01 Dec 2016

Generate Tax Intercept Letters with Ease in CaseLink

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Make sure tax refunds go to the estate instead of the debtor by sending tax intercept letters to the IRS this month! With increasing automation and electronic tax filings at the IRS, taxpayers are receiving their refunds faster than ever—sometimes as early as within two weeks of filing. Thus, refunds can start coming in by the end of January.

Tax refunds are an easy but often overlooked asset that may be a part of the estate. Tax refunds are the property of the estate for the calendar year in which they file up until the date of the petition. For a debtor who files their petition in December, roughly 92-100% of their tax refund could become property of the estate.

A good way to make sure that the tax refund goes to the estate and not into the debtor’s pocket is by submitting a tax intercept letter with the IRS. Processing tax intercept letters takes at least 30 days, which means that the earlier you submit the letters, the better.

As a holiday gift to you, we’ll teach you how to simplify the process of generating these tax intercept letters by using CaseLink:

 

Generate a Tax Intercept Letter in CaseLink² and CaseLink Web

Before sending a tax intercept letter to the IRS, a good rule of thumb is to double check the available exemptions to determine if there is any remaining value to the estate from the refund.

With CaseLink²  and CaseLink Web, skip the complexity and guesswork of filling out a new intercept letter for each client with the IRS Refund Turnover Report! This report adopts a format similar to the intercept letter so that once you have generated the report, you can send it to the IRS without any further steps.

To access this report:

  • In CaseLink², go to the Sidekick and click either “Other” in the Case Reports section of the Reports tab or “Global” in the Global Reports section;
  • In CaseLink Web, click “Case Reports” on the top navigation bar, then click “IRS Refund Turnover Report” under the “Other” column.

rtr-1

 

Once you are finished filling out the form fields, click “Generate Report” and the report will be downloaded to your computer as a PDF file that you can then send to the IRS.

 

 

Generate a Tax Intercept Letter in CaseLink Office

Before sending a tax intercept letter to the IRS, a good rule of thumb is to double check the available exemptions to determine if there is any remaining value to the estate from the refund. In CaseLink Office, you can easily calculate this amount with the Tax Refund Calculator!

In addition, in CaseLink Office you can skip the complexity and guesswork of generating a new intercept letter for each client by using the IRS Turnover Report. The IRS Turnover Report in CaseLink Office adopts a format similar to the intercept letter so that once you have generated the report, you can send it to the IRS without any further steps.

To access the IRS Refund Turnover Report, select “Reports” from the Main Menu toolbar, then click on the “Case” tab and select “IRS Refund Turnover Report” from the Print Reports screen. This will open the Parameters for IRS Refund Turnover Report pop-up, shown below.

PIRS

Once you have finished filling out the form fields, you can click the “View/Edit” button to preview or edit the report before printing. To save the report as a PDF in order to send to the IRS, simply click the “To PDF” button. You can also click “Save Defaults” to save your field selections as a default each time the report is accessed.

If you have any questions about generating tax intercept letters through the CaseLink software, please contact the BMS Support Center at support@bmsadvantage.com or 800-634-7734.

 

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