Summary The Trust Fund Recovery Penalty holds responsible individuals personally liable for unpaid employment taxes. It applies when the IRS proves willful failure to pay employment taxes, not due to accidental mistakes. Recent IRS updates (2025) streamline the assessment process but emphasize strict accountability. TFRP can lead to wage garnishments, bank levies, and asset seizures,
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Summary: Discover real-life success stories of Offer in Compromise (OIC) settlements handled by tax experts. Learn how strategic persistence and expert appeal tactics led to massive tax debt reductions in 2025. Understand the challenges taxpayers face when qualifying for IRS tax settlements. See why engaging a tax resolution professional increases your chances of a successful
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Summary Owing back taxes does not automatically prevent you from buying a home, but it can complicate the mortgage approval process. IRS tax liens may reduce your chances of loan approval, but there are legal ways to resolve or work around them. Options like Installment Agreements, Offers in Compromise, and lien subordination can help make
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Quick Summary The IRS is the most aggressive collection agency in the U.S., but multiple tax relief programs exist to stop enforcement and resolve debt. Relief options include Installment Agreements, Partial Payment Installment Agreements, Currently Not Collectible status, Offers in Compromise, and Penalty Abatement. Some taxpayers may qualify to settle for a fraction of what
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Summary The IRS Fresh Start Initiative, launched in 2011, still provides critical tax relief options in 2025. Key provisions include increased lien thresholds, streamlined Installment Agreements, and expanded Offer in Compromise (OIC) eligibility. As of 2025, the IRS continues its pilot program allowing streamlined Installment Agreements up to $100,000. The lien filing threshold remains at
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Summary IRS now assesses escalating penalties for late deposits: up to 15%. New IRS notices (like CP523) signal possible termination of your agreement. Civil penalties often arise years later and can unexpectedly trigger default. Online tools now allow better tracking of payments and compliance. Being proactive and paying penalties immediately can prevent default. How to
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Once an individual or business falls behind with taxes, a time-bomb clock starts ticking. If you are unable to full pay your tax liability and you wish to avoid nasty consequences, you must become eligible for some form of voluntary tax resolution.
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Many businesses rely on the use of their accounts receivable or inventory as collateral for loans or for factoring. However, in my experience, few business owners fully grasp how devastating the consequences can be if they engage in this type of financing and fall behind with federal taxes. Unfortunately, fully grasping this concept often does
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The CP523 notice of intent to levy intent to terminate your installment agreement is more or less saying that the agreement is in default and may terminate in 30 days. If the agreement does terminate, involuntary enforced collection action will commence. This could mean garnished wages, levied accounts receivable or levied bank accounts. This could
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Are you an owner or employee of a business that is delinquent with employment taxes? If so, watch out! It is possible that you will be held personally liable for what is called the Trust Fund Recovery Penalty. What is the Trust Fund Recovery Penalty? In short, the Trust Fund Recovery Penalty is a penalty
Prior to the COVID-19 pandemic, there were already millions of individuals and businesses owing significant sums of money to the IRS or state taxing authorities. With the brutal economic fallout caused by the pandemic, that number has skyrocketed. This has changed the playing field—in terms of both risks and opportunities–for taxpayers who are in collections.
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