if I ignore a levy notice?
A: Ignoring the notice can result in the permanent loss of funds from your account. Acting quickly during the freeze period is crucial.
Let Alpha Tax Relief Specialists help you navigate these challenges and secure your financial stability.

Leaving your IRA to your heirs is 𝐧𝐨𝐭 good tax planning.

Retirees are making a 𝘩𝘶𝘨𝘦 𝘮𝘪𝘴𝘵𝘢𝘬𝘦 by leaving their traditional IRA or qualified plan to their spouse or children. However, the owner of an IRA or qualified plan can 𝐭𝐚𝐤𝐞 𝐚𝐜𝐭𝐢𝐨𝐧 to increase the value of the inheritance by 𝐫𝐞𝐝𝐮𝐜𝐢𝐧𝐠 𝐭𝐚𝐱𝐞𝐬. Most inherited assets are received income tax-free, and the heir receives an increase in tax basis to the current fair market value. The beneficiary of a traditional IRA or other retirement account pays taxes on the distribution from the IRA or retirement account just as the previous owner would have. The 𝐛𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐲 𝐨𝐧𝐥𝐲 𝐢𝐧𝐡𝐞𝐫𝐢𝐭𝐬 𝐭𝐡𝐞 𝐚𝐟𝐭𝐞𝐫-𝐭𝐚𝐱 𝐯𝐚𝐥𝐮𝐞 of a traditional retirement account or individual retirement account.

In 2019, the 𝐒𝐄𝐂𝐔𝐑𝐄 𝐀𝐜𝐭 mandated that most beneficiaries of traditional IRAs and retirement plans must distribute the entire IRA within 10 years, known as the 𝟏𝟎-𝐲𝐞𝐚𝐫 𝐫𝐮𝐥𝐞.

The forced distributions from an inherited traditional IRA are 𝐥𝐢𝐤𝐞𝐥𝐲 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐛𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐲'𝐬 𝐚𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐠𝐫𝐨𝐬𝐬 𝐢𝐧𝐜𝐨𝐦𝐞 enough to 𝐩𝐮𝐬𝐡 𝐭𝐡𝐞𝐦 𝐢𝐧𝐭𝐨 𝐚 𝐡𝐢𝐠𝐡𝐞𝐫 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱 𝐛𝐫𝐚𝐜𝐤𝐞𝐭. The distributions might also trigger or increase one or more stealth taxes, such as the Medicare premium surtax or income tax on Social Security benefits.

Taxpayers who are taking forced distributions from significant inherited IRAs are 𝐥𝐢𝐤𝐞𝐥𝐲 𝐭𝐨 𝐛𝐞𝐜𝐨𝐦𝐞 𝐮𝐩𝐩𝐞𝐫-𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐟𝐨𝐫 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐲𝐞𝐚𝐫𝐬.

IRA account owners who view their IRAs primarily as reserve accounts to be left to their heirs should 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐝𝐞𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐟𝐚𝐦𝐢𝐥𝐲'𝐬 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱𝐞𝐬 𝐚𝐧𝐝 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐚𝐟𝐭𝐞𝐫-𝐭𝐚𝐱 𝐰𝐞𝐚𝐥𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐢𝐞𝐬. By using one or more of these strategies, you can pay the income taxes on the traditional IRA, which is essentially a tax-free gift to the heirs, 𝘮𝘢𝘹𝘪𝘮𝘪𝘻𝘪𝘯𝘨 𝘵𝘩𝘦 𝘧𝘶𝘭𝘭 𝘣𝘦𝘯𝘦𝘧𝘪𝘵 of the inheritance rather than just the after-tax amount. Furthermore, this is likely to reduce the taxes paid.

A 𝘤𝘰𝘮𝘮𝘰𝘯 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺 is to convert 𝐚 𝐩𝐨𝐫𝐭𝐢𝐨𝐧 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐑𝐀 𝐭𝐨 𝐚 𝐑𝐨𝐭𝐡 𝐈𝐑𝐀. You include the converted amount in your gross income and pay income taxes on it.

Another strategy is to 𝐭𝐚𝐤𝐞 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐑𝐀 𝐰𝐡𝐞𝐧 𝐲𝐨𝐮'𝐫𝐞 𝐢𝐧 𝐚 𝐫𝐞𝐥𝐚𝐭𝐢𝐯𝐞𝐥𝐲 𝐥𝐨𝐰 𝐭𝐚𝐱 𝐛𝐫𝐚𝐜𝐤𝐞𝐭. Pay the taxes on the distribution and 𝐢𝐧𝐯𝐞𝐬𝐭 𝐭𝐡𝐞 𝐚𝐟𝐭𝐞𝐫-𝐭𝐚𝐱 𝐚𝐦𝐨𝐮𝐧𝐭 𝐢𝐧 𝐚 𝐧𝐨𝐧𝐭𝐚𝐱𝐚𝐛𝐥𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭. You can invest in this account to earn primarily long-term capital gains or other tax-favored income.

Another strategy is to 𝐫𝐞𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐟𝐮𝐧𝐝𝐬 𝐟𝐫𝐨𝐦 𝐚 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐑𝐀 𝐢𝐧𝐭𝐨 𝐚 𝐩𝐞𝐫𝐦𝐚𝐧𝐞𝐧𝐭 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐨𝐥𝐢𝐜𝐲. This flexible plan can be structured to meet your goals and needs. You can withdraw from a traditional IRA in a lump sum, pay the income taxes, and 𝐝𝐞𝐩𝐨𝐬𝐢𝐭 𝐭𝐡𝐞 𝐚𝐟𝐭𝐞𝐫-𝐭𝐚𝐱 𝐚𝐦𝐨𝐮𝐧𝐭 𝐢𝐧𝐭𝐨 𝐚 𝐩𝐞𝐫𝐦𝐚𝐧𝐞𝐧𝐭 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐨𝐥𝐢𝐜𝐲, or you can take annual payments (such as required minimum distributions) and deposit the after-tax income as annual premiums on a permanent life insurance policy.

The policy could be owned by an irrevocable trust. The trustee receives the proceeds from the policy after your death and then invests and distributes the money according to the terms you set in the trust. The 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐫𝐨𝐜𝐞𝐞𝐝𝐬 𝐚𝐫𝐞 𝐭𝐚𝐱-𝐟𝐫𝐞𝐞 𝐚𝐧𝐝 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝 𝐝𝐢𝐫𝐞𝐜𝐭𝐥𝐲 𝐛𝐲 𝐭𝐡𝐞 𝐡𝐞𝐢𝐫𝐬 𝐨𝐫 𝐛𝐲 𝐭𝐡𝐞 𝐭𝐫𝐮𝐬𝐭.

For many people, the 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐩𝐚𝐢𝐝 by the insurance policy 𝐰𝐢𝐥𝐥 𝐞𝐱𝐜𝐞𝐞𝐝 𝐭𝐡𝐞 𝐩𝐫𝐞-𝐭𝐚𝐱 𝐚𝐦𝐨𝐮𝐧𝐭 that was in the traditional IRA. Another advantage of the insurance policy is that the 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐩𝐚𝐢𝐝 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐛𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐢𝐞𝐬 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐟𝐥𝐮𝐜𝐭𝐮𝐚𝐭𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭𝐬; the benefit is 𝐞𝐢𝐭𝐡𝐞𝐫 𝐟𝐢𝐱𝐞𝐝 𝐨𝐫 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐨𝐯𝐞𝐫 𝐭𝐢𝐦𝐞, depending on the type of policy you obtain.

To determine which strategy is best for you, please contact our office at:
(𝟐𝟐𝟓) 𝟕𝟔𝟗-𝟒𝟐𝟎𝟎 or https://www.losaviodejean.com/contact/

To properly figure out which method is best for you and the amount of each method, you need to know the IRS rules, definitions, and procedures. It is not simply a matter of pulling a number out the air.

You will have a better chance of getting your offer in compromise accepted by hiring a tax resolution specialist to determine if you are a candidate for an offering compromise, applying the IRS guidelines to your situation, the amount of the offer, and negotiating the acceptance of the offer with IRS.
For assistance with your offer in compromise, contact
𝐏𝐞𝐭𝐞𝐫 𝐉. 𝐋𝐨𝐬𝐚𝐯𝐢𝐨, Board Certified Tax Attorney and CPA by calling our Baton Rouge office at (𝟐𝟐𝟓) 𝟕𝟔𝟗-𝟒𝟐𝟎𝟎.