Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to… Read More
To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Services (IRS) issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. Relief applies to income tax returns in both the Form 1040 and Form 1120 series as well as to Form 1041… Read More
Payment Plans If you have tax liability but are unable to pay it in full you may establish a payment plan, called Installment Agreement by the IRS. There are several types of Installment Agreements, but before you can establish one you need to be in compliance, filed all required tax returns and paid current year’s… Read More
If you have unpaid taxes owed to the IRS and does not communicate with them how you plan to settle such liability, be prepared to face wage garnishment, or otherwise called wage levy. This is one of the IRS’ favorites enforced collecting method. Wage levies are filed with your employer and remain in effect until… Read More
It is important to understand that bank levy just does not happen overnight. If you ignore IRS attempts to contact you regarding delinquent taxes, the IRS will start what they call Enforced Collection. It is simply their way of getting your attention to make payment arrangements. An IRS bank levy is not the first method… Read More
What is IRS Tax Lien? IRS Tax Lien is a legal government’s claim against your property when you neglect or fail to pay a tax debt. It is filed with your local county clerk office and protects the government’s interest in all your property, including real estate and financial assets. Once lien is filed, it… Read More
There are multiple reasons why you may have fallen behind on your taxes and incurred a few penalties. The Internal Revenue Service (IRS) uses tax penalties to encourage taxpayer compliance, not to make money. Therefore, the IRS created the tax penalty abatement program for tax offenders who are normally compliant, this is an opportunity to… Read More
Tax debt is any taxes that you owe to the IRS after the filing deadline. It does not matter if you filed your tax return before the filing deadline and paid a partial amount of your tax bill. The remaining balance will still be considered tax debt. How tax debt increases with time Unpaid taxes… Read More
There is no shame in falling behind on your taxes but submerging your head in the sand is the wrong way to resolve your tax issues. In most situations back taxes arise from not filing tax returns on time. Did you know that IRS files Automated Substitute for Return (ASFR) for you if you fail… Read More
Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully. If the IRS changed your tax return, compare the information provided in the notice or letter with the information in your original return. Your notice or letter will explain the reason for the contact and give… Read More